MARC has withdrawn its ratings of MARC-1ID(cg)/AA-ID(cg) on Harum Intisari Sdn Bhd’s RM300 million Al-Murabahah Commercial Paper/Medium Term Notes (CP/MTN) Programme with immediate effect. The rating withdrawal follows the final RM100 million redemption of outstanding notes on March 17, 2011 and cancellation of the facility, as confirmed by HSBC Bank Malaysia Berhad, the facility agent.Conta...

MARC has assigned a rating of AAAIS(fg) to TSH Sukuk Musyarakah Sdn Bhd’s (TSH Sukuk-M) RM100.0 million Islamic Medium Term Notes (IMTN) Programme. The rating carries a stable outlook. The assigned 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 D...

MARC has assigned long-term and short-term financial institution ratings of AAA/MARC-1 to Maybank Islamic Berhad (Maybank Islamic). At the same, MARC has also assigned a AA+IS rating to Maybank Islamic’s proposed Islamic Subordinated Sukuk issuance of RM1.0 billion in nominal value. The outlook on the ratings is stable. Maybank Islamic’s financial institution ratings are equalised with...

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...

MARC has assigned its long-term and short-term financial institution ratings of AAA/MARC-1 to Malayan Banking Berhad (Maybank). The ratings reflect Maybank’s entrenched market position as the largest commercial bank in Malaysia, strong financial profile with adequate capitalisation and liquidity, improving asset quality and resilient recurring earnings stream from its geographically diversif...

MARC has placed the A+IS and MARC-2IS/A+IS ratings of Offshoreworks Capital Sdn Bhd’s (OWC) RM200 million Sukuk Musyarakah and up to RM150 million Musyarakah Commercial Papers/Medium Term Notes Programme (MCP/MMTN) on MARCWatch Negative due to an expected covenant breach by Offshoreworks Holdings Sdn Bhd (OHSB). OWC is a funding vehicle of oilfield services provider OHSB. OHSB is the holding...

MARC has withdrawn the MARC-1ID(bg)/AA-ID(bg) ratings assigned to Mulpha International Berhad’s (Mulpha) RM75 million Bank Guaranteed MUNIF with immediate effect following the cancellation of the programme as confirmed by the facility agent, AmInvestment Bank Berhad. There were no notes outstanding under the facility prior to cancellation.With the cancellation of the Bank Guaranteed MUNIF, M...

MARC has affirmed its A+ID rating on Makro Utama Sdn Bhd’s (Makro) RM100.0 million Al-Istisna’ Bonds (the bonds) with a stable outlook. Makro is a special purpose funding vehicle of construction and engineering company Redmax Sdn Bhd (Redmax) established to facilitate issuance of the bonds. The fully-amortising bonds will be serviced through a Finance Service Account (FSA) and Sinking ...

MARC has assigned an insurer financial strength rating of AA to BEST RE (L) Limited and BEST RE Family (L) Limited (collectively referred to as the BEST RE Group) on Malaysia’s national rating scale. The companies were set up when the original Tunisia-based entity BEST RE transferred its business to Labuan in October 2010 following a group restructuring exercise. The assigned ratings are und...

MARC has resolved its MARCWatch Developing placements of Sunrise Berhad's (Sunrise) and Horizon Hills Development Sdn Bhd's (Horizon Hills) respective debt ratings upon the former becoming a wholly-owned subsidiary of UEM Land Holdings Berhad (ULHB). Horizon Hills is a 50:50 joint venture between ULHB’s wholly-owned subsidiary UEM Land Berhad (UEM Land) and Gamuda Berhad (Gamuda).The ratings...