MARC has affirmed Maxtral Industry Berhad’s (Maxtral) RM80 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) Facility and RM20 million Murabahah Underwritten Notes Issuance Facility/Murabahah Medium Term Notes Issuance Facility (MUNIF/MMTN) ratings at AID /MARC-2ID with a stable outlook. The affirmation reflects Maxtral’s strengthening financials underpinned by th...

MARC has upgraded the rating of Negeri Sembilan Cement Industries Sdn. Bhd.’s (“NSCI”) BaIDS to AA-ID(bg), reflecting the strength of the guarantor banks; Bumiputra Commerce Bank Berhad (AA) and AmMerchant Bank Bhd. which has been recently upgraded from A+ to AA-. Our reaffirmation of MARC-2ID /A-ID accorded for NSCI’s MUNIF reflects its financial profile which continues ...

MARC has downgraded the rating of Ace Polymers (M) Sdn Bhd’s (Ace) RM70 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) from A ID to A-ID with a stable outlook. The rating downgrade is underpinned by the prevailing automotive outlook reflecting deteriorating industry fundamentals and possible negative effects on Ace’s future operating and financial performance, parti...

MARC has affirmed Ingress Sukuk Berhad’s (ISB) RM160 million Sukuk Al Ijara Issuance at A+IS with stable outlook; reflecting Ingress Corporation Berhad’s (“Ingress” or “the Group”) track record as one of the leading local automotive component manufacturers with a relatively diversified customer base and geographical distribution, and its fairly strong financia...

Emas Kiara Industries Berhad’s (EKIB) up to RM80 million Partially Underwritten Murabahah Notes Issuance Facility / Islamic Medium Term Notes Programme’s (MUNIF/IMTN) long term rating has been downgraded from A+ID (A Plus) to AID (A Flat) and short term rating reaffirmed at MARC-2ID. The ratings have been accorded a Stable Outlook. The downgrade follows from a dip in the company&rsqu...

MARC has affirmed the rating of AID with a stable outlook on Englotechs Holding Bhd’s (Englotechs) Murabahah Medium Term Notes Programme of RM50.0 million. The rating affirmation reflects the company`s position as a leading manufacturer and exporter of industrial cotton work gloves in Malaysia, a foreseeable increase in demand for its products, consistent operating margins, and a rising re...

The short/long term ratings of MARC-2ID/AID with stable outlook assigned to Boon Koon Group Berhad’s (‘BKGB’ or the ‘Group’) issuance of seven-year Islamic Commercial Papers/Medium Term Notes (ICP/MTN) with nominal value of up to RM100 million mainly reflect BKGB’s dominant position in the rebuilt commercial vehicle industry, supported by robust growth experie...

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 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 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...