MARC has lowered the short- and long-term ratings on Evermaster Group Berhad’s (EGB) RM50 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) and RM40 million Murabahah Multi-Option Notes Issuance Facility (MONIF) to DID from MARC-4ID and BB-ID respectively. The downgrades are based on EGB’s failure to meet the scheduled BaIDS redemption of RM15 million on December 30, 2008, a...

MARC has affirmed the short-term and long-term ratings of automotive parts manufacturer, EP Manufacturing Berhad’s (EPMB) of up to RM150 million and RM120 million Murabahah Notes Issuance Facilities/Islamic Medium-Term Notes (MUNIF/IMTN) at MARC-2ID/AID. The affirmed ratings recognise EPMB’s defensible market position in the domestic auto-parts sector but high reliance on national carm...

MARC has downgraded the long and short-term ratings of wood-based product manufacturer Evermaster Group Berhad’s (EGB) RM50 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) and RM40 million Murabahah Multi-Option Notes Issuance Facility (MONIF) to BB-ID and MARC-4ID from BBB-ID and MARC-3ID respectively. At the same time, EGB’s ratings were removed from MARCWatch Negative w...

MARC has affirmed its short-term MARC-2ID and long-term AID ratings on wood-based product manufacturer Maxtral Industry Berhad’s (Maxtral) RM80 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) and RM20 million Murabahah Underwritten Notes/Murabahah Medium Term Notes (MUNIF/MMTN) facilities. The outlook on the rating has been revised to negative from stable to reflect increased pr...

MARC has downgraded Boon Koon Group Bhd’s (BKGB) long-term rating to A-ID from AID and affirmed its short-term rating at MARC-2ID with respect to its RM100 million Islamic Commercial Papers/ Islamic Medium Term Notes (ICP/IMTN). The ratings carry a negative outlook. The downgrade reflects the group’s weakened competitive position arising from unfavourable changes to the import quota re...

MARC has downgraded the long-term rating of Tracoma Holdings Berhad’s (Tracoma) RM100 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) to BID from BB+ID. At the same time, Tracoma’s rating was removed from MARCWatch Negative where it had been placed since July 25, 2008. The rating now carries a negative outlook. The downgrade reflects heightened concerns over Tracoma...

MARC’s long-term rating of AIS on Ingress Sukuk Berhad’s (Ingress) RM160 million Sukuk Al Ijarah (Sukuk) remains on MARCWatch Negative, where it had been placed on July 28, 2008 following the company’s failure to remedy the non-compliance with certain financial covenants of the Sukuk. The Sukukholders had earlier granted a six-month extension of the remedy period subject to sever...

MARC has affirmed its long-term rating of A on Handal Offshore Services Sdn Bhd’s (Handal) RM50 million Medium Term Notes Programme (MTN). The rating outlook is stable. The rating affirmation reflects Handal’s positive track record as a specialist provider of offshore pedestal crane services and the continuing demand for its services as indicated by its long-term contracts with domesti...

Englotechs Holding Bhd’s (Englotechs) BBB-ID rating in respect of its RM50.0 million Murabahah Medium-Term Notes Programme (MMTN) remains on MARCWatch Negative where it had been placed since April 1, 2008 pending the resolution of the breach in its Finance to Net Tangible Assets Ratio (FNR) covenant under the terms of the notes issuance. MARCWatch Negative placement continues to reflect unce...

MARC has affirmed the ratings of ABS Logistics Berhad’s (ALB) RM100 million nominal value of Class A, RM20 million nominal value of Class B and RM40 million nominal value of Class C Senior Sukuk Ijarah at AAAIS , AAIS and AAAIS(bg), respectively. The ratings of Class A and B Senior Sukuk Ijarah reflect the quality and diversity of the collateral properties, liquidity support provided by a no...