MARC has affirmed the ratings of Kwantas SPV Sdn Bhd’s (Kwantas SPV) RM80 million Class A, RM15 million Class B and RM60 million Class C Sukuk Ijarah at AAAID, AAAID and A+ID respectively, with a stable outlook. At the same time, MARC has downgraded the short-term and long-term ratings of Kwantas SPV’s Murabahah Commercial Papers/Medium Term Notes (CP/MTN) programme to MARC-2ID(cg)/A-I...

MARC has affirmed the ratings of MARC-1/AAA on the RM125 million Class A notes and MARC-1/AA on the RM50 million Class B notes of Mutual Streams Sdn Bhd’s (Mutual Streams) RM650 million Commercial Papers/Medium Term Notes (CP/MTN) programme. The outlook on the ratings is stable. The ratings mainly reflect the satisfactory performance of the securitised property which has generated better-tha...

MARC has affirmed Makro Utama Sdn Bhd’s (Makro) RM100.0 million Al-Istisna’ Bonds (the Bonds) rating of A+ID. The outlook of the rating is stable. The affirmed rating reflects the strong credit quality of the sole obligor, the Department of Irrigation and Drainage Malaysia, and the moderately low execution risk entailed in the RM402.9 million Sungai Muda Package 2 Flood Mitigation Proj...

MARC maintains its AAAID and AAID ratings on ABS Plantation Assets Berhad’s (ABS Plantation) RM50 million Class A and RM45 million Class B Senior Notes Bai-Bithaman Ajil Islamic Debt Securities (BaIDs) respectively on MARCWatch Developing, where they have been placed since August 28, 2009. This MARCWatch extension, the second, since November 12, 2009, considers the delayed redemption of the ...

With reference to MARC’s February 4, 2010 published press release, reference is made to MMM Ashton as a single hull tanker when it should have been described as a double hull tanker (see “MARC downgrades its rating on Malaysian Merchant Marine Bhd’s RM120 million BaIDS to BB+ID, outlook is negative”). Contacts: Lee Mei Lin 03-2090 2259 / meilin@marc.com.my; Ryan Lee Ju Vern...

MARC has downgraded the rating of DutaLand Berhad’s (DutaLand) outstanding RM50,666,528 Redeemable Unsecured Loan Stocks (RULS) to B from BB-. The outlook on the rating is negative. The rating action reflects DutaLand’s dependence on asset sales to meet its upcoming debt maturities and the significant near-term pressure on its profitability and cash flow. Against the background of the ...

MARC has revised its rating outlook on Olympia Industries Berhad’s (Olympia) outstanding RM85,860,360 nominal value Redeemable Unsecured Loan Stocks (RULS) to negative from stable to reflect increased concerns over the company’s weakened business and financial profiles. Characterised by the continued weak profit margins of its gaming operations, the slow property sales encountered by i...

MARC has affirmed its ratings of MARC-2ID/AID on Symphony House Berhad’s (Symphony) RM100.0 million Islamic Commercial Papers/Medium Term Notes (Islamic CP/MTN) Programme. The outlook on the ratings is stable. The affirmed ratings reflect the strong niche competitive positions of the leading domestic provider of business process outsourcing (BPO) services, the stability of its BPO earnings a...

MARC has downgraded its rating on Malaysian Merchant Marine Bhd’s (MMM) RM120 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) to BB+ID from A-ID. At the same time, the rating was removed from MARCWatch Negative where it had been placed on December 17, 2009. The downgrade reflects increased risk that MMM may not be able to plug the funding gap that currently exists with re...

MARC has withdrawn its MARC-1ID/AA+ID ratings on Tenaga Nasional Berhad’s RM1.5 billion Murabahah Commercial Papers and Murabahah Medium-Term Notes with immediate effect. The rating withdrawal follows the recent confirmation from the facility agent, KAF Investment Bank Berhad, that the facility has been cancelled. Contacts: Sandeep Bhattacharya 03-20902247 / sandeep@marc.com.my; Khairul Emra...