MARC places Europlus Sdn Bhd (Europlus) on MARCWatch with negative outlook premised upon its current weak cash flow position resulting from the delays in development projects and its reliance on the disposal of 25% equity interest in Kumpulan Europlus Berhad (KEB) shares to IJM Corporation, with which the related Share Purchase Agreement has been extended to 30 November 2005.Europlus has not been ...

The short and long term ratings of MARC-1ID and AAAID (Islamic Debt) assigned to MISC Berhad’s (“MISC”) Murabahah Commercial Paper/Medium-Term Notes (“MCP/MTN”) are underpinned by the Group’s solid operating fundamentals; its dominant position in the Malaysian shipping industry particularly the liquefied natural gas (“LNG”) segment; extensive global reach with the acquisition of Am...

MARC has received confirmation in October 2005 from Malaysian Trustees Berhad, the Trustee of Perak-Hanjoong Simen Sdn Bhd’s (“PHS”) RM30 million Tranche V Al-Bai’ Bithaman Ajil Islamic Debt Securities (“BaIDS”) on the following:The BaIDS’ Holders had agreed to grant further indulgence of 6 months ending 17 November 2005 for the repayment of all amounts outstanding under the Tranche ...

MARC has reaffirmed its ‘AA’ insurer financial strength rating on Lonpac Insurance Berhad (Lonpac). The rating is based mainly on the company’s record of underwriting discipline, its excellent liquidity and prudent capital management. The rating also factors Lonpac’s continued strategic emphasis on underwriting discipline and improving product diversity. Lonpac’s recent initiatives to br...

MARC has reaffirmed the short and long term ratings of Mines Resort Berhad’s (MRB) Bank Guaranteed Commercial Papers and Bank Guaranteed Serial Bonds at MARC-1(bg) and AAA(bg) respectively, reflecting the unconditional and irrevocable guarantee provided by Malayan Banking Berhad (Maybank). MRB is principally a property development company, currently developing a project named “South of the Min...

MARC has affirmed the rating of Tesco Stores (Malaysia) Sdn Bhd’s (“TSM”) RM750 million guaranteed commercial paper programme at MARC-1(cg). The short term corporate debt rating of TSM reflects the credit strength of its ultimate holding company, Tesco PLC (“Tesco”), which irrevocably and unconditionally guaranteed the commercial paper programme. TSM presently operates eight hypermarkets...

The rating of IJM Plantations Berhad’s (IJMP) RM150 Million Al-Bai Bithaman Ajil Islamic Debt Securities has been upgraded to A+ID reflecting its business focus in oil palm plantation and palm oil milling and its strong financial profile. The rating is, however, moderated by the Group’s vulnerability to cyclical developments in the palm oil industry.IJMP’s oil palm cultivation is undertaken ...

MARC has received confirmation from Mayban Trustees Bhd as the trustee for Malaysia International Shipping Corporation Berhad’s RM1.5 billion CP/MTN Programme that the said facility has been fully redeemed. As such, MARC no longer has any rating obligation on the CP/MTN Programme and the MARC-1ID / AAAID ratings are hereby withdrawn....

MARC has assigned a rating of A+ID to Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (“Kesturi”) proposed issuance of up to RM780 million redeemable secured serial bonds under an Islamic Istisna Sukuk (“Sukuk”). The assigned rating reflects amongst others, Duta-Ulu Kelang Expressway’s (“DUKE or the Highway”) strategic alignment connecting the North Klang Valley Expressway on the w...

DeGem Berhad’s (DeGem) RM50.0 million MUNIF/IMTN programme has been reaffirmed at MARC-2ID/A+ID to reflect the Group’s proven track record as one of the leading jewellers in Malaysia. The ratings also took into consideration DeGem’s better than average financial profile characterised by its low gearing and favourable liquidity profile. Moderating factors include the inherent risks of the ret...