The reaffirmation of Kuching Port Authority’s (KPA) Islamic debt securities at AAA(s) reflects the strength of the support provided by the State Government of Sarawak, through the Letter of Support, in ensuring the timely and full redemption of the RM180 million Al-Bai’ Bithaman Ajil Islamic debt Securities (BaIDS). Hence, the current rating of KPA reflects the credit strength of the state of ...

In respect of Evermaster Group Berhad’s (EGB) RM50 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) and RM40 million Murabahah Multi-Option Notes Issuance Facilities (MONIF), MARC has downgraded EGB’s long-term rating to A-ID whilst reaffirming the short term rating at MARC-2ID. The rating actions reflect on the Group’s continued deteriorating profitability over the last two fina...

MARC has assigned ratings of MARC-1ID/A+ID to Nam Fatt Corporation Berhad’s (Nam Fatt) RM250 million Islamic Commercial Paper/Islamic Medium Term Notes (ICP/IMTN) Programme. The ratings reflect a tight issue structure with pre-determined criteria of contracts that could be financed by the said facility and in turn proceeds from the contracts will be used to repay any outstanding notes before ope...

MARC has reaffirmed the rating for Sapura Energy Sdn Bhd’s (SESB) RM140 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) at AID reflecting the company’s strength in the marine engineering business; synergies arising from the consolidation of the company under SapuraCrest Petroleum Berhad (SapuraCrest); and its stable financial profile. The rating, however, is moderated by the ...

MARC received written confirmation on 14 December 2005 from PB Trustees Berhad, the Trustee of WCTE`s Unsecured Bonds that the Unsecured Bonds were fully redeemed on 6 October 2005.Accordingly, MARC has withdrawn the rating of the Unsecured Bonds....

MARC has assigned a rating of AA-IS to Vastalux Capital Sdn Bhd’s (VCSB) Islamic Securities under the principle of Musyarakah Mutanaqisah (Sukuk Musyarakah) of RM100.0 million. The rating assignment reflects the strong credit risk of the offtaker, Petronas Carigali Sdn Bhd (PCSB); protective issue structure which mitigates risk of commingling of funds from two main contracts with PCSB with the ...

MARC has assigned rating of AAA to Cagamas MBS Berhad’s (Cagamas MBS) RM2,060.0 million secured fixed-rate serial bonds. The rating is based on the stringent core and portfolio eligibility criteria, aimed at partially mitigating risk of delinquencies and defaults further reinforced by representations and warranties provided by the Federal Government of Malaysia (GOM); deductions of mortgage pay...

The rating affirmation of A+ID on Ingress Sukuk Berhad’s (ISB) RM160.0 million Sukuk Al Ijarah Issuance is underpinned by Ingress Corporation Berhad’s (Ingress) track record as one of the leading local automotive component manufacturers with a diversified customer and geographical distribution; and its fairly strong financial profile. Moderating factors, however, include the vulnerability of ...

The MARC-1ID (Islamic Debt) rating assigned to Kumpulan Guthrie Berhad’s (Guthrie) proposed RM150 million Underwritten Murabahah Commercial Papers reflects the Group’s strong position as one of the country’s leading plantation players cum property developer with vast land banks in Malaysia and Indonesia; its sound financial profile and strong financial flexibility. Moderating factors to the...

MARC has affirmed the ratings of CNLT (Far East) Berhad’s (CNLT) RM60 million Bank Guaranteed CP/MTN at A(bg)/ MARC-1(bg). This reflects the weakest link rating within the unconditional and irrevocable bank guarantees provided by a consortium of financial institutions. The bank guarantors consist of Aseambankers, Malayan Banking Berhad, Bumiputra Commerce Bank Berhad and EON Bank Berhad. CNLT is...