MARC has downgraded the short term rating of M-Trex Corporation Sdn Bhd’s (MCSB) 7 year RM60 million Islamic Commercial Paper Programme (ICPs) from MARC-2ID to MARC-3ID with a negative outlook. The downgrade is premised on risks associated with MCSB’s recent acquisition of M-Trex Active Carbon Sdn Bhd (MTC) and M-Trex Galvanised Steel Sdn Bhd (MGS) utilising the proceeds from the IC...

MARC has affirmed the rating of Kelang Multi Terminal Sdn Bhd’s (“KMT”) RM350 million Floating Rate Notes at AA, reflecting the company’s consistently strong operational performance underlined by the steady growth in container throughput; commendable financial profile as well as the Government’s participation in developing Port Klang into a transshipment and megahub...

MARC has assigned AAIS to Diversified Venue Sdn Bhd’s (“DVSB”) RM200 million Sukuk Al-Ijarah Master Program. The rating reflects the quality of the Assets and the strength of the Liquidity Support Provider and Purchase Undertaking Provider, United Engineers (Malaysia) Berhad (“UEM”). UEM is a well diversified conglomerate with its principal activities spanning const...

MARC has assigned ratings of AAA and AAA/MARC-1 to Free Zone Capital Berhad’s (FZCB) proposed issuance of RM410.0 million fixed-rate serial bonds and up to RM70.0 million Commercial Papers/Medium Term Notes (CP/MTN) respectively. The ratings are premised on the Government of Malaysia’s (GOM) backing of Port Kelang Authority (PKA), a statutory authority, to undertake the GOM’s pro...

MARC has assigned an AAAID(bg) rating on Viable Chip (M) Sdn Bhd’s (“VCSB”) RM50.0 Million nominal value of Bank Guaranteed Bai’ Bithaman Ajil Islamic Debt Securities (“BaIDS A”) and an A+ID rating on the company’s RM150.0 Million nominal value of Bai’ Bithaman Ajil Islamic Debt Securities (“BaIDS B”).The rating is driven by the financial...

The ratings of Harum Intisari Sdn Bhd’s (HISB) Al-Murabahah Commercial Papers (MCP) and Medium Term Notes (MMTN) (collectively known as the Programme) of up to a nominal value of RM300.0 million have been affirmed at MARC-1ID (cg)/AA-ID (cg) with stable outlook. The ratings reflect the unconditional and irrevocable corporate guarantee extended by its ultimate holding company, Gamuda Berhad (...

MARC has downgraded the long-term rating of Goodway Integrated Industries Berhad’s (Goodway) RM80 million Partially Underwritten Murabahah Notes Issuance Facility/Islamic Medium Term Notes Programme, from a rating of A+ID to AID. The short-term rating however is reaffirmed at Marc-2ID. The downgrade reflects the risks associated with the company’s venture into the manufacture of Off-th...

MARC has affirmed the long and short-term ratings of WCT Engineering Berhad’s (“WCT’s”) Islamic Fixed Rate Serial Bonds of RM100 million and 7-year Islamic Commercial Papers/Medium Term Notes Programme of up to RM100 million (“Islamic CP/MTN”) (collectively known as Islamic Securities or IS) at A+ID and MARC-1ID /A+ID respectively with a stable outlook. The rati...

MARC has affirmed the rating of MM Vitaoils Sdn Bhd’s (MMV) RM70.0 Million Murabahah Commercial Papers (MCP) Programme at MARC-2ID with developing outlook. The affirmation reflects MMV’s anticipated improving financials arising from a more focused business strategy supported by Malaysian Palm Oil Board’s (MPOB) expertise in downstream palm oil research and development (R&D) a...

MARC has downgraded the rating of Antara Steel Mill Sdn Bhd’s (“Antara”) Islamic debt from A+ID to AID with a stable outlook. The rating reflects the deterioration in the financial profile of the company arising from the under performance in FY2006 of its billets and bars operations and the unscheduled plant shutdown at its hot briquetted iron (“HBI”) operation in Lab...