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MARC has received the confirmation from the Facility Agent that CNLT’s GRUNIF Notes have been refinanced by the RM60.0 million Bank Guaranteed Al Murabahah Commercial Papers/ Medium Term Notes Issuance Programme on the 10th April 2003. Hence, MARC no longer has any rating obligation on CNLTS’s GRUNIF Facility and the MARC -1 (bg) rating is hereby withdrawn. ...
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MARC has received the confirmation from the Lead Arranger and Trustee that SPN’S RM1 billion Fixed Rate Bonds (1998/2003) have been fully redeemed on 15 April 2003. Hence, MARC no longer has any rating obligation on the bonds and the AAA(s) rating is hereby withdrawn. ...
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The AAA(s)ID (triple A, support, Islamic debt) rating assigned to PETRONAS Fertilizer (Kedah) Sdn Bhd (PFK)’s BaIDS reflects the strength of the support provided by the holding company, Petroliam Nasional Berhad (PETRONAS), in ensuring the timely and full redemption of the BaIDS, either through equity, loan facilities, grants or other means. PFK, a wholly-owned subsidiary of PETRONAS, benefits ...
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MARC has received confirmation from the Trustee that the BaIDSholders for KLSSB’s Tranche 1 BaIDS of RM120 million has in an Extraordinary BaIDSholders Meeting (EBM) held on 3 April 2003, approved KLSSB’s proposal to defer the repayment of RM91 million of the face value of the said tranche, which is due on 4 April 2003 to a date falling six months thereafter with an option given to KLSSB to fu...
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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...
This article has been viewed 1141 times.