MARC has withdrawn its AAAID rating assigned to Optimal Olefins (Malaysia) Sdn Bhd’s (Olefins) RM250 million Al Bai Bithaman Ajil Islamic Debt Securities (BaIDS) with immediate effect. The rating withdrawal follows the early redemption of BaIDS by Olefins on September 11, 2009 and confirmation by Joint Lead Arrangers (Maybank Investment Bank Berhad and HSBC Bank Malaysia Berhad) that the BaI...

MARC continues to maintain 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) of AID and MARC-2ID /A/AID/A respectively on MARCWatch Negative where they had been placed since June 17, 2009. While the in...

MARC continues to maintain its AID rating on Antara Steel Mills Sdn Bhd’s (Antara) RM500 million Bai’ Bithaman Ajil Islamic Debt Securities (BAIDS) Programme on MARCWatch Negative pending the conclusion of our ongoing review of its rating for possible downgrade. The BaIDS was initially placed on MARCWatch Negative on February 3, 2009 to highlight concerns over the financial impact of a...

MARC has withdrawn its BBB+ rating on MK Land Holdings Bhd’s RM300 million Serial Bonds with immediate effect following the full and final redemption of the outstanding RM60 million Serial Bonds, as confirmed by its facility agent, Alliance Investment Bank Berhad. Contacts: Rajaseharan Paramesran, 03-2090 2233/ rajan@marc.com.my; Elea Nor Zainal, 03-2090 2263/ elea@marc.com.my; Katherine Hee...

MARC has placed its AA+ID(s) ratings on OPTIMAL Glycols (Malaysia) Sdn Bhd’s (Glycols) and OPTIMAL Chemicals (Malaysia) Sdn Bhd’s (Chemicals) RM453.0 million and RM567.0 million Al Bai Bithaman Ajil Islamic Debt Securities (BaIDS) respectively on MARCWatch Positive. The rating action follows the signing agreement on August 17, 2009 for the sale of Union Carbide Corporation’s (UCC...

MARC has downgraded its ratings on Straight A’s Portfolio Sdn Bhd’s (Straight A’s) RM200 million Murabahah Underwritten Notes Issuance Facility (MUNIF) to MARC-4ID from MARC-1ID on account of the heightened collectibility risk of certain receivables securing the facility. Accordingly, MARC opines that Straight A’s no longer has the capacity to meet its obligations under the...

MARC has downgraded its ratings on Oilcorp Berhad’s (Oilcorp) RM70 million Murabahah Underwritten Notes Issuance Facility/ Islamic Medium Term Notes Facility (MUNIF/IMTN) to MARC-4ID/BBID from MARC-2ID/A-ID, and maintains the ratings on MARCWatch Negative, where it has been since May 22, 2008. The ratings were lowered due to the company’s liquidity position which had deteriorated furth...

MARC has affirmed the long-term rating of AAAIS accorded to Cagamas MBS Berhad’s (Cagamas MBS or the Issuer) RM2,110.0 million mortgage-backed Sukuk Musyarakah issuance (CMBS 2007-1-i). CMBS 2007-1-i is the fourth securities issuance by Cagamas MBS, comprising seven tranches with maturities on the third, fifth, seventh, tenth, twelfth, fifteenth and twentieth anniversary from the issuance da...

MARC has withdrawn its AA-ID rating assigned to SAJ Holdings Sdn Bhd’s (SAJH) RM1.28 billion Bai Bithaman Ajil Islamic Debt Securities (BaIDS) with immediate effect and removed the rating from MARCWatch Positive. The rating withdrawal follows the successful completion of Pengurusan Aset Air Bhd’s (PAAB) acquisition of SAJH’s BaIDS in July 2009 and confirmation by Maybank Investme...

MARC has lowered its ratings on Boon Koon Group Bhd’s (Boon Koon) RM100 million Islamic Commercial Papers (ICP)/Islamic Medium-Term Notes (IMTN) to MARC-3ID/BBB-ID from MARC-2ID/A-ID, and removed the ratings from MARCWatch.  The downgrade reflects Boon Koon’s weakened financial profile stemming from a period of very challenging industry conditions, its limited financial flexibilit...