MARC has lifted the negative outlook placed on the ratings of AA ID (Double AA Islamic Debt)/MARC-1ID in respect of PNSB’s RM1.02 billion ABBA serial bonds and RM350 million MuCP/MTN programme and the A rating of PNHB’s RM546.875 million redeemable unconvertible junior notes. The negative outlook was placed in June 2004 pending the resolution of the group’s long outstanding trade receivables...

MARC has lifted the negative outlook placed on the ratings of AA ID (Double AA Islamic Debt)/MARC-1ID in respect of PNSB’s RM1.02 billion ABBA serial bonds and RM350 million MuCP/MTN programme and the A rating of PNHB’s RM546.875 million redeemable unconvertible junior notes. The negative outlook was placed in June 2004 pending the resolution of the group’s long outstanding trade receivables...

MARC has reaffirmed Malaysia International Shipping Corporation Berhad’s (MISC) MARC-1ID/AAAID ratings on its RM1.5 billion Murabahah Commercial Paper / Medium-Term Notes Programme (2000/2005). The reaffirmation of the ratings is predicated by the Group’s solid operating fundamentals; its dominant position in the Malaysian shipping industry particularly the liquefied natural gas segment; exten...

MARC has assigned a long-term rating of AA- ID (Double A Minus Islamic Debt) to SAJ Holdings Sdn Bhd’s (SAJH) RM1.28 billion Bai Bithaman Ajil Serial Bonds which will be utilized to redeem the existing RM680 million BaIDS and to part finance SAJH’s capital expenditure. The rating is supported by its proven operating and financial track record; Johor state’s growing water demand; a tariff set...

MARC has assigned rating of AAA to Cagamas MBS Berhad’s (Cagamas MBS) RM1,555.0 million secured fixed-rate serial bonds. The rating is based on the stringent core and portfolio eligibility criteria of the securitized mortgages, comprising mortgages of government pensioners only, the representation and warranty provided by the Originator, the Federal Government of Malaysia (GOM); deduction of mo...

MARC has assigned ratings of AAA and AAA/MARC-1 to Transshipment Megahub Berhad’s (TMB) RM1,095.0 million 8-year fixed rate serial bonds and up to RM360 million 7-year underwritten commercial papers/ medium-term notes (CP/MTN) facility, respectively. TMB is a special purpose company, wholly owned by Kuala Dimensi Sdn Bhd (KDSB), with the principal activities of issuing RM1,095.0 million fixed-r...

MARC has upgraded AmMerchant’s financial institution rating to A+ and reaffirmed its short term rating at MARC-1 based on the Bank’s consistent strong market position in fee-based activities; significant improvement in the Bank’s asset quality; further improvements in its funding profile and capitalization; and expected improvement in the profile of the Bank with its impending listing on Bur...

MARC has reaffirmed the rating of Tian Siang Holdings Sdn Bhd (Tian Siang)’s RM93 million nominal value coupon bearing serial bonds (Serial Bonds) at A (A flat). The reaffirmation reflects the Group’s improving profitability and consistent operational efficiency. Nevertheless, the rating is moderated by the cyclical nature of the palm oil industry largely due to potential fluctuation in CPO pr...

The reaffirmation of GDC Putrajaya Sdn Bhd’s (GDC Putrajaya) BaIDS’ rating at AAA reflects the strength of the project with assured demand for the production of chilled water supply to Government premises in Putrajaya; minimal credit risk with the Government and Putrajaya Holdings as the main offtakers; strong financial support from its ultimate shareholder, Petroliam Nasional Berhad (PETRONAS...

MARC has received confirmation from the Facility Agent that RAV’s CP Notes have been fully redeemed by RAV and cancelled accordingly. Hence, MARC no longer has any rating obligation on RAV’s CP Programme and the MARC 2 rating is hereby withdrawn....