MARC has placed Ingress Sukuk Berhad’s (Ingress) RM160.0 million Sukuk Al Ijara Issuance Programme (Sukuk) rating of AIS on MARCWatch Developing following Ingress’ announcement dated April 10, 2008 to Bursa Malaysia in response to a  notice by CIMB Trustee Berhad for non-compliance of financial covenants under the Sukuk issuance. According to the Ijarah Agreement, Ingress is requi...

MARC has affirmed Prima Uno Berhad’s (Prima Uno) AAA-rated RM290.0 million Super Senior A, AAA-rated RM335.0 million Super Senior B, AAA-rated RM190.0 million Senior and AA-rated RM40.0 million Mezzanine secured bonds as well as BB-rated RM95.0 million subordinated secured bonds. The affirmed ratings reflect the satisfactory performance of the collateral pool as indicated by stable portfolio...

MARC has reaffirmed the AAAID long-term rating of Gas District Cooling (Putrajaya) Sdn Bhd’s (“GDC Putrajaya”) RM300 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (“BaIDS”). The rating carries a stable outlook. GDC Putrajaya operates and maintains district cooling plants in Putrajaya, the Federal Administrative Capital of Malaysia.The affirmed rating ref...

MARC has reaffirmed the AAAID long-term rating of Gas District Cooling (Putrajaya) Sdn Bhd’s (“GDC Putrajaya”) RM300 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (“BaIDS”). The rating carries a stable outlook. GDC Putrajaya operates and maintains district cooling plants in Putrajaya, the Federal Administrative Capital of Malaysia.The affirmed rating ref...

MARC has withdrawn its AA-IS rating assigned to Stratavest Sdn Bhd’s (Stratavest) RM120 million nominal value Sukuk Ijarah as a result of the cancellation of the issuance.2 April 2008...

MARC has downgraded its rating on Englotechs Holding Bhd’s (Englotechs) RM50.0 million Murabahah Medium Term Notes Programme (MMTN) to BBB-ID from BBB+ID. Englotechs’ rating has also been placed on MARCWatch Negative. The downgrade reflects continued deterioration in Englotechs’ financial risk profile. The Company is in breach of its Finance to Net Tangible Assets Ratio (FNR) cov...

MARC has placed CapOne Berhad’s (CapOne) AAA-rated RM600.0 million super senior Class A-1 secured bonds, AAA-rated RM250 million senior Class A-2 secured bonds, AA-rated RM50.0 million mezzanine Class B secured bonds and B-rated RM100.0 million subordinated secured bonds (Bonds) on MARCWatch Negative following a missed interest payment by an obligor belonging to the automotive industry. This...

MARC has assigned a rating of AA+ to the proposed RM500 million senior unsecured ringgit bonds to be issued by State Bank of India (SBI). The rating reflects the bank’s position as the largest commercial bank in India, amidst consolidation in the Indian banking system and intensifying domestic competition from private banks and other public sector banks, and its strong financial profile, und...

MARC has assigned an initial rating of AA-IS for WCT Engineering Berhad’s (WCT) RM300 million Redeemable Sukuk with Warrants (Sukuk). The outlook for the rating is stable. Proceeds from the issuance will be used for working capital. The rating reflects the strong market position of WCT’s construction and civil engineering business and its ability to sustain significant competitive chal...

MARC has reaffirmed the ratings of Transshipment Megahub Berhad’s (TMB) RM1,095.0 million fixed rate serial bonds and up to RM360.0 million Commercial Papers/Medium Term Notes (CP/MTN) programme at AAA and AAA/MARC-1, respectively. The ratings carry a stable outlook. TMB is a financing vehicle wholly owned by Kuala Dimensi Sdn Bhd (KDSB), incorporated solely for the purpose of issuing the fi...