MARC has affirmed its ratings on Gas Malaysia Sdn Bhd’s (GMSB) RM200 million Commercial Papers/Medium Term Notes (CP/MTN) Programme and RM500 million Medium Term Notes (MTN) Programme at MARC-1ID/AAAID and AAAID respectively. The ratings carry a stable outlook. The affirmed ratings reflect GMSB’s dominant market position as the sole natural gas distributor in Peninsular Malaysia, stron...

MARC has placed its debt ratings of AAA and MARC-1/AAA of Port Klang Free Zone (PKFZ) related debt issuances on MARCWatch Negative. The PKFZ related debt ratings involve the following issuers and corresponding debts:Special Port Vehicle Berhad’s (SPV) RM1,310 million Asset-Backed Serial Bond (ABSB);Transshipment Megahub Berhad’s (TMB) RM1,095 million Fixed Rate Serial Bonds (FRSB) and ...

MARC is issuing this rating update in relation to its AA-ID debt rating on SAJ Holdings Sdn Bhd’s (SAJH) RM1.28 billion BaIDS which remains on MARCWatch Positive. SAJH’s AA-ID debt rating was first placed on MARCWatch Positive on March 16, 2009 following an announcement that the potable water concession holder had entered into an agreement (The Master Agreement) for the proposed dispos...

MARC has withdrawn the AA-ID rating assigned to Sime Darby Property Berhad’s (formerly known as Guthrie Property Development Holding Berhad) RM750 million Islamic Medium-Term Notes Programme (IMTN) with immediate effect following the full redemption on June 16, 2009 as confirmed by the facility agent, CIMB Investment Bank Berhad and subsequent cancellation of the facility. Contacts: Elea Nor...

MARC has revised its outlook on the ratings on Goodway Integrated Industries Berhad’s (Goodway) RM80 million Murabahah Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) of MARC-2ID/AID to negative from developing. The rating outlook revision takes into account Goodway’s gearing covenant breach and MARC’s expectation that the company's gearing would remain elevated in...

MARC has assigned ratings of B+ID, B and B- to Talam Corporation Berhad's (Talam) RM134.21 million Settlement Bithaman Ajil Islamic Debt Securities (Settlement BaIDS), RM356.25 million Redeemable Convertible Secured Loan Stocks (RCSLS) and RM257.40 million Redeemable Convertible Preference Shares (RCPS), respectively. The Settlement BaIDS, RCSLS and RCPS will be issued in connection with Talam's f...

MARC has assigned MARC-1ID/AAAID ratings to UMW Holdings Berhad’s (UMW) proposed RM300 million Islamic Commercial Papers (ICP)/Medium-Term Notes and RM500 million Islamic Medium-Term Notes (IMTN). Concurrently, MARC has affirmed its AAA corporate credit rating on UMW. The ratings reflect UMW’s leadership position in the domestic automotive industry, strong businesses of automotive, equ...

MARC has withdrawn the MARC-1ID / A+ID ratings assigned to Sunrise Berhad’s (Sunrise) RM70 million Murabahah Notes Issuance Facility / Islamic Medium-Term Notes (MUNIF/IMTN) with immediate effect following the full redemption and cancellation of the MUNIF/IMTN.With the redemption of the MUNIF/IMTN, MARC’s rating obligation is now limited to Sunrise’s existing RM400 million IMTN, ...

MARC has assigned a preliminary rating of A+ to Bumiputra-Commerce Holdings Berhad’s (“BCHB”) proposed RM3.0 billion Cumulative Subordinated Fixed Rate Notes Programme. At the same time MARC affirms its senior debt ratings of AA/MARC-1 and AAID/MARC-1ID on BCHB’s rated Conventional and Islamic Senior Debt issues. The ratings outlook is stable.MARC has rated the subordinated...

MARC has affirmed its MARC-1/AA- ratings on IJM Corporation Berhad’s (IJM) RM300 million Commercial Papers/Medium-Term Notes (CP/MTN) Programme. The ratings are premised on the group’s below-average business risk profile which is underpinned by strong market positions in construction and property development and its fairly diversified operations across industry segments and key markets...