MARC has affirmed the rating of Special Port Vehicle’s (SPV) RM1,310.0 million nominal amount asset-backed serial bonds facility. The rating affirmation is premised on the superior credit rating of the Government of Malaysia (GOM) backing Port Klang Authority (PKA), the obligor under the transaction; minimal exposure to construction risk with 83.3% of the infrastructure works completed as at 31 ...

MARC has received confirmation from Faber Group Bhd that its outstanding Redeemable Convertible Zero Coupon Secured Bonds (RCSB) amounting to RM929.46 million had been novated to a Special Purpose Vehicle, Jeram Bintang Sdn Bhd (JBSB). JBSB had on the same day, cancelled the RCSB. As such, MARC no longer has any rating obligation on the RCSB and the rating is hereby withdrawn....

MARC has reaffirmed the rating of AAID for MHS Aviation Berhad’s (MHSA) Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS). The reaffirmation reflects the company’s continued dominant position in the provision of aviation services to the oil and gas industry, favourable outlook prevailing in the oil and gas industry and strong cash flow protection to the bondholders derived from the high pro...

MARC has received confirmation from Malaysian Trustees Berhad, the trustee of Perak-Hanjoong Simen Sdn Bhd’s (PHSSB) RM698.0 million Bai’ Bithaman Ajil Islamic Debt Securities (ABBA), that PHSSB had missed its profit payment and principal redemption on 17 November 2004. Under the terms of the Trust Deed, this constitutes an event of default; consequently triggering the bank guarantees backing ...

MARC has assigned a rating of MARC-2 ID /A-ID to Jana Niaga Sdn Bhd’s (JNSB) RM100.0 million Murabahah Underwritten Notes Issuance Facility. Supporting the rating is the guaranteed minimum rental payments to be made by Universiti Industri Selangor (UNISEL). Moderating factors, on the other hand, include construction and completion risks of the university’s main campus, student and staff accom...

MARC has reaffirmed Dialog Group Berhad (DIALOG)’s corporate credit rating at ‘AA-‘, reflecting the Group’s strong capitalization and cash flow position; its good competitive position in the highly specialized oil, gas and petrochemical industries; and its commendable operational performance and safety track record. DIALOG is principally an investment holding company and a component stoc...

The ratings of Premium Nutrients Berhad’s (Premium Nutrients) RM85 million Murabahah Underwritten Notes Issuance Facility / Islamic Medium-Term Notes (MUNIF/IMTN) have been affirmed at MARC-2ID/AID reflecting its competitive position as an integrated producer of specialty fats; and the fairly tight issue structure. Nonetheless, a moderating factor to the ratings is the Group’s thin operating p...

MARC has assigned a rating of AAA to Gerbang Perdana CIQ Sdn Bhd’s proposed RM1.7 billion Seven Year Medium Term Notes issuance programme. The rating reflects the Government of Malaysia’s (“GOM”) unconditional and irrevocable obligation to pay the acknowledged sum on the stipulated date stated on the Facility Payment Certificate (“FPC”). Each FPC will then be assigned to each tranche o...

MARC has reaffirmed the ratings of Perak-Hanjoong Simen Sdn Bhd’s (PHS) RM698 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) Tranche I (RM370 million) at AAAID(bg) (Triple A, Islamic Debt, Bank Guaranteed), Tranche II (RM50 million) AID(bg) (Single A, Islamic Debt, Bank Guaranteed) and Tranche IV (RM168 million) at A+ID(bg) (Single A Plus, Islamic Debt, Bank Guaranteed) and upgrade...

The short- and long-term ratings of MARC-2ID and A ID for LEADER’s proposed private debt securities reflects the Group’s position in the cables and wires manufacturing industry as well as the stable revenue arising from its power generation business in Cambodia. Moderating factors include the low margins of its cable and wire products, and the Group’s relatively high debt-leverage at present...