Malaysian Rating Corporation Berhad (MARC) has upgraded the long-term issuer rating of Tenaga Nasional Berhad (TNB) to AA+ (double A plus) and reaffirmed TNB`s short-term issuer rating at MARC-1. Arising from the upgrade of TNB`s long-term issuer rating, TNB`s Al-Bai Bithaman Ajil Notes Issuance Facility [Tranche 1 (1997/2007) and Tranche 2 (1997/2012)] and Fixed Rate Unsecured Bonds (1998/2006) ...

Malaysian Rating Corporation Berhad (MARC) has assigned a short-term rating of MARC-1 to Cagamas Berhad’s RM915 million and RM730 million of 3-month and 6-month (discount) Notes issued on 25 February, 2000. The 3-month and 6-month Notes carry an average discount rate of 2.853% p.a. and 3.028% p.a. respectively. The Notes are issued to fund the purchase of mortgage loans from financial instituti...

MARC has assigned a rating of A (Single A) to IJM Corporation Berhad (IJM)’s RM150 million nominal value of 5% redeemable unsecured bonds (2000/2005) with up to 83,015,330 detachable warrants. The rating reflects the group’s strong operating characteristics and favourable competitive position in its traditional construction business, its positive track record in diversifying into non-construct...

Malaysian Rating Corporation Berhad (MARC) has assigned a stand-alone long-term rating of BB (double B flat) to Faber Group Bhd’s proposed Redeemable Secured Convertible Bonds of up to RM1.23 billion nominal value (before accumulation of interests). Faber Group Berhad’s (Faber) rating reflects the group’s ill-timed expansion into the over-built hotel sector, its high debt leverage position a...

Malaysian Rating Corporation Berhad (MARC) has assigned a short-term rating of MARC-1ID and a long-term rating of AID to Bumi Armada Navigation Sdn Bhd’s (BAN) RM80.0 million Murabahah Notes Issuance Facility and/or Medium-Term Notes. BAN’s ratings reflect the company’s good competitive position in the area of providing marine transportation, tanker operations and support services for the o...

Malaysian Rating Corporation Berhad (MARC) has assigned a short-term rating of MARC-1 (bg) and AA- (bg) (double A minus) to Johor City Development Sdn Bhd’s Guaranteed Revolving Underwritten Notes Issuance Facility (GRUNIF) of up to RM235 million (nominal amount) and RM100 million Guaranteed Serial Fixed Rate Bonds respectively. The ratings reflect the strength of the unconditional and irrevoca...

MARC has assigned a rating of MARC-2ID to Setia Putrajaya Sdn Bhd’s (Setia Putrajaya) RM170.0 million Murabahah Notes Issuance Facility (MuNIF). At the same time, MARC has affirmed the company’s existing RM203 million Murabahah Notes Issuance Facility/Medium-Term Notes (MuNIF/MTN) at MARC-2ID/A+ID. The ratings reflect Setia Putrajaya’s manageable construction risks given its proven ability...

MARC has affirmed its financial institution rating of AA- (Double A Minus) and short-term rating of MARC-1 for Public Finance Berhad. The ratings take into account the company’s favourable competitive position, better than peer group loan loss experience, satisfactory reserve coverage, good capitalization, improved profitability and its 56.76% ownership by Public Bank Berhad. Since commencing ...

Malaysian Rating Corporation Berhad (MARC) has assigned a long-term rating of AAA to the RM60 million 3-year Fixed Rate Bonds, issued on 4 November, 1999. The 3-year Bonds carry an average discount rate of 5.050% p.a. The Bonds are issued to fund the purchase of mortgage loans from financial institutions, corporations and the Government, in addition to purchases of industrial property loans and ...

Malaysian Rating Corporation Berhad (MARC) has assigned a short-term rating of MARC-1 to Kertih Terminals Sdn Bhd’s (KTSB) RM500.0 million Revolving Underwriting Facility (RUF). The rating reflects the strength, experience and financial backing of the project sponsors, namely PETRONAS, GATX Terminals and the Dialog Group; the advanced stage of construction of Phase I; reduced construction risk;...