MARC has downgraded Maxisegar Sdn Bhd (MSB)’s RM250.0 million Al Bai Bithaman Ajil Islamic Debt Securities (BaIDS) from the rating of AID (A flat, Islamic Debt) to BBID (BB flat, Islamic Debt). Concurrently, we have also placed the rating on a MARCWatch with a Negative Outlook. The severe downgrade of the BaIDS to non-investment grade securities was based upon the rapid deterioration of MSB’s ...

MARC has affirmed Boustead Plantations’ (formerly known as Kuala Sidim Berhad) long term ratings under Tranche 1 and 2 at A+(BG) and A- respectively. Meanwhile the short term ratings of Tranche 1 and 2 are reaffirmed at MARC-1(BG) and MARC-2 respectively. The reaffirmation of RM50 million Tranche 1 ratings reflects the unconditional and irrevocable guarantee by Southern Bank Berhad (SBB), while ...

MARC has affirmed AmMerchant Bank Berhad’s financial strength rating at A+/MARC-1; premised on the Bank’s consistent strong market position in fee-based activities; improvement in the Bank’s asset quality, funding profile and capitalization. Furthermore, the successful listing of the investment banking arm on Bursa Malaysia is expected to increase the profile of the Bank and provide positive...

MARC has affirmed the rating of AAA ID (s) (AAA Support, Islamic Debt) in respect of Sarawak Specialist Hospital & Medical Centre Sdn Bhd’s (SSHMC) Istisna’ Serial Bonds (Bonds). The rating reflects the AAA rating of the Sarawak State Government as the principal and profit payments of the Bonds will be satisfied via proceeds of share subscription payments as evidenced by the back-to-back Redee...

MARC has affirmed SAJ Holdings Sdn Bhd’s (SAJH) RM1.28 billion Bai Bithaman Ajil Serial Bonds (BaIDS) long-term rating of AA-ID with a Developing Outlook. The rating is supported by its proven operating and financial performance track record; Johor state’s growing water demand; a tariff setting mechanism that provides for an agreed rate of return to the company and a fairly tight issue structu...

The long term rating of Puncak Niaga Holdings Berhad’s (“PNHB”) RM546.875 million Redeemable Unconvertible Junior Notes (“RUN”) with detachable warrants has been reaffirmed at A. The rating is similar to the rating of Puncak Niaga (M) Sdn Bhd’s (“PNSB”) Junior Notes A (“A Notes”), which has also been reaffirmed. The rating reaffirmation is a reflection of the perfected security...

MARC has reaffirmed Puncak Niaga (M) Sdn Bhd’s (“PNSB”) RM1.02 billion Bai Bithaman Ajil Islamic Debt Securities (“BaIDS”) and RM350 million Murabahah Commercial Papers/ Murabahah Medium Term Notes ratings of AAID and MARC-1ID/AAID respectively. The reaffirmation of the ratings is due to PNSB’s improved liquidity profile underpinned by the settlement of the long outstanding receivables...

IJM Corporation Berhad’s (IJM) RM300 million of Commercial Papers/ Medium-Term Notes Programme (CP/MTN) has been affirmed at MARC-1/ A+. This reflects IJM’s consistently strong financial results; the ability to sustain its competitive position domestically and internationally and the diversity of its business. The ratings are, nevertheless, moderated by the challenging operating environment pr...

MARC has affirmed Bumiputra-Commerce Bank Berhad’s (BCB or the bank) Financial Institution ratings at AA-/MARC-1 and its detachable coupons of RM667.0 million nominal value Irredeemable Convertible Unsecured Loan Stocks (ICULS) rating at A+. The ratings reflect the bank’s efforts at improving asset quality, its stable liquidity position and wide funding base. Deemed the second largest commerci...

This proposed Murabahah Medium-term Notes (“MMTN”) programme represents a structured transaction involving the assignment of license/ rental payments due from the local telecommunication companies (“telcos”) to the Issuer, Instacom SPV Sdn Bhd (“Instacom SPV”); in respect of the erection of telecommunication towers (“towers”) and construction of related infrastructure. Accordingly,...