The rating reaffirmation reflects the financial strength of the life and general insurance funds of its main subsidiary Malaysian Assurance Alliance Berhad (MAA) and the support provided by the Revolving Credit (RC) Facility to meet coupon and principal payments in the event of a shortfall. Consistent with previous years, MAA Holdings Berhad (MAAH) continues to derive most of its income from divi...

MARC has assigned a rating of A+(bg)ID/ MARC-1(bg)ID to Mulpha International Berhad (MIB)’s RM75.0 million Proposed Bank Guaranteed Murabahah Notes Issuance Facility (MUNIF) reflecting the unconditional and irrevocable bank guarantees provided by AmMerchant Bank Berhad and Southern Bank Berhad; whilst the ratings of AID/ MARC-2ID assigned to MIB’s RM25.0 million Proposed Murabahah Commercial P...

MARC has affirmed Glomac Berhad’s (“Glomac”) rating of RM50.0 million Senior Bai’ Bithaman Ajil Islamic Bonds at A+ID; RM60.0 million Junior Bai’ Bithaman Ajil Islamic Bonds (Junior BaIDS) at AID and RM25.0 million Murabahah Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) at MARC-2ID/AID. The ratings reflect the company’s established position as a reputable property deve...

Reliance Pacific Berhad’s (RPB) rating is reaffirmed at BBB+ reflecting the group’s leading position in the travel industry supported by a wide distribution network, competitive cost structure and established brand name; coupled with improving sentiments in the travel and tourism industry. The rating, however, continues to be moderated by the group’s weak cash flow position and high gearing ...

MARC has reaffirmed the long term and short term ratings on Gas District Cooling (KLIA) Sdn Bhd’s (GDC KLIA) CP/MTN at AAID/MARC-1. The ratings reflect GDC KLIA’s captive offtake demand for its chilled water and electricity, strong shareholder support, consistent financial performance reflected by improving debt leverage position and robust profit margin. GDC KLIA operates and maintains the Di...

MARC has received confirmation from Malaysian Trustees Berhad, the Trustee of Perak-Hanjoong Simen Sdn Bhd’s RM698.0 million Al-Bai’ Bithaman Ajil Secured Serial Bonds, that the bondholders of the bank-guaranteed tranches (TrancheS I – IV) have been paid in full by the bank guarantors. As such, MARC no longer has any rating obligation on the said tranches and the ratings are hereby withdrawn...

MARC has assigned a rating of AA-ID (Double A Minus, Islamic Debt) to PSSB Ship Management Sdn Bhd’s (PSM) RM40.0 million Bai’ Bithaman Ajil Islamic Debt Securities (BAIS). The rating is underpinned by the charter contract between Pelangi Shipping Sdn Bhd (PSSB) and the Government; the rental proceeds of which shall be the source of repayment for the BAIS facility; and a tight issue structure....

MARC has reaffirmed the ratings of Petronas Assets Sdn Bhd’s Private Debt Securities (PDS) Facilities as follows: Bai Al-Dayn Notes Issuance Facility with a nominal value of RM282 million (NIF): AAAID Al-Murabahah Commercial Papers/Medium Term Notes (CP/MTN) Programme with a nominal value of up to RM500 million: MARC-1ID/AAAID The reaffirmation of the ratings reflects the credit strength of Petr...

MARC has reaffirmed Putrajaya Holdings Sdn Bhd’s (PJH) long term and short term issuer rating of AAA and MARC-1, respectively and its Islamic corporate debt ratings of AAAID/MARC-1ID in respect of its Bai’ Bithaman Ajil Bonds Issuance Facilities for Parcels A, B, C, D, Public Facilities Precinct 10, Wisma Putra & Deputy Prime Minister’s Residence (DPMR) and Ministry of Finance Complex and it...

MARC has assigned a rating of AID (A Flat, Islamic Debt) to Tracoma Holdings Bhd’s (Tracoma) RM100 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS). The rating reflects, amongst others, Tracoma’s vast experience and good track record as one of the leading local automotive component manufacturer and its commendable financial results. The rating is however, moderated by the vulne...