The ratings assigned to RCE Premier Sdn Bhd’s (RCEP) proposed Bonds and CP programme (referred to as the Facilities) reflect the 1.3 times security cover of receivables purchased by RCEP to be maintained at all times; protective issue structure; provision for substitution of defaulted receivables with performing receivables by RCE Marketing Sdn Bhd (RCEM); adequate cashflow protection dur...

MARC has assigned a rating of AID (A Flat, Islamic Debt) to Ace Polymers (M) Sdn Bhd’s (Ace) proposed RM70.0 million Bai’ Bithaman Ajil Islamic Debt Securities. The assigned rating reflects Ace’s status as one of the Tier-1 suppliers to the local automotive industry; strong financial results characterized by its favourable operating profit margin and sufficient cash flow cover...

The reaffirmation of Kuching Port Authority’s (KPA) Islamic debt securities facility at AAA(s) reflects the strength of the support provided by the State Government of Sarawak in ensuring the timely and full redemption of the BaIDS facility. Hence, the current rating of KPA reflects the credit strength of the state of Sarawak which is superior to KPA’s credit standing. The strong in...

WCT Engineering Berhad’s (WCT) RM120.0 million 5% Redeemable Unsecured Bonds with detachable warrants (2000/2005) rating has been upgraded from A(s) to A+(s). The rating upgrade is due to the high cash coverage afforded to the outstanding bond brought about by the accumulation of funds in the sinking fund account. The rating also reflects WCT’s strengthening financial profile and st...

MARC has assigned a rating of MARC-1 on Radicare (M) Sdn Bhd’s (Radicare) RM49 Million Commercial Paper Programme (CP). The rating assignment is a reflection of the secured cash receivables from the Ministry of Health (MOH); a 1.25 times security cover of invoices issued to the MOH; stringent requirements of the issue structure and the monopoly position of Radicare’s services in the ...

The AA+ID rating accorded to Kapar Energy Ventures Sdn Bhd’s (KEV) proposed RM3,402 million Bai Bithaman Ajil Islamic Debt Securities (BaIDS) reflects the project’s stable and predictable cash flow supported by the contracted capacity payments as well as the credit strength of the off-taker cum majority shareholder, Tenaga Nasional Bhd (TNB). TNB carries an issuer rating of AA+ from...

MARC has assigned short and long-term ratings of MARC-2ID and A-ID (A minus, Islamic Debt) to Paradym Resources Industries Sdn Bhd (PRI)’s Islamic Commercial Paper/Medium Term Note Issuance Programme (CP/MTN Programme), reflecting PRI’s position as a reputable manufacturer of superior quality copper products as supported by the contracts awarded by The Royal Mint of Malaysia Sdn Bhd...

A rating of A (A flat) has been assigned by MARC to WCT Land Berhad’s (WCTL) Convertible Redeemable Debt Securities (CRDS) of a nominal value of RM132 miliion. The CRDS will be utilised to part refinance existing advances from its major shareholder, WCT. As part of a corporate exercise involving the acquisition of Bescorp Industries Berhad (BIB) (Special Administrators appointed) by WCTL,...

Kertih Terminals Sdn Bhd’s (KTSB) rating has been reaffirmed at MARC-1, reflecting the company’s resilient financial position, declining debt leverage level and stable cash flows generated from the long term contracts with the terminal users. KTSB was incorporated to undertake the construction and operation of a Centralized Tankage Facility (CTF) for PETRONAS’ Integrated Petro...

MARC has affirmed the rating of MARC-3ID assigned to Stenta Films (Malaysia) Sdn Bhd’s (Stenta) RM90 million Murabahah Notes Issuance Facility (MUNIF). The rating affirmation reflects the company’s leading position in manufacturing quality Biaxially Oriented Polypropylene (BOPP) films and improving financial profiles of both Stenta and its parent company - P.T. Argha Karya Prima Ind...