MARC has affirmed its A+ID rating on Makro Utama Sdn Bhd’s (Makro) RM100.0 million Al-Istisna’ Bonds (the bonds) with a stable outlook. Makro is a special purpose funding vehicle of construction and engineering company Redmax Sdn Bhd (Redmax) established to facilitate issuance of the bonds. The fully-amortising bonds will be serviced through a Finance Service Account (FSA) and Sinking ...

The report has been updated from the original report issued on March 2, 2011. The key amendments is the organisational details of Salama Group in page 5. MARC has assigned an insurer financial strength rating of AA to BEST RE (L) Limited and BEST RE Family (L) Limited (collectively referred to as the BEST RE Group) on Malaysia’s national rating scale. The companies were set up when the origi...

MARC has affirmed its ratings of MARC-2ID/AID and AID on Kinsteel Bhd’s (Kinsteel) RM100 million Murabahah Commercial Papers/Medium Term Notes Programme (CP/MTN) and RM100 million Murabahah Medium Term Notes (MTN) Programme. The rating outlook is maintained at stable. The affirmed ratings and stable outlook incorporate Kinsteel’s strong competitive position in several steel product seg...

MARC has affirmed its bank guaranteed ratings of MARC-1ID(bg)/AA-ID(bg) on Mulpha International Berhad’s (Mulpha) RM75 million Bank Guaranteed Murabahah Notes Issuance Facility (MUNIF). The outlook on the MUNIF ratings has been revised to positive to reflect the revised rating outlook of the lower of the financial institution ratings of AmInvestment Bank Berhad and CIMB Bank Berhad, the guar...

MARC has affirmed its ratings of A+, A and BBB+ on outstanding Class A, B and C notes issued by RCE Advance Sdn Bhd (RCEA) under its RM420 million Fixed Rate Medium Term Notes Programme. The ratings affect RM115 million of outstanding notes under Class A, RM105 million under Class B and RM60 million under Class C. The ratings outlook has been revised to negative from stable.RCEA is a special purpo...

MARC has affirmed the ratings of Transshipment Megahub Berhad’s (TMB) RM1,095.0 million fixed rate serial bonds (FRSB) and up to RM360.0 million Commercial Papers/Medium Term Notes (CP/MTN) programme at AAA and MARC-1/AAA respectively. The ratings outlook remains negative. Wholly-owned by Kuala Dimensi Sdn Bhd (KDSB), TMB was incorporated solely for the purpose of issuing the FRSB and CP/MTN...

MARC has affirmed the AAA and MARC-1/AAA ratings of Valid Ventures Berhad’s (VVB) RM510.0 million fixed rate serial bonds (FRSB) and up to RM85.0 million Commercial Paper/Medium Term Notes (CP/MTN) Programme respectively. The ratings outlook remains negative.Wholly-owned by Kuala Dimensi Sdn Bhd (KDSB), VVB was incorporated solely for the purpose of issuing the FRSB and CP/MTN to finance add...

MARC has affirmed the rating of Free Zone Capital Berhad’s (FZCB) RM410.0 million fixed rate serial bonds (FRSB) at AAA. The rating outlook remains negative. Concurrently, MARC has withdrawn its MARC-1/AAA ratings on FZCB’s undrawn RM70.0 million Commercial Papers/Medium Term Notes (CP/MTN) facilities which had recently been cancelled. Wholly-owned by Kuala Dimensi Sdn Bhd (KDSB), FZCB...

MARC has affirmed the rating of Special Port Vehicle Berhad’s (SPVB) RM1,310.0 million nominal amount asset-backed serial bonds facility at AAA. The rating outlook remains negative. SPVB is a special purpose entity established with the sole purpose of issuing the receivables-backed serial bonds. SPVB acquired future receivables amounting to RM1,699.63 million (including interest) representin...

MARC has affirmed the rating of Perwaja Steel Sdn Bhd’s (Perwaja) RM400 million Murabahah Medium Term Notes (MMTN) Programme at AID. The rating outlook has been revised to negative from stable. The outlook revision incorporates the recent deterioration in Perwaja’s operating performance, and continuing pressure from lower volumes and rising input costs. Of particular concern to MARC is...