Malaysian Rating Corporation Berhad (MARC) has assigned a long-term rating of AAA to the RM500 million 5-year Sanadat Mudharabah Cagamas (SMC), issued on 23 April 2002. The 5-year SMC carry an average yield of 4.280% 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 a...

Road Asset Vehicle Sdn Bhd’s (RAV) rating of MARC-2 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 in respect of the amount payable by Guthrie Corridor Expressway Sdn Bhd (GCE) under the progress certificates including interest and financing costs; liquidity support ...

Malaysian Rating Corporation Berhad (MARC) has reaffirmed PETRONAS Gas Berhad’s (PGB) RM900.0 million Al-Murabahah Commercial Paper/Medium Term Notes Programme (1999/2004) ratings at MARC-1ID / AAAID and the RM500.0 million Al-Bai Bithaman Ajil Bonds Issuance Facility (1999/2004) at AAAID. PGB’s Issuer Ratings have also been reaffirmed at AAA / MARC-1. The reaffirmed ratings are supported by t...

Malaysian Rating Corporation Berhad (MARC) has assigned a short-term rating of MARC-1 to Cagamas Berhad’s RM1,670 million 3-month (discount) Notes issued on 18 April, 2002. The 3-month Notes carry an average discount rate of 2.747% 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 industria...

Malaysian Rating Corporation Berhad (MARC) has reaffirmed the ratings of Midciti Resources Sdn Bhd’s (“Midciti Resources”) 7-year Secured Bai Al-Dayn Commercial Paper/Medium Term Notes Financing Programme with nominal value of up to RM1,000 million at MARC-1ID /AAAID, 8 to 12-year Secured Bai Al-Dayn Bonds with a nominal value of up to RM1,605 million at AAAID and the 13-year Bonds with a no...

Malaysian Rating Corporation Berhad (MARC) has assigned a long-term rating of AAA to the RM520 million 2-year Fixed Rate Bonds, RM615 million 3-year Fixed Rate Bonds and RM700 million 4-year Fixed Rate Bonds, issued on 12 April 2002. The 2-year, 3-year and 4-year Fixed Rate Bonds carry an average yield of 3.232% p.a., 3.513% p.a. and 3.862% p.a. respectively. The Bonds are issued to fund the pur...

MARC has affirmed the general insurance financial strength rating of Kurnia Insurans (Malaysia) Berhad (Kurnia) at A (single A flat) reflecting the company’s leading market position in the Malaysian market, its strong business franchise particularly in the motor insurance market, its large distribution network and stringent claims controls. Moderating features include a high underwriting concen...

Road Builder (M) Holdings Bhd (RBH)’s corporate credit rating of A+ reflects the group’s strong operating characteristics and favourable competitive position in the construction business, the positive track record of its property and tolling divisions and satisfactory profitability measures and debt leverage. Credit quality is, however, moderated by the inherent cyclicality of the constructi...

Malaysian Rating Corporation Berhad (MARC) has lowered the long-term rating of Faber Group Berhad’s (Faber) RM1,561,652,149 nominal value of zero coupon redeemable convertible bonds to BB- (double B minus) from BB (double B flat) previously. The downgrade reflects the negative outlook for the tourism industry following slumping travel demand post September 11. This is expected to further weake...

MARC re-affirmed its AAA(bg) rating on Sinmah’s RM50 million redeemable bond issue due 2002, guaranteed by Cooperatieve Centrale Raifesen-Boereenleenbank B.A. of Nederlands (Rabobank). The rating reflects the strength of the unconditional and irrevocable guarantee provided by Rabobank, which has a rating of ‘AAA’ from Fitch. Meanwhile on the underlying rating of the issue, Sinmah’s financi...