MARC has affirmed the long-term ratings of Class Auto Receivables Berhad’s (Class Auto) RM395.0 million Class A, RM20.0 million Class B and RM20.0 million Class C notes at AAA, AA and A+ respectively. The ratings carry a stable outlook for Class A and a positive outlook for Class B and Class C notes. The positive outlook has been assigned taking into account the better-than-expected performa...

MARC has affirmed the short-term and long-term ratings of automotive part manufacturer, EP Manufacturing Berhad’s (EPMB) Murabahah Notes Issuance Facilities/Islamic Medium Term Notes (MUNIF/IMTN) of up to RM150.0 million and RM120.0 million at MARC-2ID/AID. The ratings carry a negative outlook. The affirmed ratings reflect EPMB’s dependence on the cyclical domestic automotive sector, i...

MARC has downgraded its ratings on Nam Fatt Corporation Berhad’s (Nam Fatt) RM250 million Islamic Commercial Paper/Islamic Medium Term Notes Programme (ICP/IMTN) to  MARC-3ID /BBB+ID from MARC-1ID/A+ID and concurrently placed the ratings on MARCWatch Negative. The downgrade reflects significant and severe deterioration in the credit profile of Nam Fatt due to material delays in the prog...

MARC has affirmed its MARC-1IS /AA-IS ratings on TSH Sukuk Ijarah Sdn Bhd’s (TSH Sukuk) issue of up to RM100 million Sukuk Ijarah Commercial Papers (ICP) and up to RM300 million Sukuk Ijarah Medium Term Notes (IMTN) programmes. Concurrently, it has revised the ratings outlook to developing from stable. TSH Sukuk, a wholly-owned subsidiary of TSH Resources Berhad (“TSH” or “...

MARC has affirmed the ratings of Cellular Structures Sdn Bhd’s (CSSB) RM184.0 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) Facility (Senior Notes) at MARC-1ID /AAID. The ratings reflect the credit strength of the telecommunication operators (telcos) which are contractually obligated to make fixed monthly rental payments for the towers over a p...

MARC has affirmed the ratings of special purpose company Tele-Flow Capital Sdn Bhd’s (Tele-Flow Capital) RM90.0 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) Facility (Senior Notes) at MARC-1ID /AAID. The ratings reflect the credit strength of the telecommunication operators (telcos) as the source of repayment for the notes backed by a 10-year ...

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 rating outlook to stable from developing.The affirmed rating and revised rating outlook reflects MARC’s expectations of restored profitability and cash flow generation with the improving steel price environment. Perwaja’s financial ...

MARC has affirmed its AAIS rating on special purpose vehicle Diversified Venue Sdn Bhd’s (DVSB) RM200 million Sukuk Al-Ijarah Master Programme, with the rating outlook maintained at stable. The proceeds from the issue were used to fund the purchase of Mercu UEM, UEM Group Berhad’s (UEM) corporate headquarters, from First Impact Sdn Bhd (FISB). The affirmed rating reflects the credit st...

MARC has affirmed the ratings on Harum Intisari Sdn Bhd’s (HISB) Al-Murabahah Commercial Papers (MCP)/Medium Term Notes (MMTN) with a nominal value of up to RM300 million at  MARC-1ID(cg)/AA-ID(cg). The ratings carry a stable outlook. The ratings are based on the support provided by a corporate guarantee extended by Gamuda Berhad (Gamuda) for the MCP/MMTN programme issued by its indirec...

MARC has affirmed its AA+ID(bg) rating on Aras Sejagat Sdn Bhd’s (Aras Sejagat) Bank Guaranteed Sukuk Ijarah (Sukuk Ijarah) issuance of up to RM500 million in nominal value. The rating reflects the strength of the unconditional and irrevocable bank guarantee of up to RM420 million by Kuwait Finance House (Malaysia) Berhad (KFHMB). Any subsequent drawdown would require a guarantor(s) with a m...