MARC has revised its rating outlook on Leader Universal Holdings Berhad’s (Leader) RM150.0 million Murabahah Medium Term Notes (MMTN) Issuance Programme to stable from developing and affirmed the MMTN rating at AID. The rating outlook revision reflects easing concerns surrounding the impact of Leader’s equity financing requirement for the construction of its second power plant project ...

MARC has lowered its ratings on Boon Koon Group Bhd’s (Boon Koon) RM100 million Islamic Commercial Papers (ICP)/Islamic Medium Term Notes (IMTN) to MARC-3ID / BBB-ID from MARC-2ID /A-ID, and removed the ratings from MARCWatch.  The downgrade reflects Boon Koon’s weakened financial profile stemming from a period of very challenging industry conditions, its limited financial flexibi...

MARC has affirmed the ratings of geosynthetic manufacturer, Emas Kiara Industries Bhd’s (EKIB) RM80 million Partially Underwritten Murabahah Notes Issuance Facility/Islamic Medium Term Notes Issuance Facility (MUNIF/IMTN) at AID/MARC-2ID. At the same time, the rating outlook has been revised to developing from stable.The outlook revision is due to EKIB’s increased business risk exposur...

MARC has revised its outlook on its ratings of Premium Nutrients Berhad’s (Premium Nutrient) RM85 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) to developing from stable. Concurrently, MARC has affirmed its MARC-2ID /AID ratings on the MUNIF/IMTN programme. The revised rating outlook reflects MARC’s concern about Premium Nutrient’s ...

MARC has lowered its rating on Ingress Sukuk Berhad’s (ISB) RM160 million Sukuk Al Ijarah (Sukuk) to BB-IS from BBB-IS. The lowered rating remains on MARCWatch Negative. ISB is a wholly-owned funding vehicle of auto parts manufacturer, Ingress Corporation Berhad (Ingress). Since MARC’s downgrade of ISB’s sukuk rating on March 31, 2009, ISB has failed to make a RM25 million paymen...

MARC has downgraded the long- and short-term ratings of wood-based product manufacturer Evermaster Group Berhad’s (EGB) RM50 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) and RM40 million Murabahah Multi-Option Notes Issuance Facility (MONIF) to BB-ID and MARC-4ID from BBB-ID and MARC-3ID respectively. At the same time, EGB’s ratings were removed from MARCWatch Negative ...

MARC has downgraded the long term rating of Tracoma Holdings Berhad’s (Tracoma) RM100 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) to BID from BB+ID. At the same time, Tracoma’s rating was removed from MARCWatch Negative where it had been placed since July 25, 2008. The rating now carries a negative outlook.The downgrade reflects heightened concerns over Tracoma&...

MARC has removed its rating on Englotechs Holding Berhad’s (Englotechs) RM50.0 million Murabahah Medium Term Note Programme (MMTN) from MARCWatch Negative and downgraded the rating to BBID¬ from BBB-ID. Englotechs’ rating was first placed on MARCWatch Negative on April 1, 2008 due to a breach in financial covenants. The outlook on the rating is now negative.The downgrade is premise...

MARC has downgraded M-Trex Corporation Sdn Bhd’s (M-Trex) RM48.0 million Islamic Commercial Papers (ICPs) rating to DID from MARC-3ID arising from its failure to redeem RM30 million of the Notes due on May 7, 2009 by way of conversion into a term loan as planned earlier. Concurrently, MARC removed M-Trex’s rating from MARCWatch Negative where it had been placed on February 24, 2009 to ...

MARC has downgraded Boon Koon Group Bhd’s (BKGB) long-term rating to A-ID from AID and affirmed its short-term rating at MARC-2ID with respect to its RM100 million Islamic Commercial Papers / Islamic Medium Term Notes (ICP/IMTN). The ratings carry a negative outlook. The downgrade reflects the group’s weakened competitive position arising from unfavourable changes to the import quota r...