MARC has downgraded the long-term rating of Tracoma Holdings Berhad’s (Tracoma) RM100 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) to BID from BB+ID. At the same time, Tracoma’s rating was removed from MARCWatch Negative where it had been placed since July 25, 2008. The rating now carries a negative outlook. The downgrade reflects heightened concerns over Tracoma...

MARC’s long-term rating of AIS on Ingress Sukuk Berhad’s (Ingress) RM160 million Sukuk Al Ijarah (Sukuk) remains on MARCWatch Negative, where it had been placed on July 28, 2008 following the company’s failure to remedy the non-compliance with certain financial covenants of the Sukuk. The Sukukholders had earlier granted a six-month extension of the remedy period subject to sever...

MARC has affirmed the AAAID rating of Cagamas MBS Berhad’s (Cagamas MBS) asset-backed Sukuk Musyarakah issuance (CMBS 2005-1) of RM2,050.0 million. CMBS 2005-1 represents the second residential mortgage-backed securitization issuance by Cagamas MBS and is supported by a portfolio of government staff Islamic home financings (GSIHFs). The affirmed rating reflects the satisfactory performance o...

MARC has affirmed the rating of Land & General Berhad’s (L&G) Redeemable Convertible Secured Loan Stocks (RCSLS) of up to RM320,962,637 at B. The rating carries a stable outlook. The affirmed rating reflects the satisfactory progress made in its ongoing Asset Disposal Programme (ADP), a critical component of a debt restructuring scheme agreed upon in 2003. The ADP is principally prov...

MARC’s AA+ID ratings on Kapar Energy Venture’s (KEV) RM3,402.0 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) remains on MARCWatch Negative pending completion of our on-going rating review. The BaIDS had been placed on MARCWatch Negative on July 22, 2008 due to concerns arising from the continued failure of Kapar Power Station (KPS) to maintain acceptable rolling aver...

MARC has affirmed the ratings of Kwantas SPV Sdn Bhd’s (Kwantas SPV) RM80.0 million Class A Sukuk and RM60.0 million Class C Sukuk at AAAID, and A+ID, respectively; the RM65.0 million corporate guarantee-backed Murabahah Commercial Papers/Medium Term Notes Programme (Murabahah CP/MTN) at MARC-1ID /A+ID; and upgraded RM15.0 million Class B Sukuk to AAAID from AAID. The rating actions follow a...

MARC is issuing an update on Tirai Impresif Sdn Bhd’s (TISB) AA- rating on RM100 million Medium Term Notes (MTN) programme in connection with a legal action filed by TISB’s ultimate holding company, VTI Vintage Bhd (VTI) against former Managing Director Ken Ong Thuan Ming. Bursa Malaysia listed VTI is mainly involved in manufacturing and trading of roof trusses and tiles.MARC is of the...

MARC has affirmed its long-term rating of A on Handal Offshore Services Sdn Bhd’s (Handal) RM50 million Medium Term Notes Programme (MTN). The rating outlook is stable. The rating affirmation reflects Handal’s positive track record as a specialist provider of offshore pedestal crane services and the continuing demand for its services as indicated by its long-term contracts with domesti...

MARC has withdrawn the MARC-1 rating assigned to toll road concessionaire, Sistem Penyuraian Trafik KL Barat Sdn Bhd’s RM125.0 million Revolving Underwritten Facility (RUF) convertible into Floating Rate Term Loan (FRTL) with immediate effect. The rating withdrawal follows the conversion of the RUF into a FRTL as confirmed by the facility agent, AmInvestment Bank Bhd.  Contact: Rustam A...

MARC has affirmed its ratings of MARC-1ID / AA-ID on the RM100 million Murabahah Commercial Papers / Medium Term Notes programme of TSH Resources Berhad (TSH). The outlook on the ratings is stable. The affirmed debt ratings reflect TSH’s business position as an integrated oil palm plantation player which has benefited from the palm oil industry upcycle, its relatively low debt leverage and r...