MARC has affirmed its AA+IS rating on Ample Zone Berhad’s (AZB) Sukuk Al-Ijarah (Sukuk) RM12.1 million Class B and lowered its rating on the RM75.0 million Class C Sukuk to B+IS from BB-IS. Additionally, MARC has assigned negative outlooks to both classes of Sukuk to reflect the downward pressure on the ratings arising from the continuing failure of entities related to AZB to pay rent for sp...

MARC continues to maintain its rating on Malaysian International Tuna Port Sdn Bhd’s (MITP) RM240.0 million Bai’ Bithaman Ajil Islamic Securities (BAIS) of A+ID on MARCWatch Negative, where it had first been placed since February 19, 2009. The continued MARCWatch Negative placement highlights the urgency of restoring MITP’s depleted sinking fund ahead of its upcoming profit payme...

MARC has affirmed its MARC-1ID/AA-ID ratings on Top Glove Corporation Berhad’s (Top Glove) RM100 million Islamic Medium-Term Note Programme and RM100 million Islamic Commercial Papers Programme with a positive outlook. The affirmed ratings reflect Top Glove’s global market leadership, sound business model and robust credit metrics. Moderating the ratings would be the sensitivity of its...

MARC has affirmed its AA+(S) rating on Titisan Modal Sdn Bhd's (Titisan Modal) RM738.0 million Fixed Rate Serial Bonds (FRSB). The developing outlook on the rating has been maintained pending the finalization of the acquisition of the water assets and liabilities of its sole operating subsidiary and bulk water concession company, Konsortium Abass Sdn Bhd (Konsortium Abass), by the Selangor State G...

MARC has affirmed its ratings of A+ID / MARC-2ID on Capable Aspect Sdn Bhd’s (CASB) RM40 million Islamic Medium Term Notes Issuance Facility/ Murabahah Underwritten Notes Issuance Facility (IMTN/MUNIF) respectively and maintained the ratings outlook at stable. The ratings of CASB reflect the competitive position of its wholly-owned subsidiary, Sinagama II Technologies Sdn Bhd (Sinagama), as ...

MARC has affirmed its ratings on Bayu Padu Sdn Bhd’s (Bayu Padu) RM500 million Istisna’ Serial Bonds (Istisna’ Bonds) and RM100 million Murabahah Commercial Papers/ Medium Term Notes (MCP/MMTN) at A+ID and MARC-1ID/A+ID respectively. The outlook on the ratings is stable. A wholly-owned funding vehicle of SapuraCrest Petroleum Berhad (SapuraCrest), Bayu Padu’s debt is ultima...

MARC has downgraded its rating on Ingress Sukuk Berhad’s (ISB) RM160 million Sukuk Al Ijarah to DIS from CIS. ISB is the funding vehicle of Ingress Corporation Berhad (Ingress). The rating of DIS reflects ISB’s failure to meet its first tranche sukuk payment of RM50 million in full based on the original scheduled maturity on July 9, 2009. ISB has confirmed that it has made a partial pa...

MARC has affirmed its MARC-1(bg) and AAA(bg) ratings of Bluwater Developments Berhad’s (Bluwater) (formerly known as Mines Resort Berhad) short- and long-term ratings of its RM47 million Bank Guaranteed Commercial Papers (CPs) and RM130 million Bank Guaranteed Serial Bonds (Bonds) respectively. The ratings carry a stable outlook. The affirmed ratings and outlook are underpinned by the uncond...

MARC has downgraded its rating on Ingress Sukuk Berhad’s (ISB) RM160 million Sukuk Al Ijarah to CIS from BB-IS. The rating remains on MARCWatch Negative. ISB is the funding vehicle of Ingress Corporation Berhad (Ingress). The rating action is based on ISB’s decision to postpone RM45.0 million of the RM50.0 million upcoming first tranche sukuk payment due on July 9, 2009 for six months....

MARC has withdrawn its B rating on Land & General Berhad’s RM320,962,637 million Redeemable Convertible Secured Loan Stocks (RCSLS) with immediate effect following the full redemption of the RCSLS on June 30, 2009 as confirmed by the facility agent, CIMB Investment Bank Berhad. Contacts: Elea Nor Zainal, 03-2090 2263/ elea@marc.com.my; Katherine Hee, 03-2090 2273/ hcmay@marc.com.my...