The ratings of Gas Malaysia Sdn Bhd’s (Gas Malaysia) RM200.0 million Al-Murabahah Commercial Paper/Medium Term Notes (CP/MTN) Programme and RM500.0 million Al-Murabahah Medium Term Notes (MTN) Issuance Programme have been affirmed at MARC-1ID/AA+ID and AA+ID (Islamic Debt) respectively, reflecting its strong ownership structure, highly regulated industry, dominant position in the gas distributio...

The rating of Europlus Corporation Sdn Bhd’s (ECSB) RM350.0 million Murabahah Underwritten Notes Issuance Facility (MUNIF) has been downgraded from MARC-3ID to MARC-4ID and placed on MARCWatch with negative implications. The downgrade reflects substantial deterioration in ECSB’s internal cash flow generation, making it unlikely, in MARC’s opinion, that ECSB will be able to meet its financial...

MARC has downgraded the rating of Perspektif Perkasa Sdn Bhd’s (PPSB) RM188 million Murabahah Underwritten Notes Issuance Facility (MUNIF) from MARC-3ID to MARC-4ID and concurrently placed the rating on a MARCWatch with a Negative Outlook. PPSB is the developer of Bandar Pinggiran Cyber, an 800-acre township to be located at the fringe of Cyberjaya.The rating downgrade and Negative Outlook follo...

MARC has downgraded Maxisegar Sdn Bhd (MSB)’s RM250.0 million Al Bai Bithaman Ajil Islamic Debt Securities (BaIDS) from the rating of AID (A flat, Islamic Debt) to BBID (BB flat, Islamic Debt). Concurrently, we have also placed the rating on a MARCWatch with a Negative Outlook. The severe downgrade of the BaIDS to non-investment grade securities was based upon the rapid deterioration of MSB’s ...

MARC has affirmed Boustead Plantations’ (formerly known as Kuala Sidim Berhad) long term ratings under Tranche 1 and 2 at A+(BG) and A- respectively. Meanwhile the short term ratings of Tranche 1 and 2 are reaffirmed at MARC-1(BG) and MARC-2 respectively. The reaffirmation of RM50 million Tranche 1 ratings reflects the unconditional and irrevocable guarantee by Southern Bank Berhad (SBB), while ...

MARC has affirmed AmMerchant Bank Berhad’s financial strength rating at A+/MARC-1; premised on the Bank’s consistent strong market position in fee-based activities; improvement in the Bank’s asset quality, funding profile and capitalization. Furthermore, the successful listing of the investment banking arm on Bursa Malaysia is expected to increase the profile of the Bank and provide positive...

MARC has affirmed the rating of AAA ID (s) (AAA Support, Islamic Debt) in respect of Sarawak Specialist Hospital & Medical Centre Sdn Bhd’s (SSHMC) Istisna’ Serial Bonds (Bonds). The rating reflects the AAA rating of the Sarawak State Government as the principal and profit payments of the Bonds will be satisfied via proceeds of share subscription payments as evidenced by the back-to-back Redee...

MARC has affirmed SAJ Holdings Sdn Bhd’s (SAJH) RM1.28 billion Bai Bithaman Ajil Serial Bonds (BaIDS) long-term rating of AA-ID with a Developing 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 tight issue structu...

The long term rating of Puncak Niaga Holdings Berhad’s (“PNHB”) RM546.875 million Redeemable Unconvertible Junior Notes (“RUN”) with detachable warrants has been reaffirmed at A. The rating is similar to the rating of Puncak Niaga (M) Sdn Bhd’s (“PNSB”) Junior Notes A (“A Notes”), which has also been reaffirmed. The rating reaffirmation is a reflection of the perfected security...

MARC has reaffirmed Puncak Niaga (M) Sdn Bhd’s (“PNSB”) RM1.02 billion Bai Bithaman Ajil Islamic Debt Securities (“BaIDS”) and RM350 million Murabahah Commercial Papers/ Murabahah Medium Term Notes ratings of AAID and MARC-1ID/AAID respectively. The reaffirmation of the ratings is due to PNSB’s improved liquidity profile underpinned by the settlement of the long outstanding receivables...