MARC has assigned ratings of AA/AAIS to CIMB Bank Berhad’s (CIMB Bank) proposed Tier 2 Subordinated Debt Programme and Junior Sukuk Programme respectively with a combined nominal value of RM5.0 billion. The ratings are one notch lower than CIMB Bank’s Financial Institution rating, reflecting its position relative to deposits and senior debt. Underpinning the ratings are CIMB Bank&rsquo...

Boon Koon Group Bhd’s (Boon Koon) MARC-2ID/A-ID ratings on its RM100 million Islamic Commercial Paper/Islamic Medium Term Notes (ICP/IMTN) programme remain on MARCWatch Negative where they had been first placed on February 25, 2009 in response to its breach of debt to equity ratio covenant.  The MARCWatch Negative status highlights Boon Koon’s weak liquidity position and strained ...

MARC has affirmed Musyarakah One Capital Berhad’s (Musyarakah One) Sukuk Musyarakah Series 2005-A under its RM2,500 million Sukuk Musyarakah Programme at AAAIS . The outlook on the rating is stable. The affirmation is premised on the underlying credit strength of the Government of Malaysia (GOM) as the sole obligor under the supply contracts from which the receivables backing the sukuk arise...

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 BBB to B and from BB- to C respectively, and affirmed the RM100.0 million subordinated bonds at C. The ratings remain on MARCWatch Negative. The rating actions reflect reduced likelihood of full principal payments to both classes of bonds on the...

MARC has downgraded M-Trex Corporation Sdn Bhd’s (M-Trex) RM48.0 million Islamic Commercial Papers (ICPs) rating to DID from MARC-3ID arising from its failure to redeem RM30 million of the Notes due on May 7, 2009 by way of conversion into a term loan as planned earlier. Concurrently, MARC removed M-Trex’s rating from MARCWatch Negative where it had been placed on February 24, 2009 to ...

MARC’s AID rating on Antara Steel Mills Sdn Bhd’s (Antara) RM500 million Bai’ Bithaman Ajil Islamic Debt Securities (BAIDS) Programme remains on MARCWatch Negative pending finalisation of our ongoing rating review. The BaIDS had been placed on MARCWatch Negative on February 3, 2009 due to concerns over the financial impact of the shutdown of Antara’s Labuan-based Hot Brique...

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 AA- to BBB and from A- to BB- respectively, and affirmed the RM100.0 million subordinated bonds at C. The ratings are now placed on MARCWatch Negative. The lowered ratings are premised on the weakened collateral performance reflected by a contin...

MARC has assigned AAA insurer financial strength rating to Danajamin Nasional Berhad (Danajamin). The rating outlook is stable. The rating and outlook on the rating reflect Danajamin’s important role and status as Malaysia’s first and sole financial guarantee insurer (FGI) and government-sponsored entity, respectively. Licensed under the Insurance Act 1996 and regulated under the Insurance (Fi...

MARC has withdrawn the AAA rating assigned to ABS Samudera Receivables Berhad’s RM5.0 million Tranche 2 under Notes Series A of its RM250.0 million Medium-Term Notes (MTN) Programme with immediate effect following the full redemption of Tranche 2 on April 27, 2009. MARC’s rating obligation in respect of ASRB’s RM250.0 MTN programme is limited to the RM15.0 million currently outst...

MARC has affirmed its ‘A’ rating on Berjaya Land Berhad’s (BLand) Secured Exchangeable Bonds, of which RM882.0 million remains outstanding currently. Concurrently, the outlook was revised to developing from stable. MARC’s revised outlook for the rating reflects increased uncertainty posed by the exchangeable bonds’ approaching put option date of August 15, 2009 and co...