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...

Malaysian Rating Corporation Berhad (MARC) has assigned long-term ratings to Aegis One Berhad’s (Aegis One) RM900 million nominal value 5.2% asset backed senior bonds due 2007 and RM100 million nominal value variable rate asset backed subordinated junior bonds due 2007 of AAA (triple A) and BB (double B) respectively.Aegis One is a bankruptcy remote special-purpose company incorporated in Malays...

Dialog Group Berhad (DGB)’s reaffirmed corporate credit rating of ‘AA-‘ reflects the Group’s continued strong financial profile; attributed by low gearing, strong cash flow position, consistent profit margin and good financial flexibility. Its well-above average position is supported by continuous growth in both revenue and profitability over the years. DGB is an investment holding compan...

The reaffirmation of MTD Prime Sdn Bhd’s Islamic debt rating of AA –ID (Double-A Minus, Islamic Debt) reflects the completed status of the Highway with no construction risk; good actual traffic performance which is above the government guaranteed minimum traffic growth; and the company’s improving financial strength. MTD Prime is a single purpose company created specifically to upgrade, oper...