MARC has downgraded its long-term Islamic debt ratings on UMW Holdings Berhad’s (UMW) RM300 million Islamic Commercial Paper/Islamic Medium Term Notes (ICP/IMTN) Programme to AA+ID from AAAID. The rating agency also affirmed its short-term rating on the programme at  MARC-1ID. MARC subsequently withdrew all ratings on UMW at its request. The outlook was stable at the time of the wi...

MARC has affirmed its short-term and long-term Islamic debt ratings of MARC-1ID /AAAID on UMW Holdings Berhad (UMW) with a stable outlook. The rating actions affect RM800 million of outstanding notes issued under the investment holding company's RM300 million Islamic Commercial Paper/Islamic Medium Term Notes (ICP/IMTN) Programme and RM500 million IMTN Programme. The affirmed ratings and outlook r...

MARC affirmed its short-term and long-term Islamic debt ratings of MARC-1ID/AAAID on UMW Holdings Berhad (UMW) and maintained its stable outlook on the ratings. The rating actions affect RM610 million of outstanding notes issued under the investment holding company's RM300 million Islamic Commercial Paper/Islamic Medium Term Notes (ICP/IMTN) Programme and RM500 million Islamic Medium Term Notes (I...

MARC has affirmed its MARC-2ID rating on MM Vitaoils Sdn Bhd’s (MMV) RM45.0 million Murabahah Commercial Paper (MCP) Programme and maintained a negative outlook on the rating. The negative outlook reflects continued concerns over insufficient operating cash flows to support the build-up of MMV’s sinking fund from August 2011 onwards to meet its first CP redemption of RM20.25 million du...

MARC has affirmed UMW Holdings Berhad’s (UMW) RM300 million Islamic Commercial Papers (ICP)/Medium Term Notes and RM500 million Islamic Medium Term Notes (IMTN) Programmes at MARC-1ID /AAAID respectively. The ratings are based on the company’s consolidated credit quality which incorporates the group’s leading and dominant market position in the national (Perodua) and non-national...

MARC has affirmed its MARC-1ID/AID ratings of Tomei Consolidated Berhad’s (Tomei) RM100.0 million Islamic Commercial Paper/Medium Term Notes (ICP/IMTN) Programme. The rating outlook is maintained at stable. The affirmed ratings took into consideration Tomei’s profitable and established domestic fine jewellery chain operations, management’s regional growth strategy and the overall...

MARC has downgraded its ratings on Hytex Integrated Berhad’s (Hytex) RM100 Million Murabahah Underwritten Notes Issuance Facility / Islamic Medium Term Notes (MUNIF/IMTN) to MARC-3ID / BBB-ID from MARC-2ID /A-ID. The rating carries a developing outlook. The downgrade reflects the current strain on the apparel maker’s liquidity stemming from weaker industry fundamentals, recent ope...

MARC has revised its outlook on MM Vitaoils Sdn Bhd’s (MMV) rating of its RM45.0 million Murabahah Commercial Paper Programme (MCP) to negative from stable.  Concurrently, MARC affirmed its MARC-2ID rating on the MCP.  The outlook revision reflects the slow build-up of liquidity ahead of significant sinking fund payments in 2011 as a result of its modest positive cashflow from oper...

MARC has affirmed its MARC-1ID /AID ratings of Tomei Consolidated Berhad’s (Tomei) RM100.0 million Islamic Commercial Paper/ Medium Term Notes (ICP/IMTN) Programme. The ratings carry a stable outlook. The affirmed ratings reflect Tomei’s significant jewellery-chain operations in the local jewellery market, its integrated operations that have allowed the company to offer a wide product ...

MARC has assigned MARC-1ID /AAAID ratings to UMW Holdings Berhad’s (UMW) RM300 million Islamic Commercial Papers (ICP)/Medium Term Notes and RM500 million Islamic Medium Term Notes (IMTN).  Concurrently, MARC has affirmed its AAA corporate credit rating on UMW. The ratings reflect UMW’s leadership position in the domestic automotive industry, strong businesses of automotive, equip...