The affirmation of Leader Universal Holdings Berhad’s (LEADER) rating of AID reflects the Group’s leading position in the cable and wire manufacturing industry as well as the stable revenue contribution from its power generation business in Cambodia. The rating, however, is moderated by thin margins from its cable and wire products; the large number of players relative to major consumers in th...

The rating reaffirmation reflects the overall financial strength of its main subsidiary Malaysian Assurance Alliance Berhad (MAA) and the support provided by the Revolving Credit (RC) Facility to meet coupon and principal payments in the event of a shortfall. Consistent with previous years, MAA Holdings Berhad (MAAH) continues to derive most of its income from dividends upstreamed by MAA. MAA ma...

The ratings of Intelbest Corporation Sdn Bhd’s (“ICSB”) RM110.0 million Bai Bithaman Ajil Bonds (“BaIDS”) and RM50.0 million Murabahah Notes Issuance Facility (“MUNIF”) have been downgraded with a Developing Outlook as follows:Facility MUNIF Series 1 BaIDS Series 2 BaIDSSeries 3 BaIDSAmountRM50.0 millionRM20.0 millionRM35.0 millionRM55.0 millionPrevious RatingMARC-1 IDA+IDAIDAIDCurre...

MARC has assigned ratings of AAA/MARC-1 rating to Valid Ventures Berhad’s (VVB) proposed issuance of RM510.0 million fixed-rate serial bonds and up to RM85.0 million Commercial Papers/Medium-Term Notes Programme (CP/MTN). The ratings reflect the Government of Malaysia’s (GOM) backing of Port Kelang Authority (PKA), a statutory authority, to undertake the GOM’s project; the national importanc...

The affirmation of AAAID and AAAID(s) assigned to Optimal Olefins (Malaysia) Sdn Bhd’s (“Olefins”), Optimal Glycols (Malaysia) Sdn Bhd and Optimal Chemicals (Malaysia) Sdn Bhd’s (“G&C”) debt issuance respectively reflect the Optimal Group of companies’ (“Optimal Group”) competitive edge in the petrochemical industry, stemming from its large-scale vertical operational integration;...

MARC has assigned a rating of A+ to Petra Perdana Berhad’s (Petra) proposed issuance of up to equivalent RM800 million Dual Currency Revolving Financing Facility comprising RM400 million Nominal Value Secured Serial Bonds under Tranche 1 and up to RM400 million Dual Currency Revolving Financing Facility under Tranche 2. The rating reflects the Group’s competitive position as an integrated serv...

The proposed issuance of RM100 million Islamic Medium Term Notes facility and up to RM50 million Murabahah Underwritten Notes Issuance Facility/ Islamic Medium Term Notes Facility (“Finance Facilities”) has been assigned a long term rating of AID and a short and long term rating of MARC-2ID and AID respectively. The ratings of Medi Innovation Sdn Bhd’s (“MISB”) proposed issue reflect th...

MARC has downgraded with a negative outlook the long-term ratings of Ambang Sentosa Sdn. Bhd.’s (ASSB) RM272 million and RM226 million of class B and class C Al-Bai Bithaman Ajil Islamic debt (BaIDS) asset-backed securities (ABS) facility from AID to BBB+ID and from A-ID to BBB ID respectively. The downgrades are based upon the prolonged construction delays experienced at the Taman Puncak Jalil...

The rating reaffirmation of Merbok Hilir Berhad’s (Merbok) RM150.0 million Al-Bai’ Bithaman Ajil Serial Bonds (BBA Bonds) at AID is reflective of Merbok Group’s proven track record in the MDF industry and its fairly robust financial position. Moderating factors, however, include the inherent risks of such commodity-based industry, high capital requirements driven by rapidly evolving technolo...

We refer to the press announcement on 27 January 2006 on Europlus Corporation Sdn Bhd’s (“ECSB”) RM350.0 million Murabahah Underwritten Notes Issuance Facility (“Munif”), wherein it was announced that the said Munif was downgraded to MARC-4ID.Arising from the downgrading of the Munif to non-investment grade, a Cancellation Event has occurred and Abrar Discount Bhd, the Facility Agent, ...