MARC has downgraded its rating on MNRB Holdings Berhad’s (MNRB) RM200 million Islamic Medium Term Notes (IMTNs) to A+IS from AA-IS. The outlook is stable. The rating action reflects weakened holding company level financial metrics following two consecutive years of losses for the financial years ending March 31, 2010 (FY2010) and FY2011, and thin cash flow coverage measures. The lowered rati...

MARC has removed its MARC-1/A+ ratings on Radicare Sdn Bhd’s RM100 million CP/MTN facility from MARCWatch Negative following a six-month extension of its hospital support services concession which expired on October 27, 2011. The recent extension has alleviated near-term downward pressure on the company’s debt rating. Radicare’s issue ratings are affirmed at MARC-1/A+ with a nega...

MARC has assigned ratings of AA-ID and AID with a stable outlook to Alpha Circle Sdn Bhd's (Alpha Circle) RM345.0 million Senior Musharakah Medium Term Notes (Senior MMTN) programme and RM35.0 million Junior MMTNs respectively.The issuer, a wholly-owned subsidiary of NERS Sdn Bhd (NERS), will onlend the proceeds raised from the issuance of the notes to its parent for the purpose of refinancing exi...

MARC has assigned a rating of AAA(fg) to Segi Astana Sdn Bhd's (Segi Astana) RM470.0 million proposed guaranteed medium term notes (MTN) programme with a stable outlook.The rating is based on the full, unconditional and irrevocable guarantee provided by AAA rated financial guarantee insurer (FGI) Danajamin Nasional Berhad (Danajamin) and reflects the FGI's strong capital position and claims-paying...

MARC has assigned a final rating of AAAIS to Projek Lebuhraya Usahasama Berhad's (PLUS Berhad) proposed RM23.35 billion Sukuk Musharakah Programme under which the company is to issue senior secured sukuk. The rating outlook is stable.PLUS Berhad is a wholly owned subsidiary of PLUS Malaysia Sdn Bhd (PLUS Malaysia), a 51:49 joint-venture company incorporated by UEM Group Berhad and Employees Provid...

MARC has downgraded its ratings on Maxtral Industry Berhad's (Maxtral) RM80 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) and RM20 million Murabahah Underwritten Notes Issuance/Murabahah Medium Term Notes (MUNIF/MMTN) facilities to BBB-ID and MARC-4ID/BBB-ID from BBB+ID and MARC-3ID/BBB+ID respectively. Concurrently, the ratings have been placed on MARCWatch Negative. The rat...

MARC has affirmed its AAA insurer financial strength (IFS) rating on Danajamin Nasional Berhad (Danajamin) with a stable outlook. The affirmed rating reflects Danajamin’s strong capital resources and claims-paying resources relative to its risk exposure, and its status as a government-sponsored financial guarantee insurer (FGI). The IFS rating is driven by MARC’s perception of high sup...

MARC has affirmed its rating of AAA on Gerbang Perdana CIQ Sdn Bhd’s (GPCIQ) RM1.7 billion Medium Term Notes (MTN) programme with a stable outlook. The rating action reflects the strength of the underlying payments on Government of Malaysia (GoM) issued facility payment certificates (FPC) securing the notes. Cash flows to maintain timely debt service on the rated notes depend on the GoM&rsqu...

MARC has affirmed its AAAID(s) rating on Sarawak Specialist Hospital & Medical Centre Sdn Bhd’s (SSHMC) RM425 million Istisna’ Serial Bonds. The rating carries a stable outlook. The issuer is a 100%-owned subsidiary of SSHMC Holdings and Management Sdn Bhd (SSHMC Holdings), which in turn is wholly-owned by the State Financial Secretary (SFS). The rating reflects the SFS’ irre...

MARC has affirmed the rating of Instacom SPV Sdn Bhd’s (ISPV) RM200 million Murabahah Medium Term Notes (MMTN) Programme at AAID. The outlook on the rating is stable. ISPV is a wholly-owned subsidiary of Instacom Engineering Sdn Bhd (IESB) set up to facilitate the issuance of the MMTN to finance the purchase of completed telecommunication towers (telco towers) constructed by IESB. The affirm...