MARC has reaffirmed the long-term and short-term issuer ratings of Cagamas Bhd (Cagamas) at AAA and MARC-1 respectively. The reaffirmation reflects the strong ability and flexibility of the Company to meet its financial commitments, supported by a favourable portfolio of loans and debts with full recourse to the selling institutions, its strong capitalization and a proactive and innovative mana...

Mines Golf Resort Berhad’s Bank Guaranteed Serial Bonds and Bank Guaranteed Commercial Papers ratings are affirmed reflecting the unconditional and irrevocable guarantee provided by Malayan Banking Berhad (Maybank). Mines Golf Resort Berhad (MGRB) is principally a property development company, currently developing a project named “South of the Mines” (South Lake Project); an u...

The ratings reflect KNM Group Berhad’s (KNM) competitive position as one of the largest domestic manufacturer of process equipments and its steady revenue growth. The ratings, however, are moderated by the company’s high working capital requirements due to the nature of its projects. KNM is an investment holding company with subsidiaries principally involved in the design, manufactu...

The short- and long-term ratings of MARC-2ID and A ID for Leader Universal Holdings Berhad’s (LEADER) proposed private debt securities reflects the Group’s leading position in the cables and wires manufacturing industry as well as the stable revenue arising from its power generation business in Cambodia. Moderating factors include the low margins of its cable and wire products, and t...

Gerbang Perdana CIQ Sdn Bhd’s (“Gerbang Perdana CIQ”) RM1.7 billion Seven Year Medium Term Notes (“MTN”) issuance programme has been assigned an AAA rating by MARC. The rating signifies the Government of Malaysia’s (“GOM”) unconditional and irrevocable obligation to repay the acknowledged sum on the stipulated date stated on the Facility Payment Ce...

The rating of AID/ MARC-2ID (A flat, Islamic Debt) assigned to Peremba Jaya Holdings Sdn Bhd’s (PJHSB) (a subsidiary of PECD Berhad) RM200 million MUNIF/MMTN facility reflects the strength of the security arrangement, whereby specific assignments of proceeds in respect of the government quarters contracts under Precinct 11 will serve as the funding source for the redemption of the notes is...

MARC has reaffirmed the rating of Europlus Corporation Sdn Bhd’s (ECSB) RM350 million Murabahah Underwritten Notes Issuance Facility (MUNIF) at MARC-3ID. The reaffirmation reflects the substantial locked-in sales from developments secured under the MUNIF which essentially acts to mitigate market risk. The rating is, however, moderated by delays in construction works and ultimately progres...

MARC has upgraded the long term rating on Gas District Cooling (KLIA) Sdn Bhd’s (GDC KLIA) CP/MTN to AAID while the short term rating has been reaffirmed at MARC-1. The ratings reflect GDC KLIA’s captive offtake demand for its chilled water and electricity, strong shareholder support, consistent financial performance reflected by improving debt leverage position and commendable prof...

The assigned rating reflects the stable and predictable cash flow which is expected to cover the company’s debt servicing requirements comfortably; 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 strengths are moderated by the declining but still substantia...

The rating of MK Land Holdings Berhad’s (MK Land) tranche 1 and tranche 2 serial bond ratings have been upgraded to A+ which reflects the company’s excellent business position, its strong financial position and the impressive performance of Damansara Damai (DDamai) and Damansara Perdana (DPerdana) projects, of which the sales proceeds have been assigned for the redemption of the bo...