The corporate debt rating of Bumiputra-Commerce Holdings Berhad (BCHB), formerly known as Commerce Asset-Holding Berhad, has been upgraded from A+ to AA- based on the encouraging pace of the integration process of BCHB’s two main bank units, Bumiputra-Commerce Bank Berhad (BCB) (now known as CIMB Bank Berhad) and Commerce International Merchant Bankers Berhad (now known as CIMB Investment Ba...

MARC has affirmed the AA- long-term rating of Tirai Impresif Sdn Bhd’s (Tirai) RM100.0 million Medium Term Notes (MTN) Programme with a stable outlook. The affirmation is primarily based on the credit quality and performance of existing Government contract receivables assigned to the issue in respect of identified Government sponsored affordable housing schemes and the issue’s tight st...

MARC has affirmed YPJ Oil Palm Estate Sdn Bhd’s (YPJ) RM180 million Guaranteed Commercial Papers (CP) rating at MARC-1 (bg) with stable outlook. The affirmation reflects the strength of the unconditional and irrevocable guarantee provided by a consortium of financial institutions comprising Affin Investment Bank Berhad, Affin Bank Berhad and CIMB Bank Berhad.YPJ is principally involved in th...

MARC has assigned a long-term rating of AAID (AA Flat, Islamic Debt) with stable outlook, to MTD InfraPerdana Bhd’s (MTD InfraPerdana) Islamic Medium Term Notes (IMTN) programme of up to RM700 million. The rating reflects the robust financial profile of MTD InfraPerdana, which is supported by the strong traffic from the matured toll highways under the stable of its two wholly-owned subsidi...

MARC has assigned a rating of AAA to ABS Samudera Receivables Bhd’s (ASRB) RM25.0 million Notes Series-A under the RM250.0 million Medium Term Notes (MTN) Programme. The rating of the first issuance of Notes by ASRB is premised on the credit enhancement provided by the sizeable excess spread and a liquidity reserve balance equivalent to approximately RM1.5 million, to be built up progressi...

MARC has reaffirmed the corporate debt rating of KFC Holdings (Malaysia) Bhd’s (KFCH) RM300 million Islamic Notes Issuance Facility (INIF) at A+ID with a positive outlook. The reaffirmation reflects the Group’s strong brand presence in the Quick Service Restaurant (QSR) industry; strong franchise and market dominance; improving financial performance recorded over the years; and stro...

MARC has assigned a long-term debt rating of A+ID to Malaysian International Tuna Port Sdn Bhd’s (MITP)’s proposed Bai’ Bithaman Ajil Islamic Securities (BAIS) facility of up to RM240 million. The A+ID rating incorporates a strong reliance on government support for the highly visible tuna port privatisation project based on a Letter of Support issued by the Ministry of Agricu...

MARC has affirmed the ratings of Aragorn ABS Berhad’s (Aragorn) RM60.0 million Senior Class A CPs/MTNs, RM10.0 million Senior Class B CPs/MTNs (Senior Class CPs/MTNs), RM20.0 million Subordinated Class C MTNs and RM25.0 million Subordinated Class D MTNs (Subordinated Class MTNs) at MARC-1/AAA, MARC-1/AA, BB and B, respectively. The ratings reflect the quality of the property; the strong c...

MARC has assigned ratings of AAAIS , AAIS and AAAIS(bg) to ABS Logistics Berhad (ALB)’s Class A, Class B and Class C Senior Sukuk respectively. The ratings of Class A and B Senior Sukuk reflect the quality of the collateral comprising of 23 warehouses, protective structural features of the transaction, and relatively low actual loan-to-values (LTVs) for each of Class A and Class B Senior ...

MARC has downgraded the rating of Mithril Berhad’s (“Mithril”) RM59 million Redeemable Convertible Secured Loan Stocks (“RCSLS”) from BBB to BBB- with a negative outlook based on continued deterioration in the company’s financial profile, its weak operating outlook for 2007 and uncertainties about the future operating performance of new ventures. Mithril ma...