MARC has reaffirmed the rating of MARC-1 on Radicare (M) Sdn Bhd’s RM49 Million Commercial Paper Programme (CPs) in a reflection of the secured cash receivables from the Ministry of Health (MOH) backed by invoices issued to the MOH; a 1.25 times security cover of invoices issued; stringent requirements of the issue structure; and sheer dominance of Radicare’s services in the central ...

MARC has assigned a rating of AAAID to Cagamas MBS Berhad’s (Cagamas MBS) asset-backed Sukuk Musyarakah Issuance of RM2,050.0 million. The rating is based on the stringent core and portfolio eligibility criteria, aimed at partially mitigating risk of delinquencies and defaults further reinforced by representations and warranties provided by the Federal Government of Malaysia (GOM); deduct...

The rating assigned to Antara Steel Mill Sdn Bhd’s (Antara) Islamic debt is supported by its association with one of the largest steel players in Malaysia, the Lion Group; good operating track record; strong overseas demand for its hot briquetted iron (HBI); tight issue structure and sustainable financial profile; but is moderated by the cyclicality of the steel industry.Antara became part...

MARC has affirmed the ratings of AAA, AA and BB to Kerisma Bhd’s (Kerisma) RM870.0 million senior 5-year secured fixed-rate, RM30.0 million mezzanine 5-year secured fixed-rate and RM100.0 million 5-year subordinated secured variable-rate asset-backed bonds. The ratings are based on improved total credit enhancement levels for the senior and mezzanine bonds respectively; the A- weighted ave...

MARC has affirmed the ratings of AAA, AA and BB to Kerisma Bhd’s (Kerisma) RM870.0 million senior 5-year secured fixed-rate, RM30.0 million mezzanine 5-year secured fixed-rate and RM100.0 million 5-year subordinated secured variable-rate asset-backed bonds. The ratings are based on improved total credit enhancement levels for the senior and mezzanine bonds respectively; the A- weighted ave...

MARC has downgraded the long-term ratings of Ambang Sentosa Sdn. Bhd.’s (ASSB) RM272 million and RM226 million of class B and class C Al-Bai Bithaman Ajil Islamic debt (BaIDS) asset-backed securities (ABS) facility. The downgrades are premised on the construction delays experienced at the Taman Puncak Jalil development brought about by the repatriation of illegal foreign workers in the la...

DeGem Berhad’s (DeGem) RM50.0 million MUNIF/IMTN programme has been reaffirmed at MARC-2ID/A+ID reflecting the Group’s proven track record as one of the leading jewellers in Malaysia. The ratings are also supported by DeGem’s better than average financial profile characterised by its low debt leverage and favourable liquidity profile. Moderating rating factors include the inher...

MARC has assigned a rating of A+ID to Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (“Kesturi”) proposed issuance of up to RM780 million redeemable secured serial bonds under an Islamic Istisna Sukuk (“Sukuk”). The assigned rating reflects amongst others, Duta-Ulu Kelang Expressway’s (“DUKE” or the “Highway”) strategic alignment conne...

MARC has assigned short and long term ratings of MARC-1ID and AA-ID respectively to Top Glove Corporation Bhd’s (“Top Glove”) proposed Islamic Commercial Papers (“CP”) Programme of up to nominal value RM100 million and Islamic Medium Term Notes (“MTN”) Programme of up to nominal value RM100 million. The ratings reflect the Group’s position as the w...

The long term Islamic debt rating of AAAID assigned to Putrajaya Holdings Sdn Bhd’s (“PJH”) proposed RM2.2 billion Islamic Medium Term Notes (“IMTN”) Programme reflects its solid capitalization backed by the strong set of shareholders; exceptionally strong financial flexibility; and the strategic importance of PJH in the development of Putrajaya as the nation’...