MARC has affirmed its rating of AAAIS(fg) on 1 Warisan Sdn Bhd’s (1 Warisan) RM170.0 million seven-year Islamic Medium Term Notes (IMTN) Programme with a stable outlook. The affirmed rating and outlook are underpinned by an unconditional and irrevocable Kafalah Guarantee provided by Danajamin Nasional Berhad (Danajamin) in relation to the IMTN Programme. MARC currently rates Danajamin’...

MARC has affirmed its rating of AAAIS(fg) on 1 Warisan Sdn Bhd’s (1 Warisan) RM170.0 million seven-year Islamic Medium Term Notes (IMTN) Programme with a stable outlook. The affirmed rating and outlook are underpinned by an unconditional and irrevocable Kafalah Guarantee provided by Danajamin Nasional Berhad (Danajamin) in relation to the IMTN Programme. MARC currently rates Danajamin’...

MARC has affirmed the AAA rating of Cagamas MBS Berhad’s (Cagamas MBS) asset-backed fixed rate serial bonds of RM1,555.0 million (CMBS 2004-1) with a stable outlook. The rating action affects the outstanding RM345.0 million Series 4 bonds under CMBS 2004-1. The transaction’s affirmed rating reflects strong credit enhancement levels for the outstanding bonds, supported by a collections ...

MARC has lifted the suspension of its rating of B+ID on Trinity Corporation Berhad’s (Trinity) outstanding RM95.1 million Settlement Bithaman Ajil Debt Securities (Settlement BaIDS) and placed the rating on MARCWatch Negative.Since MARC announced the suspension of Trinity’s rating on February 27, 2012, the rating agency has received pertinent information on Trinity from the company&rsq...

MARC has issued this update as part of its ongoing review of its AA/Stable financial strength ratings on BEST RE (L) Limited (BEST RE) and BEST RE Family (L) Limited (BEST RE Family). The rating agency intends to reassess the business and financial risk profiles and ratings of both entities following the adoption of their respective strategic plans which are expected to be unveiled at the end of M...

MARC has commented that Kuwait Finance House (Malaysia) Berhad's (KFHMB) ratings of AA+/MARC-1 are not affected following its first quarter earnings announcement for 2012, in which it also reported an after tax loss of RM596 million for the financial year ended December 31, 2011. Although the bank's balance sheet strength had been impacted by the huge losses due largely to provisioning for non-per...

MARC said today that there is no immediate rating impact on EP Manufacturing Bhd’s (EPMB) Islamic debt ratings of MARC-2ID and AID from its proposed acquisition of Maju Expressway Sdn Bhd (MESB) for a total consideration of RM1.7 billion. EPMB has RM10.0 million of notes outstanding issued under its RM120.0 million Murabahah Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) prog...

MARC has affirmed the following long-term ratings on Special Coral Sdn Bhd’s (Special Coral) RM300 million Senior Class and RM800 million Subordinated Class Medium Term Notes (MTN) under its RM1.1 billion MTN Programme:Medium Term Notes ProgrammeIssue sizeRatingOutlookSenior Class MTNs1.Class ARM160 millionAAAStable2.Class BRM40 millionAAStable3.Class CRM35 millionAStable4.Class DRM25 millio...

MARC has lowered its ratings on Kinsteel Berhad’s (Kinsteel) RM100 million Murabahah Commercial Papers/Medium Term Notes Programme (CP/MTN) and RM100 million Murabahah Medium Term Notes (MTN) Programme to MARC-2ID/A-ID and A-ID from MARC-2ID/AID and AID respectively. The outlook for the ratings is negative. Concurrently, the rating agency has removed Kinsteel’s ratings from MARCWatch N...

MARC has removed its MARC-4ID/BBID ratings on Maxtral Industry Berhad’s (Maxtral) RM20.0 million Murabahah Underwritten Notes Issuance/Murabahah Medium Term Notes (MUNIF/MMTN) programme from MARCWatch Negative and subsequently downgraded both ratings to D. The downgrade reflects the missed outstanding principal payment of RM10.0 million on April 23, 2012, following the expiry of the two addi...