The rating of Road Asset Vehicle Sdn Bhd’s (RAV) RM350 million Commercial Paper Programme (CP) has been affirmed at MARC-2. The rating affirmation 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 Expres...

MARC has placed the AA- rating for Anjung Bahasa Sdn Bhd (ABSB) RM110 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) on MARCWatch, with a developing outlook. ABSB a single purpose company, was granted the concession to design, construct and complete a new office complex for Dewan Bahasa dan Pustaka (DBP) on a deferred payment basis, and to undertake the maintenance and management ...

MARC has lowered its rating on Teratas Dagang Sdn Bhd’s (TDSB) RM25 Million Murabahah Underwritten Notes Issuance Facility (MUNIF) to MARC-4ID from MARC-3ID. The rating action reflects the negative impact of the delay in securing the necessary approvals from the relevant authorities duly required prior to receiving payments for the land identified for development and commencement of works with...

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 improvement in economic outlook and the company’s improving financial position and the assignment of contract proceeds and warrants proceeds of PMSB’s public listed holding company for the purpose of the redemption of the ABBA and MUNIF fa...

IJM Corporation Berhad’s (IJM) corporate debt rating has been reaffirmed at A reflecting the group’s competitive position as a reputable infrastructure construction company; its geographical diversity; and relatively strong financial profile. The rating is somehow moderated by the cyclical nature of the construction industry and the increased political and economic risks associated with the gr...

The affirmation of WCT Engineering Bhd’s (WCT) corporate debt rating at A– (s) reflects the improving economic outlook, the group’s competitive position in the construction sector as evident by its ability to secure overseas construction projects, strengthening financial profile, conservative financial management and an experienced management team. The bonds issue is supported by an irrevoc...

The rating of Anjung Bahasa Sdn Bhd’s (ABSB) Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDs) has been downgraded from AA+ to AA- (double-A minus) following negative developments arising subsequent to the issuance of the Temporary Certificate of Fitness (TCF), which have had the effect of moderating the cashflow protection afforded to the bondholders. Nonetheless, the rating continues to re...

Road Asset Vehicle Sdn Bhd’s (RAV) rating of MARC-2 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 in respect of the amount payable by Guthrie Corridor Expressway Sdn Bhd (GCE) under the progress certificates including interest and financing costs; liquidity support ...

Road Builder (M) Holdings Bhd (RBH)’s corporate credit rating of A+ reflects the group’s strong operating characteristics and favourable competitive position in the construction business, the positive track record of its property and tolling divisions and satisfactory profitability measures and debt leverage. Credit quality is, however, moderated by the inherent cyclicality of the constructi...

Malaysian Rating Corporation Berhad (MARC) has assigned a short term rating of MARC-3 ID (MARC 3, Islamic Debt) in respect of Teratas Dagang Sdn Bhd’s (TDSB) proposed RM25.0 million Murabahah Underwritten Notes Issuance Facility (MUNIF). Positive factors supporting the rating are the off-taker of the project which is the government/Kementerian Dalam Negeri (KDN) and the underlying issue structu...