MARC has assigned a rating of A (A Flat) to Haisan Resources Berhad (HRB)’s proposed RM30 million bond; reflecting its strong competitive position in the refrigeration and ice industry; assignment of specific contract proceeds towards redemption of the bonds; as well as HRB’s good operating profit margin and manageable debt leverage position. The rating is, however, moderated by the ...

MARC has reaffirmed the ratings of Sime Darby’s RM1,500 million Al-Murabahah Commercial Papers/ Medium Term Notes (CP/MTN) at MARC-1ID/AAAID respectively. The reaffirmation of Sime Darby’s corporate debt ratings reflects the diversity of the Group’s business, its solid capitalization, resilient profitability levels, strong cash flow position, exceptional financial flexibility a...

MARC has assigned a rating of AID to Tracoma Holdings Berhad’s (Tracoma) RM100 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS). The rating reflects, amongst others, Tracoma’s vast experience and good track record as one of the leading local automotive component manufacturers and its commendable financial results. The rating is, however, moderated by the vulnerabil...

The rating assigned is underpinned by the charter contract between Pelangi Shipping Sdn Bhd (PSSB) and the Government; the rental proceeds of which shall be the source of repayment for the BAIS facility; and a tight issue structure. These factors are, however, moderated by the performance risk associated with the contract. In September 2000, PSSB, the holding company of PSSB Ship Management Sdn ...

The rating reaffirmation reflects the financial strength of the life and general insurance funds of its main subsidiary Malaysian Assurance Alliance Berhad (MAA) and the support provided by the Revolving Credit (RC) Facility to meet coupon and principal payments in the event of a shortfall. Consistent with previous years, MAA Holdings Berhad (MAAH) continues to derive most of its income from di...

The rating upgrade on ARL Tenaga Sdn Bhd’s ABBA is backed by its commendable ability to service its obligation under the ABBA in a timely manner backed by the stable and predictable cash flow of the company; the presence of a long-term fuel supply contract which eliminates supply disruption risk; and an issue structure which promotes the scheduled amortization of the Islamic debt. These st...

MARC has reaffirmed the long-term ratings of Aegis One Bhd’s (Aegis One) RM900.0 million senior secured bonds and RM100.0 million subordinated secured bonds at AAA and BB respectively. This is premised on the reaffirmation of the weighted average rating of Aegis One’s portfolio of corporate loans at A- / BBB+; comfortable overcollateralization and interest coverage ratios; the adequa...

MARC has affirmed the short-term rating at MARC-2 and concurrently upgraded the long-term rating from A- to A in respect of Hong Leong Credit’s (HLC) commercial papers and medium term notes programme respectively. This reflects the improved fundamentals of HLC’s key subsidiaries as well as the improved capital structure of the company. The rating is moderated by the competitive banki...

Tenaga Nasional Berhad’s (TNB) strong ratings are reflective of its strategic importance to Malaysia’s economy and national security; dominant role in generation; monopolistic position in the transmission and distribution of electricity in Peninsular Malaysia; majority government ownership; and improving financial profile. These positive factors are, however, moderately offset by the...

MARC has assigned a rating of A (A flat) to Aliran Ihsan Resources Berhad’s (AIRB) redeemable convertible unsecured loan stocks (RCULS). AIRB, the NEWCO, was set up as the corporate vehicle to undertake the various corporate and debt restructuring schemes and to assume the listing status of RNC, an affected listed issuer under the Securities Commission’s Practice Note 4. Proceeds fro...