MARC has assigned a rating of A to Handal Offshore Services Sdn Bhd’s (“Handal” or the “Company”) RM50 million Medium-Term Notes Programme (“MTN Programme”). The rating carries a stable outlook. Handal is a full line offshore crane manufacturing and service company specializing in the production of offshore pedestal mounted cranes for the oil and gas (&ldq...

MARC has affirmed Boon Koon Group Berhad’s (‘BKGB’ or the ‘Group’) RM100 Million Islamic Commercial Papers/ Medium-Term Notes (ICP/MTN) ratings at AID / MARC-2. The rating outlook is stable. The rating affirmation primarily reflects the Group’s leading position in the domestic rebuilt commercial vehicle industry, the industry’s positive growth prospectives...

MARC has affirmed the long and short-term ratings of Goodway Integrated Industries Berhad’s (Goodway) RM80 million Partially Underwritten Murabahah Notes Issuance Facility/ Islamic Medium-Term Notes Programme, at AID/Marc-2ID. The factors supporting the ratings affirmation include its improving profitability, the company’s market position as one of the leading domestic manufacturers an...

MARC has downgraded the rating of Ace Polymers (M) Sdn Bhd (“ACE”) from A- ID to BBB- ID in respect of its RM70 million Al Bai Bithaman Ajil Islamic Debt Securities (“BaIDS”). Concurrently, MARC has also placed ACE’s rating on MARCWatch Negative. Under the BaIDS’ trust deed dated 6 September 2004, ACE is required to make a deposit amounting to RM12.55 million in...

MARC has placed the AID rating of Englotechs Holding Bhd’s (Englotechs) RM50.0 million Murabahah Medium Term Notes Programme (MMTN) on MARCWatch Negative. The MARCWatch placement reflects MARC’s concerns about the significant deterioration in Englotechs’ working capital and liquidity following a rapid increase in its trade receivables. Unless cash flow from operations improve, th...

MARC has placed its A+IS  rating on Ingress Sukuk Berhad’s (“Ingress”) RM160.0 million Sukuk Al Ijara Issuance Programme on MARCWatch Developing. The MARCWatch placement follows a recent confirmation from CIMB Trustee Berhad that a breach in the Debt to Equity Ratio had occurred based on Ingress’ audited accounts for the financial year ended 31 January 2007. MARC under...

MARC has affirmed the ratings of Kinsteel Berhad’s (Kinsteel) RM100.0 million Murabahah Commercial Papers/Medium-Term Notes (Murabahah CP/MTN) and RM100.0 million Murabahah Medium-Term Notes (MMTN) Programme at AID /MARC-2ID and AID respectively. The ratings carry a stable outlook, reflecting the company’s above average competitive position in the local steel industry supported by its ...

MARC has affirmed the long term rating of Perwaja Steel Sdn Bhd’s (Perwaja) RM400.0 Million Murabahah Medium-Term Notes (MMTN) Programme at AID which reflects its strong position as a domestic direct reduced iron (DRI) producer, expectations for continued improvement in credit quality as the company benefits from higher steel prices and production volumes in addition to efficiency initiative...

MARC has revised EP Manufacturing Berhad’s (“EPMB”) MARCWatch status, placing its short-term and long-term ratings of MARC-2ID and AID in respect of its RM150 million Murabahah Notes Issuance Facility (MUNIF)/Islamic Medium Term Notes (IMTN) and RM120 million MUNIF/IMTN respectively to MARCWatch Negative. The short term rating was originally placed on MARCWatch Developing in Janu...

The rating of Negeri Sembilan Cement Industries Sdn Bhd’s (“NSCI”) RM200 million Bai’ Bithaman Ajil Islamic Debts (“BaIDS”) has been affirmed at AA- ID (bg) whilst the ratings of its RM130 million Murabahah Notes Issuance Facility (“MUNIF”) have been reaffirmed at A- ID/ MARC-2 ID. The affirmation of the bank guaranteed BaIDS reflects use of the &ldq...