MARC has assigned a rating of AAA to Cagamas MBS Berhad’s (Cagamas MBS) RM1,555.0 million secured fixed-rate serial bonds. The rating is based on the stringent core and portfolio eligibility criteria of the securitized mortgages, comprising mortgages of government pensioners only, aimed at mitigating risk of delinquencies and defaults further reinforced by the representation and warranty ...

MARC has assigned a long term rating of AA-ID (Double A Minus Islamic Debt) on SAJ Holdings Sdn Bhd’s (SAJH) RM1.280 billion Bai Bithaman Ajil Serial Bonds which will be utilized to redeem the existing RM680 million BaIDS, to finance any premiums payable to Noteholders on redemption of the existing BaIDS and to part finance SAJH’s capital expenditure. The rating is supported by its p...

Transshipment Megahub Berhad (TMB) is a wholly owned subsidiary of Kuala Dimensi Sdn Bhd (KDSB), with the principal activities of issuing RM1,095.0 million fixed-rate serial bonds and up to RM360.0 million Commercial Papers/Medium Term Notes (CP/MTN) and financing the development of Port Klang Free Zone/Transshipment Megahub amounting to RM1,220.0 million for KDSB. KDSB was appointed by Port Ke...

MARC has reaffirmed the long-term rating of Sistem Lingkaran-Lebuhraya Kajang Sdn Bhd’s (SILK) Al-Bai’ Bithaman Ajil debt securities. The rating reflects the perceived strong demand for the Kajang Traffic Dispersal Ring Road to relieve severe traffic congestion in the Kajang District as a primary urban road linking the populous districts of Balakong, Sungai Long, Semenyih, Bangi, Ka...

MARC has affirmed the rating of Special Port Vehicle Bhd’s (SPV) RM1,310.0 million nominal amount asset-backed serial bonds facility. The rating affirmation is premised on the superior credit rating of the Government of Malaysia (GOM) backing Port Klang Authority (PKA), the obligor under the transaction; minimal exposure to construction risk with 83.3% of the infrastructure works completed...

IJM Corporation Berhad’s (IJM) proposed RM300 million of Commercial Papers/ Medium Term Notes Programme (CP/MTN) has been assigned a long term rating of A+ and a short term rating of MARC-1. This reflects its consistently strong financial results, the ability to sustain its competitive position domestically and internationally and the diversity of its business. Moderating factors include t...

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 strength of the issue structure, which includes the assignment of contract proceeds for the purpose of redemption of the MONI and BAIDS facilities; its relatively good business position and proven good track record which enables the compan...

MARC has assigned a short term rating of MARC-2ID to M-Trex Corporation Sdn Bhd’s (MCSB) proposed 7-year RM60 million Islamic Commercial Paper Programme under the financing principle of Murabahah. The rating is premised on MCSB’s position as the leading local manufacturer of anodised aluminium panels for the mid to high end audio video equipment market; exclusive agency rights to di...

MARC has assigned ratings of A+ID on Intelbest Sdn Bhd’s (“ISB”) RM20 million Series 1 BaIDS, AID on RM35 million Series 2 and RM55 million Series 3 BaIDS and MARC-1ID on its RM50 million MUNIF. The ratings reflect the strength of the issue structure, which includes the assignment of the redemption sum and progress billings of secured sales and future sales for the purpose of t...

MARC has affirmed the long-term ratings of Ambang Sentosa Sdn. Bhd.’s (ASSB) RM372 million and RM226 million of class B and class C Al-Bai Bithaman Ajil Islamic debt (BaIDS) asset-backed securities (ABS) facility. The affirmations are premised on the increase in percentage of class A and B assets post closing, effectively mitigating credit risk; satisfactory construction progress resultin...