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...

Kertih Terminals Sdn Bhd’s (KTSB) rating has been reaffirmed at MARC-1, reflecting the company’s resilient financial position, declining debt leverage level and stable cash flows generated from the long term contracts by the terminal users. KTSB was incorporated to undertake the construction and operation of a Centralized Tankage Facility (CTF) for PETRONAS’ Integrated Petrochemical Complex ...

The reaffirmation of Utusan Melayu (Malaysia) Berhad’s (Utusan/the group) rating of MARC-3 on the extended Revolving Underwritten Facility (RUF) reflects Utusan’s leading position in the Malay language newspaper and magazine segments coupled with improving financials following higher circulation figures and increasing advertising revenue. The rating is, however, moderated by Utusan’s exposur...

MARC has reaffirmed the long-term and short-term issuer ratings of Cagamas Bhd (Cagamas) at AAA and MARC-1 respectively. The reaffirmation reflects the strong ability and flexibility of the Company to meet its financial commitments, supported by a favorable portfolio of loans and debts with full recourse to the selling institutions, its strong capitalization and a proactive management team. As the...

The reaffirmation of Talam Corporation Berhad’s (Talam) rating at A reflects its strong underlying issue structure, in which assignment of sale proceeds from the Saujana Puchong development project forms the source of repayment of the bond issue; the group’s strengthened capital structure; the improving financial profile of the group and its competitive position as one of the largest developer...

MARC has assigned AA+ID to Kapar Energy Ventures Sdn Bhd’s (KEV) proposed RM3,402 million Bai Bithaman Ajil Islamic Debt Securities (BaIDS). The accorded rating reflects the project’s stable and predictable cash flow supported by the contracted capacity payments as well as the credit strength of the off-taker cum majority shareholder, Tenaga Nasional Bhd (TNB). TNB carries an issuer rating of ...

MARC has placed 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 its RM546.875 million junior notes on a negative outlook pending the resolution of the substantial and long outstanding trade receivables which stood at RM1.14 billion as at December 2003. The maintenance of the pres...