The long term rating of AID (A flat, islamic debt) and short term rating of MARC-2ID assigned to Atlan Holdings Berhad’s (Atlan) facilities reflect the strength of its diversified business; its competitive position within the industries it operates in; and its strong post acquisition financial profile. Moderating factor to the rating include the competitiveness of the manufacturing industr...

ARL Tenaga Sdn Bhd’s (“ARLT”) rating affirmation reflects the stable and predictable cash flow which is expected to cover the company’s debt servicing requirements comfortably; the presence of a long-term fuel supply contract which eliminates supply disruption risk; the adoption of proven engine design and well-developed operating methods for its plant; and an issue stru...

MARC has affirmed 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 affirmation of the weighted average rating of Aegis One’s portfolio of corporate loans at A- / BBB+; comfortable overcollateralization and interest coverage ratios; the adequacy ...

The affirmation of the ratings reflects the strength of the irrevocable unconditional guarantees provided by a consortium of banks based upon the weak link approach. The affirmation of the non-guaranteed Tranche V reflects the issuer’s stand-alone rating, recognising Perak-Hanjoong Simen Sdn Bhd’s (PHS) vulnerability to industry and economic cycles. Positive rating factors include...

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

The affirmed ratings of Ranhill Berhad (Ranhill) reflect the company’s competitive position in the engineering and construction industry; strong order book; expansion into the water and power industries; and a tight underlying issue structure. The ratings, however, are moderated by the company’s weak liquidity position. The Ranhill Group is mainly involved in the engineering, procur...

The A- (A Minus) rating assigned to Malaysian AE Models Holdings Berhad (MAE)’s Fixed Rate Serial Bonds (Bonds) reflects MAE’s competitive position and technical competency in the industry. These factors are moderated by MAE’s exposure to adverse economic factors locally as well as regionally.MAE was incorporated on 8 May 1992 as a private limited company to function as an inv...

Pembinaan Mitrajaya Sdn Bhd’s (PMSB) ratings assigned to the Islamic debts reflect the strength of the issue structure, which includes the assignment of contract proceeds for the purpose of the redemption of the Murabahah Multi-Option facility; its good track record and competitive position, improvement in economic outlook; and the company’s improving financial position. The rating...

The AID(bg) rating assigned to Negeri Sembilan Cement Industries Sdn Bhd’s (NSCI) proposed BaIDS is reflective of the strength of the irrevocable unconditional guarantees provided by a consortium of banks evaluated using the weak link approach. The MARC-2/BBB+ID rating assigned to the proposed MUNIF, on the other hand, is the issuer’s stand-alone rating, which recognizes NSCI’...

The assigned rating of AID and A-ID to Class A and B of the proposed BaIDS respectively reflects OSK Property Holdings Berhad (OSKP)’s favourable flagship development – Bandar Puteri Jaya (BPJ) located in Sungai Petani, Kedah and its strong presence in that area; tempered by its vulnerability to adverse development in the property markets. The enhanced AID rating assigned reflects s...