MARC has affirmed the ratings of Cellular Structures Sdn Bhd’s (CSSB) RM184.0 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) Facility (Senior Notes) at MARC-1ID /AAID. The ratings reflect the credit strength of the telecommunication operators (telcos) which are contractually obligated to make fixed monthly rental payments for the towers over a p...

MARC has affirmed the ratings of special purpose company Tele-Flow Capital Sdn Bhd’s (Tele-Flow Capital) RM90.0 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) Facility (Senior Notes) at MARC-1ID/AAID. The ratings reflect the credit strength of the telecommunication operators (telcos) as the source of repayment for the notes backed by a 10-year l...

MARC has affirmed the ratings of special purpose company Serrisa Sinar Berhad’s (Serrisa Sinar) RM200 million ICP/IMTN notes (Senior Notes) and RM20 million Junior IMTN (Junior Notes) at MARC-1ID/AAID and A+ID respectively. The outlook on the ratings is stable. The ratings reflect the credit quality of the rental payment stream from creditworthy telecommunication companies as the source of r...

MARC has affirmed Musyarakah One Capital Berhad’s (Musyarakah One) Sukuk Musyarakah Series 2005-A under its RM2,500 million Sukuk Musyarakah Programme at AAAIS . The outlook on the rating is stable. The affirmation is premised on the underlying credit strength of the Government of Malaysia (GOM) as the sole obligor under the supply contracts from which the receivables backing the sukuk arise...

MARC has downgraded the rating of Persoft Systems Sdn Bhd’s (PSSB) RM50 million Commercial Papers (CPs) programme to D from MARC-3. The rating action reflects PSSB’s failure to redeem its RM3 million CPs due on March 24, 2009, out of the outstanding RM14.0 million CPs, as confirmed by the CPs’ facility agent, MIMB Investment Bank Berhad. Contacts: Azlina Mohamed Noor Beg, 03-2090...

MARC has withdrawn the AAAIS ratings assigned to Sacofa Sdn Bhd and Sarawak Gateway Sdn Bhd’s RM160 million Sukuk Istisna and RM240 million Sukuk Ijarah, respectively with immediate effect following confirmation by the trustee, Amanah Raya Trustees Berhad, of an early cancellation of the facility on March 6, 2009, ahead of its original maturity date on November 18, 2014. Contacts: Azlin...

MARC has withdrawn the AAAIS ratings assigned to Sacofa Sdn Bhd and Sarawak Gateway Sdn Bhd’s RM160 million Sukuk Istisna and RM240 million Sukuk Ijarah, respectively with immediate effect following confirmation by the trustee, Amanah Raya Trustees Berhad, of an early cancellation of the facility on March 6, 2009, ahead of its original maturity date on November 18, 2014. Contacts: Azlin...

MARC has assigned ratings of AAAIS and MARC-1IS to Pinnacle Tower Sdn Bhd’s (PTSB) RM400.0 million Islamic Medium-Term Notes (IMTN) and RM50.0 million Islamic Commercial Papers (ICP) (Islamic Securities), respectively. The ratings carry a stable outlook. PTSB, wholly-owned by Sarawak-based Sacofa Sdn Bhd (Sacofa), was incorporated for the sole purpose of raising financing via the issuance of...

MARC has removed its AAAIS ratings on Sacofa Sdn Bhd’s (Sacofa) and Sarawak Gateway Sdn Bhd’s RM160.0 million Sukuk Istisna’ and RM240.0 million Sukuk Ijarah (collectively referred to as the Sukuk) respectively from MARCWatch Developing where it has been placed since November 21, 2008 and affirmed both ratings with a developing outlook. The affirmation was premised on Sacofa’s compliance w...

MARC has affirmed its ratings of MARC-2ID / AID on Symphony House Berhad’s (Symphony) RM100.0 million Islamic Commercial Papers/Medium-Term Notes (Islamic CP/MTN) Programme. The ratings carry a stable outlook. The affirmed ratings reflect Symphony’s dominance in the domestic market position in providing outsourced business process, the positive growth prospects of its business process ...