MARC has affirmed its MARC-2ID/AID ratings on EP Manufacturing Berhad's (EPMB) RM150.0 million Murabahah Notes Issuance/Islamic Medium Term Notes (MUNIF/IMTN) facilities and RM120.0 million MUNIF/IMTN facilities. At the same time, the outlook on the ratings has been revised to stable from negative. The rating action affects RM8.0 million of outstanding notes issued under the RM150.0 million MUNIF/...

MARC has affirmed its ratings of MARC-1/AAA, MARC-1/AA and MARC-1/A on Gandalf Capital Sdn Bhd’s (Gandalf Capital) RM118 million Commercial Papers/Medium Term Notes Programme comprising RM87 million Class A, RM16 million Class B  and RM15 million  Class C notes respectively with a stable outlook. Wholly-owned by Quill Capita Trust (Quill Trust), Gandalf Capital is a special purpose...

MARC has affirmed its AA-ID(CG) rating on KMCOB Capital Berhad's (KMCOB) RM630 million Murabahah Medium Term Notes and revised its rating outook to negative from stable. KMCOB is ultimately held by Scomi Group Bhd (Scomi) through 76% owned subsidiary Scomi Oilfield Limited (SOL). SOL has guaranteed the obligations of KMCOB under the rated facility. The rating action is concurrent with MARC's affir...

MARC has affirmed its AA- rating on Scomi Group Bhd's (Scomi) RM500 million Medium Term Notes Programme (MTN) and revised its rating outlook to negative from stable. The outlook revision incorporates some weakening in Scomi's business and financial profile as a result of current negative industry fundamentals.The affirmed rating, meanwhile, incorporates steps taken by Scomi to bolster its liquidit...

MARC has downgraded its rating on Vastalux Capital Sdn Bhd's (VCSB) RM100 million Sukuk Musyarakah facility to DIS from BB+IS following VCSB's failure to redeem the remaining outstanding RM3.96 million of Sukuk on the final redemption date of December 23, 2010.VCSB had redeemed RM21.04 million of RM25.0 million of outstanding Sukuk on December 10, 2010, prior to the final redemption date. VCSB had...

MARC continues to maintain Matang Highway Sdn Bhd's (Matang) AIS rating for its RM70.0 million Sukuk Musharakah on MARCWatch Negative where it was placed on December 13, 2010.Subsequent to MARC's last rating action, the rating agency was notified by the sukuk trustee on December 15, 2010 that Matang had been granted a cure period until December 31, 2010, to remedy the RM0.69 million shortfall in i...

MARC has affirmed the rating of DutaLand Berhad’s (DutaLand) outstanding RM26.3 million Redeemable Unsecured Loan Stocks (RULS) at B. The outlook is revised from negative to stable. The affirmed rating and outlook revision incorporates DutaLand’s improved operating performance, although earnings remain vulnerable to the company’s ability to execute the later phases of its high-en...

MARC has affirmed the rating of Olympia Industries Berhad’s (Olympia) outstanding RM72,981,306 nominal value Redeemable Unsecured Loan Stocks (RULS) at BB-. The outlook on the rating is maintained at negative. The rating action incorporates continued concern on the group’s weak profitability measures and earnings sustainability for its property and gaming divisions. MARC notes the slow...

MARC has affirmed its MARC-1/AAA and MARC-1/AA ratings of Inverfin Sdn Bhd’s (Inverfin) RM160.0 million Class A Notes and RM40.0 million Class B Notes respectively under a RM200.0 million commercial papers/medium term notes (CP/MTN) programme. The ratings are supported by the quality and strategic location of the collateral property, low loan-to-value ratios (LTV) for the respective notes, c...

MARC has affirmed its AAIS rating on special purpose vehicle Diversified Venue Sdn Bhd’s (DVSB) RM200 million Sukuk Al-Ijarah Master Programme, with the rating outlook maintained at stable. The proceeds from the issue were used to fund the purchase of the Mercu UEM building, which houses UEM Group Berhad’s (UEM) corporate headquarters, from First Impact Sdn Bhd (FISB). The affirmed rat...