MARC has reaffirmed the rating of Puncak Niaga Holdings Berhad’s (PNHB) Redeemable Unconvertible Junior Notes (RUN) at A, similar to Puncak Niaga (M) Sdn Bhd’s (PNSB) junior notes A (A notes). The rating reflects a perfected security interest in the A notes and the escrow account to which matching debt service payments under the A notes will flow. The three-notch differential between the senio...

The rating reflects IJM Plantations Berhad’s (IJMP) business focus in palm oil plantation and milling and its strong plantation performance. The rating is, however, moderated by the Group’s vulnerability to cyclical developments in the palm oil industry.IJMP’s palm oil cultivation is undertaken in the Sandakan and Labuk-Sugut districts of Sabah. Out of a total land bank of 29,497 hectares, o...

Bumiputra-Commerce Bank Berhad’s (BCB) Financial Institution rating has been affirmed at A+/MARC-1 and its detachable coupons of the RM667 million nominal value Irredeemable Convertible Unsecured Loan Stocks (ICULS) rating at A. The Financial Institution rating reflects the bank’s strong market position in Malaysia, moderated by its somewhat weaker market position in the higher yielding consum...

The reaffirmation of Pembinaan Mitrajaya Sdn Bhd’s (PMSB) long term rating of A-ID (A minus, Islamic Debt) and short term rating of MARC-2ID reflect the assignment of contract proceeds for the purpose of redemption of the ABBA and MUNIF facilities; the strength of the issue structure; its good track record; its competitive position; improvement in economic outlook; and the company’s improvin...

The rating of Road Asset Vehicle Sdn Bhd’s (RAV) RM350 million Commercial Paper Programme (CP) has been reaffirmed at MARC-2. The rating reflects the bankruptcy remote status of this special purpose vehicle (SPV); credit support in the form of the assignment of a corporate guarantee issued by Kumpulan Guthrie Bhd (the obligor) in respect of the amount payable by Guthrie Corridor Expressway Sdn B...

MARC has assigned long term and short term ratings of A ID (Single A Flat Islamic Debt) and MARC-2 ID respectively on Evermaster Group Berhad’s (EGB) proposed RM90 million Islamic Debt Securities (comprising RM50 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) and RM40 million Murabahah Multi-Option Notes Issuance (MONI) Facilities). The rating reflects EGB’s expanding activi...

MARC has assigned a rating of AAID to Malaysian Merchant Marine Bhd’s (MMM) proposed RM120.0 million Al-Bai’ Bithaman Ajil Serial Bonds (BaIDS). The rating reflects the Group’s proven track record in the highly competitive international shipping industry; its better than average financial profile; as well as a tight issue structure under which the charter proceeds of all its vessels will be ...

The reaffirmation of Dialog Group Berhad (DIALOG)’s corporate credit rating of ‘AA-‘ reflects the Group’s continued strong financial profile; characterized by low gearing, strong cash flow position and good financial flexibility as well as its above average position in the highly specialized oil, gas and petrochemical industry backed by its commendable performance and safety track record. ...

MARC has reaffirmed the ratings of Midciti Resources Sdn Bhd’s (“Midciti Resources”) 7-year Secured Bai Al-Dayn Commercial Paper/Medium Term Notes Financing Programme with nominal value of up to RM1,000 million at MARC-1ID /AAAID, 8 to 12-year Secured Bai Al-Dayn Bonds with a nominal value of up to RM1,605 million at AAAID and the 13-year Bonds with a nominal value of up to RM1,315 million a...

MARC has placed MNI’s RM923 million Bai’ Bi Al-Taqsit nominal value fixed rate serial bonds programme (Islamic Bonds) rated at BBB+ID(s) on MARC Watch with a Negative Outlook; reflecting the company’s weak financials stemming from depressed newsprint prices. MNI will be seeking bondholders’ approval for its proposed restructuring of the debt, which includes a 3-year repayment moratorium fr...