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, ...

Malaysian Rating Corporation Berhad (MARC) has affirmed the Islamic debt ratings of MARC-1ID/AAAID (Islamic Debt) to Putrajaya Holdings Sdn Bhd’s (‘PJH’) RM300 million Murabahah Commercial Papers (CP)/Medium-Term Notes (MTN) Programme (2001/2004). PJH’s ratings reflect its solid capitalization supported by a superior set of shareholders; exceptionally strong financial flexibility; impor...

Bumiputra-Commerce Bank Berhad’s (BCB) Financial Institution rating has been affirmed at A+ (single A plus) / MARC-1 and its detachable coupons of the RM667 million nominal value Irredeemable Convertible Unsecured Loan Stocks (ICULS) rating at A (single A flat). The rating of the detachable coupons reflects their subordination while the Financial Institution rating reflects the bank’s strong m...

MARC has placed the AA- rating for Anjung Bahasa Sdn Bhd (ABSB) RM110 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) on MARCWatch, with a developing outlook. ABSB a single purpose company, was granted the concession to design, construct and complete a new office complex for Dewan Bahasa dan Pustaka (DBP) on a deferred payment basis, and to undertake the maintenance and management ...

The rating of CNLT (Far East) Bhd’s RM50 million Syndicated Guaranteed Revolving Underwritten Notes Issuance Facility (GRUNIF) has been upgraded to MARC-1 (bg). The notes are secured against unconditional and irrevocable bank guarantees in respect of the redemption of up to the face value of the notes issued. The rating reflects the superior capacity of the bank guarantors to meet their financi...

Malaysian Rating Corporation Berhad (MARC) has affirmed the rating of Malaysian Newsprint Industries Sdn Bhd’s (MNI) RM923 million Bai’ Bi Al-Taqsit Fixed Rate Serial Bonds at BBB+(s)ID. The affirmation of the rating reflects MNI’s continued competitive strength as the sole newsprint producer in Malaysia; secured offtake commitments through newsprint offtake agreements; its low operational ...

The affirmation of the AID rating reflects the perceived strong demand for the Kajang Traffic Dispersal Ring Road to relieve severe traffic congestion in the Kajang District. Project demand is further underpinned by the Ring Road’s function as a primary urban road linking the populous districts of Balakong, Sungei Long, Semenyih, Bangi, Kajang and Serdang in the south-eastern corridor of the...