MARC has assigned a rating of MARC-1ID (cg) and AA-ID (cg) to Harum Intisari Sdn Bhd’s (HISB) Al-Murabahah Commercial Papers (MCP) and Medium Term Notes (MMTN) (collectively known as the Programme) of up to a nominal value of RM300 million. The rating reflects the unconditional and irrevocable corporate guarantee given by Gamuda Bhd (Gamuda), a leading construction company in Malaysia with...

Under this transaction, a bankruptcy remote special purpose vehicle, Musyarakah One Capital Berhad (“Musyarakah One”), has been incorporated for the purpose of acquiring receivables from the Originator, TIME Systems Integrators Sdn. Bhd. (“TSI”). Musyarakah One will issue Sukuk Musyarakah for the purpose of the said acquisition. Receivables comprise of rights, title, in...

MARC has reaffirmed the long-term ratings of Auto ABS One Bhd’s (Auto ABS) RM510.0 million Class A bonds at AAA. This is premised on the portfolio of hire purchase receivables performing within stressed expectations, the availability of gross overcollateralization of 107.0% and a non-amortizing cash reserve equivalent to 2.5% of the nominal value of the bonds.Under the first tier of a two-...

The ratings reflect Priceworth Wood Products Berhad (Priceworth) Group’s improving financials underpinned by growing timber extraction activity/contracting services coupled with high operational integration pertaining to its manufacturing activities. The Group’s vulnerability to cyclical developments affecting the timber/wood-based industry remains a moderating factor to the ratings...

The corporate debt ratings assigned to DRB-Hicom Berhad (DRB or Group) reflects the Group’s diversified businesses, strong market position and presence in the local automotive industry and manageable gearing position.Incorporated in 1990 and listed on the Main Board of Bursa Malaysia since 1992, DRB is an industrial conglomerate with more than 50 companies involved in three main business s...

The Islamic debt ratings of A+ID/MARC-1ID assigned to Weida (M) Bhd’s (“Weida”) RM100 million Murabahah Facility reflect, among others, the Group’s reputable position as a manufacturer of high density polyethylene (“HDPE”) engineering products for the water and sewerage industry; and its historically strong financial performance. Weida is an investment holdin...

Pembangunan Leasing Corporation’s (PLC) Guaranteed Notes Issuance Programme (GNIP) rating is reaffirmed to reflect the strength of the unconditional and irrevocable guarantee provided by Bank Pembangunan & Infrastruktur Malaysia Berhad (BPIMB). BPIMB’s A-rating from MARC which is higher than PLC’s stand-alone corporate debt rating, reflects its strategic importance in the s...

Kurnia Insurans (Malaysia) Berhad’s (Kurnia) financial strength rating has been affirmed at A+ to reflect the Company’s expanding share of the local general insurance market; its ability to maintain its leadership position in the motor insurance segment, realize its business strategies and improve its business operations; as well as its continuous efforts in introducing innovative p...

Under this Ijarah sale and lease back transaction, Ample Zone Berhad (AZB), a special purpose vehicle with certain bankruptcy remoteness features, incorporated solely to undertake this securitisation exercise, will acquire four buildings (Assets) from three subsidiaries of Talam Corporation Berhad (TCB) and one private company (Sellers). AZB will lease the Assets back to the Sellers under Ijarah...

The ratings of MARC-2/A- assigned to Equine Capital Berhad’s (ECB or Issuer) Commercial Papers /Medium Term Notes Programme of up to RM95 million (CP/MTN Programme) reflect the ECB group’s strong competitive position through its flagship developments in Seri Kembangan and its credible track record of timely completion of quality projects. Mitigating the ratings is the inherent cycli...