MARC has downgraded the ratings of Intelbest Corporation Sdn Bhd’s (ICSB) RM110.0 million Bai Bithaman Ajil Bonds (BaIDS) and RM50.0 million Murabahah Notes Issuance Facility (MUNIF). The ratings on ICSB’s Series 1 BaiDS of RM20.0 million, Series 2 BaIDS of RM35.0 million and Series 3 BaIDS of RM55.0 million have been downgraded to B+ID from BBB+ID and BBBID respectively; whilst the ra...

The rating of Negeri Sembilan Cement Industries Sdn Bhd’s (“NSCI”) RM200 million Bai’ Bithaman Ajil Islamic Debts (“BaIDS”) has been affirmed at AA- ID (bg) whilst the ratings of its RM130 million Murabahah Notes Issuance Facility (“MUNIF”) have been reaffirmed at A- ID /MARC-2 ID.The affirmation of the bank guaranteed BaIDS reflects use of the &ldqu...

MARC has assigned ratings of AAA/AAAID and MARC-1/MARC-1ID, respectively, to the Conventional and Islamic Medium Term Note Programme of up to RM40.0 billion (“MTN Programme”) and the Conventional and Islamic Commercial Paper Programme of up to RM20.0 billion (“CP Programme”) (collectively known as the “Programmes”) to be issued by Cagamas Berhad (Cagamas). The r...

MARC has assigned ratings of AA-IS and MARC-1ID to Alam Maritim Resources Berhad’s (AMRB or the Company) RM500 million Sukuk Ijarah MTN Facility and RM100 million Murabahah Commercial Papers/ Medium Term Notes Facility (MCP/MMTN). The ratings carry a stable outlook.The ratings reflect AMRB’s strong business position, favourable growth prospects, healthy financial condition as well as s...

MARC has assigned ratings of A+ID / MARC-2ID to Capable Aspect Sdn Bhd’s (CASB) proposed issuance of up to RM40 million Islamic Medium Term Notes Issuance Facility/ Murabahah Underwritten Notes Issuance Facility (‘IMTN/MUNIF) respectively. The ratings carry a stable outlook. The ratings for CASB, a holding company, principally reflect the projected financial and credit profile of Sinag...

MARC has assigned a rating of AAAIS to Cagamas MBS Berhad’s (Cagamas MBS) mortgage-backed Sukuk Musyarakah Issuance of RM2,110.0 million. The rating reflects the quality of the securitized government staff Islamic home financing (GSIHF); overcollateralisation of 120.3% which allows the transaction to withstand AAA default and prepayment stresses; and, procedures in place to monitor the secur...

MARC has lowered its ratings on Paradym Resources Industries Sdn Bhd’s (“PRI”) RM40 million Islamic Commercial Papers / Medium Term Notes Issuance Programme (“ICP/MTN”) to CID /MARC-4ID from AID /MARC-2ID. The ratings remain on MARCWatch Negative. The downgrades reflect MARC’s concerns as to the company’s ability to fund near-term commitments arising from ...

MARC has assigned the ratings of AAAID(bg) and MARC-1ID(s) to the proposed issuance of Arapesona Development Sdn Bhd’s (Arapesona) Islamic Bank Guaranteed Medium-Term Notes (IMTN) Programme of up to RM200.0 million and Islamic Commercial Papers (ICP) Programme of up to RM70.0 million respectively. The outlook of the ratings is stable. Arapesona is a 50:50 joint venture formed by UEM Land Sdn...

MARC has reaffirmed the ratings of Musyarakah One Capital Berhad’s (“Musyarakah One”) Sukuk Musyarakah Series 2005-A and Series 2005-B at AAAID. The ratings reaffirmation reflects the credit strength of the Government of Malaysia (“GOM”) being the paymaster via its obligation under the Sijil Utama 2005-A and 2005-B, which have been legally assigned to Musyarakah One; ...

The corporate debt rating of Bumiputra-Commerce Holdings Berhad (BCHB), formerly known as Commerce Asset-Holding Berhad, has been upgraded from A+ to AA- based on the encouraging pace of the integration process of BCHB’s two main bank units, Bumiputra-Commerce Bank Berhad (BCB) (now known as CIMB Bank Berhad) and Commerce International Merchant Bankers Berhad (now known as CIMB Investment Ba...