MARC has reaffirmed the long-term ratings of Aegis One Bhd’s (Aegis One) RM900.0 million senior secured bonds and RM100.0 million subordinated secured bonds at AAA and BB respectively. This is premised on the reaffirmation of the weighted average rating of Aegis One’s portfolio of corporate loans at A- / BBB+; comfortable overcollateralization and interest coverage ratios; the adequa...

MARC has affirmed the short-term rating at MARC-2 and concurrently upgraded the long-term rating from A- to A in respect of Hong Leong Credit’s (HLC) commercial papers and medium term notes programme respectively. This reflects the improved fundamentals of HLC’s key subsidiaries as well as the improved capital structure of the company. The rating is moderated by the competitive banki...

Tenaga Nasional Berhad’s (TNB) strong ratings are reflective of its strategic importance to Malaysia’s economy and national security; dominant role in generation; monopolistic position in the transmission and distribution of electricity in Peninsular Malaysia; majority government ownership; and improving financial profile. These positive factors are, however, moderately offset by the...

MARC has assigned a rating of A (A flat) to Aliran Ihsan Resources Berhad’s (AIRB) redeemable convertible unsecured loan stocks (RCULS). AIRB, the NEWCO, was set up as the corporate vehicle to undertake the various corporate and debt restructuring schemes and to assume the listing status of RNC, an affected listed issuer under the Securities Commission’s Practice Note 4. Proceeds fro...

The rating upgrade reflects Priceworth Wood Products Berhad (Priceworth) Group’s improving financials underpinned by growing timber extraction activity/contracting services coupled with high operational integration pertaining to its manufacturing activities. The Group’s vulnerability to cyclical developments affecting the timber/wood-based industry remains a moderating factor to the...

The rating of Malaysian Newsprint Industries Sdn Bhd’s (MNI) RM923 million Bai’ Bi Al-Taqsit nominal value fixed rate serial bond programme (BBAT) has been reaffirmed at BBBID +(s) reflecting the company’s dominant position as the sole newsprint producer in the country; coupled with anti-dumping duties imposed by the government on imported newsprint which directly limit oversea...

The upgrade of the BaIDS rating to A+ID(bg) follows the upgrade of the lowest rating of the group of banks providing the Kafalah guarantee. The affirmation of the short term rating of MARC-2 and upgrade of the long term rating to A-ID for the MUNIF reflect the improvement of Negeri Sembilan Cement Industries Sdn Bhd’s (NSCI) financial profile following the consolidation of the Perlis Plant...

The rating for Sapura Energy Sdn Bhd (SESB) is reaffirmed at AID reflecting the company’s strength in the marine engineering business; synergies arising from the consolidation of the company under SapuraCrest Petroleum Berhad (SapuraCrest); and its stable financial profile. The rating, however, continues to be moderated by the company’s debt leverage position. SESB’s main reve...

MARC reaffirms Dialog Group Berhad (DIALOG)’s corporate credit rating of ‘AA-‘, reflecting the Group’s strong capitalization and cash flow position; its good competitive position in the highly specialized oil, gas and petrochemical industries; and its commendable operational performance and safety track record. Incorporated in 1989, DIALOG is principally an investment h...

The reaffirmation of the ratings reflects the credit strength of Petroliam Nasional Berhad (PETRONAS); the user of specific assets belonging to Petronas Assets Sdn Bhd (PAssets) and the obligor of the Promissory Notes (PNs) and Asset Utilisation Fee (AUF). Payments arising from the PNs and AUF form the primary source of repayment of the Bai Al-Dayn Notes Issuance Facility (NIF) and Al-Murabahah ...