MARC has downgraded Tracoma Holdings Berhad’s (Tracoma or the company) RM100 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) long-term rating to BB+ID from BBB+ID. The rating remains on MARCWatch Negative. The downgrade reflects the company’s tight liquidity position and limited financial flexibility, exacerbated by weaker-than-expected cash flow generation as indic...

MARC has revised its MARCWatch status of its MARC-2ID/A-ID ratings on Oilcorp Berhad’s (Oilcorp) RM70.0 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes Facility (MUNIF/IMTN) to MARCWatch Negative from Developing. MARC is concerned that a prolonged dispute would affect Oilcorp’s access to capital and may result in potential exposure to disciplinary actio...

MARC has withdrawn the following ratings assigned to DRB-HICOM Berhad’s Islamic Debt Facilities with immediate effect following the full redemption and cancellation of the facilities as confirmed by the facility agent, MIMB Investment Bank Berhad:- - RM200.0 million Underwritten Murabahah CP/MTN rated A+ID / MARC-1ID;- RM120.0 million Murabahah CP/MTN rated A+ID / MARC-1ID and;-&nb...

MARC has withdrawn its A+ID rating on Sweetwater SPV Sdn Bhd’s RM195.0 million Bai Bithaman Ajil Islamic Debt Securities (BaIDS) with immediate effect, following confirmation by ECM Libra Investment Bank, the Facility Agent, that the BaIDS has been fully redeemed....

MARC has revised its MARCWatch placement on Ingress Sukuk Berhad’s (Ingress or the company) RM160  million Sukuk Al Ijarah Issuance to MARCWatch Negative from Developing following Ingress’ failure to rectify the breach in certain financial covenants under the Ijarah Agreement. MARC has been informed by Ingress that the remedy period granted by the Sukukholders up to July 26, 2008 ...

MARC has placed its BBB+ID rating (negative outlook) on Tracoma Holdings Berhad’s (“Tracoma” or “the Group”) RM100 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) on MARCWatch Negative. The MARCWatch Negative placement reflects heightened concerns about Tracoma’s ability to make a RM25 million scheduled payment into the principal service rese...

MARC has affirmed the rating of Dutaland Berhad’s (formerly known as Mycom Berhad) (Dutaland) RM60,315,280 nominal value Redeemable Unsecured Loan Stocks (RULS) at BB-. The rating outlook is stable. The affirmed rating reflects Dutaland’s improved credit profile following the completion of its debt restructuring exercise, which includes its enhanced operating performance, attributed to...

MARC has revised its rating outlook on Malaysian International Tuna Port Sdn Bhd’s (MITP) Bai’ Bithaman Ajil Islamic Securities (BAIS) facility of up to RM240.0 million to developing from stable. Concurrently, MARC has affirmed its rating of A+ID on MITP's BAIS. The outlook revision follows an estimated six-month delay in the completion of major construction works at the tuna port foll...

MARC has reaffirmed the AAAIS  rating of Musyarakah One Capital Berhad’s (“Musyarakah One”) Sukuk Musyarakah Series 2005-A. The rating reflects the transaction structure of the receivables-backed sukuk issuance as well as the underlying credit quality of the sole obligor, the Government of Malaysia (GOM). The receivables backing the sukuk constitute irrevocable and unconditi...

MARC has placed its AA+ID rating on Kapar Energy Venture's (KEV) RM3,402.0 million Bai' Bithaman Ajil Islamic Debt Securities (BaIDS) on MARCWatch Negative. The rating action reflects MARC's concerns pertaining to unresolved technical issues at Kapar Power Station (KPS) which have affected its ability to consistently achieve its required availability under KEV's Power Purchase Agreement (PPA) with...