MARC has reaffirmed its ‘AA’ insurer financial strength rating on Lonpac Insurance Berhad (Lonpac). The rating is based mainly on the company’s record of underwriting discipline, its excellent liquidity and prudent capital management. The rating also factors Lonpac’s continued strategic emphasis on underwriting discipline and improving product diversity. Lonpac’s recent initiatives to br...

MARC has reaffirmed the short and long term ratings of Mines Resort Berhad’s (MRB) Bank Guaranteed Commercial Papers and Bank Guaranteed Serial Bonds at MARC-1(bg) and AAA(bg) respectively, reflecting the unconditional and irrevocable guarantee provided by Malayan Banking Berhad (Maybank). MRB is principally a property development company, currently developing a project named “South of the Min...

MARC has affirmed the rating of Tesco Stores (Malaysia) Sdn Bhd’s (“TSM”) RM750 million guaranteed commercial paper programme at MARC-1(cg). The short term corporate debt rating of TSM reflects the credit strength of its ultimate holding company, Tesco PLC (“Tesco”), which irrevocably and unconditionally guaranteed the commercial paper programme. TSM presently operates eight hypermarkets...

The rating of IJM Plantations Berhad’s (IJMP) RM150 Million Al-Bai Bithaman Ajil Islamic Debt Securities has been upgraded to A+ID reflecting its business focus in oil palm plantation and palm oil milling and its strong financial profile. The rating is, however, moderated by the Group’s vulnerability to cyclical developments in the palm oil industry.IJMP’s oil palm cultivation is undertaken ...

MARC has received confirmation from Mayban Trustees Bhd as the trustee for Malaysia International Shipping Corporation Berhad’s RM1.5 billion CP/MTN Programme that the said facility has been fully redeemed. As such, MARC no longer has any rating obligation on the CP/MTN Programme and the MARC-1ID / AAAID ratings are hereby withdrawn....

MARC has assigned a rating of A+ID to Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (“Kesturi”) proposed issuance of up to RM780 million redeemable secured serial bonds under an Islamic Istisna Sukuk (“Sukuk”). The assigned rating reflects amongst others, Duta-Ulu Kelang Expressway’s (“DUKE or the Highway”) strategic alignment connecting the North Klang Valley Expressway on the w...

DeGem Berhad’s (DeGem) RM50.0 million MUNIF/IMTN programme has been reaffirmed at MARC-2ID/A+ID to reflect the Group’s proven track record as one of the leading jewellers in Malaysia. The ratings also took into consideration DeGem’s better than average financial profile characterised by its low gearing and favourable liquidity profile. Moderating factors include the inherent risks of the ret...

MARC has assigned a rating of MARC-1ID (cg) and AA-ID (cg) to Harum Intisari Sdn Bhd’s (HISB) Al-Murabahah Commercial Papers (MCP) and Medium-Term Notes (MMTN) respectively (collectively known as the Programme) of up to a nominal value of RM300 million. The ratings reflect the unconditional and irrevocable corporate guarantee given by Gamuda Bhd (Gamuda), a leading construction company in Malays...

MARC has assigned ratings of MARC-1ID/AA- ID to Syarikat Bekalan Air Selangor Sdn Bhd’s (SYABAS) RM3.0 billion Bai Bithaman Ajil Commercial Papers/ Medium Term Notes Programme, reflecting its dominant position as the sole distributor of treated water for the State of Selangor and the Federal Territories of Kuala Lumpur and Putrajaya; the Government’s support for the water privatization program...

MARC has obtained confirmation from Mayban Trustees Berhad (Trustee) on 30th September 2005 that Pesaka Astana (M) Sdn Bhd did not meet the first primary notes and secondary notes repayment amounting to RM34.2 million in total, under its Al-Bai Bithaman Ajil Islamic Debt Securities (ABBA) facility on 30th September 2005. Under Clause 9.1(a) of the Trust Deed, any non-payment under the ABBA facilit...