MARC has upgraded Instacom SPV Sdn Bhd’s (ISPV) RM200 million Murabahah Medium Term Notes (MMTN) programme rating to AAID from AA-ID. ISPV is a special purpose company incorporated to facilitate the issuance of the MMTN to finance the purchase of completed telecommunication towers and infrastructure from its holding company, Instacom Engineering Sdn Bhd (IESB), a sub-contractor of telecommun...

MARC has downgraded the ratings of CapOne Berhad’s (CapOne) RM600 million Super Senior Class A-1 and RM250 million Senior Class A-2 bonds to AA+ and B from AAA and BB respectively and affirmed its RM50 million Mezzanine Class B and RM100 million Subordinated bonds at C. Both of the downgraded classes carry a negative outlook. The downgrades reflect the continued credit deterioration of the u...

MARC has affirmed its MARC-2ID /AID ratings on Goodway Integrated Industries Berhad’s (Goodway) RM80 million Murabahah Notes Issuance Programme/Islamic Medium Term Notes Programme (MUNIF/IMTN). The outlook on the ratings is maintained at negative. The affirmed ratings take into consideration Goodway’s competitive position as a major domestic producer of rubber compounds and leading pro...

MARC has affirmed its MARC-1ID /AID ratings on Delloyd Ventures Berhad’s (‘Delloyd’ or ‘the Group’) RM100 million Islamic Commercial Papers / Medium Term Notes (CP/MTN) Programme with a stable outlook. The affirmed ratings reflect Delloyd’s favourable competitive position in auto part product segments which have demonstrated a fair degree of resilience in a rece...

MARC has affirmed Kuwait Finance House (Malaysia) Berhad’s (KFHMB) long-term and short-term financial institution ratings at AA+/MARC-1. KFHMB’s ratings are based on MARC’s top-down approach in its assessment of KFHMB’s linkage with its parent, Kuwait Finance House K.S.C. (KFH) and the affirmation of KFH’s financial institution ratings at AAA/MARC-1. KFH’s ratin...

MARC has affirmed the AAAID rating on Midciti Resources Sdn Bhd’s (Midciti) 8- to 12-year Secured Bai Al-Dayn Bonds with a nominal value of up to RM1,605 million (Serial Bonds) and the AAA(s) rating on its 13-year bonds with a nominal value of up to RM1,315 million. The ratings carry a stable outlook.The affirmed ratings and the stable ratings outlook reflect the credit strength of Petroliam...

MARC has assigned the ratings of AAAID and MARC-1ID / AAAID to Sime Darby Berhad’s (Sime Darby) new Islamic debt programmes comprising RM4.5 billion Islamic Medium Term Notes (IMTN) and RM500 million Islamic Commercial Papers/Islamic Medium Term Notes (ICP/IMTN) respectively with a combined limit of RM4.5 billion. The outlook on the ratings is stable. Additionally, MARC has affirmed its MARC...

MARC has upgraded Glomac Berhad’s (Glomac) long-term rating to AID from A-ID and concurrently affirmed the short-term rating at MARC-2ID under the RM25 million Murabahah Notes Issuance Facility / Islamic Medium Term Notes (MUNIF/IMTN). The ratings carry a stable outlook. The upgrade reflects Glomac’s improved financial leverage and the turnaround in Glomac’s cash flow generation,...

MARC has affirmed the AAA rating of Cagamas MBS Berhad’s (Cagamas MBS) asset-backed fixed rate serial bonds of RM2,060.0 million (CMBS 2005-2). CMBS 2005-2 comprises seven tranches with maturities on the third, fifth, seventh, tenth, twelfth, fifteenth and twentieth anniversary from the issuance date of December 12, 2005. To date, Cagamas MBS has launched five residential mortgage backed sec...

MARC has affirmed the AAA rating of Cagamas MBS Berhad’s (Cagamas MBS) asset-backed fixed rate serial bonds of RM1,555.0 million (CMBS 2004-1). The rating carries a stable outlook. CMBS 2004-1 is the first residential mortgage-backed securitisation issuance by Cagamas MBS and comprises four tranches with maturities on the third, fifth, seventh, tenth anniversary from the issuance date of Oct...