Sapura Energy Sdn Bhd’s (“SESB”) rating upgrade to AID is supported by its strength in the marine engineering business, improving financial position and the synergies arising from its proposed acquisition by Crest Petroleum Bhd (“Crest”), one of the largest oil and gas well drilling and marine contractors in Malaysia. The rating is, however, moderated by its high debt leverage position. ...

MARC is pleased to announce that for the period January to December 2003, MARC had completed 23 corporate debt issue ratings, with a total issue value of RM9.58 billion. Of the 23 corporate debt issues rated, 16 were Islamic private debt securities with a total issue value of RM6.85 billion, constituting 71.5% of the rated issue value.Commerce International Merchant Bankers Berhad (CIMB) topped M...

Malaysian Rating Corporation Berhad has reaffirmed the rating of AID (Single A Flat, Islamic Debt) for ARL Tenaga Sdn Bhd’s (ARLT) Al-Bai Bithaman Ajil Secured Serial Bonds Facility (ABBA) with a nominal value of RM177.0 million. The reaffirmation of the rating reflects the stable and predictable cash flow which is expected to cover the company’s debt servicing requirements comfortably; the pr...

MARC has assigned a long-term rating of A ID (Single A Flat Islamic Debt) on Merbok Hilir Berhad’s (Merbok) proposed RM150 million Al-Bai’ Bithaman Ajil Serial Bonds (BBA Bonds). Factors underpinning the rating include Merbok 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 wel...

The reaffirmation of Kenanga Wangsa Sdn Bhd (KWSB)’s corporate debt rating at A-ID (A minus Islamic debt) reflects the strength of the underlying issue structure whereby secured sales from specific property development projects have been assigned for the redemption of the BaIDS issue. KWSB, a wholly owned subsidiary of Intelbest Sdn Bhd, is principally involved in property development. Two...

MARC has reaffirmed the rating of Talam Corporation Berhad’s (Talam) RM150 million principal amount of 7-year 5.0% secured bonds with 107.6 million detachable warrants (2000/2007) at A (A flat). The rating reflects its strong underlying issue structure, in which assignment of sale proceeds from the Saujana Puchong development project forms the source of repayment of the bond issue; and the impro...

MARC has reaffirmed the rating of MTD Prime Sdn Bhd’s (MTD Prime) RM250 million Al-Bai Bithaman Ajil Islamic Debt Securities at AA-ID. The rating reaffirmation reflects the positive traffic growth at the KL – Karak Highway, higher than the Government’s guaranteed traffic volume; and the strength of the company’s financial profile underpinned by the strong revenue growth.MTD Prime is the co...

MARC has reaffirmed the rating of Kelang Multi Terminal Sdn Bhd’s (KMT) Floating Rate Notes (FRN) with a nominal value of RM350 million at A+ (A plus). The reaffirmation of the rating reflects KMT’s strong business fundamentals and operational efficiency and continued growth in container and conventional throughput. Offsetting this is the high, but manageable debt leverage level and the stiff ...

Kwantas Corporation Berhad’s (KCB) rating has been reaffirmed at A+ID reflecting the integrated nature of the Group’s palm oil operations; its expanding activities namely, the commercialization of renewable bio-mass energy and establishment of operations in China; and the Group’s relatively strong financial profile.KCB Group’s credit strength is drawn from the integrated nature of its oper...

MARC has reaffirmed the ratings of Puncak Niaga (M) Sdn Bhd’s (PNSB) ABBA serial bonds, MuCP/MuMTN and junior notes at AAID, MARC-1ID/AAID and A respectively. Concurrently, the negative outlook on the ratings has also been lifted. The ratings reflect amongst others the inherent unfaltering demand for treated water and the Federal Government’s proposed financial support in resolving the long ou...