MARC has received confirmation from SAJ Holdings Sdn Bhd that its RM680 million BaIDS) has been fully redeemed. As such, MARC no longer has any rating obligation on the Facility and the AID rating is hereby withdrawn....

The ratings assigned are underpinned by Pesaka Astana (M) Sdn Bhd’s (PASB) competitive position as the leading assembler and provider of customized heavy-duty and specialized vehicles for the Ministry of Defence (MINDEF) and Fire and Rescue Department (BOMBA); the tight issue structure; and the company’s continued improvement in its profitability measures. These factors are however somewhat of...

MARC International has upgraded the rating of First Global Sukuk Inc.’s Serial Islamic Lease Sukuk Issuance of up to USD368 million from BBB+IS to A-IS, reflecting the improved performance of Kumpulan Guthrie Berhad (Guthrie)’s palm oil operations, which contributed positively to its financial results during the period under review coupled with continued positive contributions from its success...

MARC has received confirmation from Putrajaya Holdings Sdn Bhd that its RM300 million Murabahah Commercial Papers/ Medium-Term Notes Facility has been terminated. As such, MARC no longer has any rating obligation on the Facility and the respective MARC-1ID and AAA ID ratings are hereby withdrawn. ...

MARC has assigned rating of A- (A Minus) to Malaysian AE Models Holdings Berhad (MAE)’s Fixed Rate Serial Bonds (Bonds) of up to RM80 million nominal value. The rating assigned to MAE’s Bonds reflects MAE’s competitive position and technical competency in the industry. These factors are moderated by MAE’s exposure to adverse economic factors locally as well as regionally.MAE was incorporat...

MARC has assigned a rating of A-(A minus) to Bintang Bulk Mover Sdn Bhd’s (BBM) RM50 million 5-year secured serial bonds. The rating reflects BBM’s significant participation in the cement transportation industry by virtue of its long term cement transportation contracts with Lafarge Malayan Cement Bhd (LMCB), the largest local cement manufacturer. Under the issue structure, all revenue from th...

The reaffirmation of the ratings reflects Malaysia International Shipping Corporation Berhad’s (MISC) solid operating fundamentals, in particular the Liquefied Natural Gas (LNG) shipping segment. Other supporting factors include MISC’s strategic position in the Malaysian shipping industry; its sound financial policy; exceptional financial flexibility; and the strong support of its majority sha...

Pembangunan Leasing Corporation Sdn Bhd’s (PLC)’s Guaranteed Notes Issuance Programme (GNIP) ratings of MARC-1(bg)/A(bg) are reaffirmed to reflect the strength of the unconditional and irrevocable guarantee provided by Bank Pembangunan & Infrastruktur Malaysia Berhad (BPIMB). BPIMB’s A rating from MARC which is higher than PLC’s stand-alone corporate debt rating, reflects its strategic imp...

MARC has assigned a rating of AA-ID(double A minus, Islamic Debt) to Guthrie Property Development Holding Berhad’s (GPDH) RM750 million Islamic Medium-Term Notes programme. The rating reflects the strength of GPDH as a leading property developer in the country and its sound financial profile. Other positive rating factors include GPDH’s vast land holding and its commendable reputation and trac...

MARC has affirmed the short and long term ratings of Ranhill Berhad’s (“Ranhill”) partially underwritten RM300 million Murabahah Commercial Papers / Murabahah Medium Term Notes at MARC-2ID/AID. The ratings reflect the company’s competitive position in the engineering and construction industry; strong order book; expansion into the water and power industries; and a tight underlying issue st...