MARC has affirmed its A+IS rating on MNRB Holdings Berhad’s (MNRB Holdings) RM200 million Islamic Medium Term Notes (IMTN) with stable outlook pending the completion of the refinancing of all outstanding notes into a revolving bank credit facility. The proposed refinancing will allow the investment holding company to extend its debt maturity profile, alleviating refinancing risk. At the same...

MARC has downgraded its rating on MNRB Holdings Berhad’s (MNRB) RM200 million Islamic Medium Term Notes (IMTNs) to A+IS from AA-IS. The outlook is stable. The rating action reflects weakened holding company level financial metrics following two consecutive years of losses for the financial years ending March 31, 2010 (FY2010) and FY2011, and thin cash flow coverage measures. The lowered rati...

MARC has affirmed its AA-IS rating on MNRB Holdings Berhad's (MNRB) RM200 million Islamic Medium Term Notes (IMTN) with a negative outlook. The negative outlook reflects MNRB's weak company-level cash flow coverages and liquidity in addition to the high level of double leverage at the investment holding company level. Dividends received to interest paid coverage at the holding company declined bel...

MARC has downgraded its rating on MNRB Holdings Berhad’s (MNRB) Islamic Medium Term Notes (IMTN) Issuance Programme of RM200 million to AA-IS from AAIS. The rating downgrade reflects MARC’s concerns with regard to a weakening of MNRB’s liquidity profile in addition to reduced cash flow prospects arising from a perceived trend toward lower dividend payouts by its main operating su...

MARC affirms its AAIS rating on MNRB Holdings Berhad’s (MNRB) RM200.0 million Islamic Medium Term Notes (IMTN) Programme with a developing outlook. The affirmed rating of the investment holding company largely reflects the sustainable business profile of its core operating subsidiary, Malaysian Reinsurance Berhad (Malaysian Re) and its adequate, although weakened recent operating performance...

MARC has assigned a rating of AAIS  to MNRB Holdings Berhad’s (MNRB) Islamic Medium Term Notes (IMTN) Issuance Programme of RM200.0 million. The rating outlook is stable. This rating is reflective of the financial strength of its operating subsidiary, Malaysian Reinsurance Berhad (Malaysian Re) as well as MNRB’s strong consolidated capitalisation and financial flexibility. Partial...

MARC has assigned a rating of AAIS  to MNRB Holdings Berhad’s (MNRB) Islamic Medium Term Notes (IMTN) Issuance Programme of RM200.0 million. The rating outlook is stable. This rating is reflective of the financial strength of its operating subsidiary, Malaysian Reinsurance Berhad (Malaysian Re) as well as MNRB’s strong consolidated capitalisation and financial flexibility. Partial...