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MARC has placed its AID and MARC-2ID/AID ratings of 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) on MARCWatch Negative. MISB operates a chain of medical aesthetic clinics in Singapore and Hong Kong through Astiq...
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MARC has issued this clarification following an announcement on Bank Negara Malaysia’s FAST system yesterday that PSSB Ship Management Sdn Bhd (PSM) had missed its June 15, 2009 profit payment on its RM40 million Bai Bithaman Ajil Islamic Securities (BAIS). Today, MARC received confirmation from the facility agent of the BAIS, Kenanga Investment Bank Bhd, that PSM had made two separate...
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MARC has downgraded the rating of Kerisma Berhad’s (Kerisma) RM100.0 million subordinated bonds to D from C to reflect Kerisma’s failure to make payment of principal on the RM100.0 million subordinated bonds on its maturity date, June 10, 2009.Kerisma had earlier defaulted on its RM870.0 million senior secured bonds and RM30.0 million mezzanine bonds due on June 3, 2009, of which only ...
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MARC has downgraded the rating of CapOne Berhad’s (CapOne) RM250.0 million Senior Class A-2 bonds to BB from BBB+; and affirmed the ratings of RM600.0 million Super Senior Class A-1 bonds, RM50 million Mezzanine Class B bonds and RM100.0 million subordinated secured bonds at AAA, C and C respectively. Concurrently, MARC has revised its outlook on the Super Senior Class A-1 to negative from s...
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MARC has revised its outlook on its ratings of Premium Nutrients Berhad’s (Premium Nutrients) RM85 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) to developing from stable. Concurrently, MARC has affirmed its MARC-2ID/AID ratings on the MUNIF/IMTN programme. The revised rating outlook reflects MARC’s concern about Premium Nutrients’ ...
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MARC has assigned a rating of AAIS to CIMB Islamic Bank Berhad’s (CIMB Islamic) proposed Tier-2 Junior Sukuk Programme. The rating is positioned one notch lower than MARC’s assigned long-term financial institution rating on CIMB Islamic of AA+. The assigned corporate debt rating reflects the subordinated position of the Junior Sukuk relative to the bank’s deposits as well as seni...
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MARC has issued this rating update in connection with Sime Darby Property Berhad’s (SDPB) (formerly known as Guthrie Property Development Holding Berhad) proposed early redemption of the outstanding Islamic Medium-Term Notes Programme (IMTN) totalling RM100 million which matures in March 2011. SDPB is currently seeking bondholders’ approval for the proposed early redemption and subsequ...
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MARC continues to place its ratings on Oilcorp Bhd’s (Oilcorp) RM70 million Murabahah Underwritten Notes Issuance Facility / Islamic Medium Term Notes Facility (MUNIF/IMTN) of MARC-2ID/A-ID ratings on MARCWatch Negative where they were first placed on May 22, 2008. The continued MARCWatch placement highlights Oilcorp’s thin liquidity cushion relative to its significant upcoming d...
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MARC has affirmed its BBB+ rating on MK Land Holdings Bhd’s (MK Land) RM60.0 million outstanding bonds. At the same time, the rating was removed from MARCWatch Negative, where they had been placed since May 7, 2008 due to liquidity concerns following the deferment of scheduled payments to build up its sinking fund account (SFA). Concurrently, MARC has assigned a stable outlook to the rating....
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MARC has downgraded the long term ratings of Kerisma Berhad’s (Kerisma) RM870.0 million senior secured bonds and RM30.0 million mezzanine bonds from B to D and from C to D, respectively. The downgrade of the rating on the senior secured bonds reflect the failure to make full payment of outstanding principal on the senior secured bonds on the original scheduled maturity date of June 3, 2009.&...
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