MARC has placed M-Trex Corporation Sdn Bhd’s (M-Trex) MARC-3ID rating on its RM60.0 million Islamic Commercial Paper (ICP) Programme on MARCWatch Negative due to the significant refinancing risk that is associated with the company’s plans to redeem the outstanding ICPs of RM48 million by second quarter 2009. The MARCWatch Negative placement also highlights M-Trex’s failure to pro...

MARC has assigned ratings of AA-IS and MARC-1IS/AA-IS  to Offshoreworks Capital Sdn Bhd’s (OWC) RM200 million Sukuk Musyarakah (Sukuk Musyarakah) and up to RM150 million Musyarakah Commercial Papers/Medium Term Notes programmes (MCP/MMTN), respectively (collectively referred to as ‘Sukuk’). The ratings carry a developing outlook. OWC, a special purpose wholly-owned subsidiar...

MARC continues to maintain Oilcorp Berhad’s (Oilcorp) MARC-2ID/A-ID ratings on its RM70 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes Facility (MUNIF/IMTN) on MARCWatch Negative. The company was first placed on MARCWatch Negative since May 22, 2008, due to a protracted delay in releasing audited accounts for the financial year ended December 31, 2007 (FY200...

MARC has removed its rating of A- on Haisan Resources Berhad (HRB)’s RM12 million outstanding Bonds from MARCWatch Negative and affirmed the rating. Concurrently, it has assigned a negative outlook to the rating. The rating was first placed on MARCWatch Negative on August 20, 2008 following a breach of its debt-to-equity (DE) covenant, its weak first half year 2008 performance, and uncertain...

MARC has placed the A+ID rating on Malaysian International Tuna Port Sdn Bhd’s (MITP) RM240.0 million Bai’ Bithaman Ajil Islamic Securities (BAIS) on MARCWatch Negative. Since MARC’s last rating action on July 23, 2008, construction works at the tuna port has halted for more than a year, considerably longer than the six-month delay anticipated earlier. MITP’s construction a...

MARC has affirmed its AA-IS rating on Vastalux Capital Sdn Bhd’s (VCSB) RM100 million Sukuk Musyarakah. The rating carries a stable outlook. VCSB is a special purpose company wholly-owned and incorporated by Vastalux Sdn Bhd (Vastalux) to facilitate the issuance of the Sukuk Musyarakah. VCSB acts as the wakil under the transaction, investing Sukukholders capital contributions in the venture ...

MARC has withdrawn the MARC-1ID/AID  ratings assigned to Degem Berhad’s RM50 Million Murabahah Underwritten Notes Issuance Facility / Islamic Medium Term Notes with immediate effect following confirmation by the facility agent, MIDF Amanah Investment Bank Berhad, of an early cancellation of the facility on February 11, 2009, ahead of its original maturity date on June 10, 2011. Con...

MARC has affirmed the ratings of CapOne Berhad’s (CapOne) RM600.0 million Super Senior Class A-1 bonds and RM100.0 million subordinated secured bonds at AAA and C respectively; and downgraded the RM250.0 million Senior Class A-2 bonds and RM50.0 million Mezzanine Class B bonds from AA- to BBB+ and from BBB- to C respectively. Additionally, MARC has assigned a negative outlook for Senior Clas...

MARC has affirmed Syarikat Bekalan Air Selangor Sdn Bhd’s (Syabas) RM3.0 billion Bai Bithaman Ajil Commercial Papers/Medium Term Notes Programme ratings of MARC-1ID /AA-ID. Concurrently, MARC has revised the rating outlook to developing from stable to reflect Syabas’ increased risk of lower-than-expected tariffs and early termination of its water distribution concession agreement (CA)....

MARC has affirmed its ratings of MARC-2ID / AID on Symphony House Berhad’s (Symphony) RM100.0 million Islamic Commercial Papers/Medium-Term Notes (Islamic CP/MTN) Programme. The ratings carry a stable outlook. The affirmed ratings reflect Symphony’s dominance in the domestic market position in providing outsourced business process, the positive growth prospects of its business process ...