MARC has assigned ratings of AAA/MARC-1 rating to Valid Ventures Berhad’s (VVB) proposed issuance of RM510.0 million fixed-rate serial bonds and up to RM85.0 million Commercial Papers/Medium-Term Notes Programme (CP/MTN). The ratings reflect the Government of Malaysia’s (GOM) backing of Port Kelang Authority (PKA), a statutory authority, to undertake the GOM’s project; the national importanc...

The affirmation of AAAID and AAAID(s) assigned to Optimal Olefins (Malaysia) Sdn Bhd’s (“Olefins”), Optimal Glycols (Malaysia) Sdn Bhd and Optimal Chemicals (Malaysia) Sdn Bhd’s (“G&C”) debt issuance respectively reflect the Optimal Group of companies’ (“Optimal Group”) competitive edge in the petrochemical industry, stemming from its large-scale vertical operational integration;...

MARC has assigned a rating of A+ to Petra Perdana Berhad’s (Petra) proposed issuance of up to equivalent RM800 million Dual Currency Revolving Financing Facility comprising RM400 million Nominal Value Secured Serial Bonds under Tranche 1 and up to RM400 million Dual Currency Revolving Financing Facility under Tranche 2. The rating reflects the Group’s competitive position as an integrated serv...

The proposed issuance of RM100 million Islamic Medium Term Notes facility and up to RM50 million Murabahah Underwritten Notes Issuance Facility/ Islamic Medium Term Notes Facility (“Finance Facilities”) has been assigned a long term rating of AID and a short and long term rating of MARC-2ID and AID respectively. The ratings of Medi Innovation Sdn Bhd’s (“MISB”) proposed issue reflect th...

MARC has downgraded with a negative outlook the long-term ratings of Ambang Sentosa Sdn. Bhd.’s (ASSB) RM272 million and RM226 million of class B and class C Al-Bai Bithaman Ajil Islamic debt (BaIDS) asset-backed securities (ABS) facility from AID to BBB+ID and from A-ID to BBB ID respectively. The downgrades are based upon the prolonged construction delays experienced at the Taman Puncak Jalil...

The rating reaffirmation of Merbok Hilir Berhad’s (Merbok) RM150.0 million Al-Bai’ Bithaman Ajil Serial Bonds (BBA Bonds) at AID is reflective of Merbok Group’s proven track record in the MDF industry and its fairly robust financial position. Moderating factors, however, include the inherent risks of such commodity-based industry, high capital requirements driven by rapidly evolving technolo...

We refer to the press announcement on 27 January 2006 on Europlus Corporation Sdn Bhd’s (“ECSB”) RM350.0 million Murabahah Underwritten Notes Issuance Facility (“Munif”), wherein it was announced that the said Munif was downgraded to MARC-4ID.Arising from the downgrading of the Munif to non-investment grade, a Cancellation Event has occurred and Abrar Discount Bhd, the Facility Agent, ...

We refer to the press announcement on 27 January 2006 on Maxisegar Sdn Bhd’s (“MSB”) RM250.0 million Al Bai Bithaman Ajil Islamic Debt Securities (“BaIDS’) wherein it was announced that the said BaIDS were downgraded to BBID.Subsequent to the press announcement, MSB has made the coupon payment of RM4.8 million for the month of February 2006 but was not able to make the principal repaymen...

We refer to the press announcement on 27 January 2006 on Perspektif Perkasa Sdn Bhd’s (“PPSB”) RM188.0 million Murabahah Underwritten Notes Issuance Facility (“Munif”), wherein it was announced that the said Munif was downgraded to MARC-4ID.Arising from the downgrading of the Munif to non-investment grade, a Cancellation Event has occurred and Abrar Discount Bhd, the Facility Agent, ha...

The rating of MK Land Holdings Berhad’s (MK Land) tranche 1 and tranche 2 serial bond ratings have been downgraded to A premised on the the vulnerability of its projects to the developments in the local property market, lower than expected take up rates of its recent launches in Damansara Damai (DDamai) and Damansara Perdana (DPerdana), and the company’s declining profitability and margins. T...