Shamelin Bina Sdn Bhd’s (“SBSB”) rating has been reaffirmed at A-ID which reflects, Koperasi Shamelin Berhad’s (KSB) satisfactory asset quality arising from the collection arrangement with ANGKASA (Angkatan Koperasi Kebangsaan Malaysia Berhad); low level of job transfers and resignations in the public sector; positive cashflow generating capacity throughout the tenure of ...

MARC has reaffirmed the long-term rating of Auto ABS One Bhd’s (Auto ABS) RM510.0 million Class A bonds at AAA. This is premised on the portfolio of hire purchase receivables performing within stressed expectations, the availability of gross overcollateralization of 107.0% and a non-amortizing cash reserve equivalent to 2.5% of the nominal value of the bonds. Under the first tier of a two-...

The proposed 10-year Medium Term Notes (“MTN”) programme represents a structured transaction involving the assignment of contract proceeds due from Syarikat Perumahan Negara Berhad (“SPNB”), wholly owned by the Ministry of Finance Incorporated, to the Issuer, Tirai Impresif Sdn Bhd (“Tirai”); in respect of two contracts to supply and install roof tiles and gal...

The affirmation of Priceworth Wood Products Berhad’s (Priceworth) short and long term ratings of MARC-2 and A respectively on its RM160.0 million Commercial Papers/Medium Term Notes reflect Priceworth Group’s improving financials underpinned by growing timber extraction activity/contracting services coupled with expansion of its manufacturing facilities and better outlook of timber p...

Kurnia Insurans (Malaysia) Berhad’s (Kurnia) financial strength rating has been reaffirmed at A+ to reflect the Company’s expanding share of the local general insurance market; its ability to maintain its leadership position in the motor insurance segment and the realization of its premium growth target. However, Kurnia’s high business concentration on motor insurance continues...

MARC has affirmed the long-term rating of Cagamas MBS Berhad’s (Cagamas MBS) RM1,555.0 million fixed rate serial bonds (CMBS 2004-1) at AAA. The affirmation reflects the performance of the securitised Government Staff Housing Loans (GSHL) portfolio (comprising of mortgages of government pensioners only) which is within expectations, aided by the stringent core and portfolio eligibility cr...

Under this transaction, a bankruptcy remote special purpose vehicle, Aragorn ABS Berhad (Aragorn), will purchase a designated piece of land together with its building, Wisma Technip, by issuing up to RM115.0 million CPs/MTNs; renting the property to tenants for the benefit of the senior noteholders; and utilising rental collections towards making coupon payments. Monthly rental payments into th...

MARC has assigned ratings of AAA/MARC-1 rating to Valid Ventures Berhad’s (VVB) proposed issuance of RM510.0 million fixed-rate serial bonds and up to RM85.0 million Commercial Papers/Medium Term Notes (CP/MTN). The ratings are premised on the Government of Malaysia’s (GOM) backing of Port Kelang Authority (PKA), a statutory authority, to undertake the GOM’s project; the nation...

MARC has downgraded with a negative outlook the long-term ratings of Ambang Sentosa Sdn. Bhd.’s (ASSB) RM272 million class B and RM226 million class C Al-Bai Bithaman Ajil Islamic debt (BaIDS) asset-backed securities (ABS) facility from AID to BBB+ID and from A-ID to BBBID respectively. The downgrades reflect the prolonged construction delays experienced at the Taman Puncak Jalil developm...

The proposed issuance of RM100 million Islamic Medium Term Notes facility and up to RM50 million Murabahah Underwritten Notes Issuance Facility/ Islamic Medium Term Notes Facility (“Finance Facilities”) has been assigned a long term rating of AID and a short and long term rating of MARC-2ID and AID respectively. The ratings of Medi Innovation Sdn Bhd’s (“MISB”) prop...