Further to our meeting with PNSB’s management, the outcome of the privatization of the water distribution in Selangor is expected to be known in the third quarter of year 2003. Latest developments indicate that the resolution of the issue pertaining to the outstanding receivables due from Perbadanan Urus Air Selangor Bhd (PUAS) is one of the integral factors of the exercise.Consequently, MARC ma...

MARC has downgraded the rating of Reliance Pacific Berhad (RPB) RM100 million Redeemable Secured Bonds from A- to BBB+.The downgrade reflects the current weak and uncertain operating environment of the travel and hotel industry following the SARS outbreak and threat of terrorism and the weakened financial performance of RPB. The group’s consolidated Income Statements recorded losses for the past...

MARC has affirmed the long-term Islamic corporate debt rating of AID (Single A, Islamic Debt Securities) and short-term Islamic corporate debt rating of MARC-2ID assigned to Sunrise Berhad’s RM70 million Islamic Medium Term Notes and Murabahah Notes Issuance Facility and RM100 million Bai’ Bithaman Ajil Notes Issuance Facility respectively. The affirmed ratings reflect the commendable positi...

M K Land Holdings Berhad’s (M K Land) tranche 1 and tranche 2 serial bonds ratings have been affirmed at A (single A flat)reflecting the relatively strong financial profile and the strength of the underlying issue structure in which secured sales have been earmarked for the redemption of the bond issues. The take-up rates of Damansara Damai (DDamai) and Damansara Perdana (DPerdana) projects, of...

The ‘A’ general insurance financial strength rating of Kurnia Insurans (Malaysia) Berhad (Kurnia) reflects the Company’s leading market position in the Malaysian general underwriting market, its strong business franchise, large distribution network and stringent claims controls. Moderating features include a high underwriting concentration in motor lines, the somewhat limitations of the Com...

MARC has reaffirmed the rating of MARC-1ID/AAAID assigned to Malaysia International Shipping Corporation Berhad’s (MISC) RM1.5 billion Murabahah Commercial Paper/Medium-Term Notes Programme (2000/2005). The affirmation of the ratings reflect MISC’s solid operating fundamentals, in particular the Liquefied Natural Gas (LNG) shipping segment, that provides the company with a stable and recurrent...

MARC has assigned a rating of AAAbg (bank guaranteed) to Mines Golf Resort Berhad’s (MGRB) proposed Bank Guaranteed Serial Bonds (BG Bonds) with nominal value up to RM130 million and a MARC-1bg (bank guaranteed) rating to its proposed Bank Guaranteed Commercial Papers (BG CP) with nominal value up to RM47 million. The rating reflects the unconditional and irrevocable bank guarantee provided by M...

MARC has affirmed the Islamic corporate debt ratings of AAAID (Islamic Debt) to Putrajaya Holdings Sdn Bhd’s (‘PJH’) RM570 million nominal value Bai Bithaman Ajil (BBA) Bonds Issuance Facility (Parcel C) and RM850 million nominal value BBA Bonds Issuance Facility (Parcel D) respectively. The affirmation of PJH’s corporate debt ratings reflects its solid capitalization supported...

MARC has placed the A- rating for Reliance Pacific Berhad (RPB) RM100 million Redeemable Secured Bonds on MARCWatch, with a negative outlook. The MARCWatch, with a negative outlook reflects the heightened threat of Severe Acute Respiratory Syndrome (SARS) on the travel and hotel industry, the principal activity of RPB. The travel warnings issued by the World Health Organisation (WHO) to discourage...

MARC has assigned the rating of AID (Single A flat, Islamic Debt) to ABI Malaysia Sdn Bhd’s (ABI) RM80.0 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS). The rating reflects ABI’s leading position in the manufacture of automotive batteries in Malaysia; existing manufacturing contracts that ensure sustainable demand for its batteries; positive outlook for vehicle sales in Malays...