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...

MARC has downgraded the long-term rating of Sistem Lingkaran-Lebuhraya Kajang Sdn Bhd’s (SILK) Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) to BB-ID with negative outlook. The downgrade is premised on the weak traffic volume at all the four tolls, which have been consistently and significantly below the initial traffic projections; the weak traffic forecasts (latest traffic study date...

MARC has assigned a short and long term rating of MARC-2ID/AID to Malaysian AE Models Holdings Berhad’s (“MAE”) proposed issuance of RM200 Million Fully Underwritten Programme Islamic Commercial Paper/Islamic Medium Term Notes. The ratings reflect MAE’s competitive position as a one-stop logistic solutions provider; its technical competency in the industry; stable order book and strong fin...

MARC has affirmed Guthrie Property Development Holding Berhad’s (GPDH) rating of RM750 million Islamic Medium-Term Notes programme at AA-ID (double A minus, Islamic Debt). The rating reflects GPDH’s reputable position as a leading property developer in the country and its sound financial profile. Other positive rating factors include GPDH’s vast land holding and its commendable track record ...

MARC has reaffirmed the long-term and short-term issuer ratings of Cagamas Bhd (Cagamas) at AAA and MARC-1 respectively. The reaffirmation reflects the strong ability and flexibility of the Company to meet its financial commitments, supported by a favourable portfolio of loans and debts with full recourse to the selling institutions; its strong capitalization and a proactive and innovative managem...

MARC has assigned AAAID and AAID to ABS Plantation Assets Berhad (ABSP)’s RM50 million Class A and RM45 million Class B Bai-Bithaman Ajil (BaIDS) Islamic Debt Securities respectively. The ratings reflect the quality of the plantation properties; the structural features incorporated into the transaction; irrevocable guarantee provided by Multi Vest in respect of the periodic lease payments; and r...

MARC has reaffirmed the rating of MARC-1 on Radicare (M) Sdn Bhd’s (Radicare) RM49 Million Commercial Paper Programme; a reflection of the secured cash receivables from the Ministry of Health (MOH) backed by invoices issued to the MOH; a 1.25 times security cover of invoices issued; stringent requirements of the issue structure; sheer dominance of Radicare’s services in the central and eastern...

MARC has assigned a rating of A+ID (A Plus, Islamic Debt) to Antara Steel Mill Sdn Bhd’s (Antara) proposed RM500 million Bai’ Bithaman Ajil Islamic Debt Securities. The rating is supported by Antara’s association with one of the largest steel players in Malaysia, the Lion Group; good operating track record; strong overseas demand for its hot briquetted iron (HBI); tight issue structure and s...