MARC has assigned long term and short term ratings of A- ID (Single A minus Islamic Debt) and MARC-2 ID respectively on Priceworth Wood Products Berhad’s (PWP) proposed RM60 million Murabahah Multi-Option Notes Issuance Facility. The rating mainly reflects the PWP Group’s high operational integration and expanding activities into palm oil plantations, and the fairly stringent requirements...

The rating of Road Asset Vehicle Sdn Bhd’s (RAV) RM350 million Commercial Paper Programme (CP) has been affirmed at MARC-2. The rating affirmation 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 Expres...

MARC has reaffirmed the rating of KLSSB’s Tranche 1 BaIDS of RM120 million at A-ID (Single A minus Islamic Debt). The rating is, however, placed on MARCWatch with negative implications, reflecting MARC’s heightened concerns of KLSSB’s ability to collect the remaining billings from Promising Quality Sdn Bhd (PQSB) prior to the maturity of Tranche 1 BaIDS in April 2003. KLSSB is taking steps...

The rating of TH Group Bhd’s (THG) RM150 million BaIDS facility has been affirmed at AID (Single A, Islamic Debt). The rating affirmation reflects its diversified business portfolio, strong operating record coupled with improvement in palm oil prices and the fairly stringent requirements under the issue structure. These factors are however moderated by the cyclical development affecting planta...

Puncak Niaga Holdings Bhd’s (PNHB) RUN are rated the same as Puncak Niaga (M) Sdn Bhd’s (PNSB) junior notes A (A notes). The affirmation 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 senior debt and junior debt ratings currently assigned to PNSB in turn, ...

The ratings of AA ID (Double AA Islamic Debt)/MARC-1ID for PNSB’s RM1.02 billion ABBA serial bonds and RM350 million MuCP/MTN programme have been reaffirmed. Accordingly, the A rating of the RM546.875 million junior notes has also been affirmed. The ratings are, however, placed on a negative outlook pending the resolution of the substantial and long outstanding trade receivables. The maintenance...

Malaysian Rating Corporation Berhad (MARC) has reaffirmed the rating of MAA Holdings Berhad RM120 million nominal amount six-year structured serial bonds.The rating reaffirmation reflects the financial strength of the general and life insurance funds of its main subsidiary Malaysian Assurance Alliance Berhad (MAA) and the support provided by a Revolving Credit Facility to meet coupon payment and b...

MARC has downgraded the rating of Brisdale’s Murabahah Underwritten Notes Issuance Facility (MUNIF) with an outstanding amount of RM46 million to MARC-4ID from MARC-3ID. The downgrade reflects the unsatisfactory progress of its existing Bandar Armada Putra (formerly known as West Port Tech Zone) housing development, which forms the main source of repayment of the facility. This has negatively af...

MARC affirms Kuching Port Authority’s (KPA) Islamic debt rating of AA+(s)ID (Double A plus, Islamic Debt). The rating reflects the strength of the support provided by the State Government of Sarawak (vide its Letter of Support dated 30 November 2001) in ensuring the timely and full redemption of the notes under the said facility. Kuching Port is currently the Sarawak state’s premier port servi...

MARC has reaffirmed Utusan Melayu (Malaysia) Berhad’s (Utusan/the Group) RM105 million Revolving Underwritten Facility (RUF) at MARC-3. The rating affirmation reflects Utusan’s leading position in the Malay language newspaper and magazine segments. The rating is, however, moderated by Utusan’s adverse financial performance in FY2001, which is highly sensitive to changes in newsprint prices, ...