MARC has assigned a rating of AAAID to Cagamas MBS Berhad’s (Cagamas MBS) asset-backed Sukuk Musyarakah Issuance (Sukuk Musyarakah) of up to RM[2,050.0] million. 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 M...

MARC has assigned rating of A+ID and MARC-2ID/A+ID to KLT’s proposed issuance of RM380 million BBA MTN and up to RM80 million MCP/MTN (“collectively known as Finance Facilities”) respectively. Proceeds from the Finance Facilities will be utilised to repay an existing bridging loan; to part finance the construction costs of Section II of the Kuala Lumpur – Putrajaya Highway (“the Highway�...

MARC has placed the rating of MARC-3ID in respect of Stenta’s RM90 million Murabahah Notes Issuance Facility (MUNIF) on a developing outlook; pending the approval of the Securities Commission (SC) and noteholders on the revision in reduction schedule of the MUNIF. The proposed revision is attributed to the high raw material (petroleum-based resins) prices in tandem with the uptrend in oil prices...

MARC has affirmed WCT Land Bhd’s (WCTL) long-term rating at AID in respect of the RM132 million Convertible Redeemable Debt Securities (CRDS) reflecting the Group’s reputable position as a property developer coupled with its strong financial performance and promising cashflow generating capabilites. The moderating factor continues to be the vulnerability of the projects to adverse developments...

The MARC-1 BG rating assigned to YPJ Oil Palm Estate Sdn Bhd’s (YPJOPE) RM180 million Guaranteed Commercial Papers (CP) reflects the unconditional and irrevocable guarantee provided by a consortium of financial institutions comprising Affin Merchant Bank Berhad, Affin Bank Berhad and Bumiputra-Commerce Bank Berhad.YPJOPE is principally involved in the cultivation and management of palm oil estat...

MARC has assigned a long-term rating of A (A Flat) to PECD Berhad’s (“PECD or the Group”) proposed RM200 million Serial Fixed Rate Bonds Programme (“Serial Fixed Rate Bonds”). The assigned rating is premised upon PECD’s competitive position within the construction industry as evident by the group’s order book which is comparable to other construction companies rated by MARC; its abil...

MARC has assigned ratings of AA-ID (Double A Minus, Islamic Debt) to DRB-Hicom Berhad’s (DRB or Group) RM680 million Bai’ Bithaman Ajil Islamic Debt Securities and MARC-1ID/AA-ID to its RM200 million Underwritten Murabahah CP/MTN and RM120 million Murabahah CP/MTN facilities respectively. The assigned ratings reflect the Group’s diversified businesses – automotive manufacturing & distribut...

MARC has upgraded the rating of Reliance Pacific Berhad’s (RPB or group) RM100 million Redeemable Secured Bonds (2001/2006) to A- (A minus). The upgrade is underpinned by the improvement in the travel and tourism industry and the group’s improved financial profile. The group returned to profitability after three consecutive years of losses whilst operating cash flow level returned to the black...

MARC has assigned a rating of A (A Flat) to Haisan Resources Berhad (HRB)’s proposed RM30 million bond; reflecting its strong competitive position in the refrigeration and ice industry, the assignment of specific contract proceeds towards redemption of the bonds, and its good operating profit margin and manageable debt leverage position. The rating is, however, moderated by the Group’s vulnera...

MARC has received confirmation from Bumi Armada Navigation Sdn Bhd that its RM80 million Murabahah Notes Issuance / Islamic Medium-Term Notes facility has been fully redeemed and it has arranged for the release/discharge of the security created in respect of the above facility. As such, MARC no longer has any rating obligation on the facility and the MARC-1ID/AA-ID rating is hereby withdrawn....