Rating action     MARC has assigned a preliminary rating of AA- to 7-Eleven Malaysia Holdings Berhad’s (7-Eleven Holdings) proposed RM600.0 million Medium-Term Notes (MTN) Programme with a stable outlook.Rationale     The assigned rating mainly reflects 7-Eleven Holdings' strong and established market position in the convenience store segment, gained from a long ope...

MARC has assigned a final rating of AA-IS with a stable outlook to Guan Chong Berhad’s (GCB) proposed Sukuk Wakalah Programme of up to RM800.0 million. The proposed rating incorporates GCB’s strong market position in the midstream cocoa industry, established operational track record and healthy debt coverage metrics. The rating is constrained by the group’s inherent exposure to fluctuations ...

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...