MARC has assigned the ratings of A+ID to Glomac Berhad’s (Glomac) RM50.0 million Senior Bai’ Bithaman Ajil Islamic Bonds (Senior BaIDS); AID to RM60.0 million Junior Bai’ Bithaman Ajil Islamic Bonds (Junior BaIDS); and MARC-2/AID to RM25.0 million Murabahah Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN). The ratings are supported by Glomac’s position as one of the reputable...

Malaysian Rating Corporation Berhad (MARC) has reaffirmed the rating of MAA Holdings Berhad’s (MAAH) RM120 million nominal amount six-year structured serial bonds at A-.The rating reaffirmation reflects the financial strength of the general and life insurance funds of its main subsidiary Malaysian Assurance Alliance Berhad (MAA) and the support provided by the Revolving Credit Facility to meet c...

MARC has affirmed the long-term ratings of Aegis One Bhd’s (Aegis One) RM900.0 million senior secured bonds and RM100.0 million subordinated secured bonds at AAA and BB respectively. This is premised on the affirmation of the weighted average rating of Aegis One’s portfolio of corporate loans at A- / BBB+; comfortable overcollateralization and interest coverage ratios; the adequacy of supervis...

MARC has reaffirmed Petronas Gas Berhad’s (PGB) issuer rating at MARC-1/AAA, its RM900 million Murabahah Commercial Paper/Medium Term Notes Programmes (1999/2004) (MUNIF) ratings at MARC-1/AAAID (Islamic Debt), and RM500 million Al-Bai Bithaman Ajil Bonds Issuance Facility (1999/2004) (ABBA) rating at AAAID (Islamic Debt).The reaffirmation of the ratings are supported by the company’s dominant...

Sapura Energy Sdn Bhd’s (“SESB”) rating upgrade to AID is supported by its strength in the marine engineering business, improving financial position and the synergies arising from its proposed acquisition by Crest Petroleum Bhd (“Crest”), one of the largest oil and gas well drilling and marine contractors in Malaysia. The rating is, however, moderated by its high debt leverage position. ...

MARC is pleased to announce that for the period January to December 2003, MARC had completed 23 corporate debt issue ratings, with a total issue value of RM9.58 billion. Of the 23 corporate debt issues rated, 16 were Islamic private debt securities with a total issue value of RM6.85 billion, constituting 71.5% of the rated issue value.Commerce International Merchant Bankers Berhad (CIMB) topped M...

Malaysian Rating Corporation Berhad has reaffirmed the rating of AID (Single A Flat, Islamic Debt) for ARL Tenaga Sdn Bhd’s (ARLT) Al-Bai Bithaman Ajil Secured Serial Bonds Facility (ABBA) with a nominal value of RM177.0 million. The reaffirmation of the rating reflects the stable and predictable cash flow which is expected to cover the company’s debt servicing requirements comfortably; the pr...

MARC has assigned a long-term rating of A ID (Single A Flat Islamic Debt) on Merbok Hilir Berhad’s (Merbok) proposed RM150 million Al-Bai’ Bithaman Ajil Serial Bonds (BBA Bonds). Factors underpinning the rating include Merbok Group’s proven track record in the highly competitive MDF industry, the favourable outlook of the international Medium Density Board (MDF) industry, as well as its wel...

The reaffirmation of Kenanga Wangsa Sdn Bhd (KWSB)’s corporate debt rating at A-ID (A minus Islamic debt) reflects the strength of the underlying issue structure whereby secured sales from specific property development projects have been assigned for the redemption of the BaIDS issue. KWSB, a wholly owned subsidiary of Intelbest Sdn Bhd, is principally involved in property development. Two...

MARC has reaffirmed the rating of Talam Corporation Berhad’s (Talam) RM150 million principal amount of 7-year 5.0% secured bonds with 107.6 million detachable warrants (2000/2007) at A (A flat). The rating reflects its strong underlying issue structure, in which assignment of sale proceeds from the Saujana Puchong development project forms the source of repayment of the bond issue; and the impro...