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...

Kurnia Insurans (Malaysia) Berhad’s (Kurnia) general insurance strength rating has been upgraded to A+ to reflect the Company’s ability to maintain its leadership in the Malaysian motor insurance industry for the past eight consecutive years, realize its business strategies, improve its business operations, as well as its continuous success in introducing innovative products into th...

The rating of AA-ID(double A minus, Islamic Debt) assigned to Guthrie Property Development Holding Berhad’s (GPDH) RM750 million Islamic medium term notes programme reflects the strength of GPDH as a leading property developer in the country and its sound financial profile. Other positive rating factors include GPDH’s vast land holding and its commendable reputation and track recor...

MARC has affirmed 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-t...

The assigned rating of A-(A minus) reflects Bintang Bulk Mover Sdn Bhd’s (BBM) significant participation in the cement transportation industry by virtue of its long term cement transportation contracts with Lafarge Malayan Cement Bhd (LMCB), the largest local cement manufacturer. Under the issue structure, all revenue from the said contracts will be assigned to the Facility as the primary...

Road Builder (M) Sdn Bhd’s rating has been affirmed at A+(s) reflecting its competitive position in the civil engineering and building segment, good track record, experienced management team and a tight issue structure. The rating also reflects the shareholder support of up to RM200 million on a reducing balance provided by the holding company, Road Builder (M) Holdings Bhd (RBH). Moderat...

The rating of AID assigned to Merbok Hilir Berhad’s (Merbok) proposed RM150.0 million Al-Bai’ Bithaman Ajil Serial Bonds (BBA Bonds) is premised on the Merbok Group’s proven track record in the highly competitive MDF industry, the favourable outlook of the international Medium Density Board (MDF) industry, as well as its well-capitalised balance-sheet. However, the balancing ...

EP Manufacturing Bhd’s (EPMB) long and short-term ratings of AID/MARC-2 on its proposed RM150.0 million Islamic private debt securities reflect the Group’s position as a Tier-1 parts vendor for the national carmaker, PROTON, via its subsidiary; PEPS-JV (M) Sdn Bhd. Moderating factors include the inherent risks of the automotive industry as well as its dependence on the sales perform...