MARC has affirmed its ratings on KNM Capital Sdn Bhd’s (KNMCap) RM300 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium-Term Notes (MUNIF/IMTN) at  MARC-1ID/AA-ID. The outlook on the ratings is stable. KNMCap is a wholly-owned subsidiary of KNM Group Berhad (KNM) and serves as a funding conduit for the group. The ratings reflect KNM’s enhanced market position, ...

MARC has withdrawn its AAAID rating on Putrajaya Holdings Sdn Bhd’s (Putrajaya) RM765.0 million Al-Bai Bithaman Ajil (BBA) Bonds with immediate effect following the full redemption and cancellation of the facility as confirmed by its facility agent, RHB Investment Bank Berhad. MARC continues to maintain MARC-1ID/AAAID and AAAIS ratings on Putrajaya’s outstanding facilities as follow:-R...

MARC has downgraded its rating on Malaysian International Tuna Port Sdn Bhd’s (MITP) RM240.0 million Bai’ Bithaman Ajil Islamic Securities (BAIS) to BB+ID from A+ID while maintaining the rating on MARCWatch Negative, where it was first placed on February 19, 2009. MARC’s last rating update on August 4, 2009 had highlighted a potential capital injection of some RM32 million by a g...

MARC has affirmed Syarikat Pengeluar Air Sungai Selangor Sdn Bhd’s (SPLASH) ratings of MARC-1ID /AAID on its RM435 million Islamic Notes Issuance Master Programme comprising RM50 million Murabahah Commercial Papers (MCPs) and RM385 million Murabahah Medium Term Notes (MMTNs). The developing outlook on the rating has been maintained pending finalisation of the acquisition of the water assets ...

MARC has affirmed its AAA, AA and A+ ratings on Vast Winners Sdn Bhd’s (Vast Winners) RM650.0 million Medium-Term Notes Programme’s (MTN Programme) senior classes of RM190.0 million Class A, RM40.0 million Class B and RM20.0 million Class C, respectively. The outlook on the ratings is stable. The ratings mainly reflect the satisfactory performance of the securitised property, which has...

MARC has affirmed its AAA(bg) and MARC-1(bg) ratings on property developer Mega Palm Sdn Bhd’s Bank Guaranteed Medium-Term Notes (BG MTN) of up to RM70.0 million and Bank Guaranteed Commercial Papers (BG CP) of up to RM80.0 million, respectively. The outlook for the ratings is stable. The rating action is underpinned by MARC’s affirmation of its AAA/MARC-1 public information ratings on...

MARC has downgraded its ratings on Hytex Integrated Berhad’s (Hytex) RM100 Million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) to MARC-3ID / BBB-ID from MARC-2ID / A-ID. The rating carries a developing outlook.  The downgrade reflects the current strain on the apparel maker’s liquidity stemming from weaker industry fundamentals, recent ope...

MARC has affirmed the A+ID  and MARC-2ID /A+ID ratings on toll road concessionaire Maju Expressway Sdn Bhd’s (MESB) RM380.0 million Al Bai’ Bithaman Ajil Primary Serial Medium Term Notes (BBA MTN) and up to RM80.0 million Murabahah Commercial Papers/Medium Term Notes (MCP/MTN) respectively (Islamic Securities). The ratings outlook is stable. The affirmed ratings acknowledge that w...

MARC has affirmed the AID rating on Antara Steel Mills Sdn Bhd’s (Antara) RM500.0 Million Bai’ Bithaman Ajil Islamic Debt Securities and concurrently removed the rating from MARCWatch Negative where it had been since February 3, 2009 over concerns on the financial impact of a three-month shutdown of its Labuan-based Hot Briquetted Iron (HBI) plant in late last year. The rating outlook ...

MARC has affirmed the ratings of AAA and AAAID assigned to The Export-Import Bank of Korea’s (KEXIM) conventional and Islamic Medium-Term Notes Programmes with a combined nominal value of RM3.0 billion. The ratings reflect KEXIM’s key role in supporting Korea’s export and import industries, strong standalone financial profile and its full government ownership. The ratings also re...