MARC has reaffirmed Road Builder (M) Holdings Bhd’s (RBH) corporate credit rating of A+ (single A plus). The reaffirmation reflects the good financial performance of the group, its strong competitive position in the construction business, experienced management team and strong financial flexibility. The rating is, however, moderated by the inherent cyclicality of the construction and property in...

MARC has received confirmation from the Facility Agent that KLSSB’s Tranche 1 BaIDS of RM91 million has been fully redeemed. As such, the A-ID rating is hereby withdrawn. In the meantime, the ratings for Tranches 2A, 2B, 3, 4A & 4B BaIDS totalling RM800 million remain unchanged at AID(s), reflecting the support provided by Bank Pembangunan & Infrastruktur Malaysia Berhad by way of a standby rev...

MARC has affirmed the rating of RBM’s RM400 million Repackaged Income Securities (2001-2006) of A+(s) (single A plus, support). The affirmed rating reflects its competitive position in the civil engineering and building segment, good track record, experienced management team and a tight issue structure. The rating also reflects the shareholder support of a maximum RM200 million on a reducing bal...

Pembinaan Mitrajaya Sdn Bhd’s (PMSB) ratings reflect the strength of the issue structure, which includes the assignment of contract proceeds for the purpose of the redemption of the Murabahah Multi-Option facility; its good track record and the group’s competitive position, improvement in economic outlook; and the company’s improving financial position. The ratings are, however, moderated b...

MARC has assigned a long term rating of AAAID to Putrajaya Holdings Sdn Bhd’s (PJH) proposed RM1,500 million Murabahah Notes Issuance Facility comprising Medium Term Notes. The Islamic debt rating reflects PJH’s issuer rating, based upon its solid capitalization supported by a superior set of shareholders, exceptional financial flexibility and importance of the company in the development of Pu...

MARC has reaffirmed the long-term rating of A ID (Single A Flat Islamic Debt) on SAJ Holdings Sdn Bhd’s (SAJH) RM680 million Al-Bai’ Bithaman Ajil Serial Bonds. The rating is supported by its proven operating track record; Johor state’s growing water demand; a tariff setting mechanism that provides for an agreed rate of return to the company and a fairly tight issue structure. The rating, h...

MARC has reaffirmed the long term rating of SPRINT’s RM510 million Al-Bai Bithaman Ajil Islamic debt securities and the short term rating of the Revolving Underwritten Facility of up to RM125 million at A–ID (Single A Minus, Islamic Debt) and MARC-2 respectively. The long term rating of SPRINT’s RM365 million Bank Guaranteed Serial Fixed Rate Bonds has been upgraded from A- (Single A Minus)...

MARC has affirmed the long-term ratings of Auto ABS One Bhd’s (Auto ABS) RM510.0 million Class A bonds at AAA. This is premised on the portfolio of hire purchase receivables performing well within expectations, the availability of gross overcollateralization of 107.0% and a non-amortizing cash reserve equivalent to 2.5% of the nominal value of the bonds.Under the first tier of a two-tiered sale ...

MARC has reaffirmed the rating of Europlus Corporation Sdn Bhd’s (ECSB) RM350 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. The rating is, however, moderated by delays in construction work and ultimately progress billi...

In February 2004, MARC had placed the rating of KLSSB’s Tranche 1 BaIDS of RM91 million (original limit: RM120 million) of A-ID on MARCWatch with developing implications, reflecting MARC’s concerns over KLSSB’s ability to collect the remaining billings of RM125 million from Promising Quality Sdn Bhd (PQSB) for Lot G at KL Sentral, which would be the main source of repayment for the Tranche 1...