WCT Land Berhad’s (“WCTL”) RM132 million Convertible Redeemable Debt Securities (“CRDS”) is affirmed at A+ (cg) with stable outlook. The rating reflects the credit support extended by its holding company, WCT Engineering Bhd (“WCTE”), which has sizeable construction order book, and improving business and financial risk profile. WCTL’s stand-alone cre...

MARC has reaffirmed the MARC-1ID(cg)/AA- ID(cg) of Harum Intisari Sdn Bhd’s (HISB) Al-Murabahah Commercial Papers (MCP) and Medium Term Notes (MMTN) with a nominal value of up to RM300.0 million. The ratings outlook is stable. The ratings are based on an unconditional and irrevocable corporate guarantee extended by HISB’s ultimate holding company, Gamuda Berhad (Gamuda). The ratings re...

MARC has reaffirmed Syarikat Bekalan Air Selangor Sdn Bhd’s (SYABAS) RM3.0 billion Bai Bithaman Ajil Commercial Papers/Medium Term Notes Programme ratings of MARC-1ID /AA-ID. The ratings carry a stable outlook. The ratings reflect SYABAS’ dominant position as the sole distributor of treated water for the states of Selangor, Kuala Lumpur and Putrajaya; the low risk nature of the water i...

MARC has assigned a rating of AAIS  to MNRB Holdings Berhad’s (MNRB) Islamic Medium Term Notes (IMTN) Issuance Programme of RM200.0 million. The rating outlook is stable. This rating is reflective of the financial strength of its operating subsidiary, Malaysian Reinsurance Berhad (Malaysian Re) as well as MNRB’s strong consolidated capitalisation and financial flexibility. Partial...

MARC has reaffirmed the long-term rating of AA- on Scomi Group Bhd’s (“Scomi”) RM500.0 million Medium Term Notes Programme (“MTN”). The rating outlook is stable. The rating reflects the consolidated credit profile of Scomi, which is primarily driven by its oilfield services operations. The latter is core to Scomi’s debt servicing capacity, representing about 73....

MARC has affirmed the AA- ID (cg) rating on KMCOB Capital Berhad’s (“KMCOB Capital”) RM630.0 million Murabahah Medium Term Notes (“MMTN”) facility. The outlook for the rating is stable. KMCOB Capital is an indirect wholly-owned subsidiary of Scomi Oilfields Limited (“SOL”), the investment holding company of Scomi Group Bhd’s (“Scomi”) oil...

The ratings of RCE Premier Sdn Bhd’s (RCEP) RM45.0 million Fixed Rate Serial Bonds and up to RM50.0 million CP programme have been reaffirmed at A and MARC-2, respectively. The reaffirmed ratings reflect the low average monthly delinquency and default rates of the consumer receivables and loans portfolios backing the bonds and CPs; and ample cash balances in the designated accounts to meet n...

Major Rating FactorsStrengths Tier One auto parts vendor with balanced product mix, focusing on safety components;Technical partnership with Bosch (international household name) and Koito (one of the world’s largest headlamp manufacturers); andImproved earnings diversity through injection of water meter manufacturing business.Challenges/Risks Buyer concentration risk in relation to national ...

Major Rating FactorsStrengthsA reputable and an established high-end developer with excellent track records i.e. high take-up rates for all its projects as well as able to complete its project ahead of schedule; andStrong operating margin, good financial flexibility as well as cash flow generation capacity. Challenges/RisksCyclical nature of the property market; andHigher expected debt levera...

MARC has revised its rating outlook on DRB-HICOM Berhad’s (DRB-HICOM or the Group) Islamic Debt Securities (IDS) to positive from developing. The outlook revision affects the following IDS facilities:-1.      RM200.0 million Underwritten Murabahah CP/MTN at A+ID /MARC-1ID ;2.      RM120.0 million Murabahah CP/MTN facilities at A+ID /MARC-1ID ...