MARC has downgraded M-Trex Corporation Sdn Bhd’s (M-Trex) RM48.0 million Islamic Commercial Papers (ICPs) rating to DID from MARC-3ID arising from its failure to redeem RM30 million of the Notes due on May 7, 2009 by way of conversion into a term loan as planned earlier. Concurrently, MARC removed M-Trex’s rating from MARCWatch Negative where it had been placed on February 24, 2009 to ...

MARC has affirmed Prima Uno Berhad’s (Prima Uno) ratings of RM290.0 million Super Senior A, RM335.0 million Super Senior B and RM190.0 million Senior at AAA; RM40.0 million Mezzanine bonds at AA; and downgraded the rating on the RM95.0 million subordinated bonds from BB to BB-. MARC has assigned a negative outlook to the mezzanine and subordinated bonds and a stable outlook to all the other ...

MARC has assigned the rating of A+ID to Makro Utama Sdn Bhd’s (Makro) up to RM100.0 million Al-Istisna’ Bonds (Bonds). Makro is a special purpose vehicle wholly owned by construction and engineering company Redmax Sdn Bhd (Redmax) and incorporated to facilitate the issuance of the Bonds. The Bonds proceeds will be used to repay Redmax’s existing debts, part of which was incurred ...

MARC has placed its AA-ID rating on SAJ Holdings Sdn Bhd’s (SAJH) RM1.28 billion Bai Bithaman Ajil Islamic Debt Securities (BaIDS) on MARCWatch Positive following the announced signing of a Master Agreement on March 11, 2009 by the federal government, Johor state government, Syarikat Air Johor Sdn Bhd (SAJSB), Ranhill Utilities Berhad (RUB), Pengurusan Aset Air Berhad (PAAB) and SAJH.  ...

MARC has affirmed Musyarakah One Capital Berhad’s (Musyarakah One) Sukuk Musyarakah Series 2005-A under its RM2,500 million Sukuk Musyarakah Programme at AAAIS. The outlook on the rating is stable. The affirmation is premised on the underlying credit strength of the Government of Malaysia (GOM) as the sole obligor under the supply contracts from which the receivables backing the sukuk arise....

MARC has assigned ratings of AAAIS and MARC-1IS to Pinnacle Tower Sdn Bhd’s (PTSB) RM400.0 million Islamic Medium Term Notes (IMTN) and RM50.0 million Islamic Commercial Papers (ICP) (Islamic Securities), respectively. The ratings carry a stable outlook. PTSB, wholly-owned by Sarawak-based Sacofa Sdn Bhd (Sacofa), was incorporated for the sole purpose of raising financing via the issuance of...

MARC has removed its rating of A- on Haisan Resources Berhad (HRB)’s RM12 million outstanding Bonds from MARCWatch Negative and affirmed the rating. Concurrently, it has assigned a negative outlook to the rating. The rating was first placed on MARCWatch Negative on August 20, 2008 following a breach of its debt-to-equity (DE) covenant, its weak first half year 2008 performance, and uncertain...

MARC has downgraded Boon Koon Group Bhd’s (BKGB) long-term rating to A-ID from AID and affirmed its short-term rating at MARC-2ID with respect to its RM100 million Islamic Commercial Papers / Islamic Medium Term Notes (ICP/IMTN). The ratings carry a negative outlook. The downgrade reflects the group’s weakened competitive position arising from unfavourable changes to the import quota r...

MARC has assigned ratings of AA-IS and MARC-1IS /AA-IS  to Offshoreworks Capital Sdn Bhd’s (OWC) RM200 million Sukuk Musyarakah (Sukuk Musyarakah) and up to RM150 million Musyarakah Commercial Papers/Medium Term Notes programmes (MCP/MMTN), respectively (collectively referred to as ‘Sukuk’). The ratings carry a developing outlook. OWC, a special purpose wholly-owned subsidia...

MARC has affirmed the ratings of CapOne Berhad’s (CapOne) RM600.0 million Super Senior Class A-1 bonds and RM100.0 million subordinated secured bonds at AAA and C respectively; and downgraded the RM250.0 million Senior Class A-2 bonds and RM50.0 million Mezzanine Class B bonds from AA- to BBB+ and from BBB- to C respectively. Additionally, MARC has assigned a negative outlook for Senior Clas...