Mines Golf Resort Berhad’s Bank Guaranteed Serial Bonds and Bank Guaranteed Commercial Papers ratings are affirmed reflecting the unconditional and irrevocable guarantee provided by Malayan Banking Berhad (Maybank). Mines Golf Resort Berhad (MGRB) is principally a property development company, currently developing a project named “South of the Mines” (South Lake Project); an upmarket mixed d...

The reaffirmation of Utusan Melayu (Malaysia) Berhad’s (Utusan/the group) rating of MARC-3 on the extended Revolving Underwritten Facility (RUF) reflects Utusan’s leading position in the Malay language newspaper and magazine segments coupled with improving financials following higher circulation figures and increasing advertising revenue. The rating is, however, moderated by Utusan’s exposur...

MARC has affirmed the rating of Sime Darby Berhad’s (Sime Darby) RM1,500 million Al-Murabahah Commercial Papers/ Medium Term Notes (CP/MTN) at MARC-1ID/AAAID respectively. The affirmation of Sime Darby’s corporate debt ratings reflect the diversity of the Group’s business, its solid capitalization, resilient profitability levels, strong cash flow position and exceptional financial flexibilit...

MARC has assigned a rating of A-(A minus) to Bintang Bulk Mover Sdn Bhd’s (BBM) RM50 million 5-year secured serial bonds. The rating reflects BBM’s significant participation in the cement transportation industry by virtue of its long term cement transportation contracts with Lafarge Malayan Cement Bhd (LMCB), the largest local cement manufacturer. Under the issue structure, all revenue from th...

The reaffirmation of the ratings reflects Malaysia International Shipping Corporation Berhad’s (MISC) solid operating fundamentals, in particular the Liquefied Natural Gas (LNG) shipping segment. Other supporting factors include MISC’s strategic position in the Malaysian shipping industry; its sound financial policy; exceptional financial flexibility; and the strong support of its majority sha...

Sapura Energy Sdn Bhd’s (“SESB”) rating upgrade to AID is supported by its strength in the marine engineering business, improving financial position and the synergies arising from its proposed acquisition by Crest Petroleum Bhd (“Crest”), one of the largest oil and gas well drilling and marine contractors in Malaysia. The rating is, however, moderated by its high debt leverage position. ...

MARC is pleased to announce that for the period January to December 2003, MARC had completed 23 corporate debt issue ratings, with a total issue value of RM9.58 billion. Of the 23 corporate debt issues rated, 16 were Islamic private debt securities with a total issue value of RM6.85 billion, constituting 71.5% of the rated issue value.Commerce International Merchant Bankers Berhad (CIMB) topped M...

The rating affirmation of AAID for MHS Aviation Berhad’s (MHSA) Al-Bai Bithaman Ajil Islamic Serial Debt Securities (BaIDS) reflects the company’s continued dominant position in the provision of aviation services, as underlined by its ability in providing services that meet the demand for high safety standards by domestic oil and gas companies. MHSA’s exceptional track record is evident from...

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...

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...