Kurnia Insurans (Malaysia) Berhad’s (Kurnia) financial strength rating has been reaffirmed at A+ to reflect the Company’s expanding share of the local general insurance market; its ability to maintain its leadership position in the motor insurance segment and the realization of its premium growth target. However, Kurnia’s high business concentration on motor insurance continues t...

MARC has assigned the ratings of MARC-1ID/AAID to Tele-Flow Capital Sdn. Bhd.’s (Tele-flow Capital) RM90 million Senior Notes under the MUNIF/IMTN Facility.  The ratings reflect the exclusive rights to construct and manage the telecommunication towers and structures in the State of Kedah; the licensing agreement entered into with creditworthy telecommunication companies/ operators (telc...

MARC has affirmed the long-term rating of Cagamas MBS Berhad’s (Cagamas MBS) RM1,555.0 million fixed rate serial bonds (CMBS 2004-1) at AAA. The affirmation is premised on the portfolio of securitised Government Staff Housing Loans (GSHL) performing within expectations under stressed scenario aided by the stringent core and portfolio eligibility criteria comprising mortgages of government pe...

MARC has assigned Islamic debt ratings of MARC-1ID/AAAID to Putrajaya Holdings Sdn Bhd’s (“PJH”) proposed RM1.5 billion Murabahah Commercial Papers and/or Medium-Term Notes (“CP/MTN”) Programme. The Islamic debt ratings reflect PJH’s robust capitalization coupled with a strong set of shareholders, exceptional financial flexibility and the strategic importance of PJH in the development ...

MARC has reaffirmed the long-term rating of Auto ABS One Bhd’s (Auto ABS) RM510.0 million Class A bonds at AAA. This is premised on the portfolio of hire purchase receivables performing within stressed expectations, the availability of gross overcollateralization of 107.0% and a non-amortizing cash reserve equivalent to 2.5% of the nominal value of the bonds.Under the first tier of a two-tiered ...

MARC has assigned a long term rating of A+ to Titisan Modal (M) Sdn Bhd’s (“TMSB”) proposed issuance of up to RM738.0 million Fixed Rate Serial Bonds (“FRSB”). The rating is a reflection of the water industry in the State of Selangor whereby the demand fundamentals for treated water is unwavering; satisfactory operating performance of the water treatment plant and the expected robust cas...

MARC has affirmed Priceworth Wood Products Berhad’s (Priceworth) short and long term ratings of MARC-2/A respectively on its RM160.0 million Commercial Papers/Medium-Term Notes; reflecting the Group’s improving financials underpinned by growing timber extraction activity/contracting services coupled with expansion of its manufacturing facilities and better outlook of timber prices. The Group�...

MARC has placed PSSB Ship Management Sdn Bhd’s (“PSM”) RM40 million Bai’ Bithaman Ajil Islamic Securities (“BAIS”) on MARCWatch with a Negative Outlook, with the likelihood of suspension if the relevant information is not provided within two weeks of this announcement. The RM40 million BAIS was assigned an initial rating of AA-ID in November 2004. The action is due to PSM’s failure,...

Shamelin Bina Sdn Bhd’s (“SBSB”) rating has been reaffirmed at A-ID which reflects, Koperasi Shamelin Berhad’s (KSB) satisfactory asset quality arising from the collection arrangement with ANGKASA (Angkatan Koperasi Kebangsaan Malaysia Berhad); low level of job transfers and resignations in the public sector; positive cashflow generating capacity throughout the tenure of the Murabahah Medi...

The affirmed ratings of A+(bg)ID/ MARC-1(bg)ID for Mulpha International Bhd’s (MIB) RM75.0 million Bank Guaranteed Murabahah Notes Issuance Facility (MUNIF) reflect the unconditional and irrevocable bank guarantees provided by AmMerchant Bank Berhad and Southern Bank Berhad; whilst the affirmed ratings of AID/ MARC-2ID for MIB’s RM25.0 million Murabahah Commercial Paper/ Medium Term Notes (CP/...