MARC has reaffirmed the rating of Tesco Stores (Malaysia) Sdn Bhd’s (“TSM”) RM750 million guaranteed commercial paper programme at MARC-1 (cg). The short term corporate debt rating of TSM reflects the credit strength of its ultimate holding company, Tesco PLC (“Tesco”), which guarantees the commercial paper programme. TSM was incorporated on 24 July 2000 to operate hy...

MARC has affirmed a rating of AA-IS to Vastalux Capital Sdn Bhd’s (VCSB) Islamic Securities under the principle of Musyarakah Mutanaqisah (Sukuk Musyarakah) of RM100.0 million with stable outlook.  The rating assignment reflects the strong credit risk of the offtaker, PETRONAS Carigali Sdn Bhd (PCSB); protective issue structure which mitigates the risk of commingling of funds (from two ...

MARC has downgraded Malaysian Merchant Marine Berhad’s (MMM) RM120.0 million Al-Bai’ Bithaman Ajil Serial Bonds (BaIDS) rating from AA-ID to A-ID with negative outlook; underscored by the concern on the rapid deterioration in its financials stemming from very poor financial results announced for the financial year ended 31 August 2006 (FY2006) as well as other adverse financial impacts vis-à-...

On 5 January 2007, MARC received confirmation from BIMB Trust Limited that First Global Sukuk Inc (FGSI) has made a full redemption of its USD100 Million Series B of Serial Islamic Lease Sukuk Issuance on 22 December 2006, and there is no amount outstanding under the issuance. As such, MARC no longer has any rating obligation on FGSI’s up to USD368 million Serial Islamic Lease Sukuk Issuance...

MARC has placed its ratings on the following issues on MARCWatch Developing with immediate effect: Pembinaan Mitrajaya Sdn Bhd (Pembinaan Mitrajaya)’s RM50 million Murabahah Multi-Option Notes Issuance Facility (MONI) (2004/2011)MARC-2ID Evermaster Group Berhad’s RM40 million Murabahah Multi-Option Notes Issuance Facility (MONIF)MARC-2ID Intelbest’s RM50 million Murabahah No...

MARC has reaffirmed the rating of Radicare (M) Sdn Bhd’s (Radicare) RM49.0 Million Commercial Paper Programme (CPs) at MARC-1. The rating continues to reflect the secured cash receivables from the Ministry of Health (MOH) backed by invoices issued to the MOH; a 1.25 times security cover of the amount issued; stringent requirements of the issue structure; and Radicare’s sheer dominance ...

MARC has reaffirmed Sarawak Specialist Hospital & Medical Centre Sdn Bhd’s (SSHMC) Istisna’ Serial Bonds (Bonds) rating at AAA(s)ID (AAA Support, Islamic Debt). The rating reflects the AAA rating of the Sarawak State Government since the source of funds to service the principal and profit for the Bonds will come directly from Sarawak State Government. The payments by SSHMC to the b...

MARC has placed Bayu Padu Sdn Bhd’s RM500 million Istisna’ Serial Bonds and RM100 million Murabahah Commercial Papers/Medium Term Notes (MCPs/MMTNs) on MARCWatch Developing. However, the ratings are maintained at A+ID/MARC-1ID.Bayu Padu Sdn Bhd, which is 100% owned by Sapuracrest Petroleum Berhad (“SapuraCrest”) is a special purpose vehicle (“SPV”) incorporated ...

MARC has reaffirmed Bintang Bulk Mover Sdn Bhd’s (BBM) RM50 million 5 year secured serial bonds rating at A- (A minus) with stable outlook, underpinned by the Group’s steady operating performance and stable revenue stream vis-à-vis its long term cement transportation contracts with Lafarge Malayan Cement Bhd (LMCB), the largest local cement manufacturer. The affirmation also ref...

MARC has affirmed the short and long term ratings for MISC’s RM1.0 billion Murabahah Commercial Paper/Medium-Term Notes (“MCP/MTN”) at MARC-1ID and AAAID with a stable outlook, underpinned by the Group’s solid operating fundamentals; its dominant position in the Malaysian shipping industry particularly the liquefied natural gas (“LNG”) segment; extensive global ...