MARC has upgraded the short-term rating to MARC-1 and the long-term rating to A+ in respect of Hong Leong Credit’s (HLC) commercial papers and Medium-Term Notes programme. This reflects the improved fundamentals of HLC’s key subsidiaries as well as the improved capital structure of the company. The rating is moderated by the competitive financial services environment and the potential ...

MARC has reaffirmed Pembinaan Mitrajaya Sdn Bhd’s (PMSB) RM50 million Murabahah Multi-Option Notes Issuance (MONI) Facility at MARC-2ID/A-ID (A minus, Islamic Debt). The ratings reflect the support  provided by the irrevocable and unconditional corporate guarantee granted by PMSB’s holding company, Mitrajaya Holdings Berhad (MHB) a company listed on the main Board of Bursa Malaysi...

MARC has reaffirmed Tenaga Nasional Berhad’s (“TNB”) issuer rating of MARC-1/AA+, and corporate debt ratings of RM2.0 billion Al-Bai’ Bithaman Ajil Bonds at AA+ID, RM1.5 billion Murabahah Commercial Papers and Murabahah Medium Term Notes (MCP/MMTN) at MARC-1ID /AA+ID, RM1.0 billion Al-Bai’ Bithaman Ajil Notes Issuance Facility at AA+ID, and RM500 million Fixed Rate Un...

The long and short term ratings of AAA(bg) and MARC-1(bg) assigned to Mega Palm Sdn Bhd’s (MPSB) Bank Guaranteed Medium-Term Notes (BG MTN) of up to RM70.0 million and Bank Guaranteed Commercial Papers (BG CP) of up to RM80.0 million respectively reflect the unconditional and irrevocable bank guarantee provided by Malayan Banking Berhad (Maybank). MPSB is principally involved in property dev...

The corporate debt rating of Bumiputra-Commerce Holdings Berhad (BCHB), formerly known as Commerce Asset-Holding Berhad, has been affirmed at A+ following the combination of CIMB and Bumiputra-Commerce Bank (BCB). BCHB is the ultimate parent of the combined entity. Concurrently, MARC has upgraded the Financial Institution Rating of BCB from AA-/MARC-1 to AA/MARC-1. MARC has also upgraded the ratin...

The corporate debt rating of Bumiputra-Commerce Holdings Berhad (BCHB), formerly known as Commerce Asset-Holding Berhad, has been affirmed at A+ following the combination of CIMB and Bumiputra-Commerce Bank (BCB). BCHB is the ultimate parent of the combined entity. Concurrently, MARC has upgraded the Financial Institution Rating of BCB from AA-/MARC-1 to AA/MARC-1. MARC has also upgraded the ratin...

MARC has maintained a MARCWatch with negative outlook on the ratings of Peremba Jaya Holdings Sdn Bhd’s (PJHSB) RM200 million Murabahah Underwritten Notes Issuance Facility (MUNIF)/ Murabahah Medium-Term Notes (MMTNs). The rating action reflects PJHSB’s weak financials which remain unchanged since the initial issue of the MARCWatch in February 2006 and the continued uncertainty surroun...

Under this sale and leaseback transaction, Kwantas SPV Sdn. Bhd. (SPV), a special purpose company and a wholly owned subsidiary of Kwantas Corporation Berhad (KCB) has been incorporated for the sole purpose of owning and leasing plantation properties for the benefit of the Islamic securities investors as well as issuing up to RM65.0 million Murabahah Commercial Papers/Medium Term Notes Programme (...

MARC has received confirmation from Mayban Trustees Bhd as the trustee for Kwantas Corporation Berhad (KCB), that the ABBA bonds amounting up to RM100 million has been redeemed and refinanced through an issuance of RM220 million Islamic Securities by Kwantas SPV Sdn Bhd (a wholly-owned subsidiary of KCB) and all agreements related to the facility have been terminated accordingly. As such, MARC no ...

Jana Niaga Sdn Bhd (“JNSB”) RM100 million Murabahah Underwritten Notes Issuance Facility’s (“MUNIF”) rating has been downgraded to MARC-3 ID from MARC-2 ID (2004). The rating action stems from the failure by Universiti Industri Selangor (“UNISEL”) to meet the minimum rental payments guaranteed (based on guaranteed student numbers and full occupancy of staf...