The assigned rating of A-(A minus) reflects Bintang Bulk Mover Sdn Bhd’s (BBM) significant participation in the cement transportation industry by virtue of its long term cement transportation contracts with Lafarge Malayan Cement Bhd (LMCB), the largest local cement manufacturer. Under the issue structure, all revenue from the said contracts will be assigned to the Facility as the primary...

Road Builder (M) Sdn Bhd’s rating has been affirmed at A+(s) reflecting its competitive position in the civil engineering and building segment, good track record, experienced management team and a tight issue structure. The rating also reflects the shareholder support of up to RM200 million on a reducing balance provided by the holding company, Road Builder (M) Holdings Bhd (RBH). Moderat...

The rating of AID assigned to Merbok Hilir Berhad’s (Merbok) proposed RM150.0 million Al-Bai’ Bithaman Ajil Serial Bonds (BBA Bonds) is premised on the Merbok Group’s proven track record in the highly competitive MDF industry, the favourable outlook of the international Medium Density Board (MDF) industry, as well as its well-capitalised balance-sheet. However, the balancing ...

EP Manufacturing Bhd’s (EPMB) long and short-term ratings of AID/MARC-2 on its proposed RM150.0 million Islamic private debt securities reflect the Group’s position as a Tier-1 parts vendor for the national carmaker, PROTON, via its subsidiary; PEPS-JV (M) Sdn Bhd. Moderating factors include the inherent risks of the automotive industry as well as its dependence on the sales perform...

Putrajaya Holdings Sdn Bhd’s (PJH) proposed RM1,500 million Murabahah Notes Issuance Facility comprising Medium Term Notes (MUNIF) has been assigned a long term rating of AAAID. The Islamic debt rating reflects PJH’s issuer rating, based upon its solid capitalization supported by a superior set of shareholders, exceptional financial flexibility and importance of the company in the d...

The reaffirmation of Road Builder (M) Holdings Bhd’s (RBH) corporate credit rating of A+ reflects the good financial performance of the group, its strong competitive position in the construction business, experienced management team and strong financial flexibility. The rating is, however, moderated by the inherent cyclicality of the construction and property industries as well as the inc...

MARC has affirmed the rating of Sime Darby Berhad’s (Sime Darby) RM1,500 million Al-Murabahah Commercial Papers/ Medium Term Notes (CP/MTN) at MARC-1ID/AAAID respectively. The affirmation of Sime Darby’s corporate debt ratings reflect the diversity of the Group’s business, its solid capitalization, resilient profitability levels, strong cash flow position and exceptional finan...

The long term rating of AID (A flat, islamic debt) and short term rating of MARC-2ID assigned to Atlan Holdings Berhad’s (Atlan) facilities reflect the strength of its diversified business; its competitive position within the industries it operates in; and its strong post acquisition financial profile. Moderating factor to the rating include the competitiveness of the manufacturing industr...

ARL Tenaga Sdn Bhd’s (“ARLT”) rating affirmation reflects the stable and predictable cash flow which is expected to cover the company’s debt servicing requirements comfortably; the presence of a long-term fuel supply contract which eliminates supply disruption risk; the adoption of proven engine design and well-developed operating methods for its plant; and an issue stru...

MARC has affirmed the long-term ratings of Aegis One Bhd’s (Aegis One) RM900.0 million senior secured bonds and RM100.0 million subordinated secured bonds at AAA and BB respectively. This is premised on the affirmation of the weighted average rating of Aegis One’s portfolio of corporate loans at A- / BBB+; comfortable overcollateralization and interest coverage ratios; the adequacy ...