MARC has affirmed the short and long term ratings of Ranhill Berhad’s (“Ranhill”) partially underwritten RM300 million Murabahah Commercial Papers / Murabahah Medium Term Notes at MARC-2ID/AID. The ratings reflect the company’s competitive position in the engineering and construction industry; strong order book; expansion into the water and power industries; and a tight underlying issue st...

The reaffirmation of Pembinaan Mitrajaya Sdn Bhd’s (PMSB) long term rating of A-ID (A minus, Islamic Debt) and short term rating of MARC-2ID reflect the assignment of contract proceeds for the purpose of redemption of the ABBA and MUNIF facilities; the strength of the issue structure; its good track record; its competitive position; improvement in economic outlook; and the company’s improvin...

The rating of Road Asset Vehicle Sdn Bhd’s (RAV) RM350 million Commercial Paper Programme (CP) has been reaffirmed at MARC-2. The rating reflects the bankruptcy remote status of this special purpose vehicle (SPV); credit support in the form of the assignment of a corporate guarantee issued by Kumpulan Guthrie Bhd (the obligor) in respect of the amount payable by Guthrie Corridor Expressway Sdn B...

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), based upon the strengthening financial profile of WCT, underpinned by the strong performance of its civil engineering/construction and property development divisions. The rating continues to be supported by a RM15 million irrevocabl...

Malaysian Rating Corporation Berhad (MARC) has assigned a long-term rating of AAA (triple A) to Special Port Vehicle Berhad’s (SPV) RM1,310 million nominal amount Asset Backed Serial Bonds (ABS) facility.Under this transaction, a bankruptcy remote special purpose company, Special Port Vehicle Berhad, will acquire the future receivables (including interest) amounting to RM1,699.63 million forming...

IJM Corporation Berhad’s (IJM) corporate debt rating has been reaffirmed at A (single A) reflecting its relatively strong financial profile, the diversity of its business, and competitive position domestically and internationally. The difficult domestic construction environment and the risks associated with international ventures continue to be the moderating factors to its credit quality rating...

MARC has withdrawn the corporate debt rating of Anjung Bahasa Sdn Bhd (ABSB) RM110 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) and removed the same from MARCWatch with developing outlook, where they have been placed on 17th January 2003. The rating action followed ABSB’s decision to discontinue MARC’s services as the rating agency for the said issue. The last rating assig...

MARC has affirmed Road Builder (M) Holdings Bhd’s corporate credit rating of A+ (single A plus). The rating affirmation reflects the good track record exhibited by the group in all its major business divisions, the group’s competitive position in the construction business, experienced management team who are aggressive in their effort to broaden the group’s revenue base, strong financial pro...

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 RBM’s 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 up to a maximum RM200 million on a re...

MARC has assigned Islamic corporate debt ratings of MARC-2ID/AID (Islamic Debt) to Ranhill Berhad’s (‘Ranhill’) proposed partially underwritten RM300 million Murabahah Commercial Papers (MCP)/Medium Term Notes (MMTN) Programme. The ratings reflect Ranhill’s competitive position in the engineering and construction business; good track record; and a tight underlying issue structure for...