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-3ID/BBB+ID from MARC-1ID/A+ID, and concurrently placed the ratings on MARCWatch Negative. The downgrade reflects significant and severe deterioration in the credit profile of Nam Fatt due to material delays in the progress o...

MARC has affirmed its AA- rating on Scomi Group Bhd’s (Scomi) RM500 million Medium Term Notes Programme (MTN) and has revised the outlook on the rating to stable from negative. The rating affirmation takes into account Scomi’s reduced dependence on its oilfield services division with higher earnings contributions from its engineering and marine business divisions and the additional cap...

MARC has placed its AA-ID rating on KMCOB Capital Berhad’s (KMCOB Capital) RM630 million Murabahah Medium Term Notes (MTN) facility on MARCWatch Developing. The MARCWatch action is based on plans by KMCOB to refinance the outstanding MTN under the rated facility with a view to extend the maturity profile of its debt. The proposed refinancing exercise is expected to help KMCOB Capital to rest...

MARC has affirmed its ratings of AA-IS and MARC-1IS / AA-IS on Offshoreworks Capital Sdn Bhd’s (OWC) RM200 million Sukuk Musyarakah (Sukuk Musyarakah) and up to RM150 million Musyarakah Commercial Papers/Medium Term Notes Programme (MCP/MMTN) respectively (collectively referred as the Sukuk). At the same time, the outlook on the ratings has been revised to negative from developing. The revis...

MARC has affirmed Maxtral Industry Berhad’s (Maxtral) short-term rating of MARC-2ID and long-term rating of AID on its RM80 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) and RM20 million Murabahah Underwritten Notes/Murabahah Medium Term Notes (MUNIF/MMTN) facilities with a negative outlook. The negative outlook reflects softened profitability relative to pre-2008 levels and t...

MARC has affirmed WCT Berhad’s (WCT) issue ratings as follows:RM300 million Redeemable Sukuk with Warrants at AA-ISRM300 million Islamic Commercial Papers/Medium Term Notes (CP/MTN) at MARC-1ID/AA-IDRM100 million Islamic Fixed Rate Serial Bonds at AA-IDRM100 million Islamic CP/MTN at MARC-1ID/AA-IDThe outlook on the ratings is revised to developing from negative. The rating action reflects M...

MARC has affirmed its ratings on Horizon Hills Development Sdn Bhd’s (Horizon Hills) Islamic Bank Guaranteed Medium-Term Notes (IMTN) Programme of up to RM200 million and Islamic Commercial Papers (ICP) Programme of up to RM70 million at AAAID(bg) and MARC-1ID(s) respectively. The ratings carry a stable outlook. The IMTN benefits from an unconditional and irrevocable guarantee by Public Bank...

MARC has affirmed its ratings on Gas Malaysia Sdn Bhd’s (Gas Malaysia) RM200 million Commercial Papers/Medium Term Notes (CP/MTN) Programme and RM500 million Medium Term Notes (MTN) Programme at MARC-1ID/AAAID and AAAID respectively. The ratings carry a stable outlook. The ratings are underpinned by Gas Malaysia’s dominant market position as the sole piped natural gas distributor in Pe...

The affirmed ratings of MARC-1/AAA and MARC-1/AA to Inverfin’s Notes comprising RM160.0 million Class A and RM40.0 million Class B Notes respectively are supported by the quality and strategic location of the collateral property, reasonably low loan-to-value ratios (LTVs) for the respective notes, consistently high occupancy levels and structural features incorporated into the transaction. T...

MARC has affirmed the ratings of RCE Advance Sdn Bhd’s (RCEA) RM420.0 million Fixed Rate Medium-Term Notes programme (Facility) at A+ for RM240.0 million Class A; A for RM120.0 million Class B; and BBB+ for RM60.0 million Class C notes. The ratings carry a stable outlook. The affirmation and stable outlook are premised on the satisfactory performance of the securities’ underlying portf...