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The rating of MAA Holdings Berhad’s (MAAH) RM120 million Serial Bonds has been upgraded from A- to A with a Stable Outlook. The rating reflects the overall financial strength of its main subsidiary Malaysian Assurance Alliance Berhad (MAA) and MAAH’s successful issuance of its RM200 million CP/MTN Programme for debt repayment, working capital and business expansion in January 2007. MAA...
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MARC has affirmed the long term rating of Cagamas MBS Berhad’s (Cagamas MBS) asset-backed Sukuk Musyarakah Issuance (CMBS 2005-1) of RM2,050.0 million at AAAID . The affirmation is premised on the performance of the securitised mortgage portfolio; overcollateralisation of 138.8%; the stringent core and portfolio eligibility criteria, which serves to reduce credit risk of the obligors; deduct...
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MARC has reaffirmed the ratings of Gas Malaysia Sdn Bhd’s (Gas Malaysia) RM200 million Al-Murabahah Commercial Paper/Medium Term Notes (CP/MTN) Programme and RM500 million Al-Murabahah Medium Term Notes (MTN) Issuance Programme at MARC-1ID/AA+ID and AA+ID (Islamic Debt) respectively with stable outlook. The ratings continue to reflect its strong ownership structure; highly regulated industry...
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On 23 January 2007, MARC had placed Intelbest Corporation Sdn Bhd’s (“Intelbest”) RM110.0 million BaIDS and RM50.0 million MUNIF on MARCWatch Negative. Based on the trustee’s letters dated 29 January 2007 and 5 February 2007, the total amount to be maintained in the Redemption Account (“RA”) by 28 January 2007 is RM47.9 million for the redemption of the Series 1...
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On 9 February 2007, MARC received confirmation from HSBC (M) Trustees Berhad that TNB has fully redeemed its RM500 million Bonds on 29 December 2006. As such, MARC no longer has any rating obligation on the Bonds and the AA+ rating is hereby withdrawn. ...
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MARC has reaffirmed the AAAID long-term rating, with Stable Outlook, of Gas District Cooling (Putrajaya) Sdn Bhd’s (“GDC Putrajaya”) RM300 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (“BaIDS”). The rating is supported by the strength of the project which in turn draws its strength from the assured demand for the supply of chilled water coming from the ...
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MARC has reaffirmed the rating of AAA(s)ID to Kuching Port Authority’s (KPA) RM180 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS). The rating reflects the strength of the support provided by the State Government of Sarawak, through a Letter of Support, which ensures the timely and full redemption of the BaIDS. Hence, the current rating of KPA reflects the credit strength...
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MARC has affirmed the long-term ratings of Aegis One Bhd’s (Aegis One) RM900.0 million senior secured bonds and RM100.0 million subordinated secured bonds at AA and B respectively. The affirmation is premised on the ability of the portfolio to currently withstand AA-stress scenario; the protective features, i.e. the overcollateralization and interest coverage ratios incorporated into t...
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On 8 February 2007, MARC received confirmation from AmInvestment Bank Berhad that TH Group Berhad has fully redeemed its RM150 million BAIDS on 31 January 2007. As such, MARC no longer has any rating obligation on the BAIDS and the AID rating is hereby withdrawn....
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MARC has extended IJM Corporation Berhad’s (“IJM”) RM300 million Commercial Papers/ Medium-Term Notes Programme (“CP/MTN”) MARCWatch Developing placed on 20 October 2006 in view of IJM’s announcement on 2 February 2007 that the closing date for the conditional take-over offer of Road Builder Holdings Bhd has been extended to 11 March 2007. MARC is in the m...
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