Cagamas’ ratings reflect its exceptionally strong ability to meet existing financial commitments and distinctly superior quality of its portfolio of loans and debts purchased on full recourse to the primary lenders. The Company’s strategic role in the development of the secondary bond market and provision of liquidity in the financial system coupled with its good earnings capacity, ...

The rating of Maxisegar’s BaIDS reflects a tight underlying issue structure, where the progress billings from secured sales of specific property development projects have been earmarked for the redemption of the BaIDS issue.  Positive features of the issue structure include a security coverage of 1.43 times of the amount of BaIDS outstanding, the maintenance of minimum balances in a Sin...

The rating for Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (SPRINT) bank guaranteed bonds of ‘A’ is the same as the project’s stand-alone long-term debt rating notwithstanding unconditional and irrevocable guarantees provided by a consortium of banks as to the timely payment of interest and principal due on the bonds. MARC evaluated the credit enhancement provided by the ba...

The rating reflects the strength of the underlying issue structure, in which, secured sales from specific property development projects have been earmarked for the redemption of the BaIDS issue.  Positive features of the issue structure include security coverage of 1.28 times the total BaIDS outstanding, maintenance of minimum balances in a sinking fund account (SFA) and a six-month debt serv...

MARC has affirmed its investment manager rating of IMR-2 on Kenanga Investors Berhad (KIB). The rating is premised on KIB’s well-established investment management processes, strong risk management practices and operating track record. These factors are moderated by its relatively small asset size and moderate financial profile.KIB is a wholly-owned fund management subsidiary of Kenanga Investmen...

MARC has assigned a rating of AAAIS with a stable outlook to Celcom Transmission (M) Sdn Bhd's (CTX) RM5.0 billion nominal value Sukuk Programme. Proceeds from the sukuk offering will be largely used to retire existing debt of RM4.2 billion. CTX is a core subsidiary of the Celcom Axiata Berhad (Celcom) Group, Malaysia's second largest wireless service provider.The rating reflects the credit streng...