The rating of Malaysian Newsprint Industries Sdn Bhd’s (MNI) RM923 million Bai’ Bi Al-Taqsit nominal value fixed rate serial bond programme (BBAT) has been reaffirmed at BBBID +(s) reflecting the company’s dominant position as the sole newsprint producer in the country; coupled with anti-dumping duties imposed by the government on imported newsprint which directly limit oversea...

The upgrade of the BaIDS rating to A+ID(bg) follows the upgrade of the lowest rating of the group of banks providing the Kafalah guarantee. The affirmation of the short term rating of MARC-2 and upgrade of the long term rating to A-ID for the MUNIF reflect the improvement of Negeri Sembilan Cement Industries Sdn Bhd’s (NSCI) financial profile following the consolidation of the Perlis Plant...

The rating for Sapura Energy Sdn Bhd (SESB) is reaffirmed at AID reflecting the company’s strength in the marine engineering business; synergies arising from the consolidation of the company under SapuraCrest Petroleum Berhad (SapuraCrest); and its stable financial profile. The rating, however, continues to be moderated by the company’s debt leverage position. SESB’s main reve...

MARC reaffirms Dialog Group Berhad (DIALOG)’s corporate credit rating of ‘AA-‘, reflecting the Group’s strong capitalization and cash flow position; its good competitive position in the highly specialized oil, gas and petrochemical industries; and its commendable operational performance and safety track record. Incorporated in 1989, DIALOG is principally an investment h...

The reaffirmation of the ratings reflects the credit strength of Petroliam Nasional Berhad (PETRONAS); the user of specific assets belonging to Petronas Assets Sdn Bhd (PAssets) and the obligor of the Promissory Notes (PNs) and Asset Utilisation Fee (AUF). Payments arising from the PNs and AUF form the primary source of repayment of the Bai Al-Dayn Notes Issuance Facility (NIF) and Al-Murabahah ...

MARC has reaffirmed the rating of AAID for MHS Aviation Berhad’s (MHSA) Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS). The reaffirmation reflects the company’s continued dominant position in the provision of aviation services to the oil and gas industry, favourable outlook prevailing in the oil and gas industry and strong cash flow protection to the bondholders derived from th...

The reaffirmation of Putrajaya Holdings Sdn Bhd’s (PJH) issuer and Islamic debt ratings reflects the strength of the issue structures which are secured by specific take out sources in the form of assigned sub-lease rental income streams in respect of Government buildings that form the primary source of repayment for the Islamic debt securities issued by the company; the strategic importanc...

Evermaster Group Berhad’s (EGB) rating has been affirmed at AID, in view of its expanding activities into government-related construction works and its high operational integration with regard to the wood-based activities supported by its long operating track record. Moderating factor to the rating is the Group’s exposure to cyclical developments in the timber/wood-based industry and...

The affirmation of Glomac Berhad’s (“Glomac”) ratings reflects the company’s established position as a reputable property developer in the Klang Valley; its strong financial performance coupled with a promising cashflow generating capacity and the impressive performance of its Aman Suria Damansara (“Aman Suria”) and Saujana Utama projects. The moderating facto...

MARC has reaffirmed the rating of MARC-4ID assigned to Pembangunan Brisdale Sdn Bhd’s (PBSB) RM55 million Murabahah Notes Issuance Facility (MUNIF). The rating reaffirmation is based on PBSB’s request for the notes outstanding under the MUNIF programme expiring on 30 August 2004 to be restructured so as to vary some of the terms under the original principal terms and conditions. The ...