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...

The rating reaffirmation of Merbok Hilir Berhad’s (Merbok) RM150.0 million Al-Bai’ Bithaman Ajil Serial Bonds (BBA Bonds) at AID is reflective of Merbok Group’s proven track record in the MDF industry and its fairly robust financial position. Moderating factors, however, include the inherent risks of such commodity-based industry, high capital requirements driven by rapidly evo...

MARC has reaffirmed the long term rating of A on Puncak Niaga Holdings Berhad’s (“PNHB”) RM546.875 million Redeemable Unconvertible Junior Notes (“RUN”) with detachable warrants. The rating is similar to the rating of Puncak Niaga (M) Sdn Bhd’s Junior Notes A (“A Notes”), which has also been reaffirmed. The rating reaffirmation is a reflection of t...

The reaffirmation of Putrajaya Holdings Sdn Bhd’s (PJH) issuer and Islamic debt ratings are based on the solid capitalization underlined by the formidable set of shareholders and the exceptionally strong financial flexibility. Notwithstanding, it is complemented by the strength of the issue structures where repayment of the corporate debt securities are secured by specific take out sources...

MARC has reaffirmed the rating of Tian Siang Holdings Sdn Bhd (Tian Siang)’s RM93 million nominal value coupon bearing serial bonds (Serial Bonds) at A (A Flat). The reaffirmation reflects the Group’s improving profitability and consistent operational efficiency. Nevertheless, a moderating factor to the rating is the cyclical nature of palm oil industry largely due to the potential f...

MARC has reaffirmed Tenaga Nasional Berhad’s (TNB) issuer and corporate debt ratings. Concurrently, the ratings have been placed on a Developing Outlook. The reaffirmation of the ratings reflects TNB’s strategic and important role to Malaysia’s economy and national security whilst retaining its dominant role in generation. Meanwhile, TNB’s monopolistic position in the tra...

MARC has affirmed the ratings of Gas Malaysia Sdn Bhd’s (Gas Malaysia) Al-Murabahah Commercial Paper/Medium Term Notes (CP/MTN) Programme and Al-Murabahah Medium Term Notes (MTN) Issuance Programme at MARC-1ID/AA+ID and AA+ID (Islamic Debt) respectively, reflecting its strong ownership structure; highly regulated industry; dominant position in the gas distribution business; efficient opera...

Glomac Berhad’s (“Glomac”) ratings have been reaffirmed, a reflection of the company’s established position as a reputable property developer in the Klang Valley and its strong financial performance coupled with an adequate cashflow generating capacity. The moderating factor continues to be the vulnerability of the projects to adverse developments in the property market.G...

MARC has reaffirmed the AAAID long term rating of Gas District Cooling (Putrajaya) Sdn Bhd’s (“GDC Putrajaya”) RM300 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (“BaIDS”). The rating is supported by the strength of the project which in turn draws its strength from the assured demand for the supply of chilled water coming from the Government offices i...

MARC has affirmed the rating of Ace Polymers (M) Sdn Bhd’s (Ace) RM70 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) at AID. The affirmation reflects Ace’s status as a Tier-1 supplier to the local automotive industry; its improving financials and an issue structure that prioritizes payments relating to the BaIDS over operating expenses. The rating is, however, moder...