MARC has affirmed its AAAID and MARC-1ID/AAAID ratings on MISC Berhad’s (MISC) RM2.5 billion Islamic Medium Term Notes Programme (IMTN) and RM1.0 billion Murabahah Commercial Papers/Medium Term Notes Programme (CP/MTN) respectively. The stable outlook on the ratings has been maintained. The affirmed ratings reflect MISC’s strong position and long track record in the energy transportati...

MARC has affirmed the ratings of MARC-1/AAA on the RM125 million Class A notes and MARC-1/AA on the RM50 million Class B notes of Mutual Streams Sdn Bhd’s (Mutual Streams) RM650 million Commercial Papers/Medium Term Notes (CP/MTN) programme. The outlook on the ratings is stable. The ratings mainly reflect the satisfactory performance of the securitised property which has generated better-tha...

MARC has revised its rating outlook on Olympia Industries Berhad’s (Olympia) outstanding RM85,860,360 nominal value Redeemable Unsecured Loan Stocks (RULS) to negative from stable to reflect increased concerns over the company’s weakened business and financial profiles. Characterised by the continued weak profit margins of its gaming operations, the slow property sales encountered by i...

MARC has revised its ratings on OPTIMAL Glycols (Malaysia) Sdn Bhd’s (Glycols) and OPTIMAL Chemicals (Malaysia) Sdn Bhd’s (Chemicals) (jointly known as Glycols & Chemicals) RM453.0 million and RM567.0 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) respectively to AAAID from AA+ID(s) and at the same time removed the ratings from MARCWatch Positive where they were first...

MARC has downgraded the rating of DutaLand Berhad’s (DutaLand) outstanding RM50,666,528 Redeemable Unsecured Loan Stocks (RULS) to B from BB-. The outlook on the rating is negative. The rating action reflects DutaLand’s dependence on asset sales to meet its upcoming debt maturities and the significant near-term pressure on its profitability and cash flow. Against the background of the ...

MARC has affirmed Makro Utama Sdn Bhd’s (Makro) RM100.0 million Al-Istisna’ Bonds (the Bonds) rating of A+ID. The outlook of the rating is stable. The affirmed rating reflects the strong credit quality of the sole obligor, the Department of Irrigation and Drainage Malaysia, and the moderately low execution risk entailed in the RM402.9 million Sungai Muda Package 2 Flood Mitigation Proj...

MARC has affirmed the AA+IS rating of port operator Westports Malaysia Sdn Bhd’s (Westports) RM800.0 million Sukuk Musyarakah Medium Term Notes (Sukuk Musyarakah MTN) and maintained the stable rating outlook. The affirmed rating considers Westports’ strong competitive position and operational track record in addition to its stable financial profile and ample financial flexibility. Thes...

MARC has affirmed its ratings on Bayu Padu Sdn Bhd’s (Bayu Padu) RM500 million Istisna’ Serial Bonds (Istisna’ Bonds) and RM100 million Murabahah Commercial Papers/Medium Term Notes (MCP/MMTN) at A+ID and MARC-1ID /A+ID respectively. The outlook on the ratings is maintained at stable. Wholly-owned by SapuraCrest Petroleum Bhd (SapuraCrest), Bayu Padu is a special purpose vehicle ...

MARC has affirmed its 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) Programmes at MARC-2ID / AID and AID respectively. Concurrently, MARC has revised its rating outlook on the ratings to stable from developing.The revised outlook stems from expectations that the c...

The affirmed ratings of MARC-1/AAA and MARC-1/AA to Inverfin’s Notes comprising RM160.0 million Class A and RM40.0 million Class B Notes respectively are supported by the quality and strategic location of the collateral property, reasonably low loan-to-value ratios (LTVs) for the respective notes, consistently high occupancy levels and structural features incorporated into the transaction. T...