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MARC has downgraded its ratings on Maxtral Industry Berhad's (Maxtral) RM80.0 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) and RM20.0 million Murabahah Underwritten Notes Issuance/Murabahah Medium Term Notes (MUNIF/MMTN) facilities to BBB+ID and MARC-3ID/BBB+ID from AID and MARC-2ID/AID respectively. Concurrently, the ratings have been removed from MARCWatch Negative wh...
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MARC has removed its MARC-2ID/AID ratings on Emas Kiara Industries Berhad’s (EKIB) RM80 million Partially Underwritten Murabahah Notes Issuance Facility / Islamic Medium Term Notes Issuance Facility (MUNIF/IMTN) from MARCWatch Developing and concurrently has withdrawn the ratings. EKIB’s ratings had been placed on MARCWatch since November 16, 2010 following its announced intention...
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MARC has downgraded its rating on Mithril Berhad’s (Mithril) RM70 million Redeemable Convertible Secured Loan Stock (RCSLS) to D from B following Mithril’s failure to make a RM1.25 million coupon payment on the RCSLS which fell due on April 5, 2011. This affects the outstanding RCSLS with nominal value of RM41.8 million. MARC had earlier maintained Mithril’s rating on negative ou...
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MARC has affirmed its ratings of AAAID(S) on the respective Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDs) issuances of Optimal Glycols (Malaysia) Sdn Bhd (Glycols) and Optimal Chemicals (Malaysia) Sdn Bhd (Chemicals) with a stable outlook. The rating actions affect RM155 million of outstanding BaIDS issued by Glycols and RM185 million of outstanding BaIDS issued by Chemicals.The ratings hav...
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MARC is maintaining its AID and MARC-2ID/AID ratings on Maxtral Industry Berhad's (Maxtral) RM80.0 million Al-Bai' Bithaman Ajil Islamic Debt Securities (BaIDS) and RM20.0 million Murabahah Underwritten Notes Issuance/Murabahah Medium Term Notes (MUNIF/MMTN), respectively on MARCWatch Negative. The rating actions affect RM40.0 million of outstanding BaIDS and RM20.0 million of notes issued under t...
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MARC has affirmed its ratings of MARC-2ID/AID and AID on Kinsteel Bhd’s (Kinsteel) RM100 million Murabahah Commercial Papers/Medium Term Notes Programme (CP/MTN) and RM100 million Murabahah Medium Term Notes (MTN) Programme. The rating outlook is maintained at stable. The affirmed ratings and stable outlook incorporate Kinsteel’s strong competitive position in several steel product seg...
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MARC has withdrawn the MARC-2ID/AID ratings on EP Manufacturing Berhad's (EPMB) RM150.0 million Murabahah Underwritten Notes Issuance/Islamic Medium Term Notes (MUNIF/IMTN) facilities with immediate effect following the full redemption and cancellation of the programme as confirmed by the facility agent, MIDF Amanah Investment Bank Berhad.MARC’s rating coverage on EPMB is now limited to its ...
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MARC continues to maintain its MARC-2ID/AID ratings on Emas Kiara Industries Berhad's (EKIB) RM80 million Partially Underwritten Murabahah Notes Issuance Facility/Islamic Medium Term Notes Issuance Facility (MUNIF/IMTN) on MARCWatch Developing. The ratings have been placed on MARCWatch Developing since November 16, 2010 following EKIB's announcement that it will divest its core geosynthetic manufa...
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MARC has affirmed the rating of Perwaja Steel Sdn Bhd’s (Perwaja) RM400 million Murabahah Medium Term Notes (MMTN) Programme at AID. The rating outlook has been revised to negative from stable. The outlook revision incorporates the recent deterioration in Perwaja’s operating performance, and continuing pressure from lower volumes and rising input costs. Of particular concern to MARC is...
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MARC has withdrawn its A+ rating on Handal Offshore Services Sdn Bhd’s (Handal) RM50 million Medium Term Notes Programme (MTN) with immediate effect. The rating withdrawal follows the early redemption of the nominal outstanding amount of RM15.0 million in the MTN programme on November 22, 2010 and cancellation of the facility on November 29, 2010 as confirmed by the facility arrang...
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