Malaysian Rating Corporation Berhad (MARC) has assigned a short-term rating of MARC-1 to Cagamas Berhad’s RM170 million one year (discount) Notes and a long-term rating of AAA to the RM100 million 2-year Fixed Rate Bonds and RM150 million reopening of the existing 3-year Fixed Rate Bonds issued on 16 May, 2000. (An earlier tranche of the 3-year Bonds was issued on 14 April, 2000 bearing a coupo...

MARC has affirmed the general insurance financial strength rating of Kurnia Insurans (Malaysia) Berhad (Kurnia) at A (Single A) based on the company’s leading market position, strong agency network, conservative investment strategy, tight premium accountability and stringent claims controls. A moderating factor is the high vulnerability of the motor business to adverse developments in the econo...

Malaysian Rating Corporation Berhad (MARC) has assigned a long-term rating of AAAID to Putrajaya Holdings Sdn Bhd’s RM1,109 million Al-Bai Bithaman Ajil (ABBA) Bonds issuance facility. The rating reflects the superior credit quality which essentially is that of the Government who will be responsible for the sub-lease rental payments in respect of the Government buildings, that will form the pri...

Malaysian Rating Corporation Berhad (MARC) has assigned a short-term rating of MARC-1 to Cagamas Berhad’s RM165 million one year (discount) Notes and a long-term rating of AAA to the RM430 million 3-year Fixed Rate Bonds and RM100 million reopening of the existing 5-year Fixed Rate Bonds issued on 14 April, 2000. (An earlier tranche of the 5-year Bonds was issued on 10 March, 2000 bearing a cou...

MARC has affirmed the rating of MARC - 2 on Puncak Niaga (M) Sdn Bhd’s (PNSB) Revolving Underwritten Facility (RUF) with term loan conversion. The rating is supported by sustained demand for water with production of treated water surpassing the minimum take-or-pay quantity that was set by the government; low off-taker risk; satisfactory operation of the existing water treatment facilities under...

Malaysian Rating Corporation Berhad (MARC) has assigned a rating of MARC-3 (bg) to CNLT (Far East) Berhad’s (CNLT), RM50 million syndicated bank guaranteed revolving underwritten notes issuance facility. The rating reflects the strength of the unconditional and irrevocable bank guarantees provided by a consortium of banks, based on the weakest link approach. CNLT’s own financial capacity to m...

MARC’s ratings of A-ID (A minus, Islamic debt) and MARC2ID assigned to Pembinaan Mitrajaya Sdn Bhd’s (PMSB) RM55 million Al-Bai’ Bithaman Ajil (ABBA) and RM35 million Murabahah Underwritten Notes Issuance Facility (MUNIF) respectively, reflect the assignment of contract and warrant proceeds to the sinking funds for the redemption of the debt securities; the high entry barriers into the civil...

Malaysian Rating Corporation Berhad (MARC) has upgraded the long-term issuer rating of Tenaga Nasional Berhad (TNB) to AA+ (double A plus) and reaffirmed TNB`s short-term issuer rating at MARC-1. Arising from the upgrade of TNB`s long-term issuer rating, TNB`s Al-Bai Bithaman Ajil Notes Issuance Facility [Tranche 1 (1997/2007) and Tranche 2 (1997/2012)] and Fixed Rate Unsecured Bonds (1998/2006) ...

Malaysian Rating Corporation Berhad (MARC) has assigned a short-term rating of MARC-1 to Cagamas Berhad’s RM915 million and RM730 million of 3-month and 6-month (discount) Notes issued on 25 February, 2000. The 3-month and 6-month Notes carry an average discount rate of 2.853% p.a. and 3.028% p.a. respectively. The Notes are issued to fund the purchase of mortgage loans from financial instituti...

MARC has assigned a rating of A (Single A) to IJM Corporation Berhad (IJM)’s RM150 million nominal value of 5% redeemable unsecured bonds (2000/2005) with up to 83,015,330 detachable warrants. The rating reflects the group’s strong operating characteristics and favourable competitive position in its traditional construction business, its positive track record in diversifying into non-construct...