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MARC has assigned a final rating of AAAIS with a stable outlook to Projek Lebuhraya Usahasama Berhad’s (PLUS Berhad) RM23.35 billion Sukuk Musharakah Programme. Upon MARC’s review of the final documentation for its forthcoming notes issuance, MARC is satisfied that the terms and conditions of the programme have not changed in any material way from the draft documents on which the earli...
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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...
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MARC has affirmed its rating of AAA on Gerbang Perdana CIQ Sdn Bhd’s (GPCIQ) RM1.7 billion Medium Term Notes (MTN) programme with a stable outlook. The rating action reflects the strength of the underlying payments on Government of Malaysia (GoM) issued facility payment certificates (FPC) securing the notes. Cash flows to maintain timely debt service on the rated notes depend on the GoM...
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MARC has downgraded its ratings on Maxtral Industry Berhad's (Maxtral) RM80 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) and RM20 million Murabahah Underwritten Notes Issuance/Murabahah Medium Term Notes (MUNIF/MMTN) facilities to BBB-ID and MARC-4ID/BBB-ID from BBB+ID and MARC-3ID/BBB+ID respectively. Concurrently, the ratings have been placed on MARCWatch Negative. T...
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MARC is maintaining its review of the BBIS and MARC-4IS Sukuk ratings of funding vehicle Offshoreworks Capital Sdn Bhd (OWC) for further downgrade due to a continuing lack of clarity about the issuer's liquidity situation, annual and interim results of its parent company and the progress of debt restructuring negotiations with sukukholders. The rating agency had previously commented that its ratin...
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MARC has affirmed its AAA insurer financial strength (IFS) rating on Danajamin Nasional Berhad (Danajamin) with a stable outlook. The affirmed rating reflects Danajamin’s strong capital resources and claims-paying resources relative to its risk exposure, and its status as a government-sponsored financial guarantee insurer (FGI). The IFS rating is driven by MARC’s perception of high support fro...
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MARC has assigned a rating of AAA(fg) to Segi Astana Sdn Bhd's (Segi Astana) RM470.0 million proposed guaranteed medium term notes (MTN) programme with a stable outlook.The rating is based on the full, unconditional and irrevocable guarantee provided by AAA rated financial guarantee insurer (FGI) Danajamin Nasional Berhad (Danajamin) and reflects the FGI's strong capital position and claims-paying...
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MARC has affirmed its AA-/MARC-1 financial institution ratings on AmInvestment Bank Berhad (AmInvestment). The rating outlook has been revised to stable from positive. MARC's ratings on the bank continue to reflect the consolidated credit profile of AmInvestment and its sister bank, AmBank (M) Berhad (AmBank), on account of AMMB Holdings Berhad's (AmBank Group) integrated universal banking strateg...
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MARC has affirmed the rating of Instacom SPV Sdn Bhd’s (ISPV) RM200 million Murabahah Medium Term Notes (MMTN) Programme at AAID. The outlook on the rating is stable. ISPV is a wholly-owned subsidiary of Instacom Engineering Sdn Bhd (IESB) set up to facilitate the issuance of the MMTN to finance the purchase of completed telecommunication towers (telco towers) constructed by IESB. The affirm...
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MARC has assigned the ratings of MARC-1(fg)/AAA(fg) to Riverson Corporation Sdn Bhd’s (Riverson) RM200 million 5-year Commercial Papers/Medium Term Notes (CP/MTN) Programme with a stable outlook. The ratings and outlook are based on the financial guarantee insurance policy extended by Danajamin Nasional Berhad (Danajamin) for the rated programme. Danajamin is currently rated AAA/stable premi...
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