Credit Analysis Reports - Category: Construction
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MARC has affirmed its rating of B-IS with a stable outlook on Talam Transform Berhad’s (Talam) outstanding RM52.1 million Settlement Bithaman Ajil Islamic Debt Securities (Settlement BaIDs). The affirmed rating continues to reflect Talam’s weak business and financial profile and its reliance on asset disposals to meet financial obligations. During the period under review, Talam’s asset...


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MARC has affirmed its AAA rating on Special Port Vehicle Berhad’s (SPVB) asset-backed serial bonds facility and concurrently revised the outlook to stable from negative. The rating action is premised on the sufficient amount in SPVB’s designated accounts to meet the RM180.0 million upcoming final principal repayment of Series 11 bond due on July 28, 2017. The designated accounts balance ...


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MARC has removed the ratings on WCT Holdings Berhad’s (WCT Holdings) RM1.0 billion MTN Programme and RM1.5 billion Sukuk Murabahah Programme from MARCWatch Developing. The ratings were placed on MARCWatch Developing on November 4, 2016 to enable the rating agency to reassess WCT Holdings’ business plan and the impact on its credit metrics following a major change in shareholders after the gro...


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MARC has affirmed the rating of AAA(fg) on special purpose vehicle TRIplc Ventures Sdn Bhd’s (TVSB) RM240.0 million Senior Medium-Term Notes (Senior MTN) Programme with a stable outlook. Both the affirmed rating and outlook are premised on the credit strength of an unconditional and irrevocable guarantee provided by Danajamin Nasional Berhad (Danajamin) on the Senior MTN obligations. Danajamin...


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MARC has affirmed its rating on Talam Transform Berhad’s (Talam) outstanding RM52.1 million Settlement Bithaman Ajil Debt Securities (Settlement BaIDs) at B-IS with a stable outlook. The rating reflects the group’s weak financial position, its limited business prospects as well as its continued reliance on timely asset disposals to meet its substantial financial obligations. Talam’s ca...


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MARC has affirmed its AAA rating on Special Port Vehicle Berhad’s (SPVB) asset-backed serial bonds facility. The outlook remains negative. The affirmed rating takes into account the timely track record of payment of deferred repayment obligations from Port Klang Authority (PKA) to SPVB under the Sale and Purchase Agreement (SPA). The SPA dated November 2002 between Kuala Dimensi Sdn Bhd (...


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MARC has affirmed the ratings of MARC-1/AA- on IJM Corporation Berhad’s (IJM) RM1.0 billion Commercial Paper/Medium-Term Notes Programme (CP/MTN). The outlook on the long-term rating is revised to stable from negative. The outlook revision is premised on IJM’s improved balance sheet position and positive business prospects arising primarily from a sharp increase in construction order boo...


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MARC has affirmed the rating of AAA(fg) on special purpose vehicle TRIplc Ventures Sdn Bhd’s (TVSB) RM240.0 million Senior Medium-Term Notes (Senior MTN) Programme with a stable outlook. The rating and outlook reflect the credit strength of an unconditional and irrevocable guarantee on the Senior MTN obligations provided by Danajamin Nasional Berhad (Danajamin) which carries a financial insurer...


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MARC has affirmed its long-term ratings on WCT Holdings Berhad’s (WCT Holdings) debt and sukuk issuances but has revised the ratings outlook to negative from stable. WCT Holdings’ rated debt and sukuk issuances are as follows: RM600 million 5-year Fixed Rate Serial Bonds (due December 2015) at AA-; RM1.0 billion 15-year MTN Programme (due April 2028) at AA-; and RM1.5 billion 15-...


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MARC has affirmed its rating on Talam Transform Berhad’s (Talam) outstanding RM53.1 million Settlement Bithaman Ajil Debt Securities (Settlement BaIDs) at B-ID with a stable outlook. The rating incorporates Talam’s weak financial position and limited business prospects, as well as its continued reliance on timely asset disposals to meet substantial financial obligations. Talam’s borrow...


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