MARC has withdrawn its rating of A+ID on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (Kesturi) RM780.0 million nominal value redeemable secured serial Sukuk Istisna (Sukuk Istisna). The rating withdrawal follows the completion of the Sukuk Istisna buyback and full redemption of the outstanding sukuk on October 28, 2010, as confirmed by the facility agent CIMB Investment Bank Berhad. ...

MARC has affirmed its AAAIS rating on the outstanding RM80 million of Sukuk issued under IJN Capital Sdn Bhd's (IJN Capital) RM209 million Sukuk Musyarakah Programme. The outlook is stable. IJN Capital is a special purpose funding entity wholly-owned by IJN Holdings Sdn Bhd (IJN Holdings). The rating on the Sukuk, which will be maturing in 2011 through 2013, incorporates a single notch uplift from...

MARC has affirmed its AAAIS and AA+IS ratings on Tradewinds Plantation Capital Sdn Bhd’s (Tradewinds Capital) asset-backed RM180 million Class A and RM30  million  Class  B Sukuk  Ijarah respectively, with a stable outlook. Wholly-owned by Tradewinds Plantation Berhad (Tradewinds), Tradewinds Capital is a special purpose vehicle established to act as issuer of the notes a...

MARC has assigned a preliminary rating of AAA(bg) to Boustead Holdings Berhad's (Boustead Holdings, or the holding company) RM1.0 billion Bank Guaranteed Medium Term Notes (BG MTN) Programme. The outlook on the rating is stable.The rating reflects external credit enhancement for the notes that will be provided by financial institutions with a current rating of AAA/Stable from MARC. Any subsequent ...

MARC has assigned a financial institution rating of AAA to The Bank of East Asia, Limited (BEA). The rating reflects MARC's assessment of the bank's capacity to meet its financial obligations on a national scale. The outlook on the rating is stable.The rating incorporates BEA's established banking franchise in Hong Kong and mainland China, its very strong asset quality metrics, sound capitalisatio...

MARC has affirmed the AAAIS rating of Cagamas MBS Berhad’s (Cagamas MBS) RM2,110.0 million mortgage-backed Sukuk Musyarakah issuance (CMBS 2007-1-i) with a stable outlook. CMBS 2007-1-i represents the fourth residential mortgage-backed securitisation issuance by Cagamas MBS. The affirmed rating reflects an increase in the transaction’s credit enhancement levels due to loan payoffs and ...

MARC has affirmed the AAA rating of Cagamas MBS Berhad’s (Cagamas MBS) asset-backed fixed rate serial bonds (CMBS 2007-2) of RM2,410.0 million with a stable outlook. CMBS 2007-2 represents the fifth residential mortgage-backed securitisation issuance by Cagamas MBS. The affirmed rating reflects an increase in the transaction’s credit enhancement levels due to loan payoffs and amortisat...

MARC has placed its A+ rating on Petra Perdana Berhad’s (Petra Perdana) RM800 million Dual Currency Revolving Facility on MARCWatch Negative. The rating action is triggered by the group’s poor financial performance in the six months ended June 30, 2010 (1H2010). During the period, Petra Perdana recorded a loss before tax of RM30.7 million due to falling charter rates, lower capacity ut...

MARC has affirmed its AAID long-term rating on MTD InfraPerdana Bhd’s (MTD InfraPerdana) RM700.0 million Islamic Medium-Term Notes (IMTN) programme. The rating outlook is stable. MTD InfraPerdana, a wholly-owned subsidiary of MTD Capital Berhad (MTD Capital), is an infrastructure holding company which holds interests in four toll road concessions in Malaysia and one in the Philippines. Throu...

MARC has affirmed its ratings on Goodway Integrated Industries Bhd’s (Goodway) RM80.0 million Murabahah Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) at MARC-2ID/AID. The rating outlook has been revised to stable from negative. The outlook revision takes into consideration the group’s demonstrated efforts to reduce its gearing levels to below the covenanted level of 1....