MARC has affirmed the MARC-2 ratings of RCE Premier Sdn Bhd’s (RCEP) RM50.0 million Commercial Papers (CP) programme. The ratings carry a stable outlook. The affirmations are premised on the satisfactory performance of the securities’ underlying portfolios of receivables, and the maintenance of the minimum collateral cover of 1.3 times, supported by an undertaking from RCE Marketing Sd...

MARC has affirmed its MARC-1ID/A+ID ratings on Weida (M) Bhd’s (Weida) RM100 Million Murabahah Underwritten Notes Issuance/Islamic Medium-Term Notes Facility. The rating outlook is maintained at stable. The affirmed ratings reflect Weida’s strong market position in its core business of High Density Polyethylene Engineering (HDPE) product manufacturing, improved business line and geogra...

MARC has affirmed the AAAID rating of Cagamas MBS Berhad’s (Cagamas MBS) asset-backed Sukuk Musyarakah issuance (CMBS 2005-1) of RM2,050.0 million. CMBS 2005-1 represents the second residential mortgage-backed securitisation issuance by Cagamas MBS, a portfolio of government staff Islamic home financings (GSIHFs). The affirmed rating reflects the satisfactory performance of the securitised m...

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. The affirmed rating reflects the satisfactory performance of the securitised mortgage portfolio to date, particularly its stable delinquency and low cumulative default rates. As of August 2009, CMBS 2007-2 benefited from a slightly higher credit enha...

MARC has affirmed the rating of Gerbang Perdana CIQ Sdn Bhd’s (GPCIQ) RM1.7 billion 7-year Medium-Term Notes (MTN) Programme at AAA. The notes are fully collateralised by post-construction receivables of the Government of Malaysia (GOM) related to the construction of the integrated Customs, Immigration and Quarantine (CIQ) Complex project in Johor Bahru (JB). Accordingly, the affirmed rating...

MARC has downgraded its rating on MNRB Holdings Berhad’s (MNRB) Islamic Medium Term Notes (IMTN) Issuance Programme of RM200 million to AA-IS from AAIS. The rating downgrade reflects MARC’s concerns with regard to a weakening of MNRB’s liquidity profile in addition to reduced cash flow prospects arising from a perceived trend toward lower dividend payouts by its main operating su...

MARC has affirmed its ratings of AA-IS and MARC-1ID /AA-ID on Alam Maritim Resources Berhad’s (Alam Maritim) RM500 million Sukuk Ijarah Medium Term Notes and RM100 million Commercial Papers/Medium Term Notes facilities respectively. Alam Maritim’s ratings are supported by its strong profitability and cash flow generation ability which have led to improved liquidity and lower gearing. T...

MARC has withdrawn its ratings of AA-ID / MARC-1ID on Top Glove Corporation Berhad’s (Top Glove) RM100 million Islamic Medium Term Notes Programme and RM100 million Islamic Commercial Papers Programme with immediate effect. The rating withdrawal follows the redemption of its outstanding Islamic Medium Term Notes and early cancellation of the facility on December 7, 2009, as confirmed by its ...

MARC has placed Malaysian Merchant Marine Bhd’s (MMM) A-ID rating on its RM120 million Al Bai’ Bithaman Ajil (BaIDS) on MARCWatch Negative to highlight concerns that MMM will not be able to accumulate enough liquidity to meet its November 2010 debt maturity of RM24 million. MARC believes that in the nine months to September 30, 2009, there has been a substantial weakening of MMM’...

MARC has revised its ratings on OPTIMAL Glycols (Malaysia) Sdn Bhd’s (Glycols) and OPTIMAL Chemicals (Malaysia) Sdn Bhd’s (Chemicals) (jointly known as Glycols & Chemicals) RM453.0 million and RM567.0 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) respectively to AAAID(s) from AA+ID(s) and at the same time removed the ratings from MARCWatch Positive where they were fi...