MARC is pleased to announce that AmMerchant Bank Berhad as well as Aseambankers Malaysia Berhad / RHB Sakura Merchant Bankers Berhad emerged in the top position for MARC’s Lead Managers Table for First Half 2002, in terms of value, having each lead-managed RM0.5 billion worth of private debt securities (PDS) rated by MARC, followed by Abrar Discounts Berhad in the 2nd position with RM0.21 billi...

The rating of Anjung Bahasa Sdn Bhd’s (ABSB) Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDs) has been downgraded from AA+ to AA- (double-A minus) following negative developments arising subsequent to the issuance of the Temporary Certificate of Fitness (TCF), which have had the effect of moderating the cashflow protection afforded to the bondholders. Nonetheless, the rating continues to re...

Malaysian Rating Corporation Berhad (MARC) has affirmed the long-term Islamic corporate debt rating of A-ID (A minus, Islamic Debt) and short-term Islamic corporate debt rating of MARC-3ID to Europlus Corporation Sdn Bhd’s (ECSB) RM250 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) and RM350 million Murabahah Underwritten Notes Issuance Facility (MUNIF) respectively.ECSB’s affi...

Bumi Armada Navigation Sdn Bhd (BAN)’s ratings have been upgraded to MARC-1ID / AA-ID (double A minus Islamic Debt) from MARC-1ID / AID in respect of the company’s RM80 million Murabahah Notes Issuance Facility / Islamic Medium-Term Notes. The ratings reflect the company’s competitive position in the area of providing marine transportation, tanker operations and support services for the ...

Malaysian Rating Corporation Berhad (MARC) has assigned short and long term ratings of MARC-2 and A- (single A minus) respectively to Hong Leong Credit Berhad’s (HLC) CP/MTN Programme, reflecting the strong fundamental strength of HLC’s banking and insurance subsidiaries and the expected improvement in HLC’s pro-forma double leverage and debt position. The rating is however moderated by the ...

The rating affirmation of Maxisegar Sdn Bhd‘s (Maxisegar) RM300 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) at A-ID is supported by the strength of the underlying issue structure, in which, secured sales from specific property development projects have been earmarked for the redemption of the BaIDS issue. Positive features of the issue structure include security coverage of 1.28...

Gas District Cooling (KLIA) Sdn Bhd’s (GDC KLIA) reaffirmed ratings reflect the captive offtake demand for its chilled water and electricity; strong shareholder support; low operation risk and improved financial performance. The ratings are, however, moderated by the credit quality of its offtakers and its high, though declining debt leverage. GDC KLIA operates and maintains the District Cooli...

Malaysian Rating Corporation Berhad (MARC) has assigned a rating of AID (single A flat, Islamic Debt) to Sunrise Berhad’s (Sunrise) RM100.0 million Bai’ Bithaman Ajil Notes Issuance Facility and AID / MARC-2ID ratings to the RM70.0 million Islamic Medium Term Notes and Murabahah Notes Issuance Facility respectively. The rating reflects the commendable position of Sunrise as a reputable and aw...

Malaysian Rating Corporation Berhad (MARC) has assigned a short-term rating of MARC-1 to Cagamas Berhad’s RM450 million 1-month and RM400 million 1-year (discount) Notes issued on 16 May, 2002. The 1-month and 1-year Notes carry an average discount rate of 2.712% p.a. and 2.819% p.a. respectively. The Notes are issued to fund the purchase of mortgage loans from financial institutions, corporat...

Malaysian Rating Corporation Berhad (MARC) has reaffirmed Setia Putrajaya Sdn Bhd’s (Setia Putrajaya) rating of MARC-2ID for its RM170 million Murabahah Notes Issuance Facility.The rating reaffirmation reflects Setia Putrajaya Sdn Bhd’s (Setia Putrajaya) manageable construction risk given its ability to complete its construction works in a timely manner; the en-bloc sale of the bulk of residen...