The reaffirmation of the ratings reflects Malaysia International Shipping Corporation Berhad’s (MISC) solid operating fundamentals, in particular the Liquefied Natural Gas (LNG) shipping segment. Other supporting factors include MISC’s strategic position in the Malaysian shipping industry; its sound financial policy; exceptional financial flexibility; and the strong support of its m...

MARC has reaffirmed the rating of KLSSB’s Tranche 1 BaIDS of RM91 million. On 21 October 2003, UDA Holdings Berhad (UDA) had entered into a Subscription Agreement with Harmonic Fairway Sdn Bhd, Malaysian Resources Corporation Berhad (MRCB) and PQSB to subscribe for the issuance of new 15,000,000 ordinary shares of RM1.00 each of PQSB for RM15.0 million, representing approximately 100% of ...

The rating affirmation reflects Priceworth Wood Products Berhad (Priceworth) Group’s improving financials underpinned by growing timber extraction activity/contracting services coupled with high operational integration pertaining to its manufacturing activities. The Group’s vulnerability to cyclical developments affecting the timber/wood-based industry remains a moderating factor t...

MARC has reaffirmed the rating of Puncak Niaga Holdings Berhad’s (PNHB) Redeemable Unconvertible Junior Notes (RUN) at A, similar to Puncak Niaga (M) Sdn Bhd’s (PNSB) junior notes A (A notes). The rating reflects a perfected security interest in the A notes and the escrow account to which matching debt service payments under the A notes will flow. The three-notch differential betwee...

The rating reaffirmation of MTD Prime Sdn Bhd’s (MTD Prime) Al-Bai Bithaman Ajil Facility (BBA) reflects the positive traffic growth at the KL – Karak Highway, higher than the Government’s guaranteed traffic volume; and the strength of the company’s financial profile underpinned by the strong revenue growth.MTD Prime is the concession holder of the KL – Karak Highw...

MARC has reaffirmed the ratings of Puncak Niaga (M) Sdn Bhd’s (PNSB) ABBA serial bonds, MuCP/MuMTN and junior notes at AAID, MARC-1ID/AAID and A respectively. Concurrently, the negative outlook on the ratings has also been lifted. The ratings reflect amongst others the inherent unfaltering demand for treated water and the Federal Government’s proposed financial support in resolving ...

The rating assigned to SBSB’s MMTN reflects the holding company’s, Koperasi Shamelin Berhad’s (KSB) satisfactory asset quality arising from the collection arrangement with ANGKASA (Angkatan Koperasi Kebangsaan Malaysia Berhad) and stringent eligibility requirement for financing; low level of job transfers and resignations in the public sector; as well as a protective debt issu...

Sapura Energy Sdn Bhd’s (“SESB”) rating upgrade to AID is supported by its strength in the marine engineering business, improving financial position and the synergies arising from its proposed acquisition by Crest Petroleum Bhd (“Crest”), one of the largest oil and gas well drilling and marine contractors in Malaysia. The rating is, however, moderated by its high d...

MARC has affirmed the short-term and long-term ratings of Hong Leong Credit Berhad’s (HLC) commercial papers and medium term notes programme at MARC-2 and A- respectively. This reflects the strong fundamentals of HLC’s subsidiaries as well as the improved double leverage and stable debt-equity. The rating is moderated by the competitive banking and finance environment and the potent...

Malaysian Merchant Marine Bhd’s (MMM) rating of AAID on its proposed RM120.0 million Al-Bai’ Bithaman Ajil Serial Bonds (BaIDS) reflects the Group’s proven track record in the highly competitive international shipping industry; its better than average financial profile; as well as a tight issue structure under which the charter proceeds of all its vessels will be assigned as s...