MARC has lowered its rating on Malaysian Newsprint Industries Sdn Bhd’s (MNI) RM923 million Bai’ Bi Al-Taqsit Fixed Rate Serial Bonds Programme from A-(s)ID to BBB+(s)ID. The rating action reflects the impact of the decline in newsprint prices on the company’s financials. Global newsprint prices have fallen to a new historical low due to the economic slowdown and oversupply problem in North ...

Malaysian Rating Corporation Berhad (MARC) has assigned a short-term rating of MARC-1 to Cagamas Berhad’s RM800 million 1-month (discount) Notes issued on 14 March, 2002. The 1-month Notes carry an average discount rate of 2.707% p.a. The Notes are issued to fund the purchase of mortgage loans from financial institutions, corporations and the Government, in addition to purchases of industrial ...

The rating of MARC-1 has been reaffirmed, reflecting Kertih Terminals Sdn Bhd’s (KTSB) better-than-projected financial position, stable and predictable cash flows generated by take-or-pay contracts for terminal usage, financially strong and experienced project sponsors and the highly qualified senior management team.KTSB was incorporated to undertake the construction and operation of a Centrali...

MARC has received the confirmation from the Facility Agent that MPSB’s MuNIF Notes have been bought back in full by MPSB and cancelled accordingly. Hence, MARC no longer has any rating obligation on MPSB’s MuNIF Facility and the MARC 2-ID rating is hereby withdrawn. ...

Malaysian Rating Corporation Berhad (MARC) has assigned a short-term rating of MARC-1 to Cagamas Berhad’s RM350 million 1-year (discount) Notes issued on 28 February, 2002. The 1-year Notes carry an average discount rate of 2.774% p.a. The Notes are issued to fund the purchase of mortgage loans from financial institutions, corporations and the Government, in addition to purchases of industrial...

Malaysian Rating Corporation Berhad (MARC) has assigned a long-term rating of AAA to the RM50 million 7-year Sanadat Mudharabah Cagamas (SMC), issued on 26 February 2002. The 7-year SMC carry an average yield of 4.48% p.a.. The SMC are issued to fund the purchase of mortgage loans from financial institutions, corporations and the Government, in addition to purchases of industrial property loans ...

Malaysian Rating Corporation Berhad (MARC) has upgraded the long-term rating of Hong Leong Credit Berhad’s (HLC) RM500 million redeemable unsecured bonds to A- (single A minus) from BBB+ (triple B plus) previously. The rating upgrade reflects the reasonably high conversion rate of the company’s warrants which, coupled with its rights issue completed in August 2001, were instrumental in loweri...

Malaysian Rating Corporation Berhad (MARC) has assigned Islamic debt ratings of MARC-1ID/AAAID (Islamic Debt) to PETRONAS Assets Sdn Bhd’s (PAssets) Al-Murabahah Commercial Papers/Medium Term Notes (CP/MTN) Programme with nominal value of up to RM500 million. The ratings reflect the credit strength of Petroliam Nasional Berhad (PETRONAS), the user of specific Assets belonging to Petronas Asse...

Malaysian Rating Corporation Berhad (MARC) has downgraded the corporate debt rating of HVD Holdings Sdn Bhd’s (HVD) RM70.0 million Revolving Underwritten Facility (RUF) to ‘D’ from MARC-4. The downgrade follows HVD’s failure to meet a scheduled principal payment of RM35.0 million, due 11 February 2002, under the RUF.The total outstanding principal under the RUF stands at RM60.0 million, w...

Malaysian Rating Corporation Berhad (MARC) has assigned a long-term rating of AAA to the RM1,000 million 2-year Fixed Rate Bonds and RM810 million 3-year Fixed Rate Bonds, issued on 20 February 2002. The 2-year and 3-year Fixed Rate Bonds carry an average yield of 3.302% p.a. and 3.544% p.a. respectively. The Bonds are issued to fund the purchase of mortgage loans from financial institutions, co...