The reaffirmation of Kuching Port Authority’s (KPA) Islamic debt securities facility at AAA(s) reflects the strength of the support provided by the State Government of Sarawak in ensuring the timely and full redemption of the BaIDS facility. Hence, the current rating of KPA reflects the credit strength of the state of Sarawak which is superior to KPA’s credit standing. The strong investment in...

MARC has upgraded the rating of WCT Engineering Berhad’s (WCT) RM120.0 million 5% Redeemable Unsecured Bonds with detachable warrants (2000/2005) from A(s) to A+(s). The rating upgrade is supported by the high cash coverage afforded to the outstanding bonds brought about by the accumulation of funds in the sinking fund account. The rating also reflects WCT’s strengthening financial profile and...

MARC has assigned an indicative rating of AAA to Cagamas MBS Berhad’s (Cagamas MBS) proposed RM[1,500.0] 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 Malays...

The assignment of AAAID and AAAID(s) to Optimal Olefins (Malaysia) Sdn Bhd’s (“Olefins”) and Optimal Glycols (Malaysia) Sdn Bhd and Optimal Chemicals (Malaysia) Sdn Bhd’s (“G&C”) debt issuance respectively reflect the Optimal Group of companies’ (“Optimal Group”) competitive edge in the petrochemical industry, stemming from its large-scale vertical operational integration, strong...

MARC has assigned a rating of MARC-1 on Radicare (M) Sdn Bhd’s (Radicare) RM49 Million Commercial Paper Programme (CP). The rating assignment is a reflection of the secured cash receivables from the Ministry of Health (MOH); a 1.25 times security cover of invoices issued to the MOH; stringent requirements of the issue structure and the monopoly position of Radicare’s services in the central an...

MARC has assigned a rating of AAA(s)ID (AAA Support, Islamic Debt) to 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 Redeemable Preferenc...

The MARC-2ID/AID ratings are predicated by Oilcorp Berhad’s (Oilcorp) position as an integrated engineering, procurement and construction (EPC) services provider in various industries; strong historical profitability measure; and its low gearing position. The ratings, however, are moderated by the sustainability of its revenue and profits post-FY2005 given that Oilcorp’s on-going contracts are...

MARC has assigned ratings of A/MARC-2 to RCE Premier Sdn. Bhd.’s (RCEP) RM45 million 5-year fixed rate serial bonds and up to RM50 million 7-year underwritten commercial paper facility. The ratings assigned to RCE Premier Sdn Bhd’s (RCEP) proposed Bonds and CP programme (referred to as the Facilities) reflect the 1.3 times security cover of receivables purchased by RCEP to be maintained at al...

The rating reflects IJM Plantations Berhad’s (IJMP) business focus in palm oil plantation and milling and its strong plantation performance. The rating is, however, moderated by the Group’s vulnerability to cyclical developments in the palm oil industry.IJMP’s palm oil cultivation is undertaken in the Sandakan and Labuk-Sugut districts of Sabah. Out of a total land bank of 29,560 hectares, 7...

MARC has assigned a rating of AID (A Flat, Islamic Debt) to Ace Polymers (M) Sdn Bhd’s (Ace) proposed RM70.0 million Bai’ Bithaman Ajil Islamic Debt Securities. The assigned rating reflects Ace’s status as one of the Tier-1 suppliers to the local automotive industry; strong financial results characterized by its favourable operating profit margin and sufficient cash flow coverage and an issu...