MARC has affirmed its AA- rating on Sports Toto Malaysia Sdn Bhd’s (Sports Toto) Medium Term Note Programme (MTN) of up to RM800 million with a stable outlook. Maintenance of Sports Toto’s rating is premised on the strong cash flow generating ability of its gaming operations and its entrenched market position in Malaysia’s numbers forecast operations (NFO) industry. MARC notes Sp...

MARC has assigned a rating of A- to Press Metal Berhad’s (Press Metal) RM323.7 million Redeemable Convertible Secured Loan Stocks (RCSLS) with 147.2 million detachable warrants (warrants). The outlook for the rating is stable.  The rating incorporates the aluminium producer’s exposure to fluctuation in pricing and volume in domestic and export markets, particularly for its primary...

MARC has affirmed the AAA rating of Cagamas MBS Berhad’s (Cagamas MBS) asset-backed fixed rate serial bonds (CMBS 2007-2) of RM2,410.0 million with a stable outlook. The rating action affects the outstanding bonds of approximately RM1,895.0 million. CMBS 2007-2 represents the fifth residential mortgage-backed securitisation issuance by Cagamas MBS. The transaction’s affirmed rating ref...

MARC has affirmed the AAAIS rating of Cagamas MBS Berhad’s (Cagamas MBS) RM2,110.0 million mortgage-backed Sukuk Musyarakah issuance (CMBS 2007-1-i) with a stable outlook. The rating action affects the outstanding Sukuk of approximately RM1,780.0 million. CMBS 2007-1-i represents the fourth residential mortgage-backed securitisation issuance by Cagamas MBS. The transaction’s affirmed r...

MARC has assigned its AA-/MARC-1 financial institution ratings on Hong Leong Investment Bank Berhad (HLIB) with a stable outlook. HLIB’s standalone credit profile is commensurate with A+/MARC-1 ratings, reflecting its emerging position as a mid-tier investment bank with established stockbroking operations, good profitability and its potential to leverage on broader Hong Leong Group relations...

MARC has affirmed the AAAID rating of Cagamas MBS Berhad’s (Cagamas MBS) asset-backed Sukuk Musyarakah issuance (CMBS 2005-1) of RM2,050.0 million with a stable outlook. The rating action affects the outstanding Sukuk of approximately RM1,585.0 million. CMBS 2005-1 represents the second residential mortgage-backed securitisation issuance by Cagamas MBS. The transaction’s affirmed ratin...

MARC has affirmed the AAA rating of Cagamas MBS Berhad’s (Cagamas MBS) asset-backed fixed rate serial bonds of RM2,060.0 million (CMBS 2005-2) with a stable outlook. The rating action affects the outstanding bonds of RM1,585.0 million. CMBS 2005-2 represents the third residential mortgage-backed securitisation issuance by Cagamas MBS. The affirmed rating reflects strong credit enhancement le...

MARC has assigned a rating of AAAIS(fg) to Antara Steel Mill Sdn Bhd’s (Antara) RM300 million Guaranteed Islamic Securities (GIS) programme with a stable outlook. The RM300 million GIS programme is guaranteed by Danajamin Nasional Bhd (Danajamin). At the same time, MARC has affirmed its rating of AID on Antara’s existing RM500 million Bai’ Bithaman Ajil Islamic Debt Securities (B...

MARC has affirmed the AAA rating of Cagamas MBS Berhad’s (Cagamas MBS) asset-backed fixed rate serial bonds of RM1,555.0 million (CMBS 2004-1) with a stable outlook. The rating action affects the outstanding Series 3 and Series 4 of CMBS 2004-1, totaling approximately RM635.0 million. The transaction’s affirmed rating reflects strong credit enhancement levels for the outstanding bonds,...

MARC has assigned ratings of AAAIS(bg) to the bank-guaranteed sukuk and AAAIS(fg) to the Danajamin Nasional Berhad (Danajamin) guaranteed sukuk to be issued under Ranhill Power Sdn Bhd's (Ranhill Power) RM800 million Sukuk Musharakah facility. The outlook for both ratings is stable. The bank-guaranteed sukuk of up to RM300 million (Tranche 1) will have tenures up to eight years while the Danajamin...