MARC has affirmed the long term rating of Cagamas MBS Berhad’s (Cagamas MBS) asset-backed Sukuk Musyarakah Issuance (CMBS 2005-1) of RM2,050.0 million at AAAID. The affirmation is premised on the performance of the securitised mortgage portfolio; overcollateralisation of 138.8%; the stringent core and portfolio eligibility criteria, which serves to reduce credit risk of the obligors; deduc...

MARC has reaffirmed SAJ Holdings Sdn Bhd’s (SAJH) RM1.28 billion Bai Bithaman Ajil Serial Bonds (BaIDS) long term rating of AA-ID with a stable outlook. The rating is supported by its proven operating and financial performance track record; Johor state’s growing water demand; a tariff setting mechanism that provides for an agreed rate of return to the company and a fairly tight iss...

MARC has affirmed the rating for Land & General Berhad’s (L&G) Redeemable Convertible Secured Loan Stocks (RCSLS) of up to RM320,962,637 at B- with negative outlook. The rating reflects the Group’s weak competitive position, lack of financial flexibility and high debt burden owing to its current involvement in the debt restructuring scheme. The negative outlook is premised ...

MARC has reaffirmed the rating of AAA(s)ID to Kuching Port Authority’s (KPA) RM180 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS). The rating reflects the strength of the support provided by the State Government of Sarawak, through a Letter of Support, which ensures the timely and full redemption of the BaIDS. Hence, the current rating of KPA reflects the credit streng...

MARC has downgraded the long-term rating of DeGem Berhad’s (DeGem) RM50.0 million MUNIF/IMTN from A+ID to AID with a stable outlook and re-affirmed its short-term rating at MARC-2ID. The downgrade reflects the group’s potential decline in competitive position and loss of future earnings subsequent to the disposal of its gold business to PYT Gem Trade Sdn Bhd which leads to an eventua...

MARC has affirmed the ratings of MARC-2ID /A-ID for Prinsiptek Corporation Berhad’s (“Prinsiptek”) Murabahah Commercial papers (“MCPs”) Programme of up to RM30 million and Murabahah Medium Term Notes (“MMTNs”) Programme of up to RM50 million, with a negative outlook. The ratings reflect Prinsiptek’s average business risk profile as a midsize domest...

MARC has downgraded Malaysian Merchant Marine Berhad’s (MMM) RM120.0 million Al-Bai’ Bithaman Ajil Serial Bonds (BaIDS) rating from AA-ID to A-ID with negative outlook; underscored by the concern on the rapid deterioration in its financials stemming from very poor financial results announced for the financial year ended 31 August 2006 (FY2006) as well as other adverse financial impac...

MARC has downgraded the rating of Stenta Films (Malaysia) Sdn Bhd’s (Stenta) RM90 million Murabahah Notes Issuance Facility (MUNIF) from MARC-3ID to MARC-44 ID IDwith negative outlook following representations from the company that it intends to refinance the facility. At the same time, MARC has placed .tThe ratings of the MUNIFalso remains on MARCWatch, with a negative outlookimplications...

MARC has reaffirmed Aliran Ihsan Resources Berhad’s (AIRB) RM56.9 million Redeemable Convertible Unsecured Loan Stocks (RCULS) rating of A with a developing outlook. The rating was reaffirmed based on the strong operational and consolidated financial performance as well as strong growth in water demand in the state of Johor. AIRB was established to undertake the restructuring scheme (th...

The ratings of OSK Property Holdings Bhd (OSKP)’s Class A and Class B BaIDS have been reaffirmed at AID and A-ID respectively with a negative outlook. The reaffirmation reflects OSKP’s strong presence in Sungai Petani, Kedah through its flagship development, Bandar Puteri Jaya (BPJ), its adequate, albeit declining liquidity position and moderate debt leverages. Difficult property mar...