MARC has downgraded Malaysian Merchant Marine Bhd’s (MMM) RM120.0 million Al-Bai’ Bithaman Ajil Serial Bonds (BaIDS) rating from AAID to AA–ID; reflecting its weakened operating cash flow protection measures due to the combined effects of significantly lower operating cash flows and higher operating cost. Future operating cash flow required to meet its operating expenses may further impair i...

MARC has affirmed the ratings of OSK Property Holdings Bhd (OSKP)’s Class A and B BaIDS at AID and A-ID respectively. The reaffirmation reflects OSKP’s strong presence in Sungai Petani, Kedah through its flagship development – Bandar Puteri Jaya (BPJ); its improving operating profit margins and the potential rental income from its proposed acquisition of Ke-Zan Holdings Bhd (KZH). The rating...

The MARC-2ID rating on the RM70.0 Million Murabahah Commercial Papers (MCP) Programme is underpinned by MM Vitaoils Sdn Bhd’s (MMV) proven business model which is primarily supported by the research and development (R&D) activities carried out by the Malaysian Palm Oil Board (MPOB). Moderating factors to the rating include MMV’s limited track record; working capital constraints that limited th...

MARC has assigned ratings of MARC-2ID/ A-ID to Prinsiptek Corporation Berhad’s (“Prinsiptek”) Murabahah Commercial Papers (“MCPs”) Programme and Murabahah Medium-Term Notes (“MMTNs”) Programme. The ratings reflect Prinsiptek’s improved financial and capitalised position; its track record in the construction arena and its foray into property development to diversify its income base....

MARC has reaffirmed with negative outlook the long-term ratings of Aegis One Bhd’s (Aegis One) RM900.0 million senior secured bonds and RM100.0 million subordinated secured bonds at AAA and BB respectively. The reaffirmation is based upon the weighted average rating of Aegis One’s portfolio of corporate loans at A-/BBB+; comfortable overcollateralization and interest coverage ratios; the adequ...

MARC has reaffirmed the rating of Land & General Berhad’s (L&G) Redeemable Convertible Secured Loan Stocks (RCSLS) of up to RM320,962,637 at B- (B minus). The rating reflects the Group’s weak competitive position following the on-going corporate restructuring and de-gearing exercise, weak financial performance, impaired cash generation ability and high debt burden. Following L&G’s restructur...

MARC has reaffirmed Glomac Berhad’s (“Glomac”) rating of RM50.0 million Senior Bai’ Bithaman Ajil Islamic Bonds at A+ID; RM60.0 million Junior Bai’ Bithaman Ajil Islamic Bonds (Junior BaIDS) at AID and RM25.0 million Murabahah Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) at MARC-2ID/AID. The ratings reflect the company’s established position as a reputable property de...

MARC has affirmed the ratings of Premium Nutrients Berhad’s (Premium Nutrients) RM85 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium-Term Notes (MUNIF/IMTN) at MARC-2ID / AID. The affirmation reflects the Group’s competitive position as an integrated producer of specialty fats; its diversified customer base and the structural features in the issue structure. The ratings a...

WCT Engineering Berhad’s (WCT) proposed additional indebtedness, primarily for its construction projects in Qatar will result in a higher debt level, rising from 0.7 times in FY2004 to 0.9 times currently. Whilst this level is marginally high for the current ratings of A+ID for long term and MARC-1ID for short term, it is moderated by WCT’s excellent record on its overseas projects to-date, ex...

MARC has reaffirmed the corporate credit rating of Road Builder (M) Holdings Bhd (RBH) at A+. The rating reaffirmation is reflective of RBH’s diversified earnings base which provides protection against the cyclicality of any particular industry that RBH is involved in; evidenced by RBH’s stable and sustainable financial performance over the years. Moderating factors to the rating is the Group�...