Utusan Melayu (Malaysia) Berhad’s (Utusan/the Group) rating of MARC-3 has been reaffirmed on the extended RUF for a reduced amount of RM100 million now maturing on 10 April 2006. The reaffirmation reflects Utusan’s leading position in the Malay language newspaper and magazine segments coupled with improvement in its financials for the period under review. The rating is, however, moderated by U...

Malaysian Rating Corporation Berhad (MARC) has assigned a long-term rating of AAA (triple A) to Special Port Vehicle Berhad’s (SPV) RM1,310 million nominal amount Asset Backed Serial Bonds (ABS) facility.Under this transaction, a bankruptcy remote special purpose company, Special Port Vehicle Berhad, will acquire the future receivables (including interest) amounting to RM1,699.63 million forming...

The ratings affirmation at A (A flat)/ MARC-1 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 capital base and sound management. These positives are however moderated by the Bank’s asset performance, which led to low profitability and efficiency me...

MARC has withdrawn the corporate debt rating of Maxisegar Sdn Bhd RM300 million and RM600 million Al-Bai Bithaman Ajil Islamic Debt Securities (Baids) following the full redemption of the Baids on the 28th of July 2003....

MARC has affirmed Motosikal dan Enjin Nasional Sdn Bhd’s (“MODENAS”) MARC-2ID rating on its RM80 million Murabahah Underwritten Notes Issuance Facility (MUNIF) (2002/2006). The affirmation is supported by MODENAS’ position as the number one motorcycle manufacturer in Malaysia and low gearing level. The rating, is however, moderated by its future cash flows’ sensitiveness to reduction in ...

IJM Corporation Berhad’s (IJM) corporate debt rating has been reaffirmed at A (single A) reflecting its relatively strong financial profile, the diversity of its business, and competitive position domestically and internationally. The difficult domestic construction environment and the risks associated with international ventures continue to be the moderating factors to its credit quality rating...

MARC has assigned a B- (B minus) rating to Land & General Berhad’s (L&G) redeemable convertible secured loan stocks (RCSLS) of RM320,962,637. The rating reflects the secured nature of the RCSLS and the relatively sustaining demand for L&G’s property development in Bandar Sri Damansara. These factors are offset by the weak composite competitiveness of L&G’s diverse business activities, its un...

MARC assigned a MARC-3ID rating to Perspektif Perkasa Sdn Bhd’s (PPSB) Murabahah Underwritten Notes Issuance Facility (MUNIF) with a nominal value of RM188 million. The rating reflects the competitive position of the proposed development, Bandar Pinggiran Cyber, in terms of location, infrastructural accessibility and pricing. Despite the potentially high take-up for this proposed development, c...

MARC has reaffirmed Bumi Armada Navigation Sdn Bhd’s (“BAN”) MARC-1/AA-ID rating assigned to its RM80 million Murabahah Notes Issuance Facility (MUNIF) / Islamic Medium-Term Notes (IMTN) (2000/2005). The affirmation is supported by the company’s good competitive position in the area of providing marine transportation, tanker operations and support services for the offshore oil and gas ind...

MARC has reaffirmed KFC Holdings (Malaysia) Bhd’s (KFCH) corporate debt rating of A+ID (A plus, Islamic Debt). The reaffirmation reflects the Group’s above-average business and operation fundamentals and strong financials backed by a proven track record. A moderating factor to the rating is the risk profile of the food-related industry characterized by strong competition and vulnerability to ...