MARC has upgraded the rating of Reliance Pacific Berhad’s (RPB or group) RM100 million Redeemable Secured Bonds (2001/2006) to A- (A minus). The upgrade is underpinned by the improvement in the travel and tourism industry and the group’s overall improved financial profile. The group returned to profitability after three consecutive years of losses whilst operating cash flow level ret...

The ratings of A+ID and MARC-1ID/A+ID assigned to Bayu Padu Sdn Bhd’s (wholly-owned by SapuraCrest Petroleum Berhad) Istisna’ MTNs and Murabahah CP/MTN facilities reflect SapuraCrest Petroleum Berhad’s (SapuraCrest) competitive position as one of the largest Malaysian-owned integrated services provider for the oil and gas multinationals; expected improvement to its financial pr...

The corporate debt ratings assigned to DRB-Hicom Berhad (DRB or Group) reflects the Group’s diversified businesses, strong market position and presence in the local automotive industry and manageable gearing position.Incorporated in 1990 and listed on the Main Board of Bursa Malaysia since 1992, DRB is an industrial conglomerate with more than 50 companies involved in three main business s...

MARC’s affirmation of Malaysian Merchant Marine Bhd’s (MMM) rating of AAID on its 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 wil...

The rating of A+(bg)ID/ MARC-1(bg)ID assigned to Mulpha International Bhd (MIB)’s RM75.0 million Proposed Bank Guaranteed Murabahah Notes Issuance Facility (MUNIF) reflects the unconditional and irrevocable bank guarantees provided by AmMerchant Bank Berhad and Southern Bank Berhad; whilst the rating of AID/ MARC-2ID assigned to MIB’s RM25.0 million Proposed Murabahah Commercial Pape...

MARC has affirmed the rating of A-(A minus) assigned to Bintang Bulk Mover Sdn Bhd’s (BBM) RM50 million 5-year secured serial bond. The affirmation was premised on the Group’s strong operating performance and stable revenue stream, in particular from its long term cement transportation contracts with Lafarge Malayan Cement Bhd (LMCB), the largest local cement manufacturer. The affirm...

MARC has assigned a rating of A (A Flat) to Haisan Resources Berhad (HRB)’s proposed RM30 million bond; reflecting its strong competitive position in the refrigeration and ice industry; assignment of specific contract proceeds towards redemption of the bonds; as well as HRB’s good operating profit margin and manageable debt leverage position. The rating is, however, moderated by the ...

MARC has reaffirmed the ratings of Sime Darby’s RM1,500 million Al-Murabahah Commercial Papers/ Medium Term Notes (CP/MTN) at MARC-1ID/AAAID respectively. The reaffirmation of Sime Darby’s corporate debt ratings reflects the diversity of the Group’s business, its solid capitalization, resilient profitability levels, strong cash flow position, exceptional financial flexibility a...

The rating assigned is underpinned by the charter contract between Pelangi Shipping Sdn Bhd (PSSB) and the Government; the rental proceeds of which shall be the source of repayment for the BAIS facility; and a tight issue structure. These factors are, however, moderated by the performance risk associated with the contract. In September 2000, PSSB, the holding company of PSSB Ship Management Sdn ...

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...