MARC International has upgraded the rating of First Global Sukuk Inc.’s Serial Islamic Lease Sukuk Issuance of up to USD368 million from BBB+IS to A-IS, reflecting the improved performance of Kumpulan Guthrie Berhad (Guthrie)’s palm oil operations, which contributed positively to its financial results during the period under review coupled with continued positive contributions from its success...

MARC has assigned a rating of AAID to Malaysian Merchant Marine Bhd’s (MMM) proposed RM120.0 million Al-Bai’ Bithaman Ajil Serial Bonds (BaIDS). The rating reflects the Group’s proven track record in the highly competitive international shipping industry; its better than average financial profile; as well as a tight issue structure under which the charter proceeds of all its vessels will be ...

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 ...

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 ...

MARC has received the confirmation from the Facility Agent that CNLT’s GRUNIF Notes have been refinanced by the RM60.0 million Bank Guaranteed Al Murabahah Commercial Papers/ Medium Term Notes Issuance Programme on the 10th April 2003. Hence, MARC no longer has any rating obligation on CNLTS’s GRUNIF Facility and the MARC -1 (bg) rating is hereby withdrawn. ...

The rating of MARC-1(bg)/ A- (bg) assigned to CNLT (Far East) Bhd’s RM60 million Proposed Bank Guaranteed CP/ MTN reflects the strength of the unconditional and irrevocable bank guarantees provided by a consortium of financial institutions which consist of Aseambankers, Malayan Banking Berhad, Bumiputra Commerce Berhad and EON Bank Berhad to guarantee the nominal value of the BG CP/MTN. The rati...

The rating of CNLT (Far East) Bhd’s RM50 million Syndicated Guaranteed Revolving Underwritten Notes Issuance Facility (GRUNIF) has been upgraded to MARC-1 (bg). The notes are secured against unconditional and irrevocable bank guarantees in respect of the redemption of up to the face value of the notes issued. The rating reflects the superior capacity of the bank guarantors to meet their financi...

Malaysian Rating Corporation Berhad 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 co...

Malaysian Rating Corporation Berhad (MARC) has assigned a short term corporate debt rating of MARC-2ID (Islamic Debt) to Motosikal Dan Enjin Nasional Sdn Bhd’s (MODENAS) RM80 million Murabahah Underwritten Notes Issuance Facility (MUNIF). The rating reflects MODENAS’ strong market position in the 4-stroke segment of the motorcycle industry; Government’s support in the form of tariff protecti...

MARC re-affirmed its AAA(bg) rating on Sinmah’s RM50 million redeemable bond issue due 2002, guaranteed by Cooperatieve Centrale Raifesen-Boereenleenbank B.A. of Nederlands (Rabobank). The rating reflects the strength of the unconditional and irrevocable guarantee provided by Rabobank, which has a rating of ‘AAA’ from Fitch. Meanwhile on the underlying rating of the issue, Sinmah’s financi...