Sapura Energy Sdn Bhd’s (“SESB”) rating upgrade to AID is supported by its strength in the marine engineering business, improving financial position and the synergies arising from its proposed acquisition by Crest Petroleum Bhd (“Crest”), one of the largest oil and gas well drilling and marine contractors in Malaysia. The rating is, however, moderated by its high d...

MARC has affirmed the short-term and long-term ratings of Hong Leong Credit Berhad’s (HLC) commercial papers and medium term notes programme at MARC-2 and A- respectively. This reflects the strong fundamentals of HLC’s subsidiaries as well as the improved double leverage and stable debt-equity. The rating is moderated by the competitive banking and finance environment and the potent...

Malaysian Merchant Marine Bhd’s (MMM) rating of AAID on its proposed RM120.0 million Al-Bai’ Bithaman Ajil Serial Bonds (BaIDS) reflects the Group’s proven track record in the highly competitive international shipping industry; its better than average financial profile; as well as a tight issue structure under which the charter proceeds of all its vessels will be assigned as s...

Kwantas Corporation Berhad’s (KCB) rating has been reaffirmed at A+ID reflecting the integrated nature of the Group’s palm oil operations; its expanding activities namely, the commercialization of renewable bio-mass energy and establishment of operations in China; and the Group’s relatively strong financial profile.KCB Group’s credit strength is drawn from the integrated...

The rating reaffirmation reflects the financial strength of the general and life insurance funds of its main subsidiary Malaysian Assurance Alliance Berhad (MAA) and the support provided by the Revolving Credit Facility to meet coupon payments and bond redemption in the event of a shortfall. MAA Holdings Berhad’s (MAAH) income is almost wholly derived from dividends upstreamed by MAA. MAA...

The affirmation of AAAID on GDC (Putrajaya) Sdn Bhd’s (GDC Putrajaya) Al-Bai’ Bithaman Ajil Islamic Debt Securities reflects the significance of the project in providing the supply of chilled water to all Government premises in Putrajaya; the credit assurance secured with the Government and Putrajaya Holdings Sdn Bhd (PJH) as the main offtakers; and the strong backing from the ultim...

The reaffirmation of Pembinaan Mitrajaya Sdn Bhd’s (PMSB) long term rating of A-ID (A minus, Islamic Debt) and short term rating of MARC 2ID reflect the assignment of contract proceeds for the purpose of redemption of the ABBA and MUNIF facilities; the strength of the issue structure; its good track record; its competitive position; improvement in economic outlook; and the company’s...

The reaffirmation of the ratings reflects the credit strength of PETRONAS, the principal tenant of the PETRONAS Twin Towers (Tower 1 and Tower 2), which bears the rental payments for both towers. The rental stream forms the primary source of repayment of the debt securities. PETRONAS’ superior credit strength is drawn from its strong financial position, favourable production profile, sig...

The ratings assigned are underpinned by Pesaka Astana (M) Sdn Bhd’s (PASB) competitive position as the leading assembler and provider of customized heavy-duty and specialized vehicles for the Ministry of Defence (MINDEF) and Fire and Rescue Department (BOMBA); the tight issue structure; and the company’s continued improvement in its profitability measures. These factors are, however...

The rating of BBB- (minus) assigned to Mithril Berhad’s (Mithril) Irredeemable Convertible Unsecured Loan Stocks (ICULS) reflects the assurance of returns and maintenance of terms of the ICULS, that is, the likelihood of interest payments for five years and the solvency of Mithril at time of mandatory conversion to enable it to honour its obligation to deliver the shares. The ICULS are ra...