MARC has assigned a rating of MARC-1ID (cg) and AA-ID (cg) to Harum Intisari Sdn Bhd’s (HISB) Al-Murabahah Commercial Papers (MCP) and Medium-Term Notes (MMTN) respectively (collectively known as the Programme) of up to a nominal value of RM300 million. The ratings reflect the unconditional and irrevocable corporate guarantee given by Gamuda Bhd (Gamuda), a leading construction company in Malays...

MARC has assigned ratings of MARC-1ID/AA- ID to Syarikat Bekalan Air Selangor Sdn Bhd’s (SYABAS) RM3.0 billion Bai Bithaman Ajil Commercial Papers/ Medium Term Notes Programme, reflecting its dominant position as the sole distributor of treated water for the State of Selangor and the Federal Territories of Kuala Lumpur and Putrajaya; the Government’s support for the water privatization program...

MARC has obtained confirmation from Mayban Trustees Berhad (Trustee) on 30th September 2005 that Pesaka Astana (M) Sdn Bhd did not meet the first primary notes and secondary notes repayment amounting to RM34.2 million in total, under its Al-Bai Bithaman Ajil Islamic Debt Securities (ABBA) facility on 30th September 2005. Under Clause 9.1(a) of the Trust Deed, any non-payment under the ABBA facilit...

The ratings of Atlan Holdings Berhad’s (Atlan) RM90 Million Murabahah Underwritten Notes Issuance Facility/ Islamic Medium Term Notes (MUNIF/ IMTN) and RM40 million Al’-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) facilities had been affirmed at MARC-2ID and AID (A flat, islamic debt). The ratings affirmation reflects Atlan’s diversified business and good competitive position, which is ...

MARC has assigned a rating of AID to Englotechs Holding Bhd’s (Englotechs) Murabahah Medium Term Notes Programme of up to RM50.0 million. The rating is a reflection of Englotechs position as a leading manufacturer and exporter of industrial cotton work gloves in Malaysia, the stable and foreseeable increase in demand for its products, stable operating margins over the last four years and low deb...

MARC has received confirmation from Malaysian AE Models Holdings Berhad that the company has made an early redemption of the entire issuance of the RM80 million Nominal Value Fixed Rate Serial Bonds. Following this development, MARC no longer has any rating obligation on the above Fixed Rate Serial Bonds and the A- rating is hereby withdrawn....

MARC has assigned ratings of AAA to CapOne Berhad’s (CapOne) RM600.0 million Super Senior Class A-1 and RM250.0 million Senior Class A-2 secured fixed-rate asset-backed bonds; AA to RM50.0 million Mezzanine Class B secured fixed-rate; and BB to RM100.0 million subordinated junior secured variable-rate asset-backed bonds respectively. The ratings are based on the total credit enhancement of 68.8%...

MARC has assigned AA- rating to Scomi Group Bhd’s (Scomi) proposed issuance of RM500 million Medium-Term Notes (Notes). The rating reflects the group’s good competitive position as it has one of the most comprehensive range of products and services for the provision of integrated fluids solutions in the world; an international presence in 34 countries following the acquisition of KMC...

MARC has reaffirmed the rating of KLSSB’s tranches 2A, 2B, 3, 4A & 4B BaIDS totaling RM800 million at AID(s), reflecting the support provided by Bank Pembangunan & Infrastruktur Malaysia Berhad (BPIMB) by way of a standby revolving credit facility. As at May 2005, the aggregate confirmed sales stood at RM854.5 million, of which RM91.9 million remained uncollected. For the first five month period...

The ratings of TH Group Berhad’s (THG) proposed RM200 million Commercial Papers/Medium-Term Notes Programme at MARC-2/A (MARC-2/single A flat) reflect THG’s improving financials on the back of steady growth in revenue and profit stemming from the good performance of its plantation and construction divisions. Some of the moderating factors include volatility in CPO prices, seasonal factors affe...