The reaffirmation of GDC Putrajaya Sdn Bhd’s (GDC Putrajaya) BaIDS’ rating at AAA reflects the strength of the project with assured demand for the production and supply of chilled water to Government premises in Putrajaya; minimal credit risk with the Government and Putrajaya Holdings as the main offtakers; strong financial support from its ultimate shareholder, Petroliam Nasional Be...

The ratings of MARC-1ID/AA+ID and AA+ID (Islamic Debt) assigned to Gas Malaysia Sdn Bhd’s (Gas Malaysia) Al-Murabahah Commercial Paper/Medium Term Notes (CP/MTN) Programme and Al-Murabahah Medium Term Notes (MTN) Issuance Programme respectively, reflect its strong ownership structure, highly regulated industry, dominant position in the gas distribution business, efficient operations and a...

MARC has reaffirmed the rating of TSH Resources Bhd’s (TSH) Al-Murabahah Commercial Papers/Medium Term Notes at MARC-1ID/A+ID. The reaffirmation of the rating reflects the steady improvement of TSH’s financial profile and strong operating record. The Group’s diversified business portfolio of palm oil milling and the manufacturing of engineered flooring products recorded sturdy...

Bumiputra-Commerce Bank Berhad’s (BCB) Financial Institution rating has been upgraded to AA-/MARC-1 and its detachable coupons of the RM667 million nominal value Irredeemable Convertible Unsecured Loan Stocks (ICULS) rating to A+. The upgrades reflect the consistent improvement in the last several years, in the bank’s financial standing and overall asset quality. These improvements ...

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...