MARC has withdrawn its AA-ID rating assigned to SAJ Holdings Sdn Bhd’s (SAJH) RM1.28 billion Bai Bithaman Ajil Islamic Debt Securities (BaIDS) with immediate effect and removed the rating from MARCWatch Positive. The rating withdrawal follows the successful completion of Pengurusan Aset Air Bhd’s (PAAB) acquisition of SAJH’s BaIDS in July 2009 and confirmation by Maybank Investme...

MARC is issuing this rating update in relation to its AA-ID debt rating on SAJ Holdings Sdn Bhd’s (SAJH) RM1.28 billion BaIDS which remains on MARCWatch Positive. SAJH’s AA-ID debt rating was first placed on MARCWatch Positive on March 16, 2009 following an announcement that the potable water concession holder had entered into an agreement (The Master Agreement) for the proposed dispos...

MARC has placed its AA-ID rating on SAJ Holdings Sdn Bhd’s (SAJH) RM1.28 billion Bai Bithaman Ajil Islamic Debt Securities (BaIDS) on MARCWatch Positive following the announced signing of a Master Agreement on March 11, 2009 by the federal government, Johor state government, Syarikat Air Johor Sdn Bhd (SAJSB), Ranhill Utilities Berhad (RUB), Pengurusan Aset Air Berhad (PAAB) and SAJH.  ...

MARC has affirmed its rating on SAJ Holdings Sdn Bhd’s (SAJH) RM1.28 billion Bai Bithaman Ajil Islamic Debt Securities (BaIDS) at AA-ID. Concurrently, MARC has revised the rating outlook to developing from stable to reflect uncertainties with regards to the current industry restructuring which involves the take over of water assets by the federal government through Pengurusan Aset Air Berhad...

MARC has reaffirmed its rating on SAJ Holdings Sdn Bhd’s (‘SAJH’) RM1.28 billion Bai Bithaman Ajil Islamic Debt Securities (BaIDS) at AA- ID with a stable outlook. The rating is premised upon SAJH’s dominant position as the sole distributor of treated water in the State of Johor; robust water demand; improved financial performance in FY2007; low operating risk and improved ...

MARC has reaffirmed SAJ Holdings Sdn Bhd’s (SAJH) RM1,280 million Bai Bithaman Ajil Serial Bonds (BaIDS) long-term rating of AA- ID   with a Stable Outlook. The rating is supported by its proven operating and financial performance track record; Johor state’s growing water demand; a tariff setting mechanism that provides for an agreed rate of return to the company and a fairly...

MARC has affirmed SAJ Holdings Sdn Bhd’s (SAJH) RM1.28 billion Bai Bithaman Ajil Serial Bonds (BaIDS) long-term rating of AA-ID with a Developing Outlook. The rating is supported by its proven operating and financial performance track record; Johor state’s growing water demand; a tariff setting mechanism that provides for an agreed rate of return to the company and a fairly tight issue structu...

MARC has received confirmation from SAJ Holdings Sdn Bhd that its RM680 million BaIDS has been fully redeemed. As such, MARC no longer has any rating obligation on the Facility and the AID rating is hereby withdrawn....

MARC has assigned a long-term rating of AA- ID (Double A Minus Islamic Debt) to SAJ Holdings Sdn Bhd’s (SAJH) RM1.28 billion Bai Bithaman Ajil Serial Bonds which will be utilized to redeem the existing RM680 million BaIDS and to part finance SAJH’s capital expenditure. The rating is supported by its proven operating and financial track record; Johor state’s growing water demand; a tariff set...

MARC has reaffirmed the long-term rating of A ID (Single A Flat Islamic Debt) on SAJ Holdings Sdn Bhd’s (SAJH) RM680 million Al-Bai’ Bithaman Ajil Serial Bonds. The rating is supported by its proven operating track record; Johor state’s growing water demand; a tariff setting mechanism that provides for an agreed rate of return to the company and a fairly tight issue structure. The rating, h...