MARC has downgraded the ratings of DRB-HICOM Berhad’s (DRB-HICOM or the Group) RM50.0 million Underwritten Murabahah CP/MTN and RM120.0 million Murabahah CP/MTN facilities from AA-ID/MARC-1ID to A+ID /MARC-1ID ; and RM680.0 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) from AA-ID to A+ID respectively with a stable outlook. The downgrades reflect the Group’s declini...

The ratings of Nam Fatt Corporation Bhd’s (Nam Fatt) RM250 million Islamic Commercial Paper/Islamic Medium Term Notes Programme have been affirmed at MARC-1ID /A+ID with a stable outlook, premised on the tight issue structure governing the facility, with strict guidelines for drawdown and restrictions on the type of contracts that the facility can be availed upon, including clearance from ...

MARC has affirmed the short and long term ratings of MARC-2ID /AID respectively of second-tier materials handling and factory automated solutions provider, Malaysian AE Models Holdings Berhad’s (“MAE”) RM200 Million Islamic Commercial Paper/Islamic Medium Term Notes Programme. The ratings carry a stable outlook. The ratings reaffirmation reflects MAE’s improved geographi...

MARC has reaffirmed the rating of Radicare (M) Sdn Bhd’s (Radicare) RM49.0 Million Commercial Paper Programme (CPs) at MARC-1 with stable outlook. The rating continues to reflect the secured cash receivables from the Ministry of Health (MOH) backed by invoices issued to the MOH; a 1.25 times security cover of the amount issued; stringent requirements of the issue structure; and increasing ...

The rating of Petronas Fertilizer (Kedah) Sdn Bhd’s (PFK) RM750 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) has been reaffirmed at AAAID(s) with a stable outlook. The rating reflects the support rendered by its holding company, Petroliam Nasional Berhad (PETRONAS) in ensuring PFK’s ability to meet its BaIDS obligation at all times. On a stand alone basis, PFK has per...

The rating of Guthrie Property Development Holding Berhad’s (GPDH) RM750 Million Islamic Medium Term Notes Programme has been reaffirmed at AA-ID with a stable outlook, reflecting the Group’s strong financial position and commendable competitive position evident from the range of mix development offered, its track record and the sizeable land bank that the group possesses. The soft p...

Putrajaya Holdings Sdn Bhd’s (PJH) Islamic debts’ ratings have been maintained at AAAID /MARC-1ID with a stable outlook premised on the strength of PJH’s financials and robust cash flows from consistent sub-lease rental collection from a strong off taker i.e. The Government of Malaysia (GOM).PJH is the concessionaire and developer of Putrajaya on a privatised basis. Under a Con...

RationaleMARC has upgraded the long-term ratings of Paradym Resources Industries Sdn Bhd (PRI) to AID (A Flat, Islamic Debt) from A-ID and has affirmed the short term ratings at MARC-2ID for PRI’s Islamic Commercial Paper/Medium Term Note Issuance Programme (Islamic CP/MTN). The outlook is stable. The ratings upgrade and reaffirmation reflects PRI’s strengthening financial profile a...

The rating for Sapura Energy Sdn Bhd’s (SESB) RM140 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) is reaffirmed at AID reflecting the bright outlook of the oil and gas (O&G) industry, especially in the upstream segment; SESB’s strength in the marine engineering business; and synergies arising from the business expansion of the SapuraCrest Petroleum Berhad (S...

MARC has assigned a long-term rating of AA-ID (cg) to KMCOB Capital Berhad’s (“KCB”) RM630 million Murabahah Medium Term Notes (“MMTN”) facility. The “cg” suffix depicts the Corporate Guarantee by its 100% shareholder KMC Oiltools (Bermuda) Ltd (“KMCOB”). Pursuant to the completion of a restructuring exercise, KMCOB will be the holding compan...