MARC has placed Oilcorp Berhad’s (Oilcorp) RM70.0 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium-Term Notes Facility (MUNIF/IMTN) ratings of MARC-2ID/A-ID on MARCWatch Developing following Oilcorp’s announcement dated May 20, 2008 to Bursa Malaysia that its annual audited accounts for the year ended December 31, 2007 will be amended due to a disagreement between ...

MARC has assigned initial ratings of AA-IS and MARC-1ID/AA-ID to Tanjung Langsat Port Sdn Bhd’s (TLP) RM250.0 million Sukuk Musyarakah (Sukuk Musyarakah) and up to RM135.0 million Musyarakah Commercial Papers/Musyarakah Medium Term Notes Programme (MCP/MMTN), respectively. The ratings carry a stable outlook. The proceeds from the proposed issuances will be used mainly to repay existing borro...

MARC has placed its A- ID rating on Malaysian Merchant Marine Berhad’s (MMM) RM120 million Al Bai’ Bithaman Ajil Serial Bonds (BaIDS) on MARCWatch Negative. The MARCWatch placement is the result of its continued weak operating performance and an apparent change to MMM’s plans to fully redeem its BaIDS ahead of its November 2010 maturity. The rating action also reflects significan...

MARC has withdrawn the AAAID rating assigned to Petronas Assets Sdn Bhd’s (Petronas Assets) RM282.0 million Bai’ Al-Dayn Notes Issuance Facility with immediate effect following the full redemption of the facility on May 9, 2008 as confirmed by the facility agent, CIMB Investment Bank Bhd.12 May 2008 ...

MARC has placed its BBB+ rating on MK Land Holding Berhad’s (MK Land) RM300 million Serial Bonds Tranche 1 and Tranche 2 on MARCWatch Negative. The MARCWatch Negative placement of MK Land’s rating reflects liquidity concerns following MK Land’s announcement on May 2, 2008 that it is seeking the indulgence from bondholders of Tranche 1 and Tranche 2 bonds to defer future scheduled...

MARC has withdrawn the MARC-2/A- ratings assigned to Equine Capital Berhad’s RM95 million CP/MTN programme with immediate effect following the full redemption of the facility on April 30, 2008 as confirmed by the facility agent, Alliance Investment Bank Berhad....

MARC has withdrawn the AA- ID(bg) rating assigned to Negeri Sembilan Cement Industries Sdn Bhd’s (NSCI) RM200 million Bai’ Bithaman Ajil Islamic Debts (BaIDS) and the MARC-2ID/A- ID ratings of its RM130 million Murabahah Notes Issuance/Medium-Term Notes Facility (MUNIF/MTN) with immediate effect, following NSCI’s full redemption of its BaIDS and MUNIF/MTN obligations on 5 May 200...

MARC has withdrawn the AAA rating assigned to ASRB’s RM5.0 million Tranche 1 under Notes Series A of its RM250.0 million Medium-Term Notes (MTN) Programme with immediate effect following the full redemption of Tranche 1 on April 25th, 2008. MARC’s rating obligation in respect of ASRB’s up to RM250.0 MTN programme is now limited to the RM20.0 million currently outstanding under th...

MARC has assigned a rating of AAAIS for Putrajaya Holdings Sdn Bhd’s (PjH) up to RM1.5 billion Nominal Value Sukuk Musyarakah Medium-Term Notes Programme. The rating carries a Stable Outlook. The proceeds of the sukuk will be used mainly for Syariah compliant general working capital requirements of PjH, and to pay the balance of contract works in Parcel E subject to a ceiling of RM35 million...

MARC has downgraded the rating of Mithril Bhd’s (Mithril) RM59 million Redeemable Convertible Secured Loan Stocks (RCSLS) from BBB- to BB. The lowered rating reflects MARC’s expectation that Mithril’s weak operating performance will continue within the context of its very challenging primary export market of the US and rising raw material prices. Mithril’s operating losses ...