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MARC has assigned ratings of AAAIS (CG) /MARC-1IS (CG) to funding vehicle F&N Capital Sdn Bhd’s (F&N Capital) Islamic Medium-Term Notes (IMTN) and Islamic Commercial Papers (ICP) programmes with a combined limit of up to RM3.0 billion. The ratings outlook is stable. F&N Capital is a wholly-owned subsidiary of Fraser & Neave Holdings Bhd (F&NHB) which has provided an unconditi...
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MARC ASSIGNS AA-/STABLE RATING TO 7-ELEVEN MALAYSIA HOLDINGS’ PROPOSED RM600.0 MILLION MTN PROGRAMME
MARC has assigned a preliminary rating of AA- to 7-Eleven Malaysia Holdings Berhad’s (7-Eleven Holdings) proposed RM600.0 million Medium-Term Notes (MTN) Programme with a stable outlook.The assigned rating mainly reflects 7-Eleven Holdings’ strong and established market position in the convenience store segment, gained from a long operating track record with a wide store network that has suppo...
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MARC has assigned a final rating of AA-IS with a stable outlook to Guan Chong Berhad’s proposed RM800.0 million Sukuk Wakalah Programme.The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way from the draft documentation on which the preliminary rating was based. For full details of the assi...
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MARC has assigned a preliminary rating of AA-IS with a stable outlook to Guan Chong Berhad’s (GCB) proposed Sukuk Wakalah Programme of up to RM800.0 million. The proposed rating incorporates GCB’s strong market position in the midstream cocoa industry, established operational track record and healthy debt coverage metrics. The rating is constrained by the group’s inherent exposure to fluctua...
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MARC has withdrawn its rating of MARC-2ID on MM Vitaoils Sdn Bhd’s (MMV) RM45.0 million Murabahah Commercial Paper (MCP) Programme with immediate effect. The rating withdrawal follows the full redemption of outstanding notes under the programme on October 28, 2011 and the cancellation of the programme as confirmed by the facility agent. Contacts: Sabesh Parameswaran, +603-2082 2260/ sabesh@m...
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MARC has withdrawn its ratings of MARC-1ID/AID on Tomei Consolidated Berhad’s (Tomei) RM100 million Islamic Commercial Paper/Medium Term Notes (CP/MTN) Programme with immediate effect. The rating withdrawal follows the early redemption of outstanding notes on March 18, 2011 and cancellation of the facility, as confirmed by Maybank Investment Bank Berhad, the facility agent. MARC will ac...
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MARC has affirmed its MARC-2ID rating on MM Vitaoils Sdn Bhd’s (MMV) RM45.0 million Murabahah Commercial Paper (MCP) Programme and maintained a negative outlook on the rating. The negative outlook reflects continued concerns over insufficient operating cash flows to support the build-up of MMV’s sinking fund from August 2011 onwards to meet its first CP redemption of RM20.25 million du...
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MARC has withdrawn Hytex Integrated Berhad’s (Hytex) ratings of MARC-4ID/B+ID for business reasons. MARC’s last rating action was on July 28, 2010 when the notes were downgraded from MARC-3ID/BBB-ID to MARC-4ID/B+ID. As such, MARC will no longer provide analytical coverage on the MUNIF/IMTN facility which Hytex is currently restructuring.Contacts: Jason Kok, 03-2090 2258/ jason@marc.co...
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MARC has affirmed its AAA rating on Oversea-Chinese Banking Corporation Limited’s (OCBC) redeemable subordinated bonds of up to RM2.5 billion. The rating affirmation takes into account OCBC’s established financial services franchise in Singapore and Malaysia, its strong capitalisation, diversified sources of income and improved risk management procedures. MARC did not notch down the ra...
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MARC has downgraded its ratings on Hytex Integrated Berhad’s (Hytex) RM100.0 Million Murabahah Underwritten Notes Issuance Facility/ Islamic Medium Term Notes (MUNIF/IMTN) to MARC-4ID/B+ID from MARC-3ID / BBB-ID. Its rating outlook has been revised to negative from developing. The rating action follows Hytex’s partial deferment of an interest payment on a collateralised loan obligation...
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