MARC has affirmed its AAA/MARC-1 financial institution (FI) ratings on Maybank Islamic Berhad (Maybank Islamic) and AA+IS rating on Maybank Islamic’s RM1.0 billion Islamic Subordinated Sukuk (Subordinated Sukuk) with a stable outlook on the ratings. The Subordinated Sukuk, which qualifies as Tier-2 capital for Maybank Islamic, is rated one notch lower than the bank’s FI rating in accor...

MARC has downgraded its rating on Perwaja Steel Sdn Bhd’s (Perwaja) RM400.0 million Murabahah Medium Term Notes (MMTN) programme to BBID from BBB-ID. In addition, the rating remains on MARCWatch Negative where it was placed on April 17, 2013. The rating downgrade and MARCWatch Negative placement reflects near-term liquidity concerns, poor operating performance and a significantly weaker fina...

MARC has withdrawn its ratings on Dura Palms Sdn Bhd’s (Dura Palms) RM283.87 million Sukuk Ijarah with immediate effect, following the full redemption of the outstanding sukuk on June 28, 2013 amounting to RM108.0 million and cancellation of the facility as confirmed by the facility agent, Kenanga Investment Bank Berhad. The withdrawn sukuk ratings are as follows: AAAIS rating on RM100.0 mil...

MARC has downgraded its rating on Press Metal Berhad’s (Press Metal) outstanding RM317.5 million Redeemable Convertible Secured Loan Stocks (RCSLS) with detachable warrants from A- to BBB. Concurrently, the rating has been placed on MARCWatch Negative pending greater clarity on the credit impact from the unexpected shutdown of Press Metal’s aluminium smelting plant in Mukah, Sarawak, d...

MARC has withdrawn its BBB+IS  and MARC-3ID /BBB+ID ratings on Tanjung Langsat Port Sdn Bhd’s (TLP) RM250.0 million Sukuk Musyarakah Bonds and RM135.0 million Musyarakah Commercial Papers/Musyarakah Medium  Term  Notes  Programme (MCP/MMTN) respectively. The withdrawal follows the early redemption of all outstanding amounts and the cancellation of the aforementioned facil...

MARC has assigned a final rating of AA+IS to Kapar Energy Ventures Sdn Bhd’s (KEV) RM2.0 billion Sukuk Ijarah (Sukuk) with a stable outlook.Upon review of the final documentation of the forthcoming Sukuk issuance, MARC is satisfied that the terms and conditions of the Sukuk have not changed in any material way from the draft documents on which the earlier preliminary rating of AA+IS was base...

MARC has withdrawn its AAA rating on Oversea-Chinese Banking Corporation Limited’s (OCBC Ltd) RM2.5 billion redeemable subordinated bonds, following the early redemption of the facility on June 6, 2013 as confirmed by the facility agent on June 7, 2013. However, the rating agency will continue to maintain rating surveillance on OCBC Ltd’s financial institution rating, currently rated A...

MARC has withdrawn its ratings of MARC-1ID/AAID on Tele-Flow Capital Sdn Bhd’s (Tele-Flow Capital) RM90 million Murabahah Underwritten Notes Issuance (MUNIF)/Islamic Medium Term Notes (IMTN) (collectively referred to as Senior Notes). This follows the full redemption of the RM10 million Senior Notes outstanding on April 19, 2013 and the cancellation of the facility effective May 27, 2013 as ...

MARC has downgraded its ratings on Senai-Desaru Expressway Berhad’s (SDEB) RM1.89 billion nominal value Senior Sukuk Ijarah Medium-Term Notes (Senior Sukuk) Programme and RM3.69 billion nominal value Junior Sukuk Ijarah Medium-Term Notes (Junior Sukuk) Programme to BBIS and B-IS from BBB+IS and BBIS respectively. The outlook on the ratings remains negative. The rating action reflects insuffi...

MARC has assigned a preliminary rating of AA+IS to Kapar Energy Ventures Sdn Bhd’s (KEV) RM2.0 billion Sukuk Ijarah (Sukuk) with a stable outlook. The Sukuk issuance will be mainly utilised to refinance the company’s existing Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) facility which currently has an outstanding amount of RM1.51 billion which is due to fully mature by 2019...