MARC has downgraded M-Trex Corporation Sdn Bhd’s (M-Trex) RM48.0 million Islamic Commercial Papers (ICPs) rating to DID from MARC-3ID arising from its failure to redeem RM30 million of the Notes due on May 7, 2009 by way of conversion into a term loan as planned earlier. Concurrently, MARC removed M-Trex’s rating from MARCWatch Negative where it had been placed on February 24, 2009 to ...

MARC has downgraded Boon Koon Group Bhd’s (BKGB) long-term rating to A-ID from AID and affirmed its short-term rating at MARC-2ID with respect to its RM100 million Islamic Commercial Papers / Islamic Medium Term Notes (ICP/IMTN). The ratings carry a negative outlook. The downgrade reflects the group’s weakened competitive position arising from unfavourable changes to the import quota r...

MARC has affirmed the short-term and long-term ratings of automotive parts manufacturer, EP Manufacturing Berhad’s (EPMB) of up to RM150 million and RM120 million Murabahah Notes Issuance Facilities/Islamic Medium Term Notes (MUNIF/IMTN) at MARC-2ID /AID. The affirmed ratings recognise EPMB’s defensible market position in the domestic auto parts sector but high reliance on national car...

MARC has affirmed its AAAID ratings on Optimal Olefins (Malaysia) Sdn Bhd’s (Olefins) RM250.0 million Al Bai Bithaman Ajil Islamic Debt Securities (BaIDS). The rating outlook is stable. The rating reflects Olefins’ ownership by Petroliam Nasional Berhad (Petronas) and The Dow Chemical Company (Dow), its secured feedstock source with favourable price structure from Petronas until 2023, ...

MARC has affirmed its short- and long-term debt ratings of MARC-2 and A respectively on Priceworth Wood Products Berhad’s (Priceworth) RM160.0 million Commercial Papers/ Medium Term Notes Programme (CP/MTN). The affirmed ratings continue to reflect the integrated timber operator’s strong operating track record, a balanced export and domestic revenue base and diversified product lines, ...

Leader Universal Holdings Berhad’s (Leader) rating on its RM150.0 million Murabahah Medium Term Notes Issuance Programme has been affirmed at AID. The affirmed rating reflects Leader’s status as the market leader in the highly competitive cable and wire industry, the relatively stable profit contribution from its power generation business and its improving gearing levels. These factors...

MARC has affirmed its MARC-1ID / A+ID ratings on Weida (M) Bhd’s RM100 Million Murabahah Underwritten Notes Issuance / Islamic Medium Term Notes Facility. The rating outlook remains stable. The rating reflects Weida’s competitive position as a fully-integrated leading provider of water- and wastewater-infrastructure products and services, particularly in East Malaysia, its proven track...

MARC has affirmed the rating of Perwaja Steel Sdn Bhd’s (Perwaja) RM400.0 Million Murabahah Medium Term Notes (MMTN) Programme at AID and revised its outlook to developing from stable. The affirmed rating reflects Perwaja’s competitive strength as a major local producer of direct reduced iron (DRI) and its strategic importance to parent company, Kinsteel Berhad, which has a long term r...

MARC has affirmed the ratings of Kinsteel Berhad’s (Kinsteel) RM100.0 million Murabahah Commercial Papers/Medium Term Notes (Murabahah CP/MTN) and RM100.0 million Murabahah Medium Term Notes (MMTN) Programme at MARC-2ID /AID and AID respectively with a revision in outlook from stable to developing. The rating affirmation reflects the company’s competitive business profile, supported by...

MARC has affirmed its short-term MARC-2ID and long-term AID ratings on wood-based product manufacturer Maxtral Industry Berhad’s (Maxtral) RM80 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) and RM20 million Murabahah Underwritten Notes/Murabahah Medium Term Notes (MUNIF/MMTN) facilities. The outlook on the rating has been revised to negative from stable to reflect increased pr...