MARC has affirmed its short- and long-term debt ratings of MARC-2 and A respectively on Priceworth Wood Products Berhad’s (Priceworth) RM160.0 million Commercial Papers/ Medium Term Notes Programme (CP/MTN). The affirmed ratings continue to reflect the integrated timber operator’s strong operating track record, a balanced export and domestic revenue base and diversified product lines, ...

MARC has withdrawn its AA(bg) / MARC-1(bg) ratings on Pembangunan Leasing Corporation Sdn Bhd’s RM200 Million Guaranteed Notes Issuance Programme with immediate effect, following the full redemption and cancellation of the facility, as confirmed by its facility agent, Deutsche Bank (Malaysia) Berhad. Contacts: Milly Leong, 03-2090 2288/ milly@marc.com.my; Esther Ee, 03-2090 2270/ esther@marc...

MARC has downgraded its rating on Bintang Bulk Mover Sdn Bhd’s (BBM) RM50 million Secured Serial Bonds to BB from A-; and placed it on MARCWatch Negative. The downgrade is on account of the company’s stated intention to rely on an extension of its bond tenure to bridge the funding gap in relation to its sinking fund account vis-à-vis the RM20 million redemption of its final tran...

MARC affirms its AAIS rating on MNRB Holdings Berhad’s (MNRB) RM200.0 million Islamic Medium-Term Notes (IMTN) Programme with a developing outlook. The affirmed rating of the investment holding company largely reflects the sustainable business profile of its core operating subsidiary, Malaysian Reinsurance Berhad (Malaysian Re) and its adequate, although weakened recent operating performance...

MARC has placed its AA-ID rating on SAJ Holdings Sdn Bhd’s (SAJH) RM1.28 billion Bai Bithaman Ajil Islamic Debt Securities (BaIDS) on MARCWatch Positive following the announced signing of a Master Agreement on March 11, 2009 by the federal government, Johor state government, Syarikat Air Johor Sdn Bhd (SAJSB), Ranhill Utilities Berhad (RUB), Pengurusan Aset Air Berhad (PAAB) and SAJH.  ...

MARC has assigned the rating of A+ID to Makro Utama Sdn Bhd’s (Makro) up to RM100.0 million Al-Istisna’ Bonds (Bonds). Makro is a special purpose vehicle wholly owned by construction and engineering company Redmax Sdn Bhd (Redmax) and incorporated to facilitate the issuance of the Bonds. The Bonds proceeds will be used to repay Redmax’s existing debts, part of which was incurred ...

MARC has affirmed its MARC-1/A+ ratings on RUN Holding SPV Bhd’s (RHSB) First Series of RM200.0 million under its RM500.0 million Commercial Papers (CPs) and Medium Term Notes (MTN) Programme (the Notes) and revised the outlook on the ratings to developing from stable. RHSB is a bankruptcy remote special purpose company incorporated solely for the purpose of issuing the Notes to purchase Red...

MARC has affirmed its A rating on Aliran Ihsan Resources Berhad’s (AIRB) RM56.924 million Redeemable Convertible Unsecured Loan Stocks (RCULS). The rating outlook remains developing to reflect uncertainties arising from the current ongoing industry-wide restructuring that involves among others migration of concessions to a new licensing regime or the option for existing water operators to co...

MARC has withdrawn the AAAIS ratings assigned to Sacofa Sdn Bhd and Sarawak Gateway Sdn Bhd’s RM160 million Sukuk Istisna and RM240 million Sukuk Ijarah, respectively with immediate effect following confirmation by the trustee, Amanah Raya Trustees Berhad, of an early cancellation of the facility on March 6, 2009, ahead of its original maturity date on November 18, 2014. Contacts: Azlin...

MARC has withdrawn the AAAIS ratings assigned to Sacofa Sdn Bhd and Sarawak Gateway Sdn Bhd’s RM160 million Sukuk Istisna and RM240 million Sukuk Ijarah, respectively with immediate effect following confirmation by the trustee, Amanah Raya Trustees Berhad, of an early cancellation of the facility on March 6, 2009, ahead of its original maturity date on November 18, 2014. Contacts: Azlin...