MARC has affirmed the ratings of 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. The outlook is Stable. The ratings reflect a turnaround in the geosynthetic industry after weaker than expected operating performance in 2006. Additionally, the Group’s ris...

Strengths Stable earnings performance from timber product sales over the past 5 yearsHighly integrated operations and a production capacity which places it among the top five manufacturers of processed wood products in Sabah  Diversified range of products and customer baseChallenges/RisksUncertainties posed by its maiden venture into property development activitiesSufficiency of log supply fr...

MARC has affirmed the ratings of Kinsteel Berhad’s (Kinsteel) RM100.0 million Murabahah Commercial Papers/Medium Term Notes (Murabahah CP/MTN) and RM100.0 million Murabahah Medium Term Notes (MMTN) Programme at MARC-2ID /AID  and AID respectively. The ratings carry a stable outlook, reflecting the company’s above average competitive position in the local steel industry supported b...

MARC has affirmed the long term rating of Perwaja Steel Sdn Bhd’s (Perwaja) RM400.0 Million Murabahah Medium Term Notes (MMTN) Programme at AID with stable outlook, reflecting its strong position as a domestic direct reduced iron (DRI) producer, expectations for continued improvement in credit quality as the company benefits from higher steel prices and production volumes in addition to effi...

The rating of Negeri Sembilan Cement Industries Sdn Bhd’s (“NSCI”) RM200 million Bai’ Bithaman Ajil Islamic Debts (“BaIDS”) has been affirmed at AA- ID (bg) whilst the ratings of its RM130 million Murabahah Notes Issuance Facility (“MUNIF”) have been reaffirmed at A- ID /MARC-2 ID.The affirmation of the bank guaranteed BaIDS reflects use of the &ldqu...

MARC has lowered its ratings on Paradym Resources Industries Sdn Bhd’s (“PRI”) RM40 million Islamic Commercial Papers / Medium Term Notes Issuance Programme (“ICP/MTN”) to CID /MARC-4ID from AID /MARC-2ID. The ratings remain on MARCWatch Negative. The downgrades reflect MARC’s concerns as to the company’s ability to fund near-term commitments arising from ...

MARC has assigned ratings of AAAIS , AAIS and AAAIS(bg) to ABS Logistics Berhad (ALB)’s Class A, Class B and Class C Senior Sukuk respectively. The ratings of Class A and B Senior Sukuk reflect the quality of the collateral comprising of 23 warehouses, protective structural features of the transaction, and relatively low actual loan-to-values (LTVs) for each of Class A and Class B Senior ...

MARC has downgraded the rating of Mithril Berhad’s (“Mithril”) RM59 million Redeemable Convertible Secured Loan Stocks (“RCSLS”) from BBB to BBB- with a negative outlook based on continued deterioration in the company’s financial profile, its weak operating outlook for 2007 and uncertainties about the future operating performance of new ventures. Mithril ma...

The ratings of Leader Universal Holdings Berhad’s (LEADER) RM150.0 Million Murabahah Medium Term Notes Issuance Programme has been reaffirmed at AID , with a stable outlook reflecting the Group’s dominant market position in the domestic cable and wire manufacturing industry coupled with stable recurring revenue contributions from its power generation business in Cambodia. Leader&rsqu...

MARC has downgraded the rating of Tracoma Holdings Berhad’s (“Tracoma”) RM100 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) from AID to BBB+ID with a negative outlook. The rating downgrade is underpinned by the current negative domestic automotive industry outlook reflecting weak industry fundamentals which MARC believes will have an adverse impact on Trac...