MARC has withdrawn its A+ID rating on Zecon Toll Concessionaire Sdn Bhd’s RM60.0 million Bai Bithaman Ajil Islamic Debt Securities (BaIDS) with immediate effect, following confirmation by Affin Investment Bank Bhd, the Facility Agent, that the BaIDS has been fully redeemed on May 7, 2009. Contacts: Ahmad Zaidi Basri 03-2090 2268 / zaidi@marc.com.my; Khairul Emran Mahmud 03-2090 2278 / emran@...

MARC has affirmed the ratings of apparel manufacturer Hytex Integrated Berhad’s (Hytex) RM100.0 million Murabahah Underwritten Notes Issuance Facility/ Islamic Medium-Term Notes (MUNIF/ IMTN) at MARC-2ID /A-ID. Concurrently, MARC has revised the rating outlook to negative from developing.Hytex’s revised rating outlook reflects MARC’s view that while contract manufacturing orders ...

MARC continues to maintain Malaysian International Tuna Port Sdn Bhd’s (MITP) A+ID rated RM240.0 million Bai’ Bithaman Ajil Islamic Securities (BAIS) on MARCWatch Negative, where it had been first placed on February 19, 2009. The continuing MARCWatch Negative placement reflects MARC’s view that MITP faces acute and immediate challenges as implied by its strained liquidity profile...

MARC has affirmed Prima Uno Berhad’s (Prima Uno) ratings of RM290.0 million Super Senior A, RM335.0 million Super Senior B and RM190.0 million Senior at AAA; RM40.0 million Mezzanine bonds at AA; and downgraded the rating on the RM95.0 million subordinated bonds from BB to BB-. MARC has assigned a negative outlook to the mezzanine and subordinated bonds and a stable outlook to all the other ...

In MARC’s last rating update on September 30, 2008, Inverfin Sdn Bhd’s (Inverfin) noteholders had approved the proposed buy-back of the company’s outstanding notes under its RM200.0 million Commercial Papers/Medium-Term Notes (Notes) programme. This was in connection with IOI Corporation Bhd’s (IOI) execution of a conditional sale and purchase agreement to acquire Inverfin ...

MARC has affirmed the ratings of Valid Ventures Berhad’s (VVB) RM510.0 million fixed rate serial bonds (bonds) and up to RM85.0 million Commercial Paper/Medium Term Notes (CP/MTN) Programme at AAA and MARC-1/AAA, respectively. The rating outlook remains stable. The affirmed ratings and ratings outlook continue to reflect the Government of Malaysia’s (GOM) demonstrated willingness and c...

MARC has affirmed the rating of AA-ID on Instacom SPV Sdn Bhd’s (ISPV) RM200 million Murabahah Medium-Term Notes (MMTN) programme. The rating carries a stable outlook. ISPV is a special purpose company owned by Instacom Engineering Sdn Bhd (IESB), and incorporated to facilitate the issuance of the Sukuk for the sale and purchase of completed telecommunication towers and infrastructure. Retur...

MARC has affirmed its long-term rating on independent oil terminal (IOT) owner, Assar Chemicals Sdn Bhd’s (ACSB) RM150 million Serial Sukuk Musyarakah (Sukuk) at AAAIS. The outlook on the rating is stable. The affirmed rating reflects the fundamentals of the underlying oil terminal project, underpinned by a 30-year agreement through 2037 with terminal users of superior credit standing. Contr...

MARC has assigned ratings of A+IS for Dawama Sdn Bhd’s (Dawama) Senior Sukuk Musyarakah of RM120.0 million and AIS for Dawama’s Junior Sukuk Musyarakah of RM20.0 million. The one-notch difference in ratings reflects the Senior Sukuk’s priority of repayment and redemption over the Junior Sukuk. The rating carries a stable outlook. The proceeds of the Sukuk will be used to redeem D...

MARC has withdrawn its AID rating on OSK Property Holdings Berhad’s (OSKP) RM50 million Class A BaIDS following the full redemption of the bonds on its maturity date of April 6, 2009. Concurrently, OSKP’s A-ID rating on its outstanding RM25 million Class B BaIDS has been affirmed. MARC has also revised its rating outlook to stable from negative. The affirmation and outlook revision ref...