Under this transaction, Inverfin Sdn Bhd (Inverfin), the owner of Menara Citibank will issue up to RM200.0 million Commercial Papers/ Medium Term Notes (Notes) comprising RM160.0 million Class A and RM40.0 million of Class B Notes. MARC has assigned ratings of MARC-1/AAA and MARC-1/AA to Inverfin’s RM160.0 million Class A and RM40.0 million Class B Notes respectively. The ratings reflect the...

MARC has affirmed ratings of Kwantas SPV Sdn Bhd’s (Kwantas SPV) RM80.0 million Class A, RM15.0 million Class B and RM25.0 million Class C asset-backed Sukuk Ijarah at AAAID , AAID and A+ID respectively and has also affirmed the ratings of the RM35.0 million Class C credit-linked Sukuk Ijarah and RM65.0 million corporate guarantee-backed Murabahah CP/MTN which mirror the corporate rating of ...

MARC has reaffirmed 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 is collateralized by a portfolio of Government Staff Islamic residential mortgages, payments on which are deducted at source. The reaffirmed rating reflects the performance of the securitised mortgage portfolio in particular, its lo...

MARC has affirmed the long and short-term ratings of Goodway Integrated Industries Berhad’s (Goodway) RM80 million Partially Underwritten Murabahah Notes Issuance Facility / Islamic Medium Term Notes Programme, at Marc-2ID /AID. The factors supporting the ratings affirmation include its improving profitability, the company’s market position as one of the leading domestic manufacturers ...

MARC has assigned ratings of AA-/MARC-1 & AA- ID /MARC-1ID to Bumiputra-Commerce Holdings Berhad’s (BCHB’s) (formerly Commerce Asset-Holding Berhad) proposed Commercial Papers/ Medium Term Notes programmes, for its conventional and Islamic issuances respectively, for a total combined nominal value up to RM6.0 billion. The notes are rated the same as BCHB’s existing 8.35% RM25...

MARC has assigned a rating of AAA to Cagamas MBS Berhad’s (Cagamas MBS) asset-backed Fixed Rate Serial Bonds of RM2,410.0 million. The rating reflects the quality of the underlying government staff housing loans (GSHLs); overcollateralisation of 125.1% which allows the transaction to withstand AAA default and prepayment stresses; and the strong transaction administrator, Cagamas Berhad (Caga...

MARC reaffirmed a rating of A (A Flat) to Haisan Resources Berhad (HRB)’s RM30 million bonds with a Developing Outlook; reflecting its strong competitive position in the refrigeration and ice industry and good geographic diversity as well as the assignment of specific contract proceeds towards redemption of the bonds. The rating is however moderated by its weak profitability measures, high d...

Major Rating FactorsStrengthsDemonstrated willingness and ability of shareholders to extend timely financial support;Favourable long-term fundamentals of the SPRINT highway;Financial flexibility to defer debt service on loan stock issued to SPRINT Holdings; andStrong covenant package in respect of rated facilities.Challenges/RisksProject has incurred pre-tax losses since FY2004;Thin CFO interest c...

MARC has reaffirmed the ratings of AAAIS and AA+IS  to IJN Capital Sdn Bhd’s (IJNC) RM100 million Sukuk Musyarakah due in year 2013 and RM109 million Sukuk Musyarakah with maturities of more than seven (7) years from the date of first issue. The ratings carry a Stable Outlook. The ratings reflect Institut Jantung Negara’s (IJN) leading position as one of the best cardiac centres i...

MARC has affirmed the long term rating of Medi Innovation Sdn Bhd’s (MISB) RM100 million Islamic Medium Term Notes Issuance Facility (IMTN facility) at AID and the short and long term ratings of its RM50 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes Issuance Facility (MUNIF/IMTN) at MARC-2ID /AID with a Stable Outlook. The ratings of MISB reflect the compet...