MARC continues to maintain its MARC-4ID rating on Straight A’s Portfolio Sdn Bhd’s (Straight A’s) RM200 million Murabahah Underwritten Notes Issuance Facility (MUNIF) on MARCWatch Negative following its downgrade of Oilcorp Berhad’s (Oilcorp) debt ratings to MARC-4ID/CID from MARC-4ID/BBID. The continuing MARCWatch Negative placement now incorporates the potential for the d...

MARC has affirmed its AA+IS rating on Ample Zone Berhad’s (AZB) Sukuk Al-Ijarah (Sukuk) RM13.3 million Class B and lowered its rating on the RM75.0 million Class C Sukuk to B+IS from BB-IS. Additionally, MARC has assigned negative outlooks to both classes of Sukuk to reflect the downward pressure on the ratings arising from the continuing failure of entities related to AZB to pay rent for sp...

MARC has affirmed its AA+IS rating on Ample Zone Berhad’s (AZB) Sukuk Al-Ijarah (Sukuk) RM13.3 million Class B and lowered its rating on the RM75.0 million Class C Sukuk to B+IS from BB-IS. Additionally, MARC has assigned negative outlooks to both classes of Sukuk to reflect the downward pressure on the ratings arising from the continuing failure of entities related to AZB to pay rent for sp...

MARC has downgraded its ratings on Oilcorp Berhad’s (Oilcorp) RM70 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes Facility (MUNIF/IMTN) to MARC-4ID /CID from MARC-4ID /BBID, and maintains the ratings on MARCWatch Negative. The ratings were lowered in expectation of imminent default by Oilcorp on its upcoming redemption of its MUNIF/IMTN on October 7, 2009 un...

MARC has assigned ratings of MARC-1/AA- to IJM Corporation Berhad’s (IJM) proposed RM1,000 million Commercial Papers/Medium Term Notes Programme. Concurrently, MARC has affirmed IJM’s MARC-1/AA- ratings on its RM300 million Commercial Papers/Medium Term Notes Programme. The ratings reflect the Group’s strong market positions in construction and property development and its divers...

MARC has lowered its ratings on Boon Koon Group Bhd’s (Boon Koon) RM100 million Islamic Commercial Papers (ICP)/Islamic Medium Term Notes (IMTN) to MARC-3ID / BBB-ID from MARC-2ID /A-ID, and removed the ratings from MARCWatch.  The downgrade reflects Boon Koon’s weakened financial profile stemming from a period of very challenging industry conditions, its limited financial flexibi...

MARC has affirmed the long-term rating of AAAIS accorded to Cagamas MBS Berhad’s (Cagamas MBS or the Issuer) RM2,110.0 million mortgage-backed Sukuk Musyarakah issuance (CMBS 2007-1-i). CMBS 2007-1-i is the fourth securities issuance by Cagamas MBS, comprising seven tranches with maturities on the third, fifth, seventh, tenth, twelfth, fifteenth and twentieth anniversary from the issuance da...

MARC has affirmed the ratings of geosynthetic manufacturer, Emas Kiara Industries Bhd’s (EKIB) RM80 million Partially Underwritten Murabahah Notes Issuance Facility/Islamic Medium Term Notes Issuance Facility (MUNIF/IMTN) at AID/MARC-2ID. At the same time, the rating outlook has been revised to developing from stable.The outlook revision is due to EKIB’s increased business risk exposur...

MARC has affirmed the ratings of DRIR Management Sdn Bhd’s (DRIRM) RM180 million Class A and RM160 million Class B Sukuk at AAIS and AA-IS respectively. The outlook on the ratings is maintained at stable. The ratings for both classes are premised on the continued strong cash flows generated on MHS Aviation Berhad’s (MHSA) service contracts which back its lease rental obligations under ...

MARC has affirmed the AAA rating of Oversea-Chinese Banking Corporation Limited’s (OCBC) redeemable subordinated bonds. The rating factors in OCBC’s well-entrenched business presence in Singapore and Malaysia, its sound capitalisation, diversified earnings streams and strong risk management capabilities. MARC also derives comfort from the high level of support afforded to Singapore-bas...