MARC has affirmed its MARC-1(bg) and AAA(bg) ratings on Mega Palm Sdn Bhd’s (MPSB) Bank Guaranteed Medium-Term Notes (BG MTN) of up to RM70.0 million and Bank Guaranteed Commercial Papers (BG CP) of up to RM80.0 million, respectively. The rating outlook is stable. The ratings reflect the strength of the unconditional and irrevocable bank guarantee provided by Malaysia’s largest bank, M...

MARC has affirmed Petra Perdana Berhad’s (Petra) rating of A+ on its RM800 million Dual Currency Revolving Financing Facility comprising RM400 million Nominal Value Secured Serial Bonds and up to RM400 million Dual Currency Revolving Financing Facility. Concurrently, MARC has revised the rating outlook to developing from stable to reflect the Group’s tighter than previously anticipated...

MARC has received confirmation from the facility agent that MK Land Holdings Berhad (MK Land) had on August 29, 2008 redeemed the principal payment of bonds amounting to RM60 million as scheduled. The BBB+ rating on MK Land’s bonds remains under review for possible downgrade based on its continuing weak earnings and cash flow arising from the low take-up rates for its ongoing property develo...

MARC has withdrawn the A+ voluntary insurer financial strength rating assigned to Kurnia Insurans (Malaysia) Berhad (“Kurnia”) with immediate effect. The rating has been withdrawn at Kurnia’s request and accordingly MARC has no further rating obligations on Kurnia.Contact: Dr Yuen Boon Jching 03-2090 2249/ yuenbj@marc.com.my4th Sept 2008 ...

MARC has received confirmation from Prokhas Sdn Bhd, the sole holder of Evermaster Group Berhad’s (EGB) RM50 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS), of EGB’s proposed rescheduling of the BaIDS. The BaIDS and the RM40 million Murabahah Multi-Option Notes Issuance Facility’s (MONIF) long- and short-term ratings of BBB-ID and MARC-3ID remain on MARCWatch Negati...

MARC is issuing this update on its AA-/MARC-1 rating on IJM Corporation Berhad’s (IJM) RM300 million Commercial Paper/Medium Term Notes Programme in view of the Group’s proposed capital repayment exercise. MARC has retained its AA- long term and MARC-1 short term ratings after taking into consideration that the impact of the capital repayment on the Group’s profile will only be m...

MARC has affirmed the AAA/AAAID and MARC-1/MARC-1ID ratings on Cagamas Berhad’s (Cagamas) Conventional and Islamic Medium-Term Note Programme of up to RM40.0 billion (MTN Programme) and its Conventional and Islamic Commercial Paper Programme of up to RM20.0 billion (CP Programme) (collectively known as the Programmes), respectively.  The ratings carry a stable outlook. The ratings refle...

MARC is issuing this rating update in connection with its MARC-1(cg)/AAA(cg) and MARC-1ID(cg)/AAAID(cg) ratings on Tesco Stores (Malaysia) Sdn Bhd’s (Tesco Malaysia) RM3.5 billion Conventional and Islamic Commercial Paper and Medium Term Notes (CP/MTN) Programme. Tesco Malaysia has issued RM700 million under the CP/MTN Programme as of todate. The ratings on Tesco Malaysia’s issuances a...

MARC has affirmed its AID long-term and MARC-1ID short-term ratings on Delloyd Ventures Berhad (“Delloyd” or the “Group”) in respect of its RM100 million Islamic Commercial Papers/ Medium Term Notes (CP/MTN) Programme. Concurrently, the rating outlook has been revised to stable from developing. The outlook revision incorporates reduced execution risk concerning its plantati...

MARC has placed Persoft Systems Sdn Bhd’s (Persoft) RM50.0 million Commercial Paper Programme’s rating of MARC-2 on MARCWatch Negative. The rating action reflects Persoft’s non-compliance of the required Debt Service Cover Ratio of 1.25 times based on its accounts for the financial year ended December 31, 2007.  MARC is commencing Persoft’s annual review and will asses...