Credit Analysis Reports
Displaying 1931-1940 of 2459 results.
Popularity: 1578 views 67 downloads
Major Rating FactorsStrengthsDebt repayment ability supported by reliable dividend stream from SPLASH which exhibits a strong financial profile;Some 70% to 80% of SPLASH’s revenues is derived from capacity charges which promotes revenue stability;Shareholders’ capacity and willingness to meet shortfalls in debt service provide insulation against uncertain cash flows; andConsiderable re...


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Popularity: 1719 views 92 downloads
Major Rating FactorsStrengths Predictable earnings and cashflow that derives from contractual tariff payments by creditworthy terminal users; Tariffs are designed to allow for the recovery of costs and an appropriate rate of return; andFavourable operating profile of the independent oil terminal (“IOT”). Challenges/Risks Modest level of financial flexibility; andSusceptibility of the I...


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Popularity: 1471 views 48 downloads
MARC has affirmed the rating of A+ID of Zecon Toll Concessionaire Sdn Bhd’s (“ZTC”) RM60 million Bai-Bithaman Ajil Islamic Debt Securities (“BaIDS”). The rating carries a stable outlook. ZTC’s revenue generating asset is the Tun Abang Salahuddin Bridge in Sarawak.The rating reflects the satisfactory traffic and revenue profile of the bridge relative to debt serv...


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Popularity: 1694 views 39 downloads
MARC has reaffirmed the short and long term ratings of Mines Resort Berhad’s (MRB) Bank Guaranteed Commercial Papers and Bank Guaranteed Serial Bonds at MARC-1(bg) and AAA(bg) respectively. The reaffirmed ratings reflect the strength of an unconditional and irrevocable guarantee provided by Malayan Banking Berhad (Maybank). The stable ratings outlook mirrors that of Maybank’s public in...


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Popularity: 1552 views 56 downloads
Major Rating FactorsStrengths Strong cash flows generated under a 21-year power purchase agreement (PPA) Declining debt leverage and reducing debt service burden Challenges/Risks High maintenance costs of the plant’s enginesProspect of lower revenue and cash flows with the reduction in capacity payment (CP) effective 31 October 2007 as provided under the PPA. Rationale   ...


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Popularity: 1563 views 151 downloads
The rating of AAAID (Islamic Debt) assigned to MISC Berhad’s (“MISC” or “the Group”) up to RM2.5 billion Islamic Medium Term Notes (“MTN”) Programme reflects the Group’s solid operating fundamentals; its dominant position in the Malaysian shipping industry particularly the liquefied natural gas (“LNG”) segment; extended geographic footpri...


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Popularity: 1544 views 117 downloads
MARC has reaffirmed the rating of Special Port Vehicle Bhd’s (SPV) RM1,310.0 million nominal amount asset-backed serial bonds facility at AAA.  The rating carries a stable outlook. SPV is a special purpose entity established with the sole purpose of issuing the asset-backed serial bonds, the proceeds of which were used to acquire future receivables (including interest) amounting to RM1,...


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Popularity: 1757 views 233 downloads
MARC has reaffirmed Kapar Energy Ventures Sdn Bhd’s (KEV) RM3,402 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) rating at AA+ID.  The rating carries a stable outlook.  The rating principally reflects the creditworthiness of Tenaga Nasional Bhd (TNB), its off-taker under a 25-year power purchase agreement (PPA), and as majority shareholder.  Under the PPA, KE...


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Popularity: 1479 views 83 downloads
Major Rating FactorsStrengthsPredominant position in local cable industryHealthy liquidity and demonstrated ability to generate cash flows in excess of capital expenditure. Challenges/RisksParticipation in cyclical, price competitive, and capital intensive cable industry.A high degree of industry and customer concentrationRelatively high debt service costsPotential significant cash outlay on its s...


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Popularity: 1479 views 51 downloads
MARC has affirmed Boon Koon Group Berhad’s (‘BKGB’ or the ‘Group’) RM100 Million Islamic Commercial Papers/ Medium Term Notes (ICP/MTN) ratings at AID / MARC-2. The rating outlook is stable. The rating affirmation primarily reflects the Group’s leading position in the domestic rebuilt commercial vehicle industry, the industry’s positive growth prospectives...


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