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, ...

MARC has affirmed the rating of AA-ID on Instacom SPV Sdn Bhd’s (ISPV) RM200 million Murabahah Medium Term Notes (MMTN) programme. The rating carries a stable outlook. ISPV is a special purpose company owned by Instacom Engineering Sdn Bhd (IESB), and incorporated to facilitate the issuance of the Sukuk for the sale and purchase of completed telecommunication towers and infrastructure. Retur...

MARC has affirmed its AAAIS and AA+IS ratings on Tradewinds Plantation Capital Sdn Bhd’s (TPC) asset-backed RM180.0 million Class A and   RM30.0  million  Class  B   Sukuk  Ijarah,   respectively with a stable outlook. The affirmed ratings of the Class A and Class B Sukuk Ijarah reflect the satisfactory performance of the securitised plantati...

MARC has affirmed its MARC-1/A+ ratings on RUN Holding SPV Bhd’s (RHSB) First Series of RM200.0 million under its RM500.0 million Commercial Papers (CPs) and Medium Term Notes (MTN) Programme (the Notes) and revised the outlook on the ratings to developing from stable. RHSB is a bankruptcy remote special purpose company incorporated solely for the purpose of issuing the Notes to purchase Red...

MARC has affirmed Tenaga Nasional Berhad’s (TNB) issuer rating of AA+ as well as its ratings on TNB’s Islamic debt facilities which are as follows:    • RM1.0 billion Al-Bai Bithaman Ajil Notes Issuance Facility rated AA+ID;    • RM2.0 billion Al-Bai’ Bithaman Ajil Bonds rated AA+ID; and    • RM1.5 billion...

MARC has affirmed the ratings of ABS Plantation Assets Berhad’s (ABSP) RM50.0 million Class A and RM45.0 million Class B Bai Bithaman Ajil Islamic debt securities (Notes) at AAAID and AAID respectively. Additionally, MARC has assigned a stable outlook to the ratings. The affirmed ratings follow a satisfactory performance review of the securitised palm oil estates. The performance of this pla...

MARC has affirmed its AAA issuer rating on Credit Guarantee Corporation Malaysia Berhad (CGC). The rating continues to reflect CGC’s role as a policy institution in promoting access to financing for small and medium enterprises (SMEs), as well as its majority-ownership by Bank Negara Malaysia (BNM). The rating is also underpinned by the credit guarantee provider’s robust capitalization...

MARC affirms its AAIS rating on MNRB Holdings Berhad’s (MNRB) RM200.0 million Islamic Medium Term Notes (IMTN) Programme with a developing outlook. The affirmed rating of the investment holding company largely reflects the sustainable business profile of its core operating subsidiary, Malaysian Reinsurance Berhad (Malaysian Re) and its adequate, although weakened recent operating performance...

MARC continues to maintain MK Land Holdings Bhd’s (MK Land) BBB+ rated RM60.0 million outstanding bonds on MARCWatch Negative. The company was first placed on MARCWatch Negative on May 7, 2008 due to liquidity concerns following the deferment of scheduled payments to build up its sinking fund account. MK Land has since met the timeline to place RM30.0 million into the sinking fund account be...

MARC has affirmed the A and MARC-2 ratings of RCE Premier Sdn Bhd’s (RCEP) RM45.0 million Fixed Rate Serial Bonds and up to RM50.0 million Commercial Papers (CP) programme, respectively. The ratings carry a stable outlook. The affirmations are premised on the satisfactory performance of the securities’ underlying portfolios of receivables, and the maintenance of the minimum collateral ...