MARC has affirmed Motosikal dan Enjin Nasional Sdn Bhd’s (“MODENAS”) MARC-2ID rating on its RM80 million Murabahah Underwritten Notes Issuance Facility (MUNIF) (2002/2006). The affirmation is supported by MODENAS’ position as the number one motorcycle manufacturer in Malaysia and low gearing level. The rating, is however, moderated by its future cash flows’ sensitiveness to reduction in ...

IJM Corporation Berhad’s (IJM) corporate debt rating has been reaffirmed at A (single A) reflecting its relatively strong financial profile, the diversity of its business, and competitive position domestically and internationally. The difficult domestic construction environment and the risks associated with international ventures continue to be the moderating factors to its credit quality rating...

MARC has assigned a B- (B minus) rating to Land & General Berhad’s (L&G) redeemable convertible secured loan stocks (RCSLS) of RM320,962,637. The rating reflects the secured nature of the RCSLS and the relatively sustaining demand for L&G’s property development in Bandar Sri Damansara. These factors are offset by the weak composite competitiveness of L&G’s diverse business activities, its un...

MARC assigned a MARC-3ID rating to Perspektif Perkasa Sdn Bhd’s (PPSB) Murabahah Underwritten Notes Issuance Facility (MUNIF) with a nominal value of RM188 million. The rating reflects the competitive position of the proposed development, Bandar Pinggiran Cyber, in terms of location, infrastructural accessibility and pricing. Despite the potentially high take-up for this proposed development, c...

MARC has reaffirmed Bumi Armada Navigation Sdn Bhd’s (“BAN”) MARC-1/AA-ID rating assigned to its RM80 million Murabahah Notes Issuance Facility (MUNIF) / Islamic Medium-Term Notes (IMTN) (2000/2005). The affirmation is supported by the company’s good competitive position in the area of providing marine transportation, tanker operations and support services for the offshore oil and gas ind...

MARC has reaffirmed KFC Holdings (Malaysia) Bhd’s (KFCH) corporate debt rating of A+ID (A plus, Islamic Debt). The reaffirmation reflects the Group’s above-average business and operation fundamentals and strong financials backed by a proven track record. A moderating factor to the rating is the risk profile of the food-related industry characterized by strong competition and vulnerability to ...

MARC has withdrawn the corporate debt rating of Anjung Bahasa Sdn Bhd (ABSB) RM110 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) and removed the same from MARCWatch with developing outlook, where they have been placed on 17th January 2003. The rating action followed ABSB’s decision to discontinue MARC’s services as the rating agency for the said issue. The last rating assig...

The long-term and short-term issuer ratings of Cagamas Berhad (Cagamas) have been reaffirmed at AAA and MARC-1 respectively. This reflects the strong ability and flexibility of the Company to meet its financial commitments, the favorable portfolio of loans and debts with full recourse to the selling institutions, strong capitalization and a proactive and innovative management team. As the country�...

Further to our meeting with PNSB’s management, the outcome of the privatization of the water distribution in Selangor is expected to be known in the third quarter of year 2003. Latest developments indicate that the resolution of the issue pertaining to the outstanding receivables due from Perbadanan Urus Air Selangor Bhd (PUAS) is one of the integral factors of the exercise.Consequently, MARC ma...

Further to our meeting with PNSB’s management, the outcome of the privatization of the water distribution in Selangor is expected to be known in the third quarter of year 2003. Latest developments indicate that the resolution of the issue pertaining to the outstanding receivables due from Perbadanan Urus Air Selangor Bhd (PUAS) is one of the integral factors of the exercise.Consequently, MARC ma...