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...

Putrajaya Holdings Sdn Bhd’s (PJH) proposed RM1,500 million Murabahah Notes Issuance Facility comprising Medium Term Notes (MUNIF) has been assigned a long term rating of AAAID. The Islamic debt rating reflects PJH’s issuer rating, based upon its solid capitalization supported by a superior set of shareholders, exceptional financial flexibility and importance of the company in the d...

The reaffirmation of Road Builder (M) Holdings Bhd’s (RBH) corporate credit rating of A+ reflects the good financial performance of the group, its strong competitive position in the construction business, experienced management team and strong financial flexibility. The rating is, however, moderated by the inherent cyclicality of the construction and property industries as well as the inc...

MARC has affirmed the rating of Sime Darby Berhad’s (Sime Darby) RM1,500 million Al-Murabahah Commercial Papers/ Medium Term Notes (CP/MTN) at MARC-1ID/AAAID respectively. The affirmation of Sime Darby’s corporate debt ratings reflect the diversity of the Group’s business, its solid capitalization, resilient profitability levels, strong cash flow position and exceptional finan...