MARC has downgraded its rating on Straight A’s Portfolio Sdn Bhd’s (Straight A’s) RM200 million Murabahah Underwritten Notes Issuance Facility (MUNIF) to DID from MARC-4ID. The rating action reflects Straight A’s failure to redeem or rollover its RM24 million of Islamic commercial papers (ICP) which were due on December 10, 2009. The facility agent, MIDF Amanah Investment B...

MARC has affirmed the AAAID(s) rating on Kuching Port Authority’s (KPA) RM180.0 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS). The rating is aligned to MARC’s recently affirmed AAA public information rating on the state of Sarawak on the basis of KPA’s status as a state-run port and a letter from the Sarawak State Government (SSG) which expresses its intent ...

MARC has placed PSSB Ship Management Sdn Bhd’s (PSM) long-term rating of BB-ID on its RM40 million Bai’ Bithaman Ajil Islamic Securities (BAIS) on MARCWatch Negative. The MARCWatch Negative placement reflects MARC’s heightened concerns over PSM’s ability to meet its upcoming December profit and principal payments on its BAIS given the near total lack of visibility on its ne...

MARC has affirmed the AAAID rating on Midciti Resources Sdn Bhd’s (Midciti) 8- to 12-year Secured Bai Al-Dayn Bonds with a nominal value of up to RM1,605 million (Serial Bonds) and the AAA(s) rating on its 13-year bonds with a nominal value of up to RM1,315 million. The ratings carry a stable outlook.The affirmed ratings and the stable ratings outlook reflect the credit strength of Petroliam...

MARC has affirmed Syarikat Bekalan Air Selangor Sdn Bhd’s (SYABAS) RM3.0 billion Bai Bithaman Ajil Commercial Papers/Medium Term Notes Programme (BBA CP/MTN) ratings of MARC-1ID /AA-ID. The developing outlook on the rating has been maintained to reflect the unresolved situation around the restructuring of the Selangor water sector and SYABAS’ deferred water tariff hike. SYABAS has yet ...

MARC has affirmed its MARC-1ID /AID ratings on Delloyd Ventures Berhad’s (‘Delloyd’ or ‘the Group’) RM100 million Islamic Commercial Papers / Medium Term Notes (CP/MTN) Programme with a stable outlook. The affirmed ratings reflect Delloyd’s favourable competitive position in auto part product segments which have demonstrated a fair degree of resilience in a rece...

MARC has upgraded Glomac Berhad’s (Glomac) long-term rating to AID from A-ID and concurrently affirmed the short-term rating at MARC-2ID under the RM25 million Murabahah Notes Issuance Facility / Islamic Medium Term Notes (MUNIF/IMTN). The ratings carry a stable outlook. The upgrade reflects Glomac’s improved financial leverage and the turnaround in Glomac’s cash flow generation,...

MARC has affirmed its AA+/MARC-1 financial institution ratings on CIMB Bank Bhd (CIMB Bank) with a stable outlook. At the same time, MARC has also affirmed all corporate debt ratings assigned to CIMB Bank with a stable outlook. The full list of the affirmed corporate debt ratings are given at the end of this release. CIMB Bank’s ratings reflect its adequate capitalisation, stable earning str...

MARC has placed its MARC-2ID/AID ratings of Premium Nutrients Berhad’s (Premium Nutrients), RM85 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) programme on MARCWatch Developing following Premium Nutrients’ proposed early redemption of the entire outstanding MUNIF/IMTN of RM45 million. The early redemption will be financed by external borr...

MARC has affirmed the AAA rating of Cagamas MBS Berhad’s (Cagamas MBS) asset-backed fixed rate serial bonds of RM2,060.0 million (CMBS 2005-2). CMBS 2005-2 comprises seven tranches with maturities on the third, fifth, seventh, tenth, twelfth, fifteenth and twentieth anniversary from the issuance date of December 12, 2005. To date, Cagamas MBS has launched five residential mortgage backed sec...