MARC continues to maintain Matang Highway Sdn Bhd’s (Matang) AA-IS rating on its RM70.0 million Sukuk Musharakah issuance on MARCWatch Negative where it had been placed since August 6, 2009. The rating was originally placed on MARCWatch Negative to highlight MARC’s concerns over the delay in Matang’s second phase of construction of the Matang Route Project (Revised Matang Route o...

MARC has affirmed its AA+ rating on State Bank of India’s (SBI) Senior Unsecured Malaysian Ringgit (MYR) Bonds (2008/2013) of MYR500 million. The rating reflects SBI’s systemically important position as the largest bank in India, its strong market franchise, resilient core earnings and good liquidity position. The rating also takes into account the bank’s ownership structure and ...

MARC has lowered its rating on Malaysian International Tuna Port Sdn Bhd’s (MITP) RM240.0 million Bai’ Bithaman Ajil Islamic Securities (BAIS) to DID from BB+ID and removed the rating from MARCWatch Negative, where it was first placed on February 19, 2009. The downgrade follows MITP’s failure to make a November 17 profit payment on the BAIS.A 60:40 joint venture company between B...

MARC is issuing this interim update following the completion of its review on its AAAID and AAID ratings on ABS Plantation Assets Berhad’s (ABS Plantation) RM50.0 million Class A and RM45.0 million Class B Senior Notes Bai-Bithaman Ajil Islamic Debt Securities (BaIDs) respectively initiated in November 2009. For this review, MARC’s assessment of the securitised plantation assets’...

MARC has affirmed its rating on Woori Bank’s (Woori Bank) RM1.0 billion Medium Term Notes Programme (MTN) at AAA. The rating is premised on the bank’s strong position in its local South Korean market supported by an extensive customer reach, adequate capitalisation with good quality tier-1 capital, and access to government liquidity support via its holding company, government-owned Kor...

MARC has affirmed the ratings on special purpose company, IJN Capital Sdn Bhd’s (IJN Cap) outstanding RM100 million of the RM209 million Sukuk Musyarakah programme at AAAIS. The affirmed rating primarily reflects the credit quality of Institut Jantung Negara Sdn Bhd (IJN) which effectively funds the obligations under IJN Cap under the Sukuk Musyarakah. Key credit considerations include the g...

MARC has affirmed the rating of MARC-2ID for Prinsiptek Corporation Berhad’s (Prinsiptek) Murabahah Commercial Paper (MCP) Programme of up to RM30 million. The negative outlook for the rating is maintained.  The affirmed rating reflects recent progress albeit slow, made in collecting its past due receivables, meaningful reduction in its debt burden and an order book position which provi...

MARC has downgraded its ratings on Medi Innovation Sdn Bhd’s (MISB) RM100 million Islamic Medium Term Notes Issuance Facility (IMTN facility) and RM50 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes Issuance Facility (MUNIF/IMTN) to BBBID and MARC-3ID/BBBID from AID and MARC-2ID /AID, respectively. The ratings remain on MARCWatch Negative. MISB operates a cha...

MARC has assigned a CID rating to Tracoma Holdings Bhd's (Tracoma) proposed RM100 million Restructured Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS).  The Restructured BaIDS will be issued in connection with Tracoma's debt restructuring plan which involves its existing BaIDS holders. Accordingly, MARC has withdrawn its D rating on Tracoma’s existing RM100 million BaIDS which ...

MARC has affirmed Kuwait Finance House (Malaysia) Berhad’s (KFHMB) long-term and short-term financial institution ratings at AA+/MARC-1. KFHMB’s ratings are based on MARC’s top-down approach in its assessment of KFHMB’s linkage with its parent, Kuwait Finance House K.S.C. (KFH) and the affirmation of KFH’s financial institution ratings at AAA/MARC-1. KFH’s ratin...