MARC has affirmed the ratings of Valid Ventures Berhad’s (VVB) RM510.0 million fixed rate serial bonds (bonds) and up to RM85.0 million of Commercial Papers/Medium Term Notes (CP/MTN) facilities at AAA and MARC-1/AAA respectively. The bonds and CP/MTN are secured by the assignment of rights, titles and benefit of the payment obligations by Port Klang Authority (PKA), pursuant to the Develo...

MARC has lifted its MARCWatch Developing placement and reaffirmed IJM Corporation Berhad’s (“IJM”) RM300 million Commercial Papers/Medium Term Notes (“CP/MTN”) Programme ratings at A+/MARC-1 with a stable outlook. The ratings reaffirmation is a reflection of the strong fundamentals inherent in the group and the success of its off shore projects. Moderating factors c...

MARC has downgraded Jana Niaga Sdn Bhd’s (“JNSB”) RM100.0 million Murabahah Underwritten Notes Issuance Facility (“MUNIF”) from MARC-3 ID to MARC-4ID following the failure of University Industri Selangor (“UNISEL”) to make good outstanding guaranteed rental payments amounting to RM8.7 million (as at October 2006) by 31 January 2007. In December 2006, t...

MARC has reaffirmed the long-term rating of Auto ABS One Bhd’s (Auto ABS) RM510.0 million Class A bonds at AAA. The reaffirmation reflects the portfolio of hire purchase receivables performing within MARC’s stress scenario, rising enhancement levels underpinned by the availability of overcollateralization of 151.3% (initial: 106.9%) and a non-amortizing cash reserve equivalent to 16...

MARC has affirmed the long term rating of Cagamas MBS Berhad’s (Cagamas MBS) asset-backed Fixed Rate Serial Bonds of RM2,060.0 million at AAA. The affirmation reflects the satisfactory performance of the securitized mortgage portfolio; overcollateralisation of 141.0%; and adequate monitoring procedures employed in respect of the securitized portfolio by the transaction administrator, Caga...

MARC has reaffirmed the long-term rating of Cagamas MBS Berhad’s (Cagamas MBS) RM1,555.0 million fixed rate serial bonds (CMBS 2004-1) at AAA. The reaffirmation reflects the performance of the securitised mortgage portfolio (Portfolio 2004-1) within MARC’s stress scenario; overcollateralization of 121.9%; and Cagamas Berhad’s (Cagamas) collection and monitoring capabilities as...

The ratings of Leader Universal Holdings Berhad’s (LEADER) RM150.0 Million Murabahah Medium Term Notes Issuance Programme has been reaffirmed at AID , with a stable outlook reflecting the Group’s dominant market position in the domestic cable and wire manufacturing industry coupled with stable recurring revenue contributions from its power generation business in Cambodia. Leader&rsqu...

MARC has assigned ratings of AAA to Prima Uno Berhad’s (Prima Uno) RM290.0 million Super Senior A, RM335.0 million Super Senior B and RM190.0 million Senior secured fixed-rate asset-backed bonds; AA to RM40.0 million Mezzanine secured fixed-rate; and BB to RM95.0 million subordinated junior secured variable-rate asset-backed bonds respectively. The ratings are based on the total credit enh...

The rating of MAA Holdings Berhad’s (MAAH) RM120 million Serial Bonds has been upgraded from A- to A with a stable outlook. The rating reflects the overall financial strength of its main subsidiary Malaysian Assurance Alliance Berhad (MAA) and MAAH’s successful issuance of its RM200 million CP/MTN Programme for debt repayment, working capital and business expansion in January 2007. M...

The rating of BB- accorded to Mycom Berhad’s (“Mycom”) RM60,315,280 nominal value of Redeemable Unsecured Loan Stocks (“RULS”) reflects the risks associated with the implementation of the Group’s restructuring scheme. The rating category reflects significant uncertainties that could affect the ability of the issuer to adequately service debt obligations. The r...