MARC has assigned ratings of AAA and AAA/MARC-1 to Free Zone Capital Berhad’s (FZCB) proposed issuance of RM410.0 million fixed-rate serial bonds and up to RM70.0 million Commercial Papers/Medium Term Notes (CP/MTN) respectively. The ratings are premised on the Government of Malaysia’s (GOM) backing of Port Kelang Authority (PKA), a statutory authority, to undertake the GOM’s pro...

MARC has affirmed the long and short-term ratings of WCT Engineering Berhad’s (“WCT’s”) Islamic Fixed Rate Serial Bonds of RM100 million and 7-year Islamic Commercial Papers/Medium Term Notes Programme of up to RM100 million (“Islamic CP/MTN”) (collectively known as Islamic Securities or IS) at A+ID and MARC-1ID /A+ID respectively with a stable outlook. The rati...

Ratinale The corporate debt rating of PECD Berhad’s (PECD) RM200 million Serial Fixed Rate Bonds Programme has been downgraded from A to A- with a stable outlook. The rating reflects MARC’s concerns over cost overruns and the unsettled variation order (VO) claims for the Melut Basin Marine Export Terminal Project in Sudan, which has weakened the Group’s financial profile. These r...

Gerbang Perdana CIQ Sdn Bhd’s (“Gerbang Perdana CIQ”) RM1.7 billion Seven Year Medium Term Notes (“MTN”) issuance programme rating has been affirmed at AAA by MARC. The rating signifies the Government of Malaysia’s (“GOM”) unconditional and irrevocable obligation to repay the acknowledged sum on the stipulated date stated on Facility Payment Certif...

Jana Niaga Sdn Bhd (“JNSB”) RM100 million Murabahah Underwritten Notes Issuance Facility’s (“MUNIF”) rating has been downgraded to MARC-3ID from MARC-2ID (2004). The rating action stems from the failure by Universiti Industri Selangor (“UNISEL”) to meet the minimum rental payments guaranteed (based on guaranteed student numbers and full occupancy of staf...

The proposed 10-year Medium Term Notes (“MTN”) programme represents a structured transaction involving the assignment of contract proceeds due from Syarikat Perumahan Negara Berhad (“SPNB”), wholly owned by the Ministry of Finance Incorporated, to the Issuer, Tirai Impresif Sdn Bhd (“Tirai”); in respect of two contracts to supply and install roof tiles and gal...

MARC has assigned ratings of AAA/MARC-1 rating to Valid Ventures Berhad’s (VVB) proposed issuance of RM510.0 million fixed-rate serial bonds and up to RM85.0 million Commercial Papers/Medium Term Notes (CP/MTN). The ratings are premised on the Government of Malaysia’s (GOM) backing of Port Kelang Authority (PKA), a statutory authority, to undertake the GOM’s project; the nation...

MARC has reaffirmed Pembinaan Mitrajaya Sdn Bhd’s (PMSB) RM50 million Murabahah Multi-Option Notes Issuance (MONI) Facility at MARC-2ID /A-ID (A minus, Islamic Debt). The ratings reflect the support provided by the irrevocable and unconditional corporate guarantee granted by PMSB’s holding company, Mitrajaya Holdings Berhad (MHB) a company listed on the main Board of Bursa Malaysia....

MARC has reaffirmed 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 completion of infrastructure works as at ...

MARC has reaffirmed the corporate credit rating of Road Builder (M) Holdings Bhd (RBH) at A+. The rating reaffirmation is reflective of RBH’s diversified earnings base which provides considerable protection against the cyclicality of any particular industry that RBH is involved in; evidenced by RBH’s stable and sustainable financial performance over the years. Moderating factor to th...