MARC has reaffirmed the AAAID long-term rating, with stable outlook, of Gas District Cooling (Putrajaya) Sdn Bhd’s (“GDC Putrajaya”) RM300 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (“BaIDS”). The rating is supported by the strength of the project which in turn draws its strength from the assured demand for the supply of chilled water coming from th...

Oilcorp Berhad’s (“Oilcorp”) RM70 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes Facility (“MUNIF/IMTN”) long term rating has been downgraded from AID to A-ID, and short term rating reaffirmed at MARC-2ID. The ratings have been accorded stable outlook. The rating downgrade is underpinned by the Group’s weakened financial pro...

MARC has affirmed the long-term ratings of Aegis One Bhd’s (Aegis One) RM900.0 million senior secured bonds and RM100.0 million subordinated secured bonds at AA and B respectively. The affirmation is premised on the ability of the portfolio to currently withstand AA-stress scenario; the protective features, i.e. the overcollateralization and interest coverage ratios incorporated into the ...

The ratings of MK Land Holdings Berhad’s (MK Land) RM300 million Serial Bonds Tranche 1 and 2 have been downgraded to A- with a negative outlook. The downgrade is premised on weaker sales from the Group’s Damansara Perdana and Damansara Damai projects which have contributed to declining profits and margins and the soft property market outlook. The Negative Outlook reflects the challe...

The reaffirmed ratings of Premium Nutrients Berhad’s (PNB) RM85 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) at MARC-2ID /AID with a stable outlook, mainly reflects PNB Group’s competitive position as an integrated producer of speciality fats, its business strategy focusing on niche markets but with a well diversified customer base, an...

MARC has reaffirmed the ratings of Gas Malaysia Sdn Bhd’s (Gas Malaysia) Al-Murabahah Commercial Paper/Medium Term Notes (CP/MTN) Programme and Al-Murabahah Medium Term Notes (MTN) Issuance Programme at MARC-1ID/AA+ID and AA+ID (Islamic Debt) respectively. The ratings continue to reflect its strong ownership structure; highly regulated industry; dominant position in the gas distribution bu...

MARC has reaffirmed the rating of Malaysian Newsprint Industries Sdn Bhd’s (MNI) RM923 million Bai’ Bi Al-Taqsit nominal value fixed rate serial bonds programme (BBAT) at BBB+ID(s) with stable outlook, reflecting the company’s dominant position as the sole newsprint producer in Malaysia; improvement in its financial performance during the fiscal year under review; the protectio...

MARC has reaffirmed Tenaga Nasional Berhad’s (TNB) issuer and corporate debt ratings. The reaffirmation of the ratings reflects TNB’s strategic and important role to Malaysia’s economy and national security and its dominant role in generation. TNB’s virtually monopolistic position in the transmission and distribution of electricity in Peninsular Malaysia and Sabah, coupl...

MARC has affirmed the long term rating of Cagamas MBS Berhad’s (Cagamas MBS) asset-backed Sukuk Musyarakah Issuance (CMBS 2005-1) of RM2,050.0 million at AAAID. The affirmation is premised on the performance of the securitised mortgage portfolio; overcollateralisation of 138.8%; the stringent core and portfolio eligibility criteria, which serves to reduce credit risk of the obligors; deduc...

MARC has reaffirmed SAJ Holdings Sdn Bhd’s (SAJH) RM1.28 billion Bai Bithaman Ajil Serial Bonds (BaIDS) long term rating of AA-ID with a stable outlook. The rating is supported by its proven operating and financial performance track record; Johor state’s growing water demand; a tariff setting mechanism that provides for an agreed rate of return to the company and a fairly tight iss...