The ‘A’ general insurance financial strength rating of Kurnia Insurans (Malaysia) Berhad (Kurnia) reflects the Company’s leading market position in the Malaysian general underwriting market, its strong business franchise, large distribution network and stringent claims controls. Moderating features include a high underwriting concentration in motor lines, the somewhat limitations of the Com...

MARC has reaffirmed the rating of MARC-1ID/AAAID assigned to Malaysia International Shipping Corporation Berhad’s (MISC) RM1.5 billion Murabahah Commercial Paper/Medium-Term Notes Programme (2000/2005). The affirmation of the ratings reflect MISC’s solid operating fundamentals, in particular the Liquefied Natural Gas (LNG) shipping segment, that provides the company with a stable and recurrent...

MARC has assigned a rating of AAAbg (bank guaranteed) to Mines Golf Resort Berhad’s (MGRB) proposed Bank Guaranteed Serial Bonds (BG Bonds) with nominal value up to RM130 million and a MARC-1bg (bank guaranteed) rating to its proposed Bank Guaranteed Commercial Papers (BG CP) with nominal value up to RM47 million. The rating reflects the unconditional and irrevocable bank guarantee provided by M...

MARC has affirmed the Islamic corporate debt ratings of AAAID (Islamic Debt) to Putrajaya Holdings Sdn Bhd’s (‘PJH’) RM570 million nominal value Bai Bithaman Ajil (BBA) Bonds Issuance Facility (Parcel C) and RM850 million nominal value BBA Bonds Issuance Facility (Parcel D) respectively. The affirmation of PJH’s corporate debt ratings reflects its solid capitalization supported...

MARC has placed the A- rating for Reliance Pacific Berhad (RPB) RM100 million Redeemable Secured Bonds on MARCWatch, with a negative outlook. The MARCWatch, with a negative outlook reflects the heightened threat of Severe Acute Respiratory Syndrome (SARS) on the travel and hotel industry, the principal activity of RPB. The travel warnings issued by the World Health Organisation (WHO) to discourage...

MARC has assigned the rating of AID (Single A flat, Islamic Debt) to ABI Malaysia Sdn Bhd’s (ABI) RM80.0 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS). The rating reflects ABI’s leading position in the manufacture of automotive batteries in Malaysia; existing manufacturing contracts that ensure sustainable demand for its batteries; positive outlook for vehicle sales in Malays...

MARC has assigned an Islamic corporate debt rating of MARC-2ID (Islamic Debt) to PEPS-JV (M) Sdn Bhd’s (PEPS) RM40 million Murabahah Underwritten Notes Issuance Facility (MUNIF). The rating reflects PEPS position as one of the tier-1 vendors for the national car manufacturers, Proton and Perodua, a tight underlying bond issue structure and moderate proforma debt leverage upon the finalizatio...

Malaysian Rating Corporation Berhad (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 no...

MARC International, Labuan-based wholly owned subsidiary of Malaysian Rating Corporation Berhad, has affirmed the long-term foreign currency Islamic capital market instrument rating of BBB+is (Islamic Sukuk) to First Global Sukuk Inc.’s Serial Islamic Lease Sukuk Issuance of up to USD368 million (previously up to USD395 million). The affirmation reflects the satisfactory performance of Kumpulan...

The rating affirmation of Pembangunan Leasing Corporation’s (PLC)’s Guaranteed Notes reflects the strength of the unconditional and irrevocable guarantee provided by Bank Pembangunan & Infrastruktur Malaysia Berhad (BPIMB) which carries a rating of A from MARC. PLC’s financial performance has shown improvement for the past five years with increasing pre-tax profit since 1998. MARC’s main c...