The rating affirmation reflects the strength of the underlying issue structure in which secured sales from the specific property development projects have been assigned for the redemption of the BaIDS issue. Under the issue structure, Kenanga is to maintain a minimum security coverage of 1.5 times the total BaIDS outstanding, a Sinking Fund Account (SFA) with scheduled minimum balances and a six-m...

Malaysian Rating Corporation Berhad (MARC) has reaffirmed the ratings of Kuala Sidim Berhad’s (KSB) RM100 Million Commercial Papers /Medium Term Notes (2001/2006). The long term and short term ratings of A- (bg) and MARC-1(bg) respectively for the RM50 Million Guaranteed Commercial Papers /Medium Term Notes Tranche 1 reflects the unconditional and irrevocable guarantee provided by Southern Bank...

Malaysian Rating Corporation Berhad (MARC) has affirmed the long-term Islamic corporate debt rating of A-ID (A minus, Islamic Debt Securities) of Puncak Alam Housing Sdn Bhd’s (PAH) RM75 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) facility. The rating affirmation reflects the strength of the underlying issue structure, with the BaIDS issue backed by secured sales from speci...

The reaffirmation of Pembinaan Mitrajaya Sdn Bhd’s (PMSB) long term rating of A-ID (A minus, Islamic Debt) and short term rating of MARC 2ID reflect the improvement in economic outlook and the company’s improving financial position and the assignment of contract proceeds and warrants proceeds of PMSB’s public listed holding company for the purpose of the redemption of the ABBA and MUNIF fa...

Malaysian Rating Corporation Berhad (MARC) has assigned long-term ratings to Aegis One Berhad’s (Aegis One) RM900 million nominal value 5.2% asset backed senior bonds due 2007 and RM100 million nominal value variable rate asset backed subordinated junior bonds due 2007 of AAA (triple A) and BB (double B) respectively.Aegis One is a bankruptcy remote special-purpose company incorporated in Malays...

Dialog Group Berhad (DGB)’s reaffirmed corporate credit rating of ‘AA-‘ reflects the Group’s continued strong financial profile; attributed by low gearing, strong cash flow position, consistent profit margin and good financial flexibility. Its well-above average position is supported by continuous growth in both revenue and profitability over the years. DGB is an investment holding compan...

The reaffirmation of MTD Prime Sdn Bhd’s Islamic debt rating of AA –ID (Double-A Minus, Islamic Debt) reflects the completed status of the Highway with no construction risk; good actual traffic performance which is above the government guaranteed minimum traffic growth; and the company’s improving financial strength. MTD Prime is a single purpose company created specifically to upgrade, oper...

Malaysian Rating Corporation Berhad has reaffirmed KFC Holdings (Malaysia) Bhd’s (KFCH) corporate debt rating of A+ID (A plus, Islamic Debt). The reaffirmation reflects the Group’s above-average business and operation fundamentals and strong financials backed by a proven track record. A moderating factor to the rating is the risk profile of the food-related industry characterized by strong co...

IJM Corporation Berhad’s (IJM) corporate debt rating has been reaffirmed at A reflecting the group’s competitive position as a reputable infrastructure construction company; its geographical diversity; and relatively strong financial profile. The rating is somehow moderated by the cyclical nature of the construction industry and the increased political and economic risks associated with the gr...

MARC has reaffirmed its rating of A- (A minus) on Reliance Pacific Berhad’s (RPB) RM100 million Redeemable Secured Bonds. The rating reflects the group’s leading position in the travel industry supported by a wide distribution network, competitive cost structure and a fairly tight issue structure. The rating, however, is moderated by the vulnerability of the travel/tourism businesses to ad...