The short/long term ratings of MARC-2ID/AID with stable outlook assigned to Boon Koon Group Berhad’s (‘BKGB’ or the ‘Group’) issuance of seven-year Islamic Commercial Papers/Medium Term Notes (ICP/MTN) with nominal value of up to RM100 million mainly reflect BKGB’s dominant position in the rebuilt commercial vehicle industry, supported by robust growth experie...

MARC has reaffirmed the AAA rating of Special Port Vehicle Bhd’s (SPV) RM1,310.0 million nominal amount asset-backed serial bonds facility. MARC is of the view that the credit quality of the transferred receivables is closely aligned to the credit worthiness of the Government of Malaysia (GOM) who has issued a letter of support affirming the economic importance of the Port Klang Free Zone ...

MARC has affirmed IJM Plantations Berhad’s (IJMP) RM150 Million Al-Bai Bithaman Ajil Islamic Debt Securities (ABBA) rating at A+ID with stable outlook. The affirmation reflects IJMP’s steady operating performance focusing on oil palm plantation and milling as well as its strong financial profile. The rating is nonetheless moderated by IJMP’s exposure to the cyclical development...

MARC has reaffirmed Kapar Energy Ventures Sdn Bhd’s (KEV) RM3,402 million Bai Bithaman Ajil Islamic Debt Securities (BaIDS) rating at AA+ID with a stable outlook. The rating reflects the project’s stable and predictable cash flow supported by the contracted capacity payments as well as the credit strength of the off-taker cum majority shareholder, Tenaga Nasional Bhd (TNB). TNB carr...

MARC has downgraded the long-term rating of Sistem Lingkaran-Lebuhraya Kajang Sdn Bhd’s (SILK) Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) to B-ID from BB-ID previously. The steep downgrade follows from the continuous weak traffic volume at all the four tolls which remained below the revised traffic projections since 2006 (the latest traffic study dated August 2005 was unde...

MARC affirmed a rating of A (A Flat) to Haisan Resources Berhad (HRB)’s RM30 million bonds with a stable outlook; reflecting its strong competitive position in the refrigeration and ice industry, assignment of specific contract proceeds towards redemption of the bonds as well as HRB’s good operating profit margin and moderated by its high debt leverage position.Incorporated in 1999, ...

MARC has affirmed the ratings of A+ ID and MARC-1 ID /A+ ID (with Stable Outlook) assigned to Bayu Padu Sdn Bhd’s (wholly-owned by SapuraCrest Petroleum Bhd) RM500 million Istisna’ Serial Bonds (“Istisna’ Bonds”) and RM100 million Murabahah Commercial Papers/ Medium Term Notes (“MCP/MMTNs”) facilities, reflecting: the bright outlook of the oil and gas (...

AmMerchant Bank Berhad’s (AmMerchant) financial institution ratings has been upgraded to AA-/MARC-1 premised on the Bank’s improvement in asset quality, consistent strong market position in fee-based activities; and funding profile. Reflected in the rating is the Bank’s experienced management team and effective risk management systems. The outlook is stable.The Bank is a leadin...

MARC has reaffirmed the rating of Kerisma Bhd’s (Kerisma) RM870.0 million senior secured bonds at AAA; and, downgraded the RM30.0 million mezzanine secured bonds and RM100.0 million subordinated secured bonds from AA and BB to AA- and BB- respectively. The downgrades are premised on the decline in the weighted average rating (WAR) of Kerisma’s portfolio of corporate loans to A-/BBB+ ...

WCT Land Berhad’s (“WCTL”) RM132 million Convertible Redeemable Debt Securities (“CRDS”) is upgraded from A to A+ (cg) with a stable outlook to reflect the strength of the corporate guarantee provided by its holding company, WCT Engineering Bhd (“WCTE”). WCTE’s RM100 million Islamic Fixed Rate Serial Bonds initial A+ rating assigned by MARC in June...