MARC has affirmed its AAAID(bg) and A+ID  ratings on Viable Chip (M) Sdn Bhd’s (VCSB) RM50.0 million nominal value Bank Guaranteed Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS A) and RM150.0 million nominal value of Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS B), respectively. The AAAID(bg) rating of BaIDS A has been affirmed on the basis of an irrevocable and unc...

MARC has downgraded its rating on Haisan Resources Berhad’s (Haisan) outstanding RM12 million bonds to BBB- from A-. The rating outlook is negative. The downgrade followed the company’s announcement of its second-quarter earnings for the three months ended June 30, 2009, its fourth consecutive quarterly loss since the third quarter of 2008. Although its quarterly loss shows signs of na...

MARC has affirmed the short- and long-term ratings of MARC-2/A+ on Asia Brands Corporation Berhad’s (ABC) RM70.0 million Commercial Papers/Medium Term Notes (CP/MTN Programme) respectively. The outlook for the ratings is maintained at stable. The rating action is premised on ABC’s strong competitive position in the domestic baby products and ladies’ undergarment market segments, ...

MARC has affirmed the ratings on special purpose company IJN Capital Sdn Bhd’s (IJN Cap) outstanding RM100 million of the RM209 million Sukuk Musyarakah programme at AAAIS. The affirmed rating primarily reflects the credit quality of Institut Jantung Negara Sdn Bhd (IJN) which effectively funds the obligations under IJN Cap under the Sukuk Musyarakah. Key credit considerations include the go...

MARC has downgraded its ratings on Medi Innovation Sdn Bhd’s (MISB) RM100 million Islamic Medium Term Notes Issuance Facility (IMTN facility) and RM50 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes Issuance Facility (MUNIF/IMTN) to BBBID and MARC-3ID /BBBID from AID and MARC-2ID /AID, respectively. The ratings remain on MARCWatch Negative. MISB operates a ch...

MARC is issuing this interim update following the completion of its review initiated in November 2009 on its AAAID and AAID ratings on ABS Plantation Assets Berhad’s (ABS Plantation) RM50.0 million Class A and RM45.0 million Class B Senior Notes Bai-Bithaman Ajil Islamic Debt Securities (BaIDs) respectively. For this review, MARC’s assessment of the securitised plantation assets’...

MARC has assigned a financial institution rating of AAA on Bank Pembangunan Malaysia Berhad (BPMB). The rating factors in BPMB’s established track record in financing infrastructure and maritime projects, its strong capitalisation, and most importantly, the strong regulatory and government support that it will very likely receive if needed. While MARC considers BPMB’s standalone credit...

MARC has affirmed the rating of MARC-2ID for Prinsiptek Corporation Berhad’s (Prinsiptek) Murabahah Commercial Paper (MCP) Programme of up to RM30 million. The negative outlook for the rating is maintained.  The affirmed rating reflects recent progress albeit slow, made in collecting its past due receivables, meaningful reduction in its debt burden and an order book position which provi...

MARC has downgraded its ratings on Hytex Integrated Berhad’s (Hytex) RM100 Million Murabahah Underwritten Notes Issuance Facility / Islamic Medium Term Notes (MUNIF/IMTN) to MARC-3ID / BBB-ID from MARC-2ID /A-ID. The rating carries a developing outlook. The downgrade reflects the current strain on the apparel maker’s liquidity stemming from weaker industry fundamentals, recent ope...

MARC has downgraded its rating on Malaysian International Tuna Port Sdn Bhd’s (MITP) RM240.0 million Bai’ Bithaman Ajil Islamic Securities (BAIS) to BB+ID from A+ID while maintaining the rating on MARCWatch Negative, where it was first placed on February 19, 2009. MARC’s last rating update on August 4, 2009 had highlighted a potential capital injection of some RM32 million by a g...