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MARC has downgraded its ratings on Nam Fatt Corporation Berhad’s (Nam Fatt) RM250 million Islamic Commercial Paper/Islamic Medium Term Notes Programme (ICP/IMTN) to MARC-4ID/CID from MARC-3ID/BBB+ID. The ratings continue to be placed on MARCWatch Negative where it has been placed since December 30, 2009. The rating action was taken following Nam Fatt’s failure to meet its princip...
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MARC announced today that it has affirmed with a stable outlook and withdrawn its A+ rating on CIMB Group Holdings Berhad's (CIMBG Holdings) RM3.0 billion Cumulative Subordinated Fixed Rate Notes Programme (2009/2074). The rating withdrawal is subsequent to the issuer's request and means that MARC will no longer carry out surveillance on the subordinated notes which remains outstanding.The r...
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MARC has withdrawn the MARC-1ID/AAAID ratings assigned to Sime Darby Berhad’s (Sime Darby) RM1,500 million Al-Murabahah CP/MTN Programme with immediate effect following the full redemption and cancellation of the programme as confirmed by the facility agent, CIMB Investment Bank Berhad.With the redemption of the Al-Murabahah CP/MTN Programme, MARC’s rating coverage on Sime Darby is now...
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MARC has issued a rating update on its CID rating on Tracoma Holdings Berhad’s (Tracoma) RM100 million Restructured Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) following Tracoma’s announcement on March 2, 2010 that it had become an affected listed issuer pursuant to Bursa Malaysia Securities Berhad’s (Bursa Malaysia) Practice Note 17 (PN17).Based on Tracoma’s f...
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MARC has affirmed the ratings of ABS Logistics Berhad’s (ALB) Senior Sukuk comprising RM100 million of Class A, RM20 million of Class B and RM40 million of Class C Sukuk at AAAIS , AAIS and AAAIS(bg), respectively. The outlook on the ratings is stable. The affirmed ratings of Class A and Class B Sukuk reflect the maintenance of adequate credit enhancements that are consistent with the ...
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MARC announced today that Petroliam Nasional Berhad’s (Petronas) suspension of Vastalux Sdn Bhd’s (Vastalux) license is not expected to have a material impact on it’s rating of A+IS/Stable on Vastalux Capital Sdn Bhd’s (VCSB) RM100 million Sukuk Musyarakah. The rating had been downgraded to A+IS from AA-IS on January 15, 2010. The suspension of the license should not affect...
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MARC has withdrawn its rating of AID on Leader Universal Holdings Berhad’s RM150 million Murabahah Medium Term Notes Issuance Programme with immediate effect following the early redemption of the entire outstanding amount and cancellation of the programme on February 25, 2010, as confirmed by its facility agent, United Overseas Bank (Malaysia) Berhad. Contacts: Francis Xaviour Joe, 03-2090 2...
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MARC has removed its ratings of A+ID on ARL Power Sdn Bhd’s RM177.0 million Al Bai’ Bithaman Ajil Secured Serial Bonds (ABBA) and RM50.0 million Islamic Medium Term Notes (IMTN) respectively from MARCWatch Developing where it was placed on January 4, 2010. At the same time, MARC has withdrawn the ratings upon confirmation from the facility agent of the cancellation of the facilities ef...
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MARC has downgraded its rating on Matang Highway Sdn Bhd’s (Matang) RM70.0 million Sukuk Musharakah issuance to AIS from AA-IS and concurrently removed the rating from MARCWatch Negative where it was first placed on August 6, 2009. The rating outlook is negative. The rating actions reflect the tight liquidity of Matang as a result of the knock-on consequences of construction delay in Matang&...
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MARC has affirmed its bank guaranteed ratings of MARC-1ID(bg)/AA-ID(bg) on Mulpha International Berhad’s (Mulpha) RM75 million Bank Guaranteed Murabahah Notes Issuance Facility (MUNIF). The bank guaranteed ratings reflect the lower of the financial institution ratings of AmInvestment Bank Berhad and CIMB Bank Berhad, both of which have provided unconditional and irrevocable bank guarantees i...
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