The rating of AID/MARC-2ID is underpinned by Maxtral Industry Berhad and its subsidiaries’ (Group) operating track record supported by its highly integrated manufacturing process, advantage of having secured the necessary future log supply and the Group’s improving financials. Moderating factors to the rating, nonetheless, include the vulnerability to cyclical developments affecting ...

The Islamic debt ratings of MARC-1ID/AAAID assigned to Putrajaya Holdings Sdn Bhd’s (“PJH”) proposed RM1.5 billion Murabahah Commercial Papers/Medium Term Notes (“CP/MTN”) Programme reflects PJH’s solid capitalization underlined by the strong set of shareholders, exceptionally strong financial flexibility and the strategic importance of PJH in the development ...

MARC has downgraded the ratings of Intelbest Corporation Sdn Bhd’s (“ICSB”) RM110.0 million Bai Bithaman Ajil Bonds (“BaIDS”) and RM50.0 million Murabahah Notes Issuance Facility (“MUNIF”) with Developing Outlook. ICSB’s Series 1 BaIDS of RM20.0 million has been downgraded to BBB+ID from A+ID; Series 2 BaIDS of RM35.0 million and Series 3 BaIDS of ...

MARC has affirmed the rating of Malaysian Newsprint Industries Sdn Bhd’s (MNI) RM923 million Bai’ Bi Al-Taqsit nominal value fixed rate serial bonds programme (BBAT) at BBB+ID(s). The affirmation reflects the company’s dominant position as the sole newsprint producer in Malaysia; improvement in newsprint price since mid-2003; and the protection derived from the anti-dumping dut...

The affirmation of Leader Universal Holdings Berhad’s (LEADER) rating of AID reflects the Group’s leading position in the cable and wire manufacturing industry as well as the stable revenue contribution from its power generation business in Cambodia. The rating however, is moderated by thin margins of its cable and wire products, the large number of players relative to major consumer...

MARC has assigned the ratings of MARC-1ID/AAID to Tele-Flow Capital Sdn. Bhd.’s (Tele-flow Capital) RM90 million Senior Notes under the MUNIF/IMTN Facility. The ratings reflect the exclusive rights to construct and manage the telecommunication towers and structures in the State of Kedah; the licensing agreement entered into with creditworthy telecommunication companies/ operators (telcos); pr...

The short and long term ratings of MARC-1ID and AAAID (Islamic Debt) assigned to MISC Berhad’s (“MISC”) Murabahah Commercial Paper/Medium Term Notes (“MCP/MTN”) are underpinned by the Group’s solid operating fundamentals; its dominant position in the Malaysian shipping industry particularly the liquefied natural gas (“LNG”) segment; extensive globa...

MARC has downgraded the rating of Perspektif Perkasa Sdn Bhd’s (“PPSB”) RM188 million Murabahah Underwritten Notes Issuance Facility (“MUNIF”) from MARC-3ID to MARC-4ID. Concurrently, the rating has also been placed on MARCWatch with a Negative Outlook. PPSB is the developer of Bandar Pinggiran Cyber, an 800-acre township to be located at the fringe of Cyberjaya.MAR...

The MARC-2ID rating on the RM70.0 Million Murabahah Commercial Papers (MCP) Programme is underpinned by MM Vitaoils Sdn Bhd’s (MMV) proven business model which is primarily supported by the research and development (R&D) activities carried out by the Malaysian Palm Oil Board (MPOB). Moderating factors to the rating include MMV’s limited track record; working capital constraints t...

The affirmation of RCE Premier Sdn Bhd’s (RCEP) proposed Bonds and CP programme (referred to as the Facilities) is premised on the overcollateralisation (OC) ratio of 1.3 times over the identified eligible receivables (IER) purchased by RCEP maintained at all times; provision for substitution of defaulted IER and/or early settlement with performing IER by RCE Marketing Sdn Bhd (RCEM); adeq...