MARC has affirmed the ratings of Kinsteel Berhad’s (Kinsteel) RM100.0 million Murabahah Commercial Papers/Medium Term Notes (Murabahah CP/MTN) and RM100.0 million Murabahah Medium Term Notes (MMTN) Programme at MARC-2ID /AID and AID respectively with a revision in outlook from stable to developing. The rating affirmation reflects the company’s competitive business profile, supported by...

MARC has affirmed the AAAID(s) rating on Kuching Port Authority’s (KPA) RM180.0 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS). The rating reflects the strength of the support extended by the state government of Sarawak to KPA evidenced by its letter of support in which the state undertakes to ensure KPA’s financial obligations in relation to the BaIDS are met in a...

Leader Universal Holdings Berhad’s (Leader) rating on its RM150.0 million Murabahah Medium Term Notes Issuance Programme has been affirmed at AID. The affirmed rating reflects Leader’s status as the market leader in the highly competitive cable and wire industry, the relatively stable profit contribution from its power generation business and its improving gearing levels. These factors...

MARC has affirmed its MARC-2ID/AID ratings on Goodway Integrated Industries Berhad’s (Goodway) RM80 million Murabahah Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) programme and at the same time revised its outlook to developing from stable. The ratings reflect Goodway’s competitive positions as the largest domestic producer of rubber compounds and as a market leader i...

MARC has downgraded its rating on Ingress Sukuk Berhad’s (ISB) RM160 million Sukuk Al Ijarah (Sukuk) to A-IS from AIS. ISB is a wholly-owned funding vehicle of Ingress Corporation Berhad (Ingress). The rating remains on MARCWatch Negative where it had first been placed on July 28, 2008. The downgrade incorporates the deteriorating liquidity position and declining profitability of Ingress and...

MARC has placed Boon Koon Group Bhd’s (Boon Koon) short- and long-term ratings of MARC-2ID/A-ID on its RM100 million Islamic Commercial Papers/ Islamic Medium Term Notes (ICP/IMTN) on MARCWatch Negative following a debt-to-equity covenant breach based on its unaudited balance sheet as at December 31, 2008 (FY2008). At end FY2008, the group’s debt-to-equity ratio had risen to 1.58 times...

MARC has affirmed its rating of A+ID on Zecon Toll Concessionaire Sdn Bhd’s (ZTC) RM60.0 million Bai-Bithaman Ajil Islamic Debt Securities (BaIDS), and revised the outlook on the rating to negative from stable. ZTC is the concession holder of the Tun Salahuddin Bridge, a 339-metre toll bridge over Sarawak River, located in Kuching, Sarawak’s state capital. Since the rating was last aff...

MARC has affirmed the rating of Perwaja Steel Sdn Bhd’s (Perwaja) RM400.0 Million Murabahah Medium Term Notes (MMTN) Programme at AID and revised its outlook to developing from stable. The affirmed rating reflects Perwaja’s competitive strength as a major local producer of direct reduced iron (DRI) and its strategic importance to parent company, Kinsteel Berhad, which has a long term r...

MARC has affirmed the ratings of ARL Power Sdn Bhd’s (ARLP) RM177.0 million Al Bai’ Bithaman Ajil Secured Serial (ABBA) Bonds and RM50.0 million Islamic Medium-Term Notes (IMTN) at A+ID. The ratings carry a stable outlook. The ratings principally reflect the strength of cash flows generated under a 21-year power purchase agreement (PPA) with Sabah Electricity Sdn Bhd (SESB), an 80%-own...

MARC has removed its AAAIS ratings on Sacofa Sdn Bhd’s (Sacofa) and Sarawak Gateway Sdn Bhd’s RM160.0 million Sukuk Istisna’ and RM240.0 million Sukuk Ijarah (collectively referred to as the Sukuk) respectively from MARCWatch Developing where it has been placed since November 21, 2008 and affirmed both ratings with a developing outlook. The affirmation was premised on Sacofa’s compliance w...