MARC has reaffirmed the ratings of Sime Darby’s RM1,500 million Al-Murabahah Commercial Papers/ Medium-Term Notes (CP/MTN) at MARC-1ID/AAAID respectively. The reaffirmation of Sime Darby’s corporate debt ratings reflects the diversity of the Group’s business, its solid capitalization, resilient profitability levels, strong cash flow position, exceptional financial flexibility and their conti...

MARC has affirmed the rating of Bintang Bulk Mover Sdn Bhd’s (BBM) RM50 million 5-year secured serial bond at A-(A minus). The affirmation was premised on the Group’s strong operating performance and stable revenue stream, supported in particular by its long term cement transportation contracts with Lafarge Malayan Cement Bhd (LMCB), the largest local cement manufacturer. The affirmation also ...

MARC has upgraded the ratings of Negeri Sembilan Cement Industries Sdn Bhd’s (NSCI) RM200.0 million Bai’ Bithaman Ajil Islamic Bonds (BaIDS) to A+ID(bg) (A Plus, Islamic Debt, Bank Guaranteed) and the long-term rating of its RM130.0 million Murabahah Notes Issuance Facility (MUNIF) to A-ID (A Minus, Islamic Debt), while the short-term rating of the MUNIF was affirmed at MARC-2ID. The upgrade o...

MARC has received confirmation from IJM Corporation Berhad that its RM150.0 million nominal value Redeemable Unsecured Bonds (2000/2005) was fully redeemed on 28 February 2005 and has cancelled and terminated all agreements related to the facility. As such, MARC no longer has any rating obligation on the facility and the A+ID rating is hereby withdrawn....

MARC has assigned a short term rating of MARC-2ID to M-Trex Corporation Sdn Bhd’s (MCSB) proposed 7-year RM60 million Islamic Commercial Paper Programme under the financing principle of Murabahah. The rating is premised on MCSB’s position as the leading local manufacturer of anodised aluminium panels for the mid to high end audio video equipment market, exclusive agency rights to distribute ca...

MARC has assigned ratings of A+ID on Intelbest Sdn Bhd’s (“ISB”) RM20 million Series 1 BaIDS, AID on RM35 million Series 2 and RM55 million Series 3 BaIDS and MARC-1ID on its RM50 million MUNIF. The ratings reflect the strength of the issue structure, which includes the assignment of the redemption sum and progress billings of locked in sales and future sales for the purpose of the redemptio...

MARC has reaffirmed the rating of KLSSB’s tranches 2A, 2B, 3, 4A & 4B BaIDS totaling RM800 million at AID(s), reflecting the support provided by Bank Pembangunan & Infrastruktur Malaysia Berhad (BPIMB) by way of a standby revolving credit facility. The Tranche 1 BaIDS was fully settled in April 2004.Kuala Lumpur Sentral’s commercial development is divided into four phases. As at October 2004, ...

MARC has affirmed the rating for Mithril Berhad’s (Mithril) RM59 million Redeemable Convertible Secured Loan Stocks (RCSLS) at BBB, reflecting the recent completion of the corporate exercise with the injection of new businesses and a tight underlying issue structure. The rating is, however, constrained by Mithril’s exposure to the manufacturing industry, in particular the brick manufacturing b...

MARC has affirmed the ratings of Pesaka Astana (M) Sdn Bhd’s (PASB) RM140 million Al-Bai Bithaman Ajil Islamic Bonds (BaIDS) at A+ID and the RM200 million Commercial Paper/Medium Term Notes facility at MARC-1/A+ reflecting PASB’s competitive position as the leading assembler and provider of customized heavy-duty and specialized vehicles for agencies like the Ministry of Defence (MINDEF) and Fi...

MARC has upgraded Sunrise’s short term debt rating from MARC-2ID to MARC-1ID, reflecting the company’s strong cash position, affording early redemption of the Bai’Bithaman Ajil Facility Tranche1; good financial track record with operating margins averaging 30% in the last four years; low debt leverage position and good financial flexibility with a current ratio of 0.32x and unencumbered asse...