MARC has lowered its ratings on Ample Zone Berhad’s (Ample Zone) RM10.9 million Class B Sukuk Ijarah (Sukuk) to A-IS from AA+IS, and affirmed RM75 million Class C at B+IS. The outlook on the ratings remains negative. The rating downgrade on the Class B Sukuk reflects severe stress on the property-backed transaction caused by continued non-payment of rentals from entities related to Talam Cor...

MARC has affirmed its AAA rating on Class Auto Receivables Berhad’s (Class Auto) RM395.0 million Class A Notes with a stable outlook. At the same time, the agency has upgraded the ratings of the RM20.0 million Class B and RM20.0 million Class C Notes to AAA from AA and A+ respectively. The notes were issued under a RM10.0 billion Medium Term Notes (MTN) Programme. The rating outlook for Clas...

MARC has issued this update as part of its ongoing monitoring of the progress on expressway concessionaire Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (Kesturi) refinancing of its outstanding RM780 million Sukuk Istisna. MARC’s last rating update on the Sukuk was issued on September 3, 2010 while MARC’s A+ID rating on the Sukuk was affirmed on January 18, 2010 with a developi...

MARC has affirmed the ratings of geosynthetic manufacturer Emas Kiara Industries Bhd’s (EKIB) RM80 million Partially Underwritten Murabahah Notes Issuance Facility/Islamic Medium Term Notes Issuance Facility (MUNIF/IMTN) at MARC-2ID/ AID. The rating outlook is revised to stable from developing. Since MARC’s review at end-August 2009, the rating agency’s concerns over the executio...

MARC has affirmed its AAAID and MARC-1ID/AAAID ratings on MISC Berhad’s (MISC) RM2.5 billion Islamic Medium Term Notes (IMTN) Programme and RM1.0 billion Murabahah Commercial Papers/Medium Term Notes (CP/MTN) Programme with a stable outlook. The affirmed ratings reflect MISC’s established position and long track record in the energy transportation segment, the close strategic alignment...

MARC has downgraded its rating on Vastalux Capital Sdn Bhd’s (VCSB) RM100 million Sukuk Musyarakah facility to BB+IS from A+IS and placed the rating on MARCWatch Negative. VCSB is a special purpose company and wholly-owned subsidiary of Vastalux Sdn Bhd (Vastalux) incorporated for the purpose of issuing the Sukuk Musyarakah, largely to fund Vastalux’s working capital in relation to oil...

MARC has downgraded the long-term rating of CapOne Berhad’s (CapOne) secured RM600 million Super Senior Class A-1 bonds to D from AA+. At the same time, the C ratings on the RM250 million Senior Class A-2, RM50 million Mezzanine Class B and the RM100 million subordinated bonds have also been downgraded to D. CapOne, a bankruptcy remote special purpose company, was established to implement th...

MARC has affirmed its AAA(bg) and MARC-1(bg) ratings on property developer Mega Palm Sdn Bhd’s (Mega Palm) Bank Guaranteed Medium Term Notes (BG MTN) of up to RM70.0 million and Bank Guaranteed Commercial Papers (BG CP) of up to RM80.0 million respectively. The outlook for the ratings is stable. The affirmed ratings and stable outlook are based on MARC’s public information ratings of A...

MARC has downgraded its rating on Mithril Bhd’s (Mithril) RM59 million Redeemable Convertible Secured Loan Stock (RCSLS) to B from B+. Its rating outlook is maintained at negative. The rating action reflects Mithril’s continuing losses as a result of worsening prospects of its mainstay polyurethane (PU) architectural mouldings business and its impaired balance sheet following certain i...

MARC has placed its AAIS senior and AA-IS subordinate debt ratings for DRIR Management Sdn Bhd’s (DRIRM) Class A and Class B Sukuk Ijarah on MARCWatch Developing pending completion of a proposed refinancing of the Sukuk. Seller-lessee in the Sukuk Ijarah's underlying sale and leaseback transaction and sister company, MHS Aviation Berhad (MHSA), is seeking to restructure its lease obligations...