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...

MARC has removed its AAIS rating on DRIR Management Sdn Bhd’s (DRIRM) Senior Class A Sukuk Ijarah Medium Term Notes (MTN) from MARCWatch Negative pending the forthcoming June 2011 redemption of the remaining outstanding RM40 million principal amount of the MTNs. DRIRM will redeem the notes with cash from its Debt Service Reserve Account (DSRA) which is sufficiently funded for the purpose. Ho...

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Facility / Islamic Medium Term Notes Issuance Facility (MUNIF/IMTN) from MARCWatch Developing and concurrently has withdrawn the ratings.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...

MARC has assigned ratings of AAIS to the non-guaranteed notes and AAAIS(fg) to the guaranteed notes to be issued under Ranhill Powertron II Sdn Bhd's (RPII) RM710 million nominal value Islamic Medium Term Notes Programme (IMTN Programme or Sukuk). The outlook for both ratings is stable. The non-guaranteed notes of up to RM360 million will have tenures up to 11 years while the guaranteed notes of u...

MARC has taken the following actions on the Dawama Sdn Bhd's (Dawama) RM140.0 million Sukuk Musyarakah Medium Term Notes Programme comprising RM120.0 million Senior Sukuk and RM20.0 million Junior Sukuk:MARC has lowered its rating on the Junior Sukuk to 'D' from 'CIS' to reflect missed profit payment on April 27, 2011 following notification from the Sukuk trustee that it has been instructed not to...

MARC has assigned a rating of AA+IS to Westports Malaysia Sdn Bhd’s (Westports) Sukuk Musyarakah (Sukuk) Programme of up to RM2.0 billion. The rating outlook is stable. MARC has also affirmed its rating of AA+IS/Stable on Westports’ RM800 million Sukuk Musyarakah Medium Term Notes Programme, of which RM345 million is currently outstanding. The assigned rating incorporates Westports&rsq...

MARC has assigned ratings of AAAIS(bg) to the bank-guaranteed sukuk and AAAIS(fg) to the Danajamin Nasional Berhad (Danajamin) guaranteed sukuk to be issued under Ranhill Power Sdn Bhd's (Ranhill Power) RM800 million Sukuk Musharakah facility. The outlook for both ratings is stable. The bank-guaranteed sukuk of up to RM300 million (Tranche 1) will have tenures up to eight years while the Danajamin...

MARC has lowered both Dawama Sdn Bhd’s (Dawama) RM120.0 million Senior and RM20.0 million Junior Sukuk Musyarakah Medium Term Notes (MTN) Programme to CIS from BIS. The ratings were removed from MARCWatch Negative where they had been placed on February 18, 2011. The lowered rating reflects the high likelihood of payment default on April 27, 2011 given the absence of positive developments per...

MARC has downgraded its ratings on the RM335 million Super Senior B and RM190 million Senior primary collateralised loan obligation bonds issued by Prima Uno Berhad (Prima Uno) to A- and C from AA+ and BB respectively. At the same time, MARC affirms the ratings of the remaining classes at AAA for the RM290 million Super Senior A bonds and C for both the RM40 million Mezzanine and RM95 million Subo...

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...