MARC has affirmed the AID rating on Antara Steel Mills Sdn Bhd’s (Antara) RM500.0 Million Bai’ Bithaman Ajil Islamic Debt Securities and concurrently removed the rating from MARCWatch Negative where it had been since February 3, 2009 over concerns on the financial impact of a three-month shutdown of its Labuan-based hot briquetted iron (HBI) plant in late last year. The rating outlook ...

MARC has affirmed Mithril Bhd’s (Mithril) RM59 million Redeemable Convertible Secured Loan Stocks (RCSLS) rating at B+. The negative outlook on the rating has been maintained. The affirmed rating and continued negative outlook reflects MARC’s concern about the sustainability of the company as a going-concern given the lack of near-term recovery prospects for the company’s core bu...

MARC has revised its rating outlook on Leader Universal Holdings Berhad’s (Leader) RM150.0 million Murabahah Medium Term Notes (MMTN) Issuance Programme to stable from developing and affirmed the MMTN rating at AID. The rating outlook revision reflects easing concerns surrounding the impact of Leader’s equity financing requirement for the construction of its second power plant project ...

MARC has lowered its ratings on Boon Koon Group Bhd’s (Boon Koon) RM100 million Islamic Commercial Papers (ICP)/Islamic Medium Term Notes (IMTN) to MARC-3ID / BBB-ID from MARC-2ID /A-ID, and removed the ratings from MARCWatch.  The downgrade reflects Boon Koon’s weakened financial profile stemming from a period of very challenging industry conditions, its limited financial flexibi...

MARC has affirmed the ratings of geosynthetic manufacturer, Emas Kiara Industries Bhd’s (EKIB) RM80 million Partially Underwritten Murabahah Notes Issuance Facility/Islamic Medium Term Notes Issuance Facility (MUNIF/IMTN) at AID/MARC-2ID. At the same time, the rating outlook has been revised to developing from stable.The outlook revision is due to EKIB’s increased business risk exposur...

MARC has revised its outlook on its ratings of Premium Nutrients Berhad’s (Premium Nutrient) RM85 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) to developing from stable. Concurrently, MARC has affirmed its MARC-2ID /AID ratings on the MUNIF/IMTN programme. The revised rating outlook reflects MARC’s concern about Premium Nutrient’s ...

MARC has lowered its rating on Ingress Sukuk Berhad’s (ISB) RM160 million Sukuk Al Ijarah (Sukuk) to BB-IS from BBB-IS. The lowered rating remains on MARCWatch Negative. ISB is a wholly-owned funding vehicle of auto parts manufacturer, Ingress Corporation Berhad (Ingress). Since MARC’s downgrade of ISB’s sukuk rating on March 31, 2009, ISB has failed to make a RM25 million paymen...

MARC has downgraded the long- and short-term ratings of wood-based product manufacturer Evermaster Group Berhad’s (EGB) RM50 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) and RM40 million Murabahah Multi-Option Notes Issuance Facility (MONIF) to BB-ID and MARC-4ID from BBB-ID and MARC-3ID respectively. At the same time, EGB’s ratings were removed from MARCWatch Negative ...

MARC has downgraded the long term rating of Tracoma Holdings Berhad’s (Tracoma) RM100 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) to BID from BB+ID. At the same time, Tracoma’s rating was removed from MARCWatch Negative where it had been placed since July 25, 2008. The rating now carries a negative outlook.The downgrade reflects heightened concerns over Tracoma&...

MARC has removed its rating on Englotechs Holding Berhad’s (Englotechs) RM50.0 million Murabahah Medium Term Note Programme (MMTN) from MARCWatch Negative and downgraded the rating to BBID¬ from BBB-ID. Englotechs’ rating was first placed on MARCWatch Negative on April 1, 2008 due to a breach in financial covenants. The outlook on the rating is now negative.The downgrade is premise...