MARC has affirmed its AAA rating on Oversea-Chinese Banking Corporation Limited’s (OCBC) redeemable subordinated bonds of up to RM2.5 billion. The rating affirmation takes into account OCBC’s established financial services franchise in Singapore and Malaysia, its strong capitalisation, diversified sources of income and improved risk management procedures. MARC did not notch down the ra...

MARC has withdrawn its DIS ratings on Ingress Sukuk Berhad’s (ISB) RM160 million Sukuk Al Ijarah Programme with immediate effect following the full redemption of the sukuk and cancellation of the programme on July 2, 2010, as confirmed by its facility agent, HSBC Bank Malaysia Berhad. Contacts: Sabesh Parameswaran, 03-2090 2260/ sabesh@marc.com.my; Francis Xaviour Joe, 03-2090 2279/ fxjoe@ma...

MARC has affirmed the ratings of special purpose company Serrisa Sinar Berhad’s (Serrisa Sinar) RM200 million ICP/IMTN notes (Senior Notes) and RM20 million Junior IMTN (Junior Notes) at MARC-1ID /AAID and A+ID respectively. The rating outlook is stable. The affirmed ratings reflect the credit quality of the rental payment stream from creditworthy telecommunication companies as the source of...

MARC has affirmed its ratings on special purpose company DHTI Capital Sdn Bhd’s (DHTI Capital) RM110 million Islamic Commercial Papers/Islamic Medium Term Notes (Senior Notes) and RM10 million Junior Islamic Medium Term Notes (Junior Notes) at MARC-1ID/AAID and A+ID respectively. The rating outlook is stable. The affirmed ratings reflect the credit quality of the rental payment stream from c...

MARC has lowered its rating on Prima Uno Berhad’s (Prima Uno) RM335 million Super Senior B, RM190 million Senior and RM40 million Mezzanine bonds to AA+, BB and C from AAA, A- and B respectively. At the same time, the AAA rating on the RM290 million Super Senior A and the C rating on the RM95 million Subordinated bonds are affirmed. The rating outlook on Super Senior A, Super Senior B and Se...

MARC has withdrawn its ratings on the following debt facilities following the early redemption of the outstanding notes in full and cancellation of the facilities on July 14, 2010, as confirmed by the facility agent, Hong Leong Investment Bank Berhad:Short-term/long-term ratings of MARC-1/AAA and MARC-1/AA on Mutual Streams Sdn Bhd’s RM125 million Class A and RM50 million Class B CPs/MTNs re...

MARC has withdrawn its ratings on the following debt facilities following the early redemption of the outstanding notes in full and cancellation of the facilities on July 14, 2010, as confirmed by the facility agent, Hong Leong Investment Bank Berhad:Short-term/long-term ratings of MARC-1/AAA and MARC-1/AA on Mutual Streams Sdn Bhd’s RM125 million Class A and RM50 million Class B CPs/MTNs re...

MARC has withdrawn its rating of MARC-2ID/AID on Glomac Berhad’s (Glomac) RM25 million Murabahah Notes Issuance Facility/Islamic Medium Term Facilities (MUNIF/IMTN). The rating withdrawal follows the final redemption of Glomac’s outstanding amount and early cancellation of the facility on July 30, 2010, as confirmed by its facility agent, MIDF Amanah Investment Bank Berhad. Contacts: N...

Following Tenaga Nasional Berhad's (TNB) announcement that it had posted a pre-tax profit before forex translation gains of RM2,854.1 million for the nine months ended May 31, 2010, 28.8% up from the prior year corresponding period,  MARC comments that TNB's ratings will not be affected. TNB is rated AA+/ MARC-1 by MARC and the Rating Outlook is Stable.While TNB's third quarter (Q3FY2010) net...

MARC has affirmed its AA+IS(bg) rating on Aras Sejagat Sdn Bhd’s (Aras Sejagat) Bank Guaranteed Sukuk Ijarah (Sukuk Ijarah) issuance of up to RM500 million in nominal value. The rating reflects the strength of the unconditional and irrevocable bank guarantee of up to RM420 million by Kuwait Finance House (Malaysia) Berhad (KFHMB). MARC has recently affirmed KFHMB’s long-term financial ...