MARC has assigned ratings of B+ID, B and B- to Talam Corporation Berhad's (Talam) RM134.21 million Settlement Bithaman Ajil Islamic Debt Securities (Settlement BaIDS), RM356.25 million Redeemable Convertible Secured Loan Stocks (RCSLS) and RM257.40 million Redeemable Convertible Preference Shares (RCPS), respectively. The Settlement BaIDS, RCSLS and RCPS will be issued in connection with Talam's f...

MARC has downgraded the rating of CapOne Berhad’s (CapOne) RM250.0 million Senior Class A-2 bonds to BB from BBB+; and affirmed the ratings of RM600.0 million Super Senior Class A-1 bonds, RM50 million Mezzanine Class B bonds and RM100.0 million subordinated secured bonds at AAA, C and C respectively. Concurrently, MARC has revised its outlook on the Super Senior Class A-1 to negative from 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 PSSB Ship Management Sdn Bhd’s (PSM) RM40 million Bai Bithaman Ajil Islamic Securities (BAIS) rating to BB-ID from BBB-ID. The rating outlook is negative. The downgrade is prompted by PSM’s continuing failure to rectify covenant breaches, particularly in relation to the provision of audited accounts, and its non-compliance with respect to the required minimum balanc...

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...

MARC has assigned AAA insurer financial strength rating to Danajamin Nasional Berhad (Danajamin). The rating outlook is stable. The rating and outlook on the rating reflect Danajamin’s important role and status as Malaysia’s first and sole financial guarantee insurer (FGI) and government-sponsored entity, respectively. Licensed under the Insurance Act 1996 and regulated under the Insur...

MARC has downgraded the long-term ratings of Kerisma Berhad’s (Kerisma) RM870.0 million senior secured bonds and RM30.0 million mezzanine bonds from BBB to B and from BB- to C respectively, and affirmed the RM100.0 million subordinated bonds at C. The ratings remain on MARCWatch Negative. The rating actions reflect reduced likelihood of full principal payments to both classes of bonds on the...

MARC has downgraded the long term ratings of Kerisma Berhad’s (Kerisma) RM870.0 million senior secured bonds and RM30.0 million mezzanine bonds from AA- to BBB and from A- to BB- respectively, and affirmed the RM100.0 million subordinated bonds at C. The ratings are now placed on MARCWatch Negative. The lowered ratings are premised on the weakened collateral performance reflected by a contin...