MARC has lowered its rating on Ingress Sukuk Berhad’s RM160 million Sukuk Al Ijarah Issuance to AIS from A+IS, and removed it from MARCWatch Developing. The outlook for the rating is stable. The downgraded rating reflects Ingress Corporation Berhad’s (“Ingress” or “the Group”) deteriorating profitability and the breach of its debt-to-equity covenant, resulting f...

MARC has reaffirmed Tenaga Nasional Berhad’s (TNB) issuer rating of AA+. MARC has also reaffirmed its ratings on TNB’s Islamic debt facilities as follows:·               RM2.0 billion Al-Bai’ Bithaman Ajil Bonds rated AA+ID;·            &...

MARC has assigned the rating of AA- IS to independent power producer, Stratavest Sdn Bhd’s (Stratavest) RM120.0 million Nominal Value Sukuk Ijarah (Sukuk Ijarah). Stratavest operates a 60MW diesel fired power plant (Libaran Power Plant) in Sandakan, Sabah. Proceeds from the issuance of the Sukuk Ijarah will be utilised largely to finance the purchase and/or early redemption of Stratavest&rsq...

MARC has affirmed the A rating of Berjaya Land Berhad’s (BLand) five-year Secured Exchangeable Bonds (EB) with nominal value of up to RM900 million which are exchangeable into shares of leading domestic Numbers Forecast Operator (NFO), Berjaya Sports Toto Berhad (BToto). The rating outlook is stable. The rating on the EB reflects the resilient financial performance of BToto, the collateral c...

MARC has affirmed the rating of Antara Steel Mills Sdn Bhd’s (Antara) Islamic debt at AID  and revised the outlook to positive from stable. The rating affirmation reflects the strong recovery of Antara’s HBI operations in Labuan following a setback from a prolonged unplanned plant shutdown in 2006. The positive outlook incorporates MARC’s anticipation of further improvements...

Under this transaction, Tradewinds Plantation Capital Sdn Bhd (TPCSB), a special purpose company and a wholly-owned subsidiary of Tradewinds Plantation Berhad (TPB) has been incorporated for the sole purpose of owning and leasing plantation assets for the benefit of the Sukuk holders under the RM210.0 million Sukuk Ijarah; as well as issuing RM90.0 million Murabahah Commercial Papers (CPs); and RM...

Under this Ijarah transaction, DRIR Management Sdn. Bhd. (DRIRM), will issue RM180.0 million Class A and RM160.0 million Class B Sukuk Ijarah Medium Term Notes (MTN) under a Sukuk Ijarah MTN Programme of up to RM850.0 million, the proceeds of which will be used to acquire 12 helicopters from its related company, MHS Aviation Berhad (MHSA) and refinance borrowings previously taken to acquire four h...

MARC has affirmed the rating of MARC-2 to Persoft Systems Sdn Bhd’s (“PSSB”) issuance of Commercial Papers Programme (“CP Programme”) with a nominal value of up to RM50 million. The rating continues to be supported by PSSB’s competitive position as the largest Microsoft software reseller in Malaysia and favorable issue structure under which utilization the progr...

MARC has reaffirmed the short term rating of MM Vitaoils Sdn Bhd’s (MMV) RM70.0 million Murabahah Commercial Papers Programme (MCP) at MARC-2ID. The rating outlook is developing. The rating affirmation reflects the company’s average business risk profile as an edible palm oil products manufacturer, its good geographical diversification, improving cost structure and the anticipation of ...

MARC has reaffirmed the ratings of CapOne Bhd’s (CapOne) RM600.0 million super senior class A-1 bonds  and RM250.0 million senior class A-2 bonds at AAA; RM50.0 million mezzanine bonds at AA and downgraded the rating of the RM100.0 million subordinated secured bonds to B from BB- respectively. The lowered rating on the subordinated bonds reflects a new obligor default and further deteri...