The MARC-2ID rating on the RM70.0 Million Murabahah Commercial Papers (MCP) Programme is underpinned by MM Vitaoils Sdn Bhd’s (MMV) proven business model which is primarily supported by the research and development (R&D) activities carried out by the Malaysian Palm Oil Board (MPOB). Moderating factors to the rating include MMV’s limited track record; working capital constraints t...

The affirmation of RCE Premier Sdn Bhd’s (RCEP) proposed Bonds and CP programme (referred to as the Facilities) is premised on the overcollateralisation (OC) ratio of 1.3 times over the identified eligible receivables (IER) purchased by RCEP maintained at all times; provision for substitution of defaulted IER and/or early settlement with performing IER by RCE Marketing Sdn Bhd (RCEM); adeq...

The affirmed ratings of A+(bg)ID/ MARC-1(bg)ID for Mulpha International Bhd’s (MIB) RM75.0 million Bank Guaranteed Murabahah Notes Issuance Facility (MUNIF) reflect the unconditional and irrevocable bank guarantees provided by AmMerchant Bank Berhad and Southern Bank Berhad; whilst the affirmed ratings of AID/MARC-2ID for MIB’s RM25.0 million Murabahah Commercial Paper/ Medium Term N...

MARC has reaffirmed the MARC-4ID rating of Pembangunan Brisdale Sdn Bhd’s (PBSB) RM55 million Murabahah Notes Issuance Facility (MUNIF). Concurrently, the rating has been placed on MARCWatch with a Developing Outlook. The rating reflects the weak sentiment towards the property development at Bandar Armada Putra which consequently resulted in the company’s weak financial position. The...

MARC has reaffirmed Pembinaan Mitrajaya Sdn Bhd’s (PMSB) RM50 million Murabahah Multi-Option Notes Issuance (MONI) Facility at MARC-2ID /A-ID (A minus, Islamic Debt). The ratings reflect the support provided by the irrevocable and unconditional corporate guarantee granted by PMSB’s holding company, Mitrajaya Holdings Berhad (MHB) a company listed on the main Board of Bursa Malaysia....

The rating of Europlus Corporation Sdn Bhd’s (ECSB) RM350.0 million Murabahah Underwritten Notes Issuance Facility (MUNIF) has been downgraded to MARC-4ID and placed on MARCWatch with negative implications. The downgrade reflects substantial deterioration in ECSB’s internal cash flow generation, making it unlikely, in MARC’s opinion, that ECSB will be able to meet its financial...

MARC has reaffirmed the rating of Special Port Vehicle Bhd’s (SPV) RM1,310.0 million nominal amount asset-backed serial bonds facility. The rating affirmation is premised on the superior credit rating of the Government of Malaysia (GOM) backing Port Klang Authority (PKA), the obligor under the transaction; minimal exposure to construction risk with completion of infrastructure works as at ...

The ratings of ARL Power Sdn Bhd’s (ARLP) RM177.0 million Al-Bai’ Bithaman Ajil Secured Serial Bonds (ABBA) and RM50.0 million Islamic Medium Term Notes (IMTN) have been reaffirmed at A+ID. The rating reaffirmation is based on the stable and predictable cash flow which has allowed them to service its debt obligations on a timely manner, the presence of a long-term fuel supply contrac...

Puncak Niaga (M) Sdn Bhd’s (“PNSB”) RM1.02 billion Bai Bithaman Ajil Islamic Debt Securities (“BaIDS”) and RM350 million Murabahah Commercial Papers/ Medium Term Notes ratings have been reaffirmed at AAID and MARC-1ID/AAID respectively. The reaffirmation of the ratings is due to PNSB’s improved liquidity profile underpinned by the settlement of the long outsta...

MARC has reaffirmed with negative outlook 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 AAA and BB respectively. The reaffirmation is premised on the weighted average rating of Aegis One’s portfolio of corporate loans at A-/BBB+; comfortable overcollateralization and interest coverage ratios...