MARC has assigned a long term rating of A-ID (Single A minus, Islamic Debt) in respect of Sapura Energy Sdn Bhd’s (SESB) proposed RM140 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS). The rating reflects the SESB group’s strong market position in subsea and marine engineering activities; provision of maintenance services for light and heavy industrial turbines; provision of the ...

Malaysian Rating Corporation Berhad (MARC) has affirmed long-term ratings of A-ID (A minus, Islamic debt) to tranche 1 of Kuala Lumpur Sentral Sdn Bhd’s (KLSSB) Al-Bai Bithaman Ajil Islamic debt securities (BaIDS) facility of RM120 million, and AID(s) (A, Islamic debt with liquidity support) to tranches 2A, 2B, 3, 4A and 4B of its BaIDS facility totalling RM800 million. The rating affirma...

Melombong dan Perumahan Sdn Bhd’s (MDP) rating of MARC-2ID is reaffirmed, reflecting the strength of the issue structure which captures the sales proceeds of the Ultima I and II condominiums and low cost apartments to form the primary source of repayment of the debt issue. This is further strengthened by the good sales performance of both the Ultima condominiums and low cost units. The specific...

Malaysian Rating Corporation Berhad (MARC) has reaffirmed Syarikat Perumahan Negara Berhad’s (SPN) RM1 billion 3% Fixed Rate Bonds (1998/2003) at AAA(s). The reaffirmation of the rating is primarily based on the external enhancement or support in the form of a ‘put option’, provided irrevocably and unconditionally by Petroliam Nasional Bhd (PETRONAS) to the bondholders. The option requir...

Malaysian Rating Corporation Berhad (MARC) has affirmed the long-term issuer rating of AAA and short-term issuer rating of MARC-1 to Cagamas Bhd (Cagamas), following the review of Cagamas’ performance for financial year ended 31st December 2001.Cagamas’ ratings reflect the strong ability and flexibility of the Company to meet its financial commitments, the favorable portfolio of loans and debt...

Ratings for Tenaga Nasional Berhad reflect the utility’s strategic importance to Malaysia’s economy and national security given its role as principal supplier of electricity in the country and an acceptable level of financial risk for the rating category. The outcome of current gas price discussions with Petronas Gas Berhad will however have a significant impact on the utility’s financials s...

Malaysian Rating Corporation Berhad (MARC) has assigned a short-term rating of MARC-1 to Cagamas Berhad’s RM200 million 1-year Cagamas (discount) Notes and long-term rating of AAA to Cagamas Berhad’s RM395 million 5-year fixed rate Cagamas Bonds issued on 12 September, 2002. The 1-year Notes and 5-year Bonds carry an average discount rate of 2.78% p.a. and an average coupon rate of 3.253% p....

The affirmation of WCT Engineering Bhd’s (WCT) corporate debt rating at A– (s) reflects the improving economic outlook, the group’s competitive position in the construction sector as evident by its ability to secure overseas construction projects, strengthening financial profile, conservative financial management and an experienced management team. The bonds issue is supported by an irrevoc...

MARC has raised the ratings on MK Land Berhad’s (MK Land) tranche 1 and tranche 2 serial bonds to A from A-. The upgrades reflect the group’s ability to improve its financial profile and the strength of the underlying issue structure in which secured sales have been earmarked for the redemption of the bond issues. Positive features of the issue structure include a minimum security coverage of ...

Malaysian Rating Corporation Berhad (MARC) has assigned a short-term rating of MARC-1 to Cagamas Berhad’s RM685 million 1-month (discount) Notes and RM300 million 3-month (discount) Notes issued on 16 August, 2002. The 1-month and 3-month Notes carry an average discount rate of 2.715% p.a. and 2.732% p.a. respectively. The Notes are issued to fund the purchase of mortgage loans from financial ...