Kwantas Corporation Berhad’s (KCB) rating has been reaffirmed at A+ID reflecting the integrated nature of the Group’s palm oil operations; its expanding activities namely, the commercialization of renewable bio-mass energy and establishment of operations in China; and the Group’s relatively strong financial profile.KCB Group’s credit strength is drawn from the integrated...

The rating reaffirmation reflects the financial strength of the general and life insurance funds of its main subsidiary Malaysian Assurance Alliance Berhad (MAA) and the support provided by the Revolving Credit Facility to meet coupon payments and bond redemption in the event of a shortfall. MAA Holdings Berhad’s (MAAH) income is almost wholly derived from dividends upstreamed by MAA. MAA...

The affirmation of AAAID on GDC (Putrajaya) Sdn Bhd’s (GDC Putrajaya) Al-Bai’ Bithaman Ajil Islamic Debt Securities reflects the significance of the project in providing the supply of chilled water to all Government premises in Putrajaya; the credit assurance secured with the Government and Putrajaya Holdings Sdn Bhd (PJH) as the main offtakers; and the strong backing from the ultim...

The reaffirmation of Pembinaan Mitrajaya Sdn Bhd’s (PMSB) long term rating of A-ID (A minus, Islamic Debt) and short term rating of MARC 2ID reflect the assignment of contract proceeds for the purpose of redemption of the ABBA and MUNIF facilities; the strength of the issue structure; its good track record; its competitive position; improvement in economic outlook; and the company’s...

The reaffirmation of the ratings reflects the credit strength of PETRONAS, the principal tenant of the PETRONAS Twin Towers (Tower 1 and Tower 2), which bears the rental payments for both towers. The rental stream forms the primary source of repayment of the debt securities. PETRONAS’ superior credit strength is drawn from its strong financial position, favourable production profile, sig...

The ratings assigned are underpinned by Pesaka Astana (M) Sdn Bhd’s (PASB) competitive position as the leading assembler and provider of customized heavy-duty and specialized vehicles for the Ministry of Defence (MINDEF) and Fire and Rescue Department (BOMBA); the tight issue structure; and the company’s continued improvement in its profitability measures. These factors are, however...

The rating of BBB- (minus) assigned to Mithril Berhad’s (Mithril) Irredeemable Convertible Unsecured Loan Stocks (ICULS) reflects the assurance of returns and maintenance of terms of the ICULS, that is, the likelihood of interest payments for five years and the solvency of Mithril at time of mandatory conversion to enable it to honour its obligation to deliver the shares. The ICULS are ra...

The assigned rating of AID (flat) reflects Maxisegar Sdn Bhd’s (MSB) strong competitive position and good location of its property development; tempered by its vulnerability to adverse development in the property markets. MSB, a wholly owned subsidiary of Talam Corporation Berhad (TCB), one of the largest property developers in the country, is principally involved in property development ...

BAN’s ratings affirmation reflect the company’s good competitive position in the area of providing marine transportation, tanker operations and support services for the offshore oil and gas industry. Its long-term contracts with leading oil and gas multinationals, high utilization rates of vessels, and commendable health, safety and environmental operating track record which are cr...

The rating of BBB assigned to Mithril Berhad (Mithril) reflects the future businesses of the company; a tight underlying issue structure; and moderate pro- forma debt leverage upon the finalization of the restructuring exercise. The rating is, however, restrained by Mithril’s exposure to the manufacturing industry, in particular the brick manufacturing business. Mithril was incorporated a...