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MARC has withdrawn its rating of AAIS on Alloy Properties Sdn Bhd’s (APSB) RM240 million Sukuk Musyarakah Medium Term Notes Programme. The rating withdrawal follows the early redemption and subsequent cancellation of the Sukuk Musyarakah Programme on July 18, 2014 as confirmed by the facility agent. Upon the withdrawal of the rating, MARC will no longer be providing analytical coverage on th...
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MARC will assess the impact on its ratings of the financial institutions and programmes under CIMB Group Holdings Berhad from the group’s proposed merger exercise only upon obtaining greater clarity on the details of the exercise. CIMB Group had recently announced its intention to merge with RHB Capital Berhad and Malaysia Building Society Berhad. Among the key details the rating agency will...
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MARC has affirmed the ratings on Ranhill Powertron II Sdn Bhd’s (RPII) RM350 million guaranteed notes and RM360 million non-guaranteed notes issued under the RM710 million Islamic Medium-Term Notes (IMTN) Programme at AAAIS(fg) and AAIS respectively. The outlook for both ratings is stable. RPII is a special purpose project company that operates the 190-megawatt combined-cycle gas turbine (CCGT) ...
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MARC has affirmed the long-term and short-term financial institution (FI) ratings of AA-/MARC-1 on Hong Leong Investment Bank Berhad (HLIB). The outlook on the ratings is stable.The FI ratings reflect HLIB's improved standalone business and financial profile as well as its established track record in investment banking and stockbroking operations that have enabled the investment bank to record hea...
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MARC has affirmed its ratings on MRCB Sentral Properties Sdn Bhd’s (MRCB Sentral) RM400 million Commercial Papers/Medium-Term Notes (CP/MTN) Programme at MARC-1(fg)/AAA(fg) with a stable outlook. The affirmed ratings and outlook are based on the unconditional and irrevocable financial guarantee provided by Danajamin Nasional Berhad (Danajamin) which carries MARC’s financial strength ra...
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MARC has affirmed its MARC-1/AA ratings on non-operating financial holding company Hong Leong Financial Group Berhad's (HLFG) RM1.8 billion Commercial Paper and Medium-Term Notes (CP/MTN) programme with a stable outlook. The affirmed ratings are underpinned by the favourable financial strength and established domestic market position of HLFG’s key subsidiary, commercial bank Hong Leong Bank ...
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MARC has affirmed its AAAIS(bg) and AAAIS(fg) ratings on Ranhill Group Sdn Bhd’s (Ranhill Group, formerly known as Ranhill Power Sdn Bhd) RM300 million bank-guaranteed (Tranche 1) and RM500 million Danajamin-guaranteed (Tranche 2) Sukuk Musharakah facilities respectively. The outlook for the ratings is stable.The rating on the Tranche 1 sukuk reflects the credit strength of an unconditional ...
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MARC has withdrawn its rating of AAAID on Putrajaya Holdings Sdn Bhd’s (PJH) RM1.5 billion Murabahah Notes Issuance Facility (MUNIF). The rating withdrawal follows the cancellation of the facility on June 26, 2014 as confirmed by the facility agent. MARC’s analytical coverage on PJH is now limited to the following rated debt issuances:RM3.0 billion Sukuk Musharakah Programme at AAAIS;R...
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MARC has withdrawn its AA+ID rating on Kapar Energy Ventures Sdn Bhd’s (KEV) RM3,402.0 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) upon full early redemption of the outstanding notes from the proceeds of the RM2.0 billion Sukuk Ijarah. Going forward, MARC’s rating surveillance is now limited to the Sukuk Ijarah which is rated AA+IS with a stable outlook. KEV was es...
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MARC has affirmed the rating of BBB on integrated aluminium producer Press Metal Berhad’s (Press Metal) RM320.5 million Redeemable Convertible Secured Loan Stocks (RCSLS). The rating outlook is maintained at negative. The rating action reflects the difficult operating environment for aluminium manufacturers, the group’s continued weak liquidity position and its significant leverage pos...
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