MARC has upgraded the ratings of ARL Tenaga Sdn Bhd’s (ARLT) RM177.0 million Bai’ Bithaman Ajil Islamic Secured Serial Bonds (ABBA) and RM50.0 million Islamic Medium-Term Notes (IMTN) to A+ID (A Plus, Islamic Debt). The upgrade is backed by ARLT’s commendable ability to service its obligation under the ABBA and IMTN in a timely manner backed by the stable and predictable cash flow of the com...

MARC has reaffirmed the rating of Europlus Corporation Sdn Bhd’s (ECSB) RM350.0 million Murabahah Underwritten Notes Issuance Facility (MUNIF) at MARC-3ID. The reaffirmation reflects the substantial locked-in sales from developments secured under the MUNIF which essentially acts to mitigate market risk, normalization in construction works in the last nine months and ECSB’s timeliness in remitt...

MARC has affirmed Malaysian AE Models Holdings Berhad (MAE)’s RM80 million Nominal Value Fixed Rate Serial Bonds rating at A-. The affirmation is a testament of the company’s competitiveness in the industry by virtue of its position as the country’s leading manufacturer and distributor of factory automation and material handling systems and the strategic decision by MAE to broaden its revenu...

MARC has received confirmation from the Lead Arranger and Trustee that a portion of Europlus Corporation Sdn Bhd’s RM350 million Murabahah Underwritten Notes Issuance Facility (MUNIF) amounting to RM19.0 million has been fully redeemed on 25 January 2005. Hence, effective 25 January 2005, the facility limit has been reduced to RM196.0 million, taking into consideration the abovementioned redempt...

MARC’s affirmation of Malaysian Merchant Marine Bhd’s (MMM) rating of AAID on its RM120.0 million Al-Bai’ Bithaman Ajil Serial Bonds (BaIDS) reflects the Group’s proven track record in the highly competitive international shipping industry; its better than average financial profile; as well as a tight issue structure under which the charter proceeds of all its vessels are assigned as secur...

Kurnia Insurans (Malaysia) Berhad’s (Kurnia) insurance financial strength rating has been affirmed at A+ to reflect the Company’s expanding share of the local general insurance market; its ability to maintain its leadership position in the motor insurance segment, realize its business strategies and improve its business operations; as well as its continuous efforts in introducing innovative p...

MARC has affirmed the rating of AID (A flat, Islamic Debt) assigned to Maxisegar Sdn Bhd (MSB)’s RM250.0 million Al Bai Bithaman Ajil Islamic Debt Securities on the back of its strong competitive position and good location of its property development; tempered by any adverse development in the property markets. MSB, a wholly owned subsidiary of Talam Corporation Berhad (TCB), one of the largest ...

The affirmation of the AID rating assigned to Merbok Hilir Berhad’s (Merbok) RM150.0 million Al-Bai’ Bithaman Ajil Serial Bonds (BBA Bonds) is premised on the Group’s proven track record in the highly competitive MDF industry; the favourable outlook of the international Medium Density Board (MDF) industry, as well as its well-capitalised balance-sheet. However, the balancing factors taken i...

The rating upgrade to AID / MARC-2 ID reflects Priceworth Wood Products Berhad (Priceworth) Group’s improving financials underpinned by growing timber extraction activity/contracting services coupled with high operational integration pertaining to its manufacturing activities. The Group’s vulnerability to cyclical developments affecting the timber/wood-based industry remains a moderating fact...

Following the breakdown of a switchgear in the Kapar Power Station on 13 January 2005 that had brought four states in the Southern region of the Peninsula, Putrajaya and parts of Kuala Lumpur to a standstill in a five-hour power blackout, MARC will be evaluating the operational as well as financial impact on Tenaga Nasional Berhad (TNB) and Kapar Energy Ventures Sdn Bhd (KEV) pending the results o...