The ratings of Atlan Holdings Berhad’s (Atlan) RM90 Million Murabahah Underwritten Notes Issuance Facility/ Islamic Medium Term Notes (MUNIF/ IMTN) and RM40 million Al’-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) facilities had been affirmed at MARC-2ID and AID (A flat, islamic debt). The ratings affirmation reflects Atlan’s diversified business and good competitive position, which is ...

MARC has reaffirmed Bumi Armada Navigation Sdn Bhd’s (“BAN”) MARC-1 / AA-ID ratings assigned to its RM80 million Murabahah Notes Issuance Facility (MUNIF) / Islamic Medium-Term Notes (IMTN) (2000/2005). The reaffirmation reflects the company’s leading position in the area of providing marine transportation for the offshore oil and gas industry; its long-term contracts with leading oil and ...

MARC has reaffirmed the ratings of Sime Darby’s RM1,500 million Al-Murabahah Commercial Papers/ Medium-Term Notes (CP/MTN) at MARC-1ID/AAAID respectively. The reaffirmation of Sime Darby’s corporate debt ratings reflects the diversity of the Group’s business, its solid capitalization, resilient profitability levels, strong cash flow position, exceptional financial flexibility and their conti...

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

The rating for Sapura Energy Sdn Bhd (SESB) is reaffirmed 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, continues to be moderated by the company’s debt leverage position. SESB’s main revenue generator ...

MARC’s affirmation of Malaysian Merchant Marine Bhd’s (MMM) rating of AAID on its RM120.0 million Al-Bai’ Bithaman Ajil Serial Bonds (BaIDS) reflects the Group’s proven track record in the highly competitive international shipping industry; its better than average financial profile; as well as a tight issue structure under which the charter proceeds of all its vessels are assigned as secur...

MISC’s recent announcement that it has entered into an agreement with First Financial Corporation to dispose 32 of its bulk vessels for USD740 Million (RM2.8 billion) is viewed positively by MARC. The disposal would effectively reduce MISC’s exposure to the volatility of the bulk vessel sector as well as enabling the Group to further strengthen its position as a premier player in the energy-re...

MARC has assigned a rating of A+(bg)ID/ MARC-1(bg)ID to Mulpha International Berhad (MIB)’s RM75.0 million Proposed Bank Guaranteed Murabahah Notes Issuance Facility (MUNIF) reflecting the unconditional and irrevocable bank guarantees provided by AmMerchant Bank Berhad and Southern Bank Berhad; whilst the ratings of AID/ MARC-2ID assigned to MIB’s RM25.0 million Proposed Murabahah Commercial P...

Reliance Pacific Berhad’s (RPB) rating is reaffirmed at BBB+ reflecting the group’s leading position in the travel industry supported by a wide distribution network, competitive cost structure and established brand name; coupled with improving sentiments in the travel and tourism industry. The rating, however, continues to be moderated by the group’s weak cash flow position and high gearing ...

MARC has assigned a rating of AA-ID (Double A Minus, Islamic Debt) to PSSB Ship Management Sdn Bhd’s (PSM) RM40.0 million Bai’ Bithaman Ajil Islamic Debt Securities (BAIS). The rating is underpinned by the charter contract between Pelangi Shipping Sdn Bhd (PSSB) and the Government; the rental proceeds of which shall be the source of repayment for the BAIS facility; and a tight issue structure....