Lonpac Insurance Bhd’s (Lonpac) general insurance strength rating has been affirmed at AA based on the Company’s well-diversified insurance book; stewardship; strong distribution channels in particular, through the closely affiliated Public Bank group; relatively conservative investment policy; solid liquidity profile and adequate capitalization. These strengths, however, continued to ...

Supporting the rating is the guaranteed minimum rental payments to be made by Universiti Industri Selangor (UNISEL). Moderating factors, on the other hand, include construction and completion risks of the university’s main campus, student and staff accommodation, and high initial debt leverage of the issuer.JNSB is a special purpose vehicle which was awarded a concession by UNISEL, a whol...

The ratings of Premium Nutrients Berhad’s (Premium Nutrients) RM85 million Murabahah Underwritten Notes Issuance Facility / Islamic Medium Term Notes (MUNIF/IMTN) have been affirmed at MARC-2ID/AID reflecting its competitive position as an integrated producer of specialty fats; and the structural features in the issue structure. Nonetheless, a moderating factor to the ratings is the Group&...

MARC has reaffirmed the corporate debt rating of KFC Holdings (Malaysia) Berhad’s (KFCH) RM300 million Islamic Notes Issuance Facility (INIF) at A+ID and at the same time, has placed the rating on positive outlook, in anticipation of an additional RM90 million cash proceeds from the proposed sale and lease back of Wisma KFC. The rating reaffirmation reflects the Group’s strong brand ...

MARC has upgraded Boustead Plantation Berhad’s (Boustead Plantation) (formerly known as Kuala Sidim Berhad) long term rating under Tranche 1 from A(BG) to A+(BG) and reaffirmed the rating of Tranche 2 at A-. Meanwhile, the short term ratings of Tranche 1 and 2 are reaffirmed at MARC-1 and MARC-2 respectively. The RM50 million Tranche 1 upgrade reflects the unconditional and irrevocable gua...

The reaffirmation of the ratings reflects the credit strength of PETRONAS, the principal tenant of the PETRONAS Twin Towers (Tower 1 and Tower 2), which bears the rental payments for both towers. The rental stream forms the primary source of repayment of the debt securities. PETRONAS’ superior credit strength is drawn from its strong financial position, favourable production profile, sign...

The reaffirmation of GDC Putrajaya Sdn Bhd’s (GDC Putrajaya) BaIDS’ rating at AAA reflects the strength of the project with assured demand for the production and supply of chilled water to Government premises in Putrajaya; minimal credit risk with the Government and Putrajaya Holdings as the main offtakers; strong financial support from its ultimate shareholder, Petroliam Nasional Be...

The ratings of MARC-1ID/AA+ID and AA+ID (Islamic Debt) assigned to Gas Malaysia Sdn Bhd’s (Gas Malaysia) Al-Murabahah Commercial Paper/Medium Term Notes (CP/MTN) Programme and Al-Murabahah Medium Term Notes (MTN) Issuance Programme respectively, reflect its strong ownership structure, highly regulated industry, dominant position in the gas distribution business, efficient operations and a...

MARC has reaffirmed the rating of TSH Resources Bhd’s (TSH) Al-Murabahah Commercial Papers/Medium Term Notes at MARC-1ID/A+ID. The reaffirmation of the rating reflects the steady improvement of TSH’s financial profile and strong operating record. The Group’s diversified business portfolio of palm oil milling and the manufacturing of engineered flooring products recorded sturdy...

Bumiputra-Commerce Bank Berhad’s (BCB) Financial Institution rating has been upgraded to AA-/MARC-1 and its detachable coupons of the RM667 million nominal value Irredeemable Convertible Unsecured Loan Stocks (ICULS) rating to A+. The upgrades reflect the consistent improvement in the last several years, in the bank’s financial standing and overall asset quality. These improvements ...