MARC has assigned a rating of AAA to Gerbang Perdana CIQ Sdn Bhd’s proposed RM1.7 billion Seven Year Medium Term Notes issuance programme. The rating reflects the Government of Malaysia’s (“GOM”) unconditional and irrevocable obligation to pay the acknowledged sum on the stipulated date stated on the Facility Payment Certificate (“FPC”). Each FPC will then be assigned to each tranche o...

MARC has assigned ratings of AAA and AAA/MARC-1 to Transshipment Megahub Berhad’s (TMB) RM1,095.0 million 8-year fixed rate serial bonds and up to RM360 million 7-year underwritten commercial papers/ medium-term notes (CP/MTN) facility, respectively. TMB is a special purpose company, wholly owned by Kuala Dimensi Sdn Bhd (KDSB), with the principal activities of issuing RM1,095.0 million fixed-r...

MARC has received confirmation from the Facility Agent that RAV’s CP Notes have been fully redeemed by RAV and cancelled accordingly. Hence, MARC no longer has any rating obligation on RAV’s CP Programme and the MARC 2 rating is hereby withdrawn....

MARC has upgraded the rating of WCT Engineering Berhad’s (WCT) RM120.0 million 5% Redeemable Unsecured Bonds with detachable warrants (2000/2005) from A(s) to A+(s). The rating upgrade is supported by the high cash coverage afforded to the outstanding bonds brought about by the accumulation of funds in the sinking fund account. The rating also reflects WCT’s strengthening financial profile and...

MARC has reaffirmed the rating of Road Asset Vehicle Sdn Bhd (RAV) at MARC-2. The rating reflects RAV’s bankruptcy remote status; the corporate guarantee from Kumpulan Guthrie Bhd (the obligor) in respect of the amount payable by Guthrie Corridor Expressway Sdn Bhd (GCE) under the progress certificates; the mitigation of liquidity risk through the maintenance of a reserve sum to cover any fundi...

The rating reflects IJM Corporations Berhad’s (IJM) consistently strong financial results, the ability to sustain its competitive position domestically and internationally and the diversity of its business. Moderating factors include the increasing competitiveness in the domestic construction environment compounded by the difficult building materials industry, and the inherent rises in each busi...

MARC has received confirmation from the Facility Agent that PMSB’s MUNIF Notes have been fully redeemed by PMSB and cancelled accordingly. Hence, MARC no longer has any rating obligation on PMSB’s MUNIF Facility and the MARC 2-ID rating is hereby withdrawn....

MARC has reaffirmed Road Builder (M) Holdings Bhd’s (RBH) corporate credit rating of A+ (single A plus). The reaffirmation reflects the good financial performance of the group, its strong competitive position in the construction business, experienced management team and strong financial flexibility. The rating is, however, moderated by the inherent cyclicality of the construction and property in...

MARC has affirmed the rating of RBM’s RM400 million Repackaged Income Securities (2001-2006) of A+(s) (single A plus, support). The affirmed rating reflects its competitive position in the civil engineering and building segment, good track record, experienced management team and a tight issue structure. The rating also reflects the shareholder support of a maximum RM200 million on a reducing bal...

Pembinaan Mitrajaya Sdn Bhd’s (PMSB) ratings reflect the strength of the issue structure, which includes the assignment of contract proceeds for the purpose of the redemption of the Murabahah Multi-Option facility; its good track record and the group’s competitive position, improvement in economic outlook; and the company’s improving financial position. The ratings are, however, moderated b...