MARC has affirmed its AAAIS rating on Cagamas MBS Berhad’s (Cagamas MBS) RM2,110.0 million mortgage-backed Sukuk Musyarakah issuance (CMBS 2007-1-i) with a stable outlook. The rating action affects outstanding Sukuk of approximately RM1,780.0 million. CMBS 2007-1-i represents the fourth residential mortgage-backed securitisation issuance by Cagamas MBS. The transaction’s affirmed ratin...

MARC has assigned its AA-/MARC-1 financial institution ratings on Hong Leong Investment Bank Berhad (HLIB) with a stable outlook. HLIB’s standalone credit profile is commensurate with A+/MARC-1 ratings, reflecting its emerging position as a mid-tier investment bank with established stockbroking operations, good profitability and its potential to leverage on broader Hong Leong Group relations...

MARC has affirmed the AAAID rating of Cagamas MBS Berhad’s (Cagamas MBS) asset-backed Sukuk Musyarakah issuance (CMBS 2005-1) of RM2,050.0 million with a stable outlook. The rating action affects the outstanding Sukuk of approximately RM1,585.0 million. CMBS 2005-1 represents the second residential mortgage-backed securitisation issuance by Cagamas MBS. The transaction’s affirmed ratin...

MARC has affirmed the AAA rating of Cagamas MBS Berhad’s (Cagamas MBS) asset-backed fixed rate serial bonds of RM2,060.0 million (CMBS 2005-2) with a stable outlook. The rating action affects the outstanding bonds of RM1,585.0 million. CMBS 2005-2 represents the third residential mortgage-backed securitisation issuance by Cagamas MBS. The affirmed rating reflects strong credit enhancement le...

MARC has changed its MARCWatch status of its AA-IS rating on DRIR Management Sdn Bhd’s (DRIRM) RM160 million Class B Sukuk to Developing from Negative. The change in MARCWatch status follows recent action taken by a shareholder to restore DRIRM’s finance service coverage ratio (FSCR) to a level commensurate with its current rating. The rating was originally placed on MARCWatch in Septe...

MARC has assigned a rating of AAAIS(fg) to Antara Steel Mill Sdn Bhd’s (Antara) RM300 million Guaranteed Islamic Securities (GIS) programme with a stable outlook. The RM300 million GIS programme is guaranteed by Danajamin Nasional Bhd (Danajamin). At the same time, MARC has affirmed its rating of AID on Antara’s existing RM500 million Bai’ Bithaman Ajil Islamic Debt Securities (B...

MARC has revised its outlook on Sime Darby Berhad's (Sime) MARC-1ID /AAAID debt ratings to stable from negative. The outlook revision affects the following facilities of Sime:1) RM4.5 billion Islamic Medium Term Note (IMTN) Programme (RM2.0 billion outstanding) and RM500 million Islamic Commercial Paper (ICP) Programme (RM500 million outstanding) with combined limit of RM4.5 billion; and2) RM150 m...

MARC has downgraded its long-term and short-term Sukuk ratings on Offshoreworks Capital Sdn Bhd (OWC) to BBIS and MARC-4IS, from A+IS and MARC-2IS respectively. The Sukuk ratings remain on MARCWatch Negative where they were initially placed on March 15, 2011 on the basis of an expected covenant breach. The rating actions affect RM200.0 million of outstanding Sukuk Musyarakah and RM150.0 million of...

MARC has withdrawn its ratings of MARC-1ID/AAID and A+ID on Cellular Structures Sdn Bhd’s (CSSB) RM60.0 million Senior MUNIF/IMTN (Senior Notes) and RM8.0 million Junior IMTN (Junior Notes) respectively with immediate effect. The rating withdrawal follows the redemption of the outstanding RM25.0 million Senior Notes and RM5.0 million Junior Notes on June 6, 2011 and cancellation of the facil...

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 Series 3 and Series 4 of CMBS 2004-1, totaling approximately RM635.0 million. The transaction’s affirmed rating reflects strong credit enhancement levels for the outstanding bonds,...