MARC has affirmed Pembinaan Mitrajaya Sdn Bhd’s (PMSB) long term rating of A-ID (A minus, Islamic Debt) and short term rating of MARC 2ID reflecting the strength of the issue structure, which includes the assignment of contract proceeds for the purpose of redeeming the MONI and BAIDS facilities; its relatively good business position and proven track record which enable the company to sustain its...

The rating reflects IJM Corporations Berhad’s (IJM) consistently strong financial results, the ability to sustain its competitive position domestically and internationally and the diversity of its business. Moderating factors include the increasing competitiveness in the domestic construction environment compounded by the difficult building materials industry, and the inherent risks in each busi...

MARC has reaffirmed the ratings of Midciti Resources Sdn Bhd’s Private Debt Securities (PDS) Facilities as follows:7-year Secured Bai Al-Dayn Commercial Paper/Medium Term Notes Financing Programme with nominal value of up to RM1,000 million (CP/MTNs):MARC-1ID/AAAID7-year Secured Bai Al-Dayn Commercial Paper/Medium Term Notes Financing Programme with nominal value of up to RM1,000 million (CP/MTN...

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

MARC has reaffirmed the ratings of Puncak Niaga (M) Sdn Bhd’s (PNSB) RM1,020 million Bai Bithaman Ajil Islamic Serial Bonds, RM350 million Murabahah Commercial Papers/Murabahah Medium Term Notes and RM546.875 million Junior Notes at AAID, MARC-1ID/AAID and A respectively. The reaffirmation reflects the Federal Government’s assistance in the partial settlement of the long outstanding trade rece...

MARC has reaffirmed the rating of MTD Prime Sdn Bhd’s (MTD Prime) Al-Bai Bithaman Ajil Islamic Debt Securities (BAIDS) rating at AA-ID. This reflects the continuous traffic growth at the KL – Karak Highway being above the Government’s guaranteed traffic volume; and the strength of the company’s financial profile underpinned by the strong revenue growth.MTD Prime is the concession holder of...

The rating reaffirmation reflects the financial strength of the life and general insurance funds of its main subsidiary Malaysian Assurance Alliance Berhad (MAA) and the support provided by the Revolving Credit (RC) Facility to meet coupon and principal payments in the event of a shortfall. Consistent with previous years, MAA Holdings Berhad (MAAH) continues to derive most of its income from divi...

MARC has assigned a rating of A+(bg)ID/ MARC-1(bg)ID to Mulpha International Berhad (MIB)’s RM75.0 million Proposed Bank Guaranteed Murabahah Notes Issuance Facility (MUNIF) reflecting the unconditional and irrevocable bank guarantees provided by AmMerchant Bank Berhad and Southern Bank Berhad; whilst the ratings of AID/ MARC-2ID assigned to MIB’s RM25.0 million Proposed Murabahah Commercial P...

MARC has affirmed 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 deve...

Reliance Pacific Berhad’s (RPB) rating is reaffirmed at BBB+ reflecting the group’s leading position in the travel industry supported by a wide distribution network, competitive cost structure and established brand name; coupled with improving sentiments in the travel and tourism industry. The rating, however, continues to be moderated by the group’s weak cash flow position and high gearing ...