MARC has affirmed the rating of Land & General Berhad’s (L&G) Redeemable Convertible Secured Loan Stocks (RCSLS) of up to RM320,962,637 at B. The rating carries a stable outlook. The affirmed rating reflects the satisfactory progress made in its ongoing Asset Disposal Programme (ADP), a critical component of a debt restructuring scheme agreed upon in 2003. The ADP is principally prov...

MARC has affirmed the ratings of MARC-1 /A+ and A+ to Radicare (M) Sdn Bhd’s (Radicare) RM100.0 million Commercial Papers/Medium Term Notes (CP/MTN) and RM50.0 million Medium Term Notes (MTN) facilities respectively. The ratings outlook is stable. The affirmed ratings reflect steadily rising revenues underpinned by increasing demand for hospital support services for contracted hospitals that...

MARC has affirmed the ratings of Kwantas SPV Sdn Bhd’s (Kwantas SPV) RM80.0 million Class A Sukuk and RM60.0 million Class C Sukuk at AAAID, and A+ID, respectively; the RM65.0 million corporate guarantee-backed Murabahah Commercial Papers/Medium Term Notes Programme (Murabahah CP/MTN) at MARC-1ID /A+ID; and upgraded RM15.0 million Class B Sukuk to AAAID from AAID. The rating actions follow a...

MARC has affirmed its MARC-2ID/AID ratings on Goodway Integrated Industries Berhad’s (Goodway) RM80 million Murabahah Notes Issuance Programme/Islamic Medium Term Notes (MUNIF/IMTN) Programme and at the same time revised its outlook to developing from stable. The ratings reflect Goodway’s competitive position as the largest domestic producer of rubber compounds and as a market leader i...

MARC has affirmed its long-term rating of A on Handal Offshore Services Sdn Bhd’s (Handal) RM50 million Medium Term Notes Programme (MTN). The rating outlook is stable. The rating affirmation reflects Handal’s positive track record as a specialist provider of offshore pedestal crane services and the continuing demand for its services as indicated by its long-term contracts with domesti...

MARC has affirmed its rating of A+ID on Zecon Toll Concessionaire Sdn Bhd’s (ZTC) RM60.0 million Bai-Bithaman Ajil Islamic Debt Securities (BaIDS), and revised the outlook on the rating to negative from stable. ZTC is the concession holder of the Tun Salahuddin Bridge, a 339-metre toll bridge over Sarawak River, located in Kuching, Sarawak’s state capital. Since the rating was last aff...

MARC has affirmed its ratings of AA-IS and MARC-1ID /AA-ID on Alam Maritim Resources Berhad’s (Alam Maritim) RM500 million Sukuk Ijarah Medium Term Notes and RM100 million Commercial Papers/Medium Term Notes facilities respectively. The affirmed rating reflects the strong profitability and cashflow generated by Alam Maritim, a leading domestic provider of offshore support services. The ratin...

MARC has affirmed Petra Perdana Berhad’s (Petra) rating of A+ on its RM800 million Dual Currency Revolving Financing Facility comprising RM400 million Nominal Value Secured Serial Bonds and up to RM400 million Medium Term Notes Programme. Concurrently, MARC has revised the rating outlook to developing from stable to reflect the group’s tighter than previously anticipated liquidity posi...

MARC has affirmed the ratings of special purpose company Tele-Flow Capital Sdn. Bhd.’s (Tele-Flow Capital) RM90.0 million MUNIF/IMTN Facility (Senior Notes) and RM10.0 million Junior IMTN Facility (Junior Notes) at MARC-1ID /AAID and AID, respectively. The ratings reflect the credit strength of the telecommunication companies (telcos) as the source of repayment for the notes backed by a 10-y...

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. CMBS 2005-1 represents the second residential mortgage-backed securitization issuance by Cagamas MBS a portfolio of government staff Islamic home financings (GSIHFs). The affirmed rating reflects the satisfactory performance of the securitised mo...