The corporate debt rating of Bumiputra-Commerce Holdings Berhad (“BCHB”), formerly known as Commerce Asset-Holding Berhad, has been upgraded from A+ to AA- following the merger of CIMB Bank Berhad, formerly known as Bumiputra-Commerce Bank (“BCB”), and Southern Bank Berhad (“SBB”). BCHB is the ultimate parent of the merged entity branded as CIMB Bank Berhad (&ld...

The corporate debt rating of Bumiputra-Commerce Holdings Berhad (“BCHB”), formerly known as Commerce Asset-Holding Berhad, has been upgraded from A+ to AA- following the merger of CIMB Bank Berhad, formerly known as Bumiputra-Commerce Bank (“BCB”), and Southern Bank Berhad (“SBB”). BCHB is the ultimate parent of the merged entity branded as CIMB Bank Berhad (&ld...

MARC has placed Malaysian AE Models Holdings Berhad’s (“MAE”) RM200 Million Islamic Commercial Paper/Islamic Medium-Term Notes Programme (“ICP/IMTN”) on MARCWatch Developing following confirmation from its Facility Agent, Bank Muamalat Malaysia Berhad of the withdrawal of Abrar Discounts Berhad (“Abrar”) as  an underwriter for RM25 million of the ICPs...

Pursuant to MARC’s announcement dated 12 February 2007, a bondholders’ meeting was held on 16 February 2007. MARC was made to understand from the issuer and the trustee that the bondholders have agreed to extend the repayment dates for the Primary BaIDS as follows:-Series 1 BaIDS – 30 September 2009;Series 2 BaIDS – 31 March 2010; and Series 3 BaIDS – 31 December 2010...

MARC has affirmed the rating for Land & General Berhad’s (L&G) Redeemable Convertible Secured Loan Stocks (RCSLS) of up to RM320,962,637 at B- with negative outlook.  The rating reflects the Group’s weak competitive position, lack of financial flexibility and high debt burden owing to its current involvement in the debt restructuring scheme.  The negative outlook is p...

MARC has reaffirmed SAJ Holdings Sdn Bhd’s (SAJH) RM1,280 million Bai Bithaman Ajil Serial Bonds (BaIDS) long-term rating of AA- ID   with a Stable Outlook. The rating is supported by its proven operating and financial performance track record; Johor state’s growing water demand; a tariff setting mechanism that provides for an agreed rate of return to the company and a fairly...

MARC has reaffirmed Tenaga Nasional Berhad’s (TNB) issuer and corporate debt ratings. The reaffirmation of the ratings reflects TNB’s strategic and important role to Malaysia’s economy and national security and its dominant role in generation. TNB’s virtually monopolistic position in the transmission and distribution of  electricity in Peninsular Malaysia and Sabah, co...

MARC has downgraded the rating of Tracoma Holdings Berhad’s (“Tracoma”) RM100 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) from A ID to BBB+ ID with a negative outlook. The rating downgrade is underpinned by the current negative domestic automotive industry outlook reflecting weak industry fundamentals which MARC believes will have an adverse impact on Trac...

MARC has upgraded Mulpha International Bhd’s (“MIB”) RM75.0 million Bank Guaranteed Murabahah Notes Issuance Facility (“MUNIF”) long-term rating from A+(bg)ID to AA-(bg)ID and has reaffirmed the short-term rating of MARC-1(bg)ID. The ratings reflect the unconditional and irrevocable bank guarantees provided by AmInvestment Bank Berhad and CIMB Bank Berhad. On a separa...

Pursuant to Malakoff Berhad’s (“Malakoff”) conditional Master Sale Agreement with Nucleus Avenue (M) Sdn Bhd (“NAB”), a wholly-owned subsidiary of MMC Corporation Berhad (“MMC”), for the proposed disposal of the entire business and undertakings of Malakoff, which includes its current 40% shareholding in Kapar Energy Ventures Sdn Bhd (“KEV”) to ...