MARC has downgraded the rating of Ace Polymers (M) Sdn Bhd’s (Ace) RM70 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) from A ID to A-ID with a stable outlook. The rating downgrade is underpinned by the prevailing automotive outlook reflecting deteriorating industry fundamentals and possible negative effects on Ace’s future operating and financial performance, parti...

MARC has reaffirmed the ratings of TSH Resources Bhd’s (TSH) RM100 million in nominal value Al-Murabahah Commercial Papers/Medium Term Notes (CPs/MTNs) at MARC-1ID /A+ID with a stable outlook. The reaffirmation mainly reflects the continuous improvement in TSH’s financial performance on the back of robust operating records with regard to its diversified business portfolios covering p...

MARC has affirmed the long term ratings of ABS Plantation Assets Berhad’s (ABSP) RM50.0 million Class A and RM45.0 million Class B Bai Bithaman Ajil debt securities (Notes) at AAAID and AAID respectively. The ratings reflect the economics of underlying plantation assets; and the structural features of the sale and leaseback transaction which include low loan-to-value (LTV) ratios at maturi...

MARC has affirmed a long term rating of AA-ID to Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (“SPRINT”) RM510 million Al-Bai’ Bithaman Ajil Islamic Facility (“BaIDS”). Concurrently, we affirmed the rating of the Revolving Underwritten Facility of up to RM125 million to MARC-1. SPRINT is the concessionaire of the SPRINT Highway comprising the Damansara Link, th...

MARC has affirmed the ratings of AAAIS and AA+IS to IJN Capital Sdn Bhd’s (IJNC) RM100 million Sukuk Musyarakah with maturities of seven (7) years or less from the date of first issue and RM109 million with maturities of more than seven (7) years from the date of first issue, respectively with Stable Outlook. The ratings stem from IJN’s position as one of the leading cardiac centre...

MARC has reaffirmed the short and long term ratings of Mines Resort Berhad’s (MRB) Bank Guaranteed Commercial Papers and Bank Guaranteed Serial Bonds at MARC-1(bg) and AAA(bg) respectively, reflecting the unconditional and irrevocable guarantee provided by Malayan Banking Berhad (Maybank). On a stand alone basis, MARC maintains a cautious outlook for MRB, reflected by delays in its propose...

MARC has reaffirmed Bintang Bulk Mover Sdn Bhd’s (BBM) RM50 million 5 year secured serial bonds rating at A- (A minus) with stable outlook, underpinned by BBM Group’s steady operating performance and stable revenue stream vis-à-vis its long term cement transportation contracts with Lafarge Malayan Cement Bhd (LMCB), the largest local cement manufacturer. The affirmation also r...

MARC has downgraded the rating of PSSB Ship Management Sdn Bhd’s (PSM) RM40 million Bai’ Bithaman Ajil Islamic Securities (BAIS) from AA-ID to A+ID with negative outlook. Factors contributing to the downgrade include consistently higher than anticipated vessel operating cost, deteriorating financial position of project sponsor – PSSB Strategic Holdings Sdn Bhd (PSSB), and PSM&r...

MARC has affirmed Ingress Sukuk Berhad’s (ISB) RM160 million Sukuk Al Ijara Issuance at A+IS with stable outlook; reflecting Ingress Corporation Berhad’s (“Ingress” or “the Group”) track record as one of the leading local automotive component manufacturers with a relatively diversified customer base and geographical distribution, and its fairly strong financia...

The rating of Shamelin Bina Sdn Bhd’s (“SBSB”) RM100 Million Murabahah Medium-Term Note Issuance Facility (MMTN) has been reaffirmed at A-ID. The reaffirmed rating principally reflects the financial and credit profile of SBSB’s consumer co-operative parent, Koperasi Shamelin Berhad (KSB), and the notes’ protective issue structure, offset by the cyclical nature of th...