MARC has issued this rating update in connection with the recent decision of Bintang Bulk Mover Sdn Bhd’s (BBM) sole bondholder - Alliance Merchant Bank Berhad by way of circular resolution to grant an extension on the final maturity of BBM’s outstanding bonds totalling RM6.1 million to April 2, 2010, from its original maturity date of April 2, 2009. Pursuant to the passing of the circ...

MARC has lowered its 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 to AA+ID(s) from AAAID(s) and removed the ratings from MARCWatch Negative which was placed on January 2, 2009. Concurrently, the ratings outlook is revi...

MARC has withdrawn its AA- rating on Tirai Impresif Sdn Bhd’s RM100 Million Medium-Term Notes Programme with immediate effect, following the cancellation of the facility, as confirmed by its facility agent, OSK Investment Bank Berhad. Contacts: Jason Kok, 03-2090 2258/ jason@marc.com.my; Francis Xaviour Joe, 03-2090 2279/ fxjoe@marc.com.my...

MARC has lowered its rating on Ingress Sukuk Berhad’s (ISB) RM160 million Sukuk Al Ijarah (Sukuk) to BBB-IS from A-IS and maintains the lowered rating on MARCWatch Negative where it had been first placed on July 28, 2008. ISB is a wholly-owned funding vehicle of auto parts manufacturer, Ingress Corporation Berhad (Ingress). The downgrade considers Ingress’ insufficient liquidity resour...

MARC has affirmed the ratings of ABS Plantation Assets Berhad’s (ABSP) RM50.0 million Class A and RM45.0 million Class B Bai Bithaman Ajil Islamic debt securities (Notes) at AAAID and AAID respectively. Additionally, MARC has assigned a stable outlook to the ratings. The affirmed ratings follow a satisfactory performance review of the securitised palm oil estates. The performance of this pla...

MARC has affirmed its AA-/MARC-1 financial institution ratings on AmInvestment Bank Berhad (AmInvestment). The outlook on the ratings is stable. The affirmed ratings reflect the consolidated strength of the banking entities of AMMB Holdings Berhad (AHB/AmBank Group) which is underpinned by strong investment and retail banking franchises as well as sound core profitability, asset quality and capita...

MARC has downgraded Englotechs Holding Berhad’s (Englotechs) RM50.0 million Murabahah Medium-Term Note Programme (MMTN) rating to DID from BBID.The rating action is based on the cotton glove manufacturer’s failure to meet its profit payment of RM1.7 million due on March 26, 2009 as confirmed by OSK Trustees Berhad. In connection with the missed profit payments, Englotechs is seeking an...

MARC has downgraded the rating of Persoft Systems Sdn Bhd’s (PSSB) RM50 million Commercial Papers (CPs) programme to D from MARC-3. The rating action reflects PSSB’s failure to redeem its RM3 million CPs due on March 24, 2009, out of the outstanding RM14.0 million CPs, as confirmed by the CPs’ facility agent, MIMB Investment Bank Berhad. Contacts: Azlina Mohamed Noor Beg, 03-2090...

MARC has affirmed its MARC-1ID/A+ID ratings on Weida (M) Bhd’s RM100 Million Murabahah Underwritten Notes Issuance / Islamic Medium-Term Notes Facility. The rating outlook remains stable. The rating reflects Weida’s competitive position as a fully-integrated leading provider of water- and wastewater-infrastructure products and services, particularly in East Malaysia, its proven track r...

MARC has affirmed its AAAID long-term rating on Gas District Cooling (Putrajaya) Sdn Bhd’s (GDC Putrajaya) RM300 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS). The rating carries a stable outlook. The rating reflects GDC Putrajaya’s position as the sole supplier of chilled water to all government premises in Putrajaya, the relatively low operating risk associated ...