MARC today placed the DID rating of MOCCIS Trading Sdn. Bhd’s (MTSB) RM50 million Al-Bai Bithaman Ajil Debt Securities on MARCWatch with developing implications. On 24 June 2000, MTSB had failed to make a scheduled payment of RM2.9 million on its maturing Secondary Notes. Upon the receipt of notification from the Trustee that an event of default had occurred pursuant to Clause 7(a) of the Trust...

Malaysian Rating Corporation Berhad (MARC) announces that it has lowered MOCCIS Trading Sdn Bhd’s (MTSB) RM50 million Al-Bai Bithaman Ajil Islamic debt securities rating to DID. The rating had earlier been put on MARCWatch with negative implications. The rating reflects MTSB’s failure to make timely scheduled payment on the instrument issued under the Islamic-financing contract. ...

Malaysian Rating Corporation Berhad (MARC) has assigned a standalone short-term rating of MARC-2ID to Melombong dan Perumahan Sdn Bhd’s (MDP) RM60 million Murabahah Underwritten Notes Issuance Facility (MUNIF). The rating reflects the strength of the issue structure which captures the sales proceeds of the Ultima I and II condominiums and low cost apartments, that will form the primary source o...

Malaysian Rating Corporation Berhad (MARC) has assigned ratings of MARC-1/AAAID to Malaysia International Shipping Corporation Berhad’s (MISC) RM1.5 billion Murabahah Commercial Paper/Medium Term Notes Programme (2000/2005) respectively. The ratings reflect strong and stable earnings from its predominantly low-risk business of LNG shipping, good profitability record, strong cash flow position, ...

Malaysian Rating Corporation Berhad (MARC) has assigned a long-term rating of AAA to the RM337 million reopening of the existing 3-year Fixed Rate Bonds issued on 22 June, 2000. (An earlier tranche of the 3-year Bonds was issued on 14 April, 2000 bearing a coupon rate of 4.766% p.a.). The Bonds carry an average coupon rate of 4.5010% p.a.. The Bonds are issued to fund the purchase of mortgage l...

Malaysian Rating Corporation Berhad (MARC) today announced that it has affirmed the long term rating of AAA(bg) on Sinmah Resources Berhad’s RM50 million nominal amount of 3.5% redeemable bonds due 2002, guaranteed by Rabobank Nederland Labuan Branch. The rating reflects the strength of the unconditional and irrevocable guarantee provided by Rabobank, which has a rating of ‘AAA’ from Thomson...

Malaysian Rating Corporation Berhad (MARC) has assigned a short-term rating of MARC-1 to Cagamas Berhad’s RM850 million of 3-month (discount) Notes issued on 25 May, 2000. The 3-month Notes carry an average discount rate of 2.773% p.a. The Notes are issued to fund the purchase of mortgage loans from financial institutions, corporations and the Government, in addition to purchases of industrial...

Malaysian Rating Corporation Berhad (MARC) has assigned a short-term rating of MARC-1 to Cagamas Berhad’s RM170 million one year (discount) Notes and a long-term rating of AAA to the RM100 million 2-year Fixed Rate Bonds and RM150 million reopening of the existing 3-year Fixed Rate Bonds issued on 16 May, 2000. (An earlier tranche of the 3-year Bonds was issued on 14 April, 2000 bearing a coupo...

MARC has affirmed the general insurance financial strength rating of Kurnia Insurans (Malaysia) Berhad (Kurnia) at A (Single A) based on the company’s leading market position, strong agency network, conservative investment strategy, tight premium accountability and stringent claims controls. A moderating factor is the high vulnerability of the motor business to adverse developments in the econo...

Malaysian Rating Corporation Berhad (MARC) has assigned a long-term rating of AAAID to Putrajaya Holdings Sdn Bhd’s RM1,109 million Al-Bai Bithaman Ajil (ABBA) Bonds issuance facility. The rating reflects the superior credit quality which essentially is that of the Government who will be responsible for the sub-lease rental payments in respect of the Government buildings, that will form the pri...