MARC has placed its A rating of Haisan Resources Berhad’s (HRB) RM30 million bonds on MARCWatch Negative. The MARCWatch placement follows the release of its unaudited results for the three months ended March 31, 2008 (1Q2008) which showed a 65% drop in pre-tax profit to RM1.5 million compared to the corresponding quarter in 2007. The lower than expected financial performance reduces the like...

MARC has affirmed the ratings of Kerisma Berhad’s (Kerisma) RM870.0 million senior secured bonds, RM30.0 million mezzanine secured bonds and RM100.0 million subordinated secured bonds at AA-, A- and C, respectively. The affirmation is premised on the stabilized credit quality of the underlying loans portfolio since MARC’s last rating action in February 2008; higher credit enhancement l...

MARC has reaffirmed the rating of MARC-2ID for Prinsiptek Corporation Berhad's (Prinsiptek) Murabahah Commercial Paper (MCP) Programme of up to RM30 million. The reaffirmed rating reflects the company’s proven track record in project execution, satisfactory order book position, and moderate margins. The rating also reflects its susceptibility to increases in the cost of construction material...

MARC has withdrawn the MARC-2ID /AID  ratings assigned to Malaysian AE Models Holdings Berhad’s RM200 Million Islamic Commercial Paper/Islamic Medium-Term Notes programme with immediate effect following the full redemption and cancellation of the programme as confirmed by the facility agent, Bank Muamalat Malaysia Berhad....

MARC has issued this rating update on State Bank of India’s (SBI) AA+ rating on its RM500 million senior unsecured bonds following a review of SBI’s audited financial results for the quarter ending June 30, 2008. SBI's first-quarter FY2009 results were strong in spite of India’s macroeconomic environment which has become more challenging and uncertain with high inflation and sign...

MARC has extended the MARCWatch Negative on the BBB+ rating of property developer MK Land Holdings Berhad’s (MK Land) RM300 million Serial Bonds which was placed on MARCWatch on 7 May 2008. MK Land had previously sought the indulgence of bondholders to defer original scheduled payments into the sinking fund account (SFA) for the purpose of redeeming the RM120 million outstanding Bonds. ...

Following a sustained increase in global and regional inflation as well as a spike in June’s consumer price index (CPI) in Malaysia due to a significant removal in fuel subsidy that triggered a 41% and 63% hike in petrol and diesel prices respectively, MARC foresees higher average inflation rate of 5.8% in 2008, up from its previous estimate of a 5%.  Sharp increases in the sub-indices ...

MARC has affirmed its A-ID rating on Malaysian Merchant Marine Berhad’s (MMM) RM120 million Al Bai’ Bithaman Ajil Serial Bonds (BaIDS) following MMM’s recent announcement of its decision to undertake an early redemption of the remaining RM24 million outstanding BaIDS within this quarter, with proceeds from the contracted sale of a vessel. The rating was removed from MARCWatch Neg...

MARC has assigned short and long term ratings of MARC-2 and A+ to Asia Brands Corporation Berhad’s (ABC) issuance of up to RM70 million Commercial Papers/Medium Term Notes Programme (CP/MTN Programme) respectively. The ratings carry a Stable Outlook. The ratings reflect its prominent domestic brands in the baby products and children apparels and ladies’ undergarments segments, its low ...

MARC has affirmed its BB- rating of Olympia Industries Berhad’s (OIB) RM137,124,246 nominal value Redeemable Unsecured Loan Stocks (RULS). The rating outlook is stable. The affirmed rating incorporates OIB’s improved credit profile following the completion of its debt restructuring exercise. Since MARC’s previous rating action, OIB has regularised its financial position. The comp...