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 ...

The reaffirmation of Dialog Group Berhad (DIALOG)’s corporate credit rating of ‘AA-‘ reflects the Group’s continued strong financial profile; characterized by low gearing, strong cash flow position and good financial flexibility as well as its above average position in the highly specialized oil, gas and petrochemical industry backed by its commendable performance and safety track record. ...

MARC has reaffirmed the ratings of Midciti Resources Sdn Bhd’s (“Midciti Resources”) 7-year Secured Bai Al-Dayn Commercial Paper/Medium Term Notes Financing Programme with nominal value of up to RM1,000 million at MARC-1ID /AAAID, 8 to 12-year Secured Bai Al-Dayn Bonds with a nominal value of up to RM1,605 million at AAAID and the 13-year Bonds with a nominal value of up to RM1,315 million a...

MARC has placed MNI’s RM923 million Bai’ Bi Al-Taqsit nominal value fixed rate serial bonds programme (Islamic Bonds) rated at BBB+ID(s) on MARC Watch with a Negative Outlook; reflecting the company’s weak financials stemming from depressed newsprint prices. MNI will be seeking bondholders’ approval for its proposed restructuring of the debt, which includes a 3-year repayment moratorium fr...

MARC has reaffirmed the ratings of Petronas Assets Sdn Bhd’s Bai Al-Dayn Notes Issuance Facility with a nominal value of RM282 million at AAAID (Triple AAA, Islamic Debt) and Al-Murabahah Commercial Papers/Medium Term Notes (CP/MTN) Programme with a nominal value of up to RM500 million at MARC-1ID/AAAID. The reaffirmation of the ratings reflects the credit strength of Petroliam Nasional Berhad (...

MARC has upgraded the long-term rating of Commerce Asset-Holding Berhad (CAHB) to A+ (single A plus). This reflects the strengthened credit standing of the CAHB Group, which benefited from the strong franchise of its core subsidiaries; a better performance by its commercial banking subsidiary; the improvement in its overall asset quality; a low gearing level; and a proactive management. The rating...

MARC has assigned a rating of AID (A flat, Islamic debt) to Maxisegar Sdn Bhd’s (MSB) Al Bai Bithaman Ajil Islamic debt securities (BAIDS) with a nominal value of RM250 million. The assigned rating reflects MSB’s strong competitive position and good location of its property developments; tempered by its vulnerability to adverse developments in the property market.MSB, a wholly owned subsidiary...

MARC has upgraded the general insurance financial strength rating of Lonpac Insurance Berhad (Lonpac) from AA- (double AA minus) to AA (double AA flat) based on the insurer’s stable management style, a diversified premium base, its strategic link with the Public Bank group, a comparably conservative investment portfolio, manageable liquidity and sound capitalization base. These strengths are, h...

MARC has upgraded the rating of WCT Engineering Berhad’s (WCT) RM120.0 million 5% Redeemable Unsecured Bonds with detachable warrants (2000/2005) from A-(s) to A(s), based upon the strengthening financial profile of WCT, underpinned by the strong performance of its civil engineering/construction and property development divisions. The rating continues to be supported by a RM15 million irrevocabl...

Puncak Alam Housing Sdn Bhd’s (PAH) rating has been upgraded to AID (single A, Islamic Debt), in view of the strength of the underlying issue structure, the advanced stage of completion for Phase II and Phase III of the Bandar Baru Puncak Alam project which have been earmarked for the redemption of the issue, and the remaining billings to date which more than covers the balance of funds to be ac...