The reaffirmation of the ratings reflects the credit strength of PETRONAS, the principal tenant of the PETRONAS Twin Towers (Tower 1 and Tower 2), which bears the rental payments for both towers. The rental stream forms the primary source of repayment of the debt securities. PETRONAS’ superior credit strength is drawn from its strong financial position, favourable production profile, sign...

The ratings assigned to RCE Advance Sdn Bhd’s (RCEA) (formerly known as Perfect Aspirations Sdn Bhd) proposed RM420.0 million Fixed Rate Medium Term Notes programme (referred to as the Facility) is a reflection of the three month collateral ratio to be maintained at all times whereby the uncollected value of the receivables purchased by RCEA shall be at1.66 times ofthe principal outstandi...

The rating affirmation of Ingress Sukuk Berhad’s (ISB) RM160 million Sukuk Al Ijarah Issuance at A+ID is underpinned by Ingress Corporation Berhad’s (Ingress) track record as one of the leading local automotive component manufacturers with a diversified customer base and geographical distribution; and its fairly strong financial profile. Moderating factors, however, include the vuln...

MARC has affirmed Boustead Plantations Berhad’s (formerly known as Kuala Sidim Berhad) long term ratings under Tranche 1 and 2 at A+(BG) and A- respectively. Meanwhile the short term ratings of Tranche 1 and 2 are reaffirmed at MARC-1(BG) and MARC-2 respectively. The reaffirmation of the Tranche 1 rating reflects the unconditional and irrevocable guarantee by Southern Bank Berhad (SBB), wh...

MARC has assigned a rating of AA-IS to Vastalux Capital Sdn Bhd’s (VCSB) Islamic Securities under the principle of Musyarakah Mutanaqisah (Sukuk Musyarakah) of RM100.0 million. The rating assignment reflects the strong credit risk of the offtaker, PETRONAS Carigali Sdn Bhd (PCSB); protective issue structure which mitigates the risk of commingling of funds from two main contracts with PCSB...

MARC has affirmed Bumiputra-Commerce Bank Berhad’s (BCB or the bank) Financial Institution ratings at AA-/MARC-1 and its detachable coupons of RM667.0 million nominal value Irredeemable Convertible Unsecured Loan Stocks (ICULS) rating at A+. The ratings reflect the bank’s efforts at improving asset quality, its stable liquidity position and wide funding base.Deemed the second largest...

MARC has assigned ratings of AAA to CapOne Berhad’s (CapOne) RM600.0 million Super Senior Class A-1 and RM250.0 million Senior Class A-2 secured fixed-rate asset-backed bonds; AA to RM50.0 million Mezzanine Class B secured fixed-rate asset-backed bonds; and BB to RM100.0 million subordinated secured variable-rate asset-backed bonds respectively. The ratings are based on the total credit en...

MARC has assigned short and long term ratings of MARC-2ID/AID to Malaysian AE Models Holdings Berhad’s (“MAE”) proposed issuance of RM200 Million Islamic Commercial Paper/Islamic Medium Term Notes Programme. The ratings reflect MAE’s competitive position as a one-stop logistic solutions provider; its technical competency in the industry; stable order book and fairly stron...

MARC has assigned a rating of A+ID/MARC-2ID to Emas Kiara Industries Berhad’s (“EKIB”) Partially Underwritten Murabahah Notes Issuance Facility/Islamic Medium Term Notes Issuance Facility (“MUNIF/IMTN”) Programme of up to nominal value of RM80 million. The rating assignment is a reflection of EKIB’s position as a leading market player in the geosynthetics prod...

The re-affirmed AA insurer financial rating of Lonpac Insurance Berhad (Lonpac) reflects the company’s record of underwriting discipline, its excellent liquidity and prudent capital management. The rating also factors Lonpac’s continued strategic emphasis on underwriting discipline and improving product diversity. Lonpac’s recent initiatives to broaden its product and distributio...