MARC has reaffirmed the ratings of RCE Advance Sdn Bhd’s (RCEA) RM420.0 million Fixed Rate Medium-Term Notes programme (Facility) at A+ for RM240.0 million Class A; A for RM120.0 million Class B; and BBB+ for RM60.0 million Class C notes. The reaffirmed ratings reflect the low defaults and delinquencies of the receivables backing the notes; and ample cash balances in the designated accounts ...

The ratings of RCE Premier Sdn Bhd’s (RCEP) RM45.0 million Fixed Rate Serial Bonds and up to RM50.0 million CP programme have been reaffirmed at A and MARC-2, respectively. The reaffirmed ratings reflect the low average monthly delinquency and default rates of the consumer receivables and loans portfolios backing the bonds and CPs; and ample cash balances in the designated accounts to meet n...

MARC has assigned a AA rating to CIMB Bank Berhad’s (CIMB Bank) proposed issuance of up to RM1.5 billion subordinated bonds. This rating is one notch lower than its Financial Institution rating which has been upgraded to AA+ from AA, reflecting its junior position relative to deposits and senior debt.MARC has also upgraded its rating on CIMB Bank’s RM667 million Irredeemable Convertibl...

MARC has assigned ratings of AAA & AAAID to The Export-Import Bank of Korea’s (KEXIM) Medium-Term Notes Programme for its conventional and Islamic issuances respectively, for a total combined nominal value of up to RM3.0 billion. The ratings reflect KEXIM’s strategic and public policy role in relation to the Republic of Korea’s (Korea) key export and import sectors, its gover...

MARC has assigned AAA rating to Oversea-Chinese Banking Corporation Limited’s (OCBC) proposed RM1.5 billion redeemable subordinated bonds with a green shoe option of an additional RM1.0 billion. Although the proposed issuance is junior in ranking to deposits and senior debt, MARC has not notched down the rating of the subordinated debt from the issuer’s long-term deposit and senior deb...

MARC has upgraded its long-term rating on Pembangunan Leasing Corporation Sdn Bhd’s (PLC) Guaranteed Notes Issuance Programme (GNIP) to AA(bg) from A+(bg), and affirmed its MARC-1 (bg) short-term rating on the GNIP. The outlook on the ratings reflects the stable outlook on the guarantor’s rating. The GNIP is guaranteed by Bank Pembangunan Malaysia Berhad (BPMB), PLC’s holding com...

MARC has assigned a rating of AAIS  to MNRB Holdings Berhad’s (MNRB) Islamic Medium-Term Notes (IMTN) Issuance Programme of RM200.0 million. The rating outlook is stable. This rating is reflective of the financial strength of its operating subsidiary, Malaysian Reinsurance Berhad (Malaysian Re) as well as MNRB’s strong consolidated capitalisation and financial flexibility. Partial...

MARC has assigned ratings of MARC-1/A+ with a Positive Outlook to Hong Leong Financial Group Berhad’s (HLFG) proposed RM800 million commercial papers and Medium-Term Notes (CP/MTN) facilities. The ratings hinge largely on the strong credit profile of HLFG’s core subsidiaries, Hong Leong Bank Berhad (HLB) and Hong Leong Assurance Berhad (HLA), and on their continued ability to upstream ...

MARC assigned ratings of AAA/AAAID and MARC-1/MARC-1ID, respectively, to Cagamas Berhad’s (Cagamas) Conventional and Islamic Medium Term Note Programme of up to RM40.0 billion (MTN Programme) and Conventional and Islamic Commercial Paper Programme of up to RM20.0 billion (CP Programme) (collectively known as the “Programmes”) in June 2007. Following the ratings assignment, MARC i...

MARC has withdrawn the A rating assigned to MAA Holdings Berhad’s (“MAAH”) RM120.0 million Structured Serial Bonds due 2007 with immediate effect, following written confirmation from the facility agent, Standard Chartered Bank Malaysia Berhad, that the bonds were fully redeemed on August 21, 2007....