MARC has affirmed its AAAID ratings on Optimal Olefins (Malaysia) Sdn Bhd’s (Olefins) RM250.0 million Al Bai Bithaman Ajil Islamic Debt Securities (BaIDS). The rating outlook is stable. The rating reflects Olefins’ ownership by Petroliam Nasional Berhad (Petronas) and The Dow Chemical Company (Dow), its secured feedstock source with favourable price structure from Petronas until 2023, ...

MARC has affirmed the AAA rating of Gerbang Perdana CIQ Sdn Bhd’s (Gerbang Perdana CIQ) RM1.7 billion Seven Year Medium Term Notes (MTN) Programme. Gerbang Perdana CIQ, a special-purpose vehicle wholly-owned by Gerbang Perdana Sdn Bhd (GPSB), was incorporated to raise financing for its parent company in respect of a project to construct an Integrated Customs, Immigration and Quarantine Compl...

MARC has affirmed the long-term ratings of Class Auto Receivables Berhad’s (Class Auto) RM395.0 million Class A, RM20.0 million Class B and RM20.0 million Class C notes at AAA, AA and A+, respectively. The ratings carry a stable outlook. Since issuance through September 2008, the transaction has experienced better than expected delinquencies and cumulative defaults and lower than expected pr...

In MARC’s last rating update on September 30, 2008, Inverfin Sdn Bhd’s (Inverfin) noteholders had approved the proposed buy-back of the company’s outstanding notes under its RM200.0 million Commercial Papers/Medium Term Notes (Notes) programme. This was in connection with IOI Corporation Bhd’s (IOI) execution of a conditional sale and purchase agreement to acquire Inverfin ...

MARC has affirmed the AAAID(s) rating on Kuching Port Authority’s (KPA) RM180.0 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS). The rating reflects the strength of the support extended by the state government of Sarawak to KPA evidenced by its letter of support in which the state undertakes to ensure KPA’s financial obligations in relation to the BaIDS are met in a...

MARC has affirmed its ratings of MARC-1/AAA, MARC-1/AA and MARC-1/A to Gandalf Capital Sdn. Bhd.’s (Gandalf Capital) RM118.0 million CPs/MTNs (the Notes) comprising RM87.0 million Class A Notes, RM16.0 million Class B Notes and RM15.0 million Class C Notes, respectively. The ratings carry a stable outlook. The affirmed ratings and stable outlook are premised on the low loan-to-value (LTV) ra...

MARC has affirmed its AAAID and MARC-1ID / AAAID ratings on MISC Berhad’s (MISC) RM2.5 billion Islamic Medium Term Notes Programme (IMTN) and RM1.0 billion Murabahah Commercial Papers/ Medium Term Notes Programme (CP/MTN) respectively. The ratings carry a stable outlook. The affirmation reflects MISC’s dominant market position in the energy transportation segment, particularly for the ...

MARC has affirmed its AAAID /MARC -1ID and MARC-1ID ratings to the RM1.5 billion Murabahah Commercial Paper/Medium Term Notes programme (CP/MTN) and RM150 million Murabahah CP programme respectively of Sime Darby Berhad (Sime Darby) and maintained a stable outlook on the ratings. Both facilities had been novated to Sime Darby following the completion of its merger exercise in November 2007. The af...

MARC has affirmed the AA+IS rating of port operator Westports Malaysia Sdn Bhd’s (Westports) RM800.0 million Sukuk Musyarakah Medium Term Notes (Sukuk Musyarakah MTN) and maintained the stable rating outlook. The affirmed rating is based on the company’s strong operational efficiency, sound financial profile reflected in its low gearing and strong liquidity position, and solid sponsors...

MARC has affirmed its short- and long-term debt ratings of MARC-2 and A respectively on Priceworth Wood Products Berhad’s (Priceworth) RM160.0 million Commercial Papers/ Medium Term Notes Programme (CP/MTN). The affirmed ratings continue to reflect the integrated timber operator’s strong operating track record, a balanced export and domestic revenue base and diversified product lines, ...