MARC notes that Persoft Systems Sdn Bhd (PSSB) has rolled over its RM18 million CP issuance under its RM50 million commercial papers (CP) programme today, with the next maturity for the CPs falling on January 23, 2009. PSSB has informed MARC that it is currently in the midst of working out a repayment plan that will result in the full redemption of all of its outstanding CPs amounting to RM20 mill...

MARC has downgraded its short-term rating on Persoft Systems Sdn Bhd’s (“PSSB”) RM50 million Commercial Papers Programme (“CP Programme”) to MARC-3 from MARC-2 and maintained its MARCWatch Negative on the rating. The lowered rating reflects PSSB’s weak liquidity position exacerbated by long outstanding receivables and declining margins in its core business of so...

MARC has placed Sacofa Sdn Bhd’s (Sacofa) RM160.0 million Sukuk Istisna and its special purpose subsidiary, Sarawak Gateway Sdn Bhd’s (Sarawak Gateway) RM240.0 million Sukuk Ijarah (collectively referred to as the Sukuk) rated AAAIS on MARCWatch Developing. The MARCWatch placement incorporates the planned refinancing of the Sukuk and the indulgence granted by Sukukholders in connection...

MARC has affirmed the ratings of special purpose company Tele-Flow Capital Sdn. Bhd.’s (Tele-Flow Capital) RM90.0 million MUNIF/IMTN Facility (Senior Notes) and RM10.0 million Junior IMTN Facility (Junior Notes) at MARC-1ID /AAID and AID, respectively. The ratings reflect the credit strength of the telecommunication companies (telcos) as the source of repayment for the notes backed by a 10-y...

MARC has affirmed the ratings of Cellular Structures Sdn. Bhd.’s (CSSB) RM184.0 million Senior MUNIF/IMTN (Senior Notes) and RM8.0 million Junior IMTN (Junior Notes) at MARC-1ID/AAID  and AID  respectively. The ratings reflect the credit strength of the telecommunication companies (telcos) which are obligated to make fixed monthly rental payments for the telecommunication towers ov...

MARC has placed Persoft Systems Sdn Bhd’s (Persoft) RM50.0 million Commercial Paper Programme’s rating of MARC-2 on MARCWatch Negative. The rating action reflects Persoft’s non-compliance of the required Debt Service Cover Ratio of 1.25 times based on its accounts for the financial year ended December 31, 2007.  MARC is commencing Persoft’s annual review and will asses...

MARC has reaffirmed the AAAIS  rating of Musyarakah One Capital Berhad’s (“Musyarakah One”) Sukuk Musyarakah Series 2005-A. The rating reflects the transaction structure of the receivables-backed sukuk issuance as well as the underlying credit quality of the sole obligor, the Government of Malaysia (GOM). The receivables backing the sukuk constitute irrevocable and unconditi...

MARC said today that there is no downward pressure on the AAAIS rating assigned to Musyarakah One Capital Berhad’s (“Musyarakah One”) Sukuk Musyarakah Series 2005-A pursuant to TIME Engineering Bhd (TIME) becoming an affected listed issuer as a result of the revised Practice Note No.17/2005 (PN17). TIME owns 100% of TIME Systems Integrators (TSI), the Originator under the up to R...

MARC has assigned the ratings of MARC-1ID/AAID and A+ID to Serrisa Sinar Berhad’s (SSB) RM200 million ICP/IMTN notes (Senior Notes) and RM20 million Junior IMTN (Junior Notes) (collectively, ICP/IMTN Facility). The ratings of the Senior Notes reflect the credit quality of the rental payment stream from creditworthy telecommunication companies (telcos) that is assessed to be MARC-1ID/AAID. Th...

MARC has reaffirmed the ratings of Sacofa Sdn Bhd’s (SACOFA) and its special purpose subsidiary, Sarawak Gateway Sdn Bhd’s (Sarawak Gateway) RM160.0 million Sukuk Istisna’ and RM240.0 million Sukuk Ijarah at AAAIS. The negative outlook on the ratings has been maintained. The affirmed ratings reflect SACOFA’s exclusive rights in developing, owning and managing telecommunicat...