Ratinale The corporate debt rating of PECD Berhad’s (PECD) RM200 million Serial Fixed Rate Bonds Programme has been downgraded from A to A- with a stable outlook. The rating reflects MARC’s concerns over cost overruns and the unsettled variation order (VO) claims for the Melut Basin Marine Export Terminal Project in Sudan, which has weakened the Group’s financial profile. These r...

MARC has affirmed the rating of MARC-2/A- with stable outlook to Equine Capital Berhad’s (ECB or Issuer) Commercial Papers/Medium Term Notes Programme (CP/MTN Programme) of up to RM95 million. The rating reflects ECB’s high competitive position through its flagship developments in Seri Kembangan, credible track record of timely completion of its projects and low debt leverage position....

The ratings of Weida (M) Bhd’s (Weida) RM100 Million Murabahah Underwritten Notes Issuance / Islamic Medium Term Notes Facility have been affirmed at A+ID /MARC-1ID with a stable outlook. The affirmation is premised on Weida’s sound financial performance and its position as one of the largest domestic manufacturers of a wide range of high density polyethylene (HDPE) engineering product...

MARC has downgraded the ratings of Ample Zone Berhad’s (AZB) Sukuk Al-Ijarah comprising of RM50 million Class A Sukuk, RM25 million Class B Sukuk and RM75 million Class C Sukuk (Sukuk) from AAAID, AAID and AID to AA+ID, AID and BBID, respectively. The ratings reflect the deterioration of AZB’s cash flow resulting from the non rental payment from subsidiaries of Talam Corporation Berhad...

MARC has downgraded the long-term ratings of Aegis One Bhd’s (Aegis One) RM900.0 million senior secured bonds and RM100.0 million subordinated secured bonds from AAA and BB to AA and B respectively. The downgrades are premised on the decline in the weighted average rating of Aegis One’s portfolio of corporate loans to BBB/BBB- from A-/BBB+ following the default of two obligors in the p...

MARC has affirmed a rating of A+ID to Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (“Kesturi”) issuance of up to RM780 million redeemable secured serial bonds under an Islamic Istisna Sukuk (“Sukuk”). The assigned rating reflects amongst others, Duta-Ulu Kelang Expressway’s (“DUKE” or the “Highway”) strategic alignment connecting the...

MARC has reaffirmed the ratings of Sime Darby’s RM1,500 million Al-Murabahah Commercial Papers/ Medium Term Notes (MCP/MMTN) Programme at MARC-1ID/AAAID respectively. The ratings reflect the diversity of the Group’s operations in more than 20 countries; its sound financial profile characterised by solid capitalization and resilient profitability levels; exceptional financial flexibil...

MARC has affirmed YPJ Oil Palm Estate Sdn Bhd’s (YPJOPE) RM180 million Guaranteed Commercial Papers rating at MARC-1 (bg). The affirmation reflects the unconditional and irrevocable guarantee provided by a consortium of financial institutions comprising Affin Merchant Bank Berhad, Affin Bank Berhad and Bumiputra-Commerce Bank Berhad. YPJOPE is principally involved in the cultivation and ...

MARC has affirmed the ratings of TH Group Berhad’s (THG) RM200 million Commercial Papers /Medium Term Notes (CP/MTN) Programme ratings at MARC-2/A. The affirmation reflects the steady operating performances of THG’s plantation and construction divisions as well as its fairly robust balance sheet. Moderating factors to THG’s rating include seasonal factors and/or cyclical developm...

MARC has reaffirmed the rating of TH Group Berhad’s (THG) RM150 million Al-Bai Bithaman Ajil Islamic Debt Securities (BAIDS) at AID. The outstanding balance of the BAIDS is RM75 million which will mature in January 2007. The affirmation reflects the steady operating performances of THG’s plantation and construction divisions as well as its fairly robust balance sheet. Moderating factor...