MARC has assigned ‘AAAID/MARC-1ID’ and ‘MARC-1ID’ ratings to the novated RM1.5 billion Murabahah commercial paper/medium term notes programme and RM150 million Murabahah CP programme of Sime Darby Berhad (formerly known as Synergy Drive Berhad) (“SDB”). Arising from the merger of Golden Hope Plantation Berhad (“Golden Hope”), Kumpulan Guthrie Berhad ...

MARC has reaffirmed the long-term ratings of ABS Plantation Assets Berhad’s (ABSP) RM50.0 million Class A and RM45.0 million Class B Bai Bithaman Ajil Islamic debt securities (Notes) at AAAID and AAID respectively. The affirmed ratings reflect the satisfactory performance of underlying plantation assets with the net operating income (NOI) of RM17.1 million for the period under review, well a...

MARC does not expect the acquisition by WCT Engineering Berhad (WCT) of the 35.17% stake in WCT Land Berhad (WCTL) which it does not own to have a meaningful effect on the corporate debt ratings of WCT and WCTL. WCT and WCTL have ratings of A+ID/MARC-1ID and A+(cg) respectively.On November 30, WCT announced that it had made a voluntary take over offer to acquire all the remaining shares in WCTL. I...

MARC does not expect the acquisition by WCT Engineering Berhad (WCT) of the 35.17% stake in WCT Land Berhad (WCTL) which it does not own to have a meaningful effect on the corporate debt ratings of WCT and WCTL. WCT and WCTL have ratings of A+ID/MARC-1ID and A+(cg) respectively.On November 30, WCT announced that it had made a voluntary take over offer to acquire all the remaining shares in WCTL. I...

This rating update is issued following the partial redemption of Aegis One Berhad’s (Aegis One) AA rated RM900.0 million senior secured bonds (senior bonds) on 29 November 2007.  MARC received confirmation from the trustee that RM860.39 million of Aegis One’s senior bonds had been redeemed on 29 November 2007, following which approximately RM19.77 million senior bonds and RM100.0 ...

MARC has reaffirmed the AAAID rating of Cagamas MBS Berhad’s (Cagamas MBS) asset-backed Sukuk Musyarakah Issuance (CMBS 2005-1) of RM2,050.0 million. CMBS 2005-1 is collateralized by a portfolio of Government Staff Islamic residential mortgages, payments on which are deducted at source. The reaffirmed rating reflects the performance of the securitised mortgage portfolio in particular, its lo...

The rating of Instacom SPV Sdn Bhd’s (Instacom SPV) RM200 million Murabahah Medium-Term Notes (MMTN) has been reaffirmed at AA-ID. The rating outlook is stable. The re-affirmed rating reflects the credit quality of the rental payment stream from creditworthy telecommunication companies (telcos) for the use of telecommunication towers constructed by Istacom Engineering Sdn Bhd (Instacom Engin...

MARC has revised the MARCWatch status on the MARC-2/A ratings of Axis Incorporation Berhad’s (Axis) RM100.0 million Commercial Papers / Medium-Term Notes Programme (CP/MTN) upon completion of its annual review, from Negative to Developing. The revision in MARCWatch status reflects an anticipated refinancing of the CP/MTN facility with bank borrowings by end 2007. The Company is at an advance...

MARC has reaffirmed the ratings of CapOne Bhd’s (CapOne) RM600.0 million super senior class A-1 bonds  and RM250 million senior class A-2 bonds at AAA; RM50 million mezzanine bonds at AA and downgraded the rating of the RM100.0 million subordinated secured bonds to B from BB- respectively. The lowered rating on the subordinated bonds reflects a new obligor default and further deteriorat...

MARC has reaffirmed the short and long term ratings of Mines Resort Berhad’s (MRB) Bank Guaranteed Commercial Papers and Bank Guaranteed Serial Bonds at MARC-1(bg) and AAA(bg) respectively. The reaffirmed ratings reflect the strength of an unconditional and irrevocable guarantee provided by Malayan Banking Berhad (Maybank). The stable ratings outlook mirrors that of Maybank’s.  Ma...