MARC International has reaffirmed the rating of First Global Sukuk Inc.’s Serial Islamic Lease Sukuk Issuance of up to USD368 million at A-IS, reflecting Kumpulan Guthrie Berhad’s (as the lease paymaster) strong position as one of the country’s leading plantation players cum property developer with vast land banks in Malaysia and Indonesia; strong financial flexibility and the anticipation o...

MARC has received confirmation that the second redemption of KFC Holdings (Malaysia) Berhad’s RM300 million Al-Bai’Bithaman Ajil Facility (ABBA) amounting to RM30.0 million was made on 19 January 2005. Hence, effective 20 January 2005, the facility limit has been reduced to RM240.0 million, taking into consideration the abovementioned redemption and the earlier redemption of RM30.0 million in ...

MARC has reaffirmed the corporate debt rating of KFC Holdings (Malaysia) Berhad’s (KFCH) RM300 million Islamic Notes Issuance Facility (INIF) at A+ID and at the same time, has placed the rating on positive outlook, in anticipation of an additional RM90 million cash proceeds from the proposed sale and lease back of Wisma KFC. The rating reaffirmation reflects the Group’s strong brand presence i...

MARC has upgraded the rating of CNLT (Far East) Berhad’s (CNLT) RM60 million Bank Guaranteed CP/MTN to A(bg)/ MARC-1(bg), reflecting the weakest link rating of the unconditional and irrevocable bank guarantees provided by a consortium of financial institutions. CNLT, a medium sized manufacturer of yarn, faced a challenging year in 2003. Demand in the international textile market, particularly fr...

MARC has assigned the ratings of MARC-2ID/A+ID to DeGem Bhd’s (DeGem) proposed RM50.0 million private debt securities (PDS). The ratings reflect the Group’s proven track record as one of the leading jewellers in Malaysia. The ratings also took into consideration DeGem’s better than average financial profile characterised by its low gearing and favourable liquidity profile. Moderating factors...

MARC has received confirmation from Motosikal Dan Enjin Nasional Sdn Bhd that its RM80 million MUNIF facility has been fully redeemed and it has arranged for cancellation of the facility and termination of all agreements related to the facility. As such, MARC no longer has any rating obligation on the facility and the MARC-2ID rating is hereby withdrawn....

MARC International has upgraded the rating of First Global Sukuk Inc.’s Serial Islamic Lease Sukuk Issuance of up to USD368 million from BBB+IS to A-IS, reflecting the improved performance of Kumpulan Guthrie Berhad (Guthrie)’s palm oil operations, which contributed positively to its financial results during the period under review coupled with continued positive contributions from its success...

MARC has assigned a rating of AAID to Malaysian Merchant Marine Bhd’s (MMM) proposed RM120.0 million Al-Bai’ Bithaman Ajil Serial Bonds (BaIDS). The rating 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 will be ...

MARC has affirmed Motosikal dan Enjin Nasional Sdn Bhd’s (“MODENAS”) MARC-2ID rating on its RM80 million Murabahah Underwritten Notes Issuance Facility (MUNIF) (2002/2006). The affirmation is supported by MODENAS’ position as the number one motorcycle manufacturer in Malaysia and low gearing level. The rating, is however, moderated by its future cash flows’ sensitiveness to reduction in ...

MARC has reaffirmed KFC Holdings (Malaysia) Bhd’s (KFCH) corporate debt rating of A+ID (A plus, Islamic Debt). The reaffirmation reflects the Group’s above-average business and operation fundamentals and strong financials backed by a proven track record. A moderating factor to the rating is the risk profile of the food-related industry characterized by strong competition and vulnerability to ...