MARC has affirmed the ratings of AAA(bg) and MARC-1(bg) to Mega Palm Sdn Bhd’s (MPSB) Bank Guaranteed Medium Term Notes (BG MTN) of up to RM70.0 million and Bank Guaranteed Commercial Papers (BG CP) of up to RM80.0 million respectively with stable outlook. The ratings reflect the strength of the unconditional and irrevocable bank guarantee provided by Malayan Banking Berhad (Maybank). Mayban...

Major Rating FactorsStrengths Favourable market position as a leading palm oil plantation company; andProperty development division’s solid track record in residential development, its large land bank and very low holding costs; andStrong balance sheet.Challenges/Risks Synergistic benefits arising from post-merger integration.Rationale         MAR...

MARC has affirmed the long term rating of AA+(S) to Titisan Modal (M) Sdn Bhd’s (“TMSB”) issuance of up to RM738.0 million Fixed Rate Serial Bonds (“FRSB”). The ratings affirmation is based on the credit quality of the Selangor State Government which has provided a letter of support for the obligations of TMSB in relation to the serial bonds, which, although not a gua...

MARC has assigned ratings of MARC-1/A+ with a positive outlook to Hong Leong Financial Group Berhad’s (HLFG) proposed RM800 million commercial papers and medium term notes (CP/MTN) facilities. The ratings hinge largely on the strong credit profile of HLFG’s core subsidiaries, Hong Leong Bank Berhad (HLB) and Hong Leong Assurance Berhad (HLA), and on their continued ability to upstream ...

MARC has reaffirmed Nam Fatt Corporation Berhad’s (Nam Fatt) ratings for its RM250  million  Islamic  Commercial   Paper/Islamic   Medium  Term  Notes  Programme  (ICP/IMTN)  at MARC-1ID /A+ID. The outlook for the ratings has been revised to developing from stable. The ratings are predicated on the facility’s tight issue struc...

Major Rating FactorsStrengthsProven track record in housing construction;Order book provides good revenue visibility; andIncreased geographic diversity of construction revenue.Challenges/Risks:Cyclical nature of construction and property development industry;Extremely competitive industry conditions;Slow payment of receivables is affecting liquidity and cash flow; andModest level of financial flex...

MARC has reaffirmed the ratings of Sime Darby Berhad’s (Sime Darby) RM1,500 million Al-Murabahah Commercial Papers/ Medium Term Notes (MCP/MMTN) Programme at MARC-1ID/AAAID. The outlook of the ratings has been revised from stable to developing. The ratings reflect the strong financial condition of the Group characterised by a profitability record that is high by domestic standards which, in ...

MARC has affirmed the ratings of Kinsteel Berhad’s (Kinsteel) RM100.0 million Murabahah Commercial Papers/Medium Term Notes (Murabahah CP/MTN) and RM100.0 million Murabahah Medium Term Notes (MMTN) Programme at MARC-2ID /AID  and AID respectively. The ratings carry a stable outlook, reflecting the company’s above average competitive position in the local steel industry supported b...

MARC has affirmed the long term rating of Perwaja Steel Sdn Bhd’s (Perwaja) RM400.0 Million Murabahah Medium Term Notes (MMTN) Programme at AID with stable outlook, reflecting its strong position as a domestic direct reduced iron (DRI) producer, expectations for continued improvement in credit quality as the company benefits from higher steel prices and production volumes in addition to effi...

MARC has reaffirmed the ratings of A+ID and MARC-2ID /A+ID on Konsortium Lapangan Terjaya Sdn Bhd’s (“KLT”) RM380.0 million Bai Bithaman Ajil Medium Term Notes (“BBA MTN”) and up to RM80.0 million Murabahah Commercial Papers/Medium Term Notes Programme respectively (“MCP/MTN”) (collectively known as “Finance Facilities”). The ratings carry a st...