Malaysian Rating Corporation Berhad (MARC) has assigned Islamic corporate debt ratings of MARC-1ID/AAAID (Islamic Debt) to Sime Darby Berhad’s (Sime Darby) proposed RM1,500 million Al-Murabahah Commercial Papers/Medium Term Notes (CP/MTN). The corporate debt ratings of Sime Darby reflect the diversity of the Group’s business, its solid capitalization, strong cash flow position and exceptio...

Malaysian Rating Corporation Berhad (MARC) has reaffirmed the long-term corporate debt rating of A (A flat) of Talam Corporation Berhad (Talam) RM150 million principal amount of 7-year 5.0% secured bonds with 107.6 million detachable warrants (2000/2007). The reaffirmation of the rating reflects the strength of the issue structure that is secured by a property development project, the Saujana ...

Malaysian Rating Corporation Berhad has reaffirmed the rating of AAAID (Triple AAA, Islamic Debt) for Petronas Assets Sdn Bhd’s Bai Al-Dayn Notes Issuance Facility with a nominal value of RM242 million. The reaffirmation of the rating reflects the credit strength of Petroliam Nasional Berhad (“PETRONAS”), the holding company of Petronas Assets Sdn Bhd (PAssets), user of PETROSAINS The Discov...

Setia Putrajaya Sdn Bhd (“SPJ”) RM 170.0 million Murabahah Notes Issuance Facility (2000/2003) (“MuNIF”) has been cancelled and fully redeemed on 9 December 2002 ahead of its expiry date of 5th January 2003. The outstanding balance of the MuNIF was fully redeemed via funds from the Facility’s Sinking Fund Account. Upon redemption of the MuNIF, MARC no longer has any rating obligation o...

The affirmation of Tian Siang’s corporate debt rating at A reflects, among others, the improvement in the Group’s operating efficiency and strong recovery of the palm oil prices which should strengthen its cash flow, going forward. The rating is, however, moderated by higher debt obligations following the issuance of the corporate debt and the Group’s vulnerability towards cyclical developm...

GDC (Putrajaya) Sdn Bhd’s (GDC Putrajaya) AAAID Islamic debt rating reflects the importance of the project to the efficient operation of the Government’s premises in Putrajaya; superior credit quality of the offtakers (that is, the Government and Putrajaya Holdings Sdn Bhd (PJH)); and the strong backing of the ultimate shareholder, PETRONAS.GDC Putrajaya, a company under the PETRONAS group, wa...

The rating affirmation reflects the strength of the underlying issue structure in which secured sales from the specific property development projects have been assigned for the redemption of the BaIDS issue. Under the issue structure, Kenanga is to maintain a minimum security coverage of 1.5 times the total BaIDS outstanding, a Sinking Fund Account (SFA) with scheduled minimum balances and a six-m...

Malaysian Rating Corporation Berhad (MARC) has reaffirmed the ratings of Kuala Sidim Berhad’s (KSB) RM100 Million Commercial Papers /Medium Term Notes (2001/2006). The long term and short term ratings of A- (bg) and MARC-1(bg) respectively for the RM50 Million Guaranteed Commercial Papers /Medium Term Notes Tranche 1 reflects the unconditional and irrevocable guarantee provided by Southern Bank...

Malaysian Rating Corporation Berhad (MARC) has affirmed the long-term Islamic corporate debt rating of A-ID (A minus, Islamic Debt Securities) of Puncak Alam Housing Sdn Bhd’s (PAH) RM75 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) facility. The rating affirmation reflects the strength of the underlying issue structure, with the BaIDS issue backed by secured sales from speci...

The reaffirmation of Pembinaan Mitrajaya Sdn Bhd’s (PMSB) long term rating of A-ID (A minus, Islamic Debt) and short term rating of MARC 2ID reflect the improvement in economic outlook and the company’s improving financial position and the assignment of contract proceeds and warrants proceeds of PMSB’s public listed holding company for the purpose of the redemption of the ABBA and MUNIF fa...