MARC affirms rating on BDB’s Islamic programme

Bina Darulaman President and group chief executive officer Faris Najhan Hashim (pic) said the MARC report effectively validated the company’s management strategy and execution to create a sustainable business model and generate long-term value to shareholders.

PETALING JAYA: Malaysian Rating Corp Bhd (MARC) has affirmed its short-term rating of MARC-2IS on Bina Darulaman Bhd’s (BDB) RM100mil Islamic commercial papers programme for the fourth year running with a stable outlook.

The Kedah State Development Corp subsidiary said MARC, in its latest rating review issued in August 2021, stated that the rating incorporated BDB’s competitive strength to undertake public infrastructure and construction contracts in Kedah, its available landbank for property development and adequate cash balances.“MARC’s report noted that BDB had continued its turnaround despite a challenging business environment in 2020 as a result of the Covid-19 pandemic,” it said in a statement yesterday.