MARC has affirmed Utusan Melayu (Malaysia) Berhad’s corporate debt rating at MARC-3, reflecting the latter’s leading position in the Malay language newspaper and magazine segments. The rating is, however, moderated by the deterioration in its financial performance, which is highly sensitive to changes in circulation figures, advertising revenue and newsprint prices. Utusan Malaysia is the l...

Malaysian Rating Corporation Berhad (MARC) has assigned a financial institution rating of A (single A flat) and a short-term rating of MARC-1 to Bank Islam Malaysia Berhad (“the Bank”). The ratings reflect the Bank’s strategic importance in the development of Islamic banking as a viable alternative to the conventional banking system, further supported by a solid liquidity position, healthy...

Malaysian Rating Corporation Berhad (MARC) has reaffirmed Syarikat Perumahan Negara Bhd’s (“SPN”) RM1 Billion Fixed Rate Bond rating at AAA(s). The rating reaffirmation is primarily based on the external enhancement or support in the form of a ‘put option’, provided irrevocably and unconditionally by Petroliam Nasional Bhd (PETRONAS) to the bondholders. The option requires PETRONAS to p...

Malaysian Rating Corporation Berhad (MARC) has assigned a long term corporate debt rating of A (single A flat) to Tian Siang Holdings Sdn Bhd’s (Tian Siang) RM93 million nominal value coupon bearing secured serial bonds. The rating reflects the strength of the cashflow protection measures, moderate debt leverage level and operating efficiency, niche market positioning and moderate operating ris...

Malaysian Rating Corporation Berhad (MARC) has assigned issuer ratings of AAA/MARC-1 to Putrajaya Holdings Sdn Bhd (PJH) and corporate debt ratings of AAAID/MARC-1ID to the latter’s proposed RM300 million Murabahah Commercial Papers (CP)/Medium-Term Notes (MTN). The ratings reflect PJH’s solid capitalization supported by a superior set of shareholders; exceptionally strong financial flexibili...

Malaysian Rating Corporation Berhad (MARC) has reaffirmed Setia Putrajaya Sdn Bhd’s (Setia Putrajaya) ratings of MARC-2ID / A+ID and MARC-2ID for its RM375 million Murabahah Notes Issuance Facility/Medium Term Notes and RM170 million Murabahah Notes Issuance Facility respectively.The ratings reaffirmation reflect Setia Putrajaya’s manageable construction risk given its ability to complete its...

Malaysian Rating Corporation Berhad (MARC) has assigned a long-term rating of AAA to the RM400 million 3-year Fixed Rate Bonds issued on 19 September 2001. The Bonds carry an average coupon rate of 3.133% 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 hire pu...

Malaysian Rating Corporation Berhad (MARC) has assigned a long-term Islamic corporate debt rating of A-ID (A minus, Islamic Debt Securities) to Maxisegar Sdn Bhd’s (Maxisegar) RM600 million Al-Bai Bithaman Ajil with Islamic Debt Securities (BaIDS) facility. The rating of Maxisegar’s BaIDS reflects a tight underlying issue structure, where the progress billings from secured sales of specif...

Malaysian Rating Corporation Berhad (MARC) has assigned a short-term rating of MARC-1 to Cagamas Berhad’s RM275 million of 1-month (discount) and RM175 million of 3-month (discount) Notes issued on 13 September, 2001. The 1-month and 3-month Notes carry an average discount rate of 2.765% p.a. and 2.787% p.a. respectively. The Notes are issued to fund the purchase of mortgage loans from financi...

Malaysian Rating Corporation Berhad (MARC) has reaffirmed the long-term and short-term issuer ratings of Cagamas Berhad at AAA (Triple A) and MARC-1 respectively.Cagamas Berhad’s (Cagamas) ratings reflect its exceptionally strong ability to meet existing financial commitments and distinctly superior quality of its portfolio of loans and debts purchased on full recourse to the primary lenders. T...