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The rating of MARC-1(bg)/ A- (bg) assigned to CNLT (Far East) Bhd’s RM60 million Proposed Bank Guaranteed CP/ MTN reflects the strength of the unconditional and irrevocable bank guarantees provided by a consortium of financial institutions which consist of Aseambankers, Malayan Banking Berhad, Bumiputra Commerce Berhad and EON Bank Berhad to guarantee the nominal value of the BG CP/MTN. The rati...
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MARC has reaffirmed the ratings of GDC (KLIA) Sdn Bhd’s (GDC KLIA) RM207 million Murabahah Commercial Paper/Medium-Term Notes at MARC-1ID/AA-ID (double A minus, Islamic debt securities). The reaffirmations reflect GDC KLIA’s captive offtake demand for its chilled water and electricity, strong shareholder support, low operation risk and improved financial performance. The ratings, however, con...
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MARC has assigned an Islamic corporate debt rating of AAAID (Islamic Debt) to Putrajaya Holdings Sdn Bhd’s (‘PJH’) proposed RM850 million nominal value of Bai Bithaman Ajil (BBA) Serial Bonds Issuance Facility. Putrajaya Holdings Sdn Bhd’s (‘PJH’) rating reflects its solid capitalization supported by a superior set of shareholders; exceptional financial flexibility; importan...
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MARC has upgraded the rating for Tranche I of Perak-Hanjoong Simen Sdn Bhd’s (PHSSB) RM698 million Al-Bai’ Bithaman Ajil Secured Serial Bonds Facility (ABBA) from AA+ID(bg) (Triple A, Islamic Debt, bank guaranteed) to AAAID(bg) reflecting the strength of the irrevocable unconditional guarantee provided by the said tranche’s bank guarantor. At the same time, the ratings for tranches II, III a...
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MARC has placed the BB- (Double B Minus) rating of Faber’s Redeemable Convertible Bonds (RCB) on MARCWatch with developing outlook on 14 March 2003. This is premised on the current negotiations for the restructuring of the RCB....
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MARC has assigned Islamic corporate debt ratings of MARC-2ID/AID (Islamic Debt) to Ranhill Berhad’s (‘Ranhill’) proposed partially underwritten RM300 million Murabahah Commercial Papers (MCP)/Medium Term Notes (MMTN) Programme. The ratings reflect Ranhill’s competitive position in the engineering and construction business; good track record; and a tight underlying issue structure for...
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MARC has downgraded the long term rating of SPRINT’s RM510 million Al-Bai Bithaman Ajil Islamic debt securities from AID (Single A, Islamic Debt) to A–ID (Single A Minus, Islamic Debt) and the RM365 million Bank Guaranteed Serial Fixed Rate Bonds from A (Single A) to A– (Single A Minus). The company’s Revolving Underwritten Facility has, nevertheless, been affirmed at MARC-2. The revisio...
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MARC has assigned long-term ratings of AAA (triple A) to Auto ABS One Berhad’s RM510 million redeemable asset-backed bonds, consisting of RM190 million nominal value Class A(1); RM195 million nominal value Class A(2) and RM125 million nominal value Class A(3).Under the first tier of a two-tiered sale structure, Bumiputra-Commerce Finance Bhd (BCF), the primary seller, will sell RM545 million pri...
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MARC has received the confirmation from the Trustee that CDC’s Al-Istisna bonds have been bought back by CDC and cancelled accordingly. Hence, MARC no longer has any rating obligation on CDC’s Al-Istisna bonds and the A-ID rating is hereby withdrawn. ...
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MARC has reaffirmed the ratings of Petronas Gas Berhad’s (PGB) issuer rating at MARC-1/AAA and its RM900 million Murabahah Commercial Paper/Medium Term Notes Programmes (1999/2004) (MUNIF) at MARC-1/AAAID (Islamic Debt) and RM500 million Al-Bai Bithaman Ajil Bonds Issuance Facility (1999/2004) (ABBA) at MARC-1/AAAID (Islamic Debt). The reaffirmation of the ratings are supported by the company’...
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