MARC has downgraded the long term rating of SPRINT’s RM510 million Al-Bai Bithaman Ajil Islamic debt securities from AID (Single A, Islamic Debt) to A–ID (Single A Minus, Islamic Debt) and the RM365 million Bank Guaranteed Serial Fixed Rate Bonds from A (Single A) to A– (Single A Minus). The company’s Revolving Underwritten Facility has, nevertheless, been affirmed at MARC-2. The revisio...

MARC has assigned long-term ratings of AAA (triple A) to Auto ABS One Berhad’s RM510 million redeemable asset-backed bonds, consisting of RM190 million nominal value Class A(1); RM195 million nominal value Class A(2) and RM125 million nominal value Class A(3).Under the first tier of a two-tiered sale structure, Bumiputra-Commerce Finance Bhd (BCF), the primary seller, will sell RM545 million pri...

MARC has received the confirmation from the Trustee that CDC’s Al-Istisna bonds have been bought back by CDC and cancelled accordingly. Hence, MARC no longer has any rating obligation on CDC’s Al-Istisna bonds and the A-ID rating is hereby withdrawn. ...

MARC has reaffirmed the ratings of Petronas Gas Berhad’s (PGB) issuer rating at MARC-1/AAA and its RM900 million Murabahah Commercial Paper/Medium Term Notes Programmes (1999/2004) (MUNIF) at MARC-1/AAAID (Islamic Debt) and RM500 million Al-Bai Bithaman Ajil Bonds Issuance Facility (1999/2004) (ABBA) at MARC-1/AAAID (Islamic Debt). The reaffirmation of the ratings are supported by the company’...

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...