MARC has affirmed the ratings of Transshipment Megahub Berhad’s (TMB) RM1,095.0 million bonds and up to RM360.0 million of CP/MTN facility at AAA and MARC-1/AAA respectively. The rating affirmation is premised on the satisfactory progress of development works of Port Klang Free Zone/Transshipment Megahub (PKFZ); the superior credit rating of the Government of Malaysia (GOM) backing Port K...

MARC has reaffirmed the rating of Road Builder (M) Sdn Bhd’s (RBM) RM400 million Repackaged Income Securities at A+(s). The rating reaffirmation is due to the high cash coverage afforded to the outstanding bond brought about by the accumulation of funds in the sinking fund account and a tight issue structure. RBM’s financial standing is affected by the backdrop of a challenging opera...

MARC has reaffirmed Dialog Group Berhad (“DIALOG”)’s corporate credit rating at AA- (Double A minus), supported by DIALOG’s commendable balance sheet and cash flow position resulting from the Group’s prudent financial policy as well as its strong competitive position and safety track record in the highly specialized oil, gas and petrochemical industries. The corpora...

MARC has assigned a rating of AAA to Cagamas MBS Berhad’s (Cagamas MBS) asset-backed Fixed Rate Serial Bonds of RM2,060.0 million. The rating is based on the stringent core and portfolio eligibility criteria, aimed at partially mitigating risk of delinquencies and defaults further reinforced by representations and warranties provided by the Federal Government of Malaysia (GOM); deductions...

The reaffirmation of Kuching Port Authority’s (KPA) Islamic debt securities at AAA(s) reflects the strength of the support provided by the State Government of Sarawak, through the Letter of Support, in ensuring the timely and full redemption of the RM180 million Al-Bai’ Bithaman Ajil Islamic debt Securities (BaIDS). Hence, the current rating of KPA reflects the credit strength of the...

MARC has reaffirmed the corporate debt rating of KFC Holdings (Malaysia) Berhad’s (KFCH) RM300 million Islamic Notes Issuance Facility (INIF) at A+ID (with developing outlook). The reaffirmation reflects the Group’s strong brand presence in the western Quick Service Restaurant (QSR) industry; strong franchise and market dominance; solid financial performance recorded over the years; ...

The rating reaffirmation of AAID for MHS Aviation Berhad’s (MHSA) Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) reflects the company’s continued dominant position in the provision of aviation services to the oil and gas industry supported by its favourable outlook and strong cash flow protection to the bondholders derived from the substantial contractual revenue and monies dep...

MARC has affirmed the rating of AAA(s)ID (AAA Support, Islamic Debt) in respect of Sarawak Specialist Hospital & Medical Centre Sdn Bhd’s (SSHMC) Istisna’ Serial Bonds (Bonds). The rating reflects the AAA rating of the Sarawak State Government as the principal and profit payments of the Bonds will be satisfied via proceeds of share subscription payments as evidenced by the back-t...

The rating reaffirmation reflects the overall financial strength of its main subsidiary Malaysian Assurance Alliance Berhad (MAA) and the support provided by the Revolving Credit (RC) Facility to meet coupon and principal payments in the event of a shortfall. Consistent with previous years, MAA Holdings Berhad (MAAH) continues to derive most of its income from dividends upstreamed by MAA. MAA ...

The reaffirmation of Negeri Sembilan Industries Sdn Bhd’s (NSCI) BaIDS rating at A+ID(bg) reflects the bank guarantees provided by AmMerchant Bank and Bumiputra-Commerce Bank; whilst the reaffirmation of the ratings MARC-2 ID /A-ID accorded for NSCI’s MUNIF reflects the improvement in the company’s financial profile and its position as one of the larger integrated cement produc...