MARC has reaffirmed the rating of AAID for MHS Aviation Berhad’s (MHSA) Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS). The reaffirmation reflects the company’s continued dominant position in the provision of aviation services to the oil and gas industry, favourable outlook prevailing in the oil and gas industry and strong cash flow protection to the bondholders derived from the high pro...

MARC has reaffirmed Malaysia International Shipping Corporation Berhad’s (MISC) MARC-1ID/AAAID ratings on its RM1.5 billion Murabahah Commercial Paper / Medium-Term Notes Programme (2000/2005). The reaffirmation of the ratings is predicated by the Group’s solid operating fundamentals; its dominant position in the Malaysian shipping industry particularly the liquefied natural gas segment; exten...

MARC has assigned a rating of MARC-1 on Radicare (M) Sdn Bhd’s (Radicare) RM49 Million Commercial Paper Programme (CP). The rating assignment is a reflection of the secured cash receivables from the Ministry of Health (MOH); a 1.25 times security cover of invoices issued to the MOH; stringent requirements of the issue structure and the monopoly position of Radicare’s services in the central an...

MARC has assigned a rating of AAA(s)ID (AAA Support, Islamic Debt) to 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 Redeemable Preferenc...

The MARC-2ID/AID ratings are predicated by Oilcorp Berhad’s (Oilcorp) position as an integrated engineering, procurement and construction (EPC) services provider in various industries; strong historical profitability measure; and its low gearing position. The ratings, however, are moderated by the sustainability of its revenue and profits post-FY2005 given that Oilcorp’s on-going contracts are...

Mines Golf Resort Berhad’s Bank Guaranteed Serial Bonds and Bank Guaranteed Commercial Papers ratings are affirmed reflecting the unconditional and irrevocable guarantee provided by Malayan Banking Berhad (Maybank). Mines Golf Resort Berhad (MGRB) is principally a property development company, currently developing a project named “South of the Mines” (South Lake Project); an upmarket mixed d...

The reaffirmation of Utusan Melayu (Malaysia) Berhad’s (Utusan/the group) rating of MARC-3 on the extended Revolving Underwritten Facility (RUF) reflects Utusan’s leading position in the Malay language newspaper and magazine segments coupled with improving financials following higher circulation figures and increasing advertising revenue. The rating is, however, moderated by Utusan’s exposur...

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

MARC has assigned a rating of A-(A minus) to Bintang Bulk Mover Sdn Bhd’s (BBM) RM50 million 5-year secured serial bonds. The rating reflects BBM’s significant participation in the cement transportation industry by virtue of its long term cement transportation contracts with Lafarge Malayan Cement Bhd (LMCB), the largest local cement manufacturer. Under the issue structure, all revenue from th...

The reaffirmation of the ratings reflects Malaysia International Shipping Corporation Berhad’s (MISC) solid operating fundamentals, in particular the Liquefied Natural Gas (LNG) shipping segment. Other supporting factors include MISC’s strategic position in the Malaysian shipping industry; its sound financial policy; exceptional financial flexibility; and the strong support of its majority sha...