MARC: Short-term Rating for Bina Darulaman’s MYR 100 Million ICP Affirmed at MARC-2IS

Malaysian Rating Corp (MARC) has affirmed its short-term rating for Bina Darulaman (BD)’s MYR 100 million Islamic Commercial Papers (ICP) programme at MARC-2IS.

The rating accounts for the fact that BD, a Kedah state-owned entity, will benefit from state support in locking in contracts for its road construction division, as well as facilitating land acquisition for BD’s property division.

BD’s modest business and financial profile also constrained its rating, and this was primarily due to the challenges faced by BD’s property development sector.

MARCs rating also incorporates BD’s refinancing risks, with its borrowi...