MARC has downgraded its rating of Haisan Resources Berhad (HRB)’s RM30 million Bonds to A- from A. HRB’s rating remains on MARCWatch Negative where it had been placed on August 20, 2008 in light of its continued breach of its debt-to-equity covenant, and its weak first half year 2008 performance which was significantly below expectations. The MARCWatch placement also reflects uncertainty surro...

MARC has downgraded Boon Koon Group Bhd’s (BKGB) long-term rating to A-ID from AID and affirmed its short-term rating at MARC-2ID with respect to its RM100 million Islamic Commercial Papers/ Islamic Medium Term Notes (ICP/IMTN). The ratings carry a negative outlook. The downgrade reflects the group’s weakened competitive position arising from unfavourable changes to the import quota re...

MARC has downgraded PSSB Ship Management Sdn Bhd’s (PSM) RM40 million Bai Bithaman Ajil Islamic Securities (BAIS) rating to BB-ID from BBB-ID. The rating outlook is negative. The downgrade is prompted by PSM’s continuing failure to rectify covenant breaches, particularly in relation to the provision of audited accounts, and its non-compliance with respect to the required minimum balanc...

MARC has affirmed the AAAID rating on Midciti Resources Sdn Bhd’s (Midciti) 8 to 12-year Secured Bai Al-Dayn Bonds with a nominal value of up to RM1,605 million (Serial Bonds) and the AAA(s) rating on its 13-year bonds with a nominal value of up to RM1,315 million. The ratings carry a stable outlook.The affirmed ratings and the stable ratings outlook reflect the credit strength of government...

MARC has affirmed its AAAID /MARC-1ID ratings on Putrajaya Holdings Sdn Bhd’s (PJH) Islamic debt issuances. The facilities affected by this rating action are: RM765 million Bai Bithaman Ajil (BBA) Bonds Issuance Facility (due 2010) RM570 million BBA Bonds Issuance Facility (due 2013) RM850 million BBA Bonds Issuance Facility (due 2013) RM850 million BBA Serial Bonds Issuance Facility (due 20...

MARC has affirmed the A-ID /MARC-2ID ratings on property developer Glomac Berhad’s (Glomac) RM60 million Junior Bai’Bithaman Ajil Islamic Bonds (Junior BaIDS) and its RM25 million Murabahah Notes Issuance Facility / Islamic Medium Term Notes (MUNIF/IMTN) respectively. Glomac’s RM50 million Senior BaIDS was fully redeemed in January 2006. The ratings reflect Glomac’s establi...

MARC has affirmed the ratings of special purpose company Tele-Flow Capital Sdn. Bhd.’s (Tele-Flow Capital) RM90.0 million MUNIF/IMTN Facility (Senior Notes) and RM10.0 million Junior IMTN Facility (Junior Notes) at MARC-1ID /AAID and AID, respectively. The ratings reflect the credit strength of the telecommunication companies (telcos) as the source of repayment for the notes backed by a 10-y...

MARC has affirmed the AAA rating of Cagamas MBS Berhad’s (Cagamas MBS) asset-backed fixed rate serial bonds (CMBS 2007-2) of RM2,410.0 million. The affirmed rating reflects the satisfactory performance of the securitised mortgage portfolio to date, particularly its stable delinquency rate and low cumulative default rate. As of August 2008, CMBS 2007-2 benefits from a marginally higher credit...

MARC has affirmed the A+ID  and MARC-2ID/A+ID ratings on toll road concessionaire, Maju Expressway Sdn Bhd’s (MESB or formerly known as Konsortium Lapangan Terjaya Sdn Bhd) RM380 million Al Bai’ Bithaman Ajil Primary Serial Medium Term Notes (BBA MTN) and up to RM80 million Murabahah Commercial Papers/Medium Term Notes (MCP/MTN) respectively (Islamic Securities). The ratings refle...

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) remain on MARCWatch Negative where they had been placed since July 30, 2008. The MARCWatch Negative highlights Oilcorp’s non-compliance with its obligation to issue timely audited accounts for the financial year ended Decemb...