MARC has downgraded the ratings of Kerisma Bhd’s (Kerisma) RM870.0 million senior secured bonds, RM30.0 million mezzanine secured bonds and RM100.0 million subordinated secured bonds from AAA, AA and B to AA-, A- and C respectively. The downgrades are premised on further deterioration in the underlying loan portfolio resulting from a new obligor default and lowered credit enhancement levels ...

MARC has assigned ratings of AAA & AAAID to The Export-Import Bank of Korea’s (KEXIM) Medium-Term Notes Programme for its conventional and Islamic issuances respectively, for a total combined nominal value of up to RM3.0 billion. The ratings reflect KEXIM’s strategic and public policy role in relation to the Republic of Korea’s (Korea) key export and import sectors, its gover...

MARC has reaffirmed Tenaga Nasional Berhad’s (TNB) issuer rating of AA+. MARC has also reaffirmed its ratings on TNB’s Islamic debt facilities as follows:RM2.0 billion Al-Bai’ Bithaman Ajil Bonds rated AA+ID;RM1.5 billion Murabahah Commercial Papers and Murabahah Medium Term Notes rated MARC-1ID/AA+ID; and RM1.0 billion Al-Bai Bithaman Ajil Notes Issuance Facility rated AA+ID.The...

MARC has assigned AAA rating to Oversea-Chinese Banking Corporation Limited’s (OCBC) proposed RM1.5 billion redeemable subordinated bonds with a green shoe option of an additional RM1.0 billion. Although the proposed issuance is junior in ranking to deposits and senior debt, MARC has not notched down the rating of the subordinated debt from the issuer’s long-term deposit and senior deb...

MARC has assigned an initial rating of AA+IS for Westports Malaysia Sdn Bhd’s (Westports) proposed RM800 Million Sukuk Musyarakah Medium-Term Notes. The rating has a stable outlook. The rating is supported by the company's track record of solid operating performance and strong financial profile. The rating further benefits from an experienced management team and the long standing customer re...

MARC has affirmed the rating of Antara Steel Mills Sdn Bhd’s (Antara) Islamic debt at AID  and revised the outlook to positive from stable. The rating affirmation reflects the strong recovery of Antara’s HBI operations in Labuan, which contributed substantially to the group’s bottom line following the setback from a prolonged unplanned plant shutdown in 2006. The positive ou...

The long-term rating of IJM Corporation Berhad’s (IJM) RM300.0 million Commercial Papers/Medium-Term Notes Programme (CP/MTN) has been upgraded to AA- from A+ while its short term rating has been reaffirmed at MARC-1. The rating upgrade reflects the group’s strong operating financial performance, its enhanced financial profile following its merger with Road Builder (M) Holdings Bhd (RB...

MARC has withdrawn its MARC-1(bg)  rating on YPJ Oil Palm Estate Sdn Bhd’s RM180 million Guaranteed Commercial Papers (CP) Programme with immediate effect, following the full redemption of the outstanding Notes on January 17, 2008 and subsequent cancellation of the CP Programme, as confirmed by the facility agent, Affin Bank Berhad.February 13, 2008...

MARC has issued this rating update in relation to KNM Group Bhd’s (KNM Group) announcement on a proposed rights issue and foreign currency exchangeable bonds issue which are earmarked for KNM Group’s potential future acquisitions and working capital. In addition to the above, MARC also notes a proposed bonus issue exercise. MARC is of the opinion that there is no immediate impact on th...

MARC has reaffirmed the ratings of OSK Property Holdings Bhd (OSKP)’s Class A and Class B BaIDS at AID and A- ID respectively. The ratings outlook is negative. The ratings reflect OSKP’s satisfactory performance of its development projects, in particular, Bandar Puteri Jaya (BPJ), strong shareholders support, moderate level of cash flow diversification and financial flexibility. Howeve...