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

The affirmed ratings of Ranhill Berhad (Ranhill) reflect the company’s competitive position in the engineering and construction industry; strong order book; expansion into the water and power industries; and a tight underlying issue structure. The ratings, however, are moderated by the company’s weak liquidity position. The Ranhill Group is mainly involved in the engineering, procur...

The A- (A Minus) rating assigned to Malaysian AE Models Holdings Berhad (MAE)’s Fixed Rate Serial Bonds (Bonds) reflects MAE’s competitive position and technical competency in the industry. These factors are moderated by MAE’s exposure to adverse economic factors locally as well as regionally.MAE was incorporated on 8 May 1992 as a private limited company to function as an inv...

Pembinaan Mitrajaya Sdn Bhd’s (PMSB) ratings assigned to the Islamic debts reflect the strength of the issue structure, which includes the assignment of contract proceeds for the purpose of the redemption of the Murabahah Multi-Option facility; its good track record and competitive position, improvement in economic outlook; and the company’s improving financial position. The rating...

The AID(bg) rating assigned to Negeri Sembilan Cement Industries Sdn Bhd’s (NSCI) proposed BaIDS is reflective of the strength of the irrevocable unconditional guarantees provided by a consortium of banks evaluated using the weak link approach. The MARC-2/BBB+ID rating assigned to the proposed MUNIF, on the other hand, is the issuer’s stand-alone rating, which recognizes NSCI’...

The assigned rating of AID and A-ID to Class A and B of the proposed BaIDS respectively reflects OSK Property Holdings Berhad (OSKP)’s favourable flagship development – Bandar Puteri Jaya (BPJ) located in Sungai Petani, Kedah and its strong presence in that area; tempered by its vulnerability to adverse development in the property markets. The enhanced AID rating assigned reflects s...

The rating for Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (SPRINT) Al Bai Bithaman Ajil Facility (ABBA) and the short term rating of the Revolving Underwritten facility (RUF) have been reaffirmed at A-ID and MARC-2 respectively. However, the rating of the Bank Guaranteed Serial Fixed Rate Bonds has been upgraded to A based on the A rating given to the consortium of banks providing the un...

MARC has reaffirmed the rating of Malaysian Newsprint Industries Sdn Bhd’s (MNI) RM923 million Bai’ Bi Al-Taqsit nominal value fixed rate serial bond programme (BBAT) at BBBID +(s). MNI’s rating has been placed under MARCWatch with a negative outlook following the BBAT holders’ approval on the company’s proposed debt restructuring scheme which entails, among others...

Pembangunan Leasing Corporation’s (PLC)’s 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...

The reaffirmation of the ratings reflects Malaysia International Shipping Corporation Berhad’s (MISC) solid operating fundamentals, in particular the Liquefied Natural Gas (LNG) shipping segment. Other supporting factors include MISC’s strategic position in the Malaysian shipping industry; its sound financial policy; exceptional financial flexibility; and the strong support of its m...