MARC has reaffirmed Sunrise’s short term and long term debt rating at MARC-1ID, and A+ID respectively, reflecting Sunrise’s good financial track record with operating margins averaging 25% in the last four years; low debt leverage position and good financial flexibility.The rating was also underpinned by the company’s established position as a renowned and successful high-end c...

MARC has assigned a long term rating of AA-ID to Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (“SPRINT”) proposed RM510 million Al-Bai’ Bithaman Ajil Islamic Facility (“Restructured BaIDS”) to restructure the existing RM510 million Al-Bai Bithaman Ajil Islamic Debt Securities issued in August 2001 (“BaIDS 2001”). Concurrently, we have reaffirmed the...

The reaffirmation of Utusan Melayu (Malaysia) Berhad’s (Utusan/the group) rating of MARC-3 on the extended Revolving Underwritten Facility (RUF) reflects Utusan’s leading position in the Malay language newspaper and magazine segments coupled with improving financials following higher circulation figures and increasing advertising revenue. The rating is, however, moderated by Utusan&r...

Under this transaction, a bankruptcy remote special purpose vehicle, Musyarakah One Capital Berhad (“Musyarakah One”), was incorporated for the purpose of acquiring receivables from the Originator, TIME Systems Integrators Sdn. Bhd. (“TSI”). Musyarakah One will issue Sukuk Musyarakah for the purpose of the said acquisition. Receivables comprise rights, title, interests ...

Under this transaction, a bankruptcy remote special purpose vehicle, ABS Plantation Assets Berhad (ABS), will acquire the plantation properties from Benta Plantations (Perak) Sdn. Bhd. (BPSB) and its subsidiaries (sellers) and subsequently lease the properties to the sellers for the benefit of noteholders. The purchase of the properties will be funded by proceeds from issuance of RM95 million B...

MARC has assigned a AA- rating to Scomi Group Bhd’s (Scomi) proposed issuance of RM500 million Medium Term Notes (Notes). The rating reflects the group’s good competitive position as the group has one of the most comprehensive range of products and services for the provision of integrated fluids solutions in the world; its regional presence in 34 countries following the acquisition o...

The ratings of TH Group Berhad’s (THG) proposed RM200 million Commercial Papers /Medium Term Notes Programme at MARC-2/A (MARC-2/single A flat) reflect THG’s improving financials on the back of steady growth in revenue and profit stemming from the good performance of its plantation and construction divisions. Some of the moderating factors include volatility in CPO prices, seasonal f...

The short term rating for KNM Group Berhad’s (KNM) RM150 Million Murabahah Underwritten Notes Issuance Facility (MUNIF)/ Islamic Medium Term Notes (IMTN) has been upgraded to MARC-1ID whilst its long term rating has been affirmed at A+ID. The ratings reflect the group’s increasing order book underpinned by strong demand for process equipment in the oil and gas industry; the group&rsq...

MARC has reaffirmed the rating of Kuala Lumpur Sentral Sdn Bhd’s (KLSSB) tranches 2A, 2B, 3, 4A & 4B BaIDS totaling RM800 million at AID(s), reflecting the support provided by Bank Pembangunan & Infrastruktur Malaysia Berhad (BPIMB) by way of a standby revolving credit facility. Kuala Lumpur Sentral’s commercial development is divided into four phases. As at May 2005, the agg...

MARC has assigned an A+ID rating to Sweetwater SPV Sdn Bhd’s (SSPV) proposed RM195 million Bai Bithaman Ajil Islamic Debt Securities (BaIDS). The rating is driven by the operational and financial capability of Syarikat Pengeluar Air Selangor Sdn Bhd (Splash) to upstream dividends to its shareholders, payment of interest on the loan stocks or loan stock redemption because these cashflows wi...