The rating affirmation of Tracoma Holdings Berhad’s (“Tracoma”) RM100 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) at AID is underpinned by Tracoma Group’s proven track record as a Tier-1 local automotive component manufacturer coupled with its on-going expansion plans. Nonetheless, moderating factors to the rating include the Group’s exposur...

MARC has upgraded the short-term rating to MARC-1 and the long-term rating to A+ in respect of Hong Leong Credit’s (HLC) commercial papers and medium term notes programme. This reflects the improved fundamentals of HLC’s key subsidiaries as well as the improved capital structure of the company. The rating is moderated by the competitive financial services environment and the potentia...

MARC has affirmed the ratings of A+ID and MARC-2ID/A+ID on Konsortium Lapangan Terjaya Sdn Bhd’s (“KLT”) RM380.0 million Bai Bithaman Ajil Medium Term Notes (“BBA MTN”) and up to RM80.0 million Murabahah Commercial Papers/Medium Term Notes Programme respectively (“MCP/MTN”) (collectively known as “Finance Facilities”). The ratings reflect,...

MARC has reaffirmed, with Positive Outlook, the ratings of A+ID/MARC-1ID on KNM Group Bhd’s (KNM) RM150.0 million Murabahah Underwritten Notes Issuance Facility / Islamic Medium Term Notes (MUNIF/IMTN). The ratings are premised upon KNM’s strong competitive position as one of the largest manufacturer of process equipment in the region; growing international exposure, access to high t...

The corporate debt rating of Bumiputra-Commerce Holdings Berhad (BCHB), formerly known as Commerce Asset-Holding Berhad, has been reaffirmed at A+ following the combination of CIMB and Bumiputra-Commerce Bank (BCB). BCHB is the ultimate parent of the combined entity. Concurrently, MARC has upgraded the Financial Institution Rating of BCB from AA-/MARC-1 to AA/MARC-1. MARC has also upgraded th...

Jana Niaga Sdn Bhd (“JNSB”) RM100 million Murabahah Underwritten Notes Issuance Facility’s (“MUNIF”) rating has been downgraded to MARC-3ID from MARC-2ID (2004). The rating action stems from the failure by Universiti Industri Selangor (“UNISEL”) to meet the minimum rental payments guaranteed (based on guaranteed student numbers and full occupancy of staf...

MARC has affirmed the rating of AAAIS on Assar Chemicals Sdn Bhd’s (“ACSB”) RM150 million Serial Sukuk Musyarakah (“Facility”). Proceeds from the Facility were utilized towards repayment of a bridging loan and to part finance the construction costs of the Independent Oil Terminal (“IOT”). The rating reflects the secured demand from the credible offtakers...

The long and short term ratings of AAA(bg) and MARC-1(bg) assigned to Mega Palm Sdn Bhd’s (MPSB) Bank Guaranteed Medium Term Notes (BG MTN) of up to RM70.0 million and Bank Guaranteed Commercial Papers (BG CP) of up to RM80.0 million respectively reflect the unconditional and irrevocable bank guarantee provided by Malayan Banking Berhad (Maybank). MPSB is principally involved in propert...

Under this transaction, Kwantas SPV Sdn. Bhd. (SPV), a special purpose company and a wholly owned subsidiary of Kwantas Corporation Berhad (KCB) has been incorporated for the sole purpose of owning and leasing plantation properties for the benefit of the Islamic securities investors as well as issuing up to RM65.0 million Murabahah Commercial Papers/Medium Term Notes Programme (CP/MTN) to part-f...

The long term rating of AID assigned to Perwaja Steel Sdn Bhd’s (PSSB) RM400 Million Murabahah Medium Term Notes (MMTN) Programme reflects the company’s near monopoly position in the domestic market for the supply of direct reduced iron (DRI); strong demand for DRI and the proposed acquisition of a 51% controlling stake in the company by Kinsteel Berhad (Kinsteel). Upon completion of...