The rating reaffirmation of AAID for MHS Aviation Berhad’s (MHSA) Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) reflects the company’s continued dominant position in the provision of aviation services to the oil and gas industry supported by its favourable outlook and strong cash flow protection to the bondholders derived from the substantial contractual revenues and monies deposited in...

MARC has affirmed the rating of AAA ID (s) (AAA Support, Islamic Debt) in respect of Sarawak Specialist Hospital & Medical Centre Sdn Bhd’s (SSHMC) Istisna’ Serial Bonds (Bonds). The rating reflects the AAA rating of the Sarawak State Government as the principal and profit payments of the Bonds will be satisfied via proceeds of share subscription payments as evidenced by the back-to-back Redee...

MARC has received confirmation that the second series of SESB’s Al-Bai Bithaman Ajil Secured Serial Debt Securities (2002/2008) amounting to RM25.0 million had been redeemed on 14 December 2005. After the aforementioned redemption, the current outstanding BaIDS Facility stands at RM95.0 million....

MARC has reaffirmed the rating for Sapura Energy Sdn Bhd’s (SESB) RM140 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) at AID reflecting the company’s strength in the marine engineering business; synergies arising from the consolidation of the company under SapuraCrest Petroleum Berhad (SapuraCrest); and its stable financial profile. The rating, however, is moderated by the ...

MARC has assigned 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. The rating assignment reflects the strong credit risk of the offtaker, Petronas Carigali Sdn Bhd (PCSB); protective issue structure which mitigates risk of commingling of funds from two main contracts with PCSB with the ...

MARC has reaffirmed the rating of A-(A minus) on Bintang Bulk Mover Sdn Bhd’s (BBM) RM50 million 5-year secured serial bond. This is premised on the Group’s strong operating performance and stable revenue stream, in particular its long term cement transportation contracts with Lafarge Malayan Cement Bhd (LMCB), the largest local cement manufacturer. The affirmation also reflects the Group’s ...

MARC places the following companies on MARCWatch with developing outlook premised upon their current weak cash flow positions and their reliance on the disposal of 25% equity interest in Kumpulan Europlus Berhad (KEB) shares to IJM Corporation, with which the related Share Purchase Agreement has been extended to 30 November 2005.Companies on MARCWatch with developing outlook:Perspektif Perkasa Sdn...

The short and long term ratings of MARC-1ID and AAAID (Islamic Debt) assigned to MISC Berhad’s (“MISC”) Murabahah Commercial Paper/Medium-Term Notes (“MCP/MTN”) are 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 reach with the acquisition of Am...

MARC has reaffirmed the short and long term ratings of Mines Resort Berhad’s (MRB) Bank Guaranteed Commercial Papers and Bank Guaranteed Serial Bonds at MARC-1(bg) and AAA(bg) respectively, reflecting the unconditional and irrevocable guarantee provided by Malayan Banking Berhad (Maybank). MRB is principally a property development company, currently developing a project named “South of the Min...

MARC has affirmed 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 irrevocably and unconditionally guaranteed the commercial paper programme. TSM presently operates eight hypermarkets...