MARC has affirmed the AAAID(bg) and MARC-1ID(s) ratings on property developer, Horizon Hills Development Sdn Bhd’s (Horizon Hills) (formerly known as Arapesona Development Sdn Bhd) Islamic Bank Guaranteed Medium-Term Notes (IMTN) Programme of up to RM200 million and Islamic Commercial Papers (ICP) Programme of up to RM70 million respectively. The ratings carry a stable outlook. The affirmed ...

MARC has affirmed the ratings of CapOne Berhad’s (CapOne) RM600.0 million Super Senior Class A-1 bonds and RM100.0 million subordinated secured bonds at AAA and C respectively; and downgraded the RM250.0 million Senior Class A-2 bonds and RM50.0 million Mezzanine Class B bonds from AAA to AA- and A- to BBB- respectively. At the same time, the ratings were removed from MARCWatch Negative, whe...

MARC has withdrawn the AA+ rating assigned to port operator, Westports Malaysia Sdn Bhd’s RM350.0 Million Floating Rate Notes (FRN) with immediate effect. The rating withdrawal follows the full redemption and cancellation of FRN as announced by the facility agent.  Contact:Rustam Apandi Jamaludin, 03-2090 2250/ rustam@marc.com.my; Khairul Emran Mahmud, 03-2090 2278/ emran@marc.com....

MARC has downgraded its short-term rating on Persoft Systems Sdn Bhd’s (“PSSB”) RM50 million Commercial Papers Programme (“CP Programme”) to MARC-3 from MARC-2 and maintained its MARCWatch Negative on the rating. The lowered rating reflects PSSB’s weak liquidity position exacerbated by long outstanding receivables and declining margins in its core business of so...

MARC has affirmed its AAAID(bg) and A+ID  ratings on Viable Chip (M) Sdn Bhd’s (VCSB) RM50.0 million nominal value Bank Guaranteed Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS A) and RM150.0 million nominal value of Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS B), respectively. The AAAID(bg) rating of BaIDS A has been affirmed on the basis of an irrevocable and unc...

MARC has affirmed Syarikat Pengeluar Air Sungai Selangor Sdn Bhd’s (SPLASH) ratings of MARC-1ID / AAID on its RM435 million Islamic Notes Issuance Master Programme comprising RM50 million Murabahah Commercial Papers (CPs) and RM385 million Murabahah Medium Term Notes (MMTNs). Concurrently, MARC has revised the rating outlook to developing from stable to reflect SPLASH’s exposure to ind...

MARC has affirmed its rating of MARC-1ID / A+ID on Nam Fatt Corporation Berhad’s (Nam Fatt) RM250 million Islamic Commercial Paper/Islamic Medium Term Notes Programme (ICP/IMTN). The affirmed ratings reflect the structural protections afforded to noteholders under the rated facility. Working capital availability is governed by prescribed advance rates for eligible contracts and cashflows fro...

MARC has placed Sacofa Sdn Bhd’s (Sacofa) RM160.0 million Sukuk Istisna and its special purpose subsidiary, Sarawak Gateway Sdn Bhd’s (Sarawak Gateway) RM240.0 million Sukuk Ijarah (collectively referred to as the Sukuk) rated AAAIS on MARCWatch Developing. The MARCWatch placement incorporates the planned refinancing of the Sukuk and the indulgence granted by Sukukholders in connection...

MARC has affirmed the MARC-1ID(cg)/ AA-ID(cg) ratings on Harum Intisari Sdn Bhd’s (HISB) Al-Murabahah Commercial Papers (MCP)/Medium Term Notes (MMTN) with a nominal value of up to RM300 million. The ratings carry a stable outlook. The ratings and ratings outlook reflect the credit quality of guarantees extended by HISB’s holding company, Gamuda Berhad (Gamuda), a leading construction ...

MARC has upgraded IJM Plantations Berhad’s (IJMP) RM150 million Al-Bai Bithaman Ajil Serial Bonds (ABBA) long-term rating to AA-ID from A+ID. The rating outlook is stable. The upgrade reflects the group’s solid operating performance supported by an improving plantation maturity profile attesting to its superior estate management practice, strong profitability and cash flow generating c...