MARC has affirmed SAJ Holdings Sdn Bhd’s (SAJH) RM1.28 billion Bai Bithaman Ajil Serial Bonds (BaIDS) long term rating of AA-ID. Concurrently, we have also placed the rating on MARCWatch with a Developing 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 ...

MARC has affirmed the short and long-term ratings of MARC-2ID and A-ID (A minus, Islamic Debt) to Paradym Resources Industries Sdn Bhd’s (PRI) Islamic Commercial Paper/Medium Term Notes Issuance Programme (Islamic CP/MTN). The reaffirmation of the ratings reflects PRI’s commendable growth of its financial position and PRI’s status as a reputable manufacturer of superior quality...

Peremba Jaya Holdings Sdn Bhd’s (PJHSB) RM200 million Murabahah Underwritten Notes Issuance Facility (MUNIF)/ Murabahah Medium Term Notes (MMTNs) facility’s long term rating has been downgraded to A-ID from AID whilst the short term rating is affirmed atMARC-2ID. The ratings have also been placed on MARCWatch with a Negative Outlook. The rating actions reflect the group&r...

Oilcorp Berhad’s (Oilcorp) RM70 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes Facility (MUNIF/IMTN) has been affirmed at MARC-2ID/AID, reflecting Oilcorp’s position as an integrated, multidiscipline engineering, procurement and construction (EPC) services provider in various oil and gas, petrochemical, power generation, semiconductor and other relat...

MARC has downgraded Malaysian Merchant Marine Bhd’s (MMM) RM120.0 million Al-Bai’ Bithaman Ajil Serial Bonds (BaIDS) rating from AAID to AA–ID; reflecting its weakened operating cash flow protection measures due to the combined effects of significantly lower operating cash flows and higher operating cost. Future operating cash flow required to meet its operating expenses may fu...

The rating of OSK Property Holdings Bhd (OSKP)’s Class A and Class B BaIDS has been reaffirmed at AID and A-ID respectively. The reaffirmation reflects OSKP’s strong presence in Sungai Petani, Kedah through its flagship development – Bandar Puteri Jaya (BPJ); its improving operating profit margins and the potential rental income from its proposed acquisition of Ke-Zan Holdings ...

MARC has downgraded Maxisegar Sdn Bhd (MSB)’s RM250.0 million Al Bai Bithaman Ajil Islamic Debt Securities (BaIDS) from the rating of AID (A flat, Islamic Debt) to BBID (BB flat, Islamic Debt). Concurrently, MARC has also placed the rating on a MARCWatch with a Negative Outlook. The severe downgrade of the BaIDS to non-investment grade securities was based upon the rapid deterioration of M...

MARC has placed Aliran Ihsan Resources Berhad’s (AIRB) RM56.9 million Redeemable Convertible Unsecured Loan Stocks (RCULS) rating of A (A flat) on a MARCWatch with a Developing Outlook. The rating watch is based on a proposal by the Johor State Government (JSG) to restructure the water supply services in the state of Johor. In our discussion with AIRB’s management, we have been info...

MARC has reaffirmed the corporate credit rating of Road Builder (M) Holdings Bhd (RBH) at A+. The rating reaffirmation is reflective of RBH’s diversified earnings base which provides considerable protection against the cyclicality of any particular industry that RBH is involved in; evidenced by RBH’s stable and sustainable financial performance over the years. Moderating factor to th...

The rating of MK Land Holdings Berhad’s (MK Land) tranche 1 and tranche 2 serial bond ratings have been downgraded to A reflecting the the vulnerability of the projects to developments in the local property market ; lower than expected take up rates of its recent launches in Damansara Damai (DDamai) and Damansara Perdana (DPerdana) projects, (from which the sales proceeds have been assign...