MARC has placed the ratings in respect of PHSSB’s RM698 million BaIDS on rating watch as PHSSB has breached its covenanted debt-to-equity ratio of 1.85 times based on its audited accounts for financial year ended 31 December 2003. The RM698 million BaIDS is made up of five tranches of which four tranches are bank guaranteed. The bank guaranteed tranches carry ratings of AAAID(bg) (Triple A, Isla...

MARC has assigned a rating of A (A flat) to WCT Land Berhad’s (WCTL) Convertible Redeemable Debt Securities (CRDS) of a nominal value of RM132 miliion. The CRDS will be utilised to part refinance existing advances from its major shareholder, WCT. As part of a corporate exercise involving the acquisition of Bescorp Industries Berhad (BIB) (Special Administrators appointed) by WCTL, WCT will in tu...

Malaysian Rating Corporation Berhad (MARC) has affirmed the rating of Petronas Fertilizer (Kedah) Sdn Bhd’s (PFK) RM750 million BaIDS facility at AAA (s)ID. The affirmation reflects the strength of the support provided by the holding company, Petroliam Nasional Berhad (PETRONAS) in ensuring timely and full redemption of the BaIDS. PFK, a wholly-owned subsidiary of PETRONAS, benefits from PETRON...

MARC has received confirmation from the facility agent, Abrar Discounts Berhad, that Ambang Sentosa Sdn. Bhd.’s (ASSB) RM388.0 million Class A Al-Bai Bithaman Ajil Islamic Debt / Asset Backed Securities (BaIDS/ABS) has been redeemed and cancelled on 28 July 2004. As such, MARC no longer has any rating obligation on the Class A BaIDS and the AA- ID rating is hereby withdrawn. We are currently u...

MARC has lifted the negative outlook placed on Europlus Corporation Sdn Bhd’s (ECSB) RM350 million Murabahah Underwritten Notes Issuance Facility (MUNIF) following the normalization of ECSB’s construction work in the last four months. With the stabilization of raw material supplies and the continued efforts by ECSB to complete construction work on a timely basis, the cash flow emanating from t...

MARC has affirmed Perspektif Perkasa Sdn Bhd’s (PPSB) RM188 million nominal value Murabahah Underwritten Notes Issuance Facility rating of MARC-3ID. The rating is reflective of Bandar Pinggiran Cyber’s positioning as an affordable integrated township underlined by the competitive pricing of the residential development vis-à-vis other property developments within the vicinity. The township’s...

MARC has assigned ratings of MARC-1ID / AA+ID and AA+ID respectively to Gas Malaysia Sdn Bhd’s (Gas Malaysia) Al-Murabahah Commercial Paper/Medium Term Notes (CP/MTN) Programme and Al-Murabahah Medium Term Notes (MTN) Issuance Programme. The ratings reflect its strong ownership structure, highly regulated industry, dominant position in the gas distribution business, efficient operations and a s...

MARC has lifted the MARC Watch (with a negative outlook) placed on MNI’s RM923 million Bai’ Bi Al-Taqsit Nominal Value Fixed Rate Serial Bonds Programme (Islamic Bonds) following the successful completion of MNI’s Bond Restructuring Exercise on 11 June 2004 and compliance on reinstatement of the Standby Credit facility as at 30 June 2004. The approved restructuring entails a 3-year repayment...

Mines Golf Resort Berhad’s Bank Guaranteed Serial Bonds and Bank Guaranteed Commercial Papers ratings are affirmed reflecting the unconditional and irrevocable guarantee provided by Malayan Banking Berhad (Maybank). Mines Golf Resort Berhad (MGRB) is principally a property development company, currently developing a project named “South of the Mines” (South Lake Project); an upmarket mixed d...

MARC has assigned short and long-term ratings of MARC-2ID and A-ID (A minus, Islamic Debt) to Paradym Resources Industries Sdn Bhd (PRI)’s Islamic Commercial Paper/Medium-Term Note Issuance Programme (CP/MTN Programme), reflecting PRI’s position as a reputable manufacturer of superior quality copper products; moderated by PRI’s relatively high debt leverage coupled with the industry’s fair...