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...

The MARC-1ID /AA-ID rating of Syarikat Bekalan Air Selangor Sdn Bhd’s (SYABAS) RM3.0 billion Bai Bithaman Ajil Commercial Papers/Medium Term Notes Programme was affirmed with a stable outlook, reflecting its dominant position as the sole distributor of treated water for the states of Selangor, Wilayah Persekutuan Kuala Lumpur and Putrajaya; the Government’s support for the water priv...

MARC affirms three classes of bonds and downgrades one class of bonds issued by CapOne Berhad. The following rating actions are effective immediately:· RM600 million super senior class A-1 notes affirmed at `AAA`.· RM250 million senior class A-2 bonds affirmed at `AAA`;· RM50 million mezzanine bonds affirmed at `AA`; and· RM100 million subordinated bonds downgraded to...

MARC has assigned short-term and long-term ratings of MARC-1ID /AAID to Syarikat Pengeluar Air Sungai Selangor Sdn Bhd’s (“SPLASH”) RM435 million Islamic Notes Issuance Master Programme of 20 years tenor, comprising 1) RM50 million Islamic (Murabahah) Commercial Papers (“CPs”) issuance programme (“CP Programme”); and, 2) RM385 million Islamic (Murabahah)...

MARC has affirmed the short and long term ratings of MARC-1ID and AA-ID respectively with a stable outlook for Top Glove Corporation Bhd’s (“Top Glove”) Islamic Commercial Papers (“ICP”) Programme of up to nominal value RM100 million and Islamic Medium Term Notes (“IMTN”) Programme of up to nominal value RM100 million. The affirmation reflects the group&...

Emas Kiara Industries Berhad’s (EKIB) up to RM80 million Partially Underwritten Murabahah Notes Issuance Facility / Islamic Medium Term Notes Programme’s (MUNIF/IMTN) long term rating has been downgraded from A+ID (A Plus) to AID (A Flat) and short term rating reaffirmed at MARC-2ID. The ratings have been accorded a Stable Outlook. The downgrade follows from a dip in the company&rsqu...

MARC has reaffirmed Sunrise’s short term and long term debt rating at MARC-1ID, and A+ID respectively, reflecting Sunrise’s strong financial track record with operating margins averaging 23% in the last four years, low debt leverage position and high financial flexibility. The ratings were also underpinned by the company’s established position as a high-end developer, with seve...

The rating of Kuala Lumpur Sentral Sdn Bhd’s (KLSSB) RM720.0 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) comprising Tranches 2B, 3, 4A & 4B has been upgraded to A+ID(s) with a stable outlook reflecting the support provided by Bank Pembangunan Malaysia Berhad (BPMB) (formerly known as Bank Pembangunan dan Infrastruktur Malaysia Berhad or “BPIMB”) by way of ...