Malaysian Rating Corporation Berhad (MARC) has affirmed Tenaga Nasional Berhad’s issuer ratings at AA+/MARC-1. MARC has also affirmed TNB’s Al-Bai Bithaman Ajil Notes Issuance Facility rating at AA+ID and Eight-year Fixed Rate Unsecured Bonds rating at AA+. The ratings affirmation is based on TNB’s strategic importance to Malaysia’s economy and national security given its role as principal...

The ratings of AA+ ID for Tranche I (RM370 million), A ID for Tranche II (RM50 million) and A+ ID for Tranches III (RM80 million) and IV (RM168 million) reflect the strength of irrevocable unconditional guarantees provided by a consortium of banks evaluated using the weak link approach. The BBB- rating of the non-guaranteed RM30 million Tranche V reflects the issuer’s stand-alone rating, recogn...

Dialog Group Berhad’s (DGB) reaffirmed corporate credit rating reflects the group’s strong business position in the plant construction aspect of the oil, gas and petrochemical industries; continued strong financial profile defined by its good earnings performance; strong cash flow position and solid capitalization with minimal debt obligations. These positive features are somewhat moderated by...

Road Builder (M) Sdn Bhd’s (RBM) rating of A+(s) (single A plus, support) in respect of its RM400 million Repackaged RBM Income Securities reflects RBM’s competitive position in the civil engineering and building segment; good track record; experienced management team and a tight issue structure. The rating also reflects the shareholder’s support of a maximum RM200 million on a reducing bala...

Setia Putrajaya Sdn Bhd (Setia Putrajaya) has redeemed and cancelled the remaining RM39.5 million of its RM375 million Murabahah Notes Issuance Facility (MuNIF) on 8 November 2001, ahead of its expiry date of 10 November 2001. Consequently, Malaysian Rating Corporation Berhad (MARC) has withdrawn its rating on Setia Putrajaya’s MuNIF....

Malaysian Rating Corporation Berhad (MARC) has assigned a long-term Islamic corporate debt rating of A-ID (A minus, Islamic Debt Securities) to Puncak Alam Housing Sdn Bhd’s (PAH) RM75 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) facility. The rating reflects the strength of the underlying issue structure, with the BaIDS issue backed by secured sales from specific property d...

Malaysian Rating Corporation Berhad (MARC) has affirmed Putrajaya Holdings Sdn Bhd’s (PJH) RM1,109 million Al-Bai Bithaman Ajil (ABBA) Bonds Issuance Facility (Parcels A, B & Public Facilities Precinct 10) (2000-2010) rating at AAAID. The rating affirmation reflects PJH’s solid capitalization supported by a superior set of shareholders; exceptionally strong financial flexibility; importance o...

MARC has affirmed Utusan Melayu (Malaysia) Berhad’s corporate debt rating at MARC-3, reflecting the latter’s leading position in the Malay language newspaper and magazine segments. The rating is, however, moderated by the deterioration in its financial performance, which is highly sensitive to changes in circulation figures, advertising revenue and newsprint prices. Utusan Malaysia is the l...

Malaysian Rating Corporation Berhad (MARC) has assigned a financial institution rating of A (single A flat) and a short-term rating of MARC-1 to Bank Islam Malaysia Berhad (“the Bank”). The ratings reflect the Bank’s strategic importance in the development of Islamic banking as a viable alternative to the conventional banking system, further supported by a solid liquidity position, healthy...

Malaysian Rating Corporation Berhad (MARC) has reaffirmed Syarikat Perumahan Negara Bhd’s (“SPN”) RM1 Billion Fixed Rate Bond rating at AAA(s). The rating reaffirmation is primarily based on the external enhancement or support in the form of a ‘put option’, provided irrevocably and unconditionally by Petroliam Nasional Bhd (PETRONAS) to the bondholders. The option requires PETRONAS to p...