MARC has revised its rating outlook on DRB-HICOM Berhad’s (DRB-HICOM) Islamic Debt Securities to positive from developing in connection with DRB-HICOM’s proposed divestment of its 20.2% stake in EON Capital (EONCap) to Primus Pacific Partners Ltd (Primus). This rating action affects the following rated facilities:- -    RM200.0 million Underwritten Murabahah CP/MTN rate...

MARC has reaffirmed the rating of Special Port Vehicle Bhd’s (SPV) RM1,310.0 million nominal amount asset-backed serial bonds facility at AAA.  The rating carries a stable outlook. SPV is a special purpose entity established with the sole purpose of issuing the asset-backed serial bonds, the proceeds of which were used to acquire future receivables (including interest) amounting to RM1,...

MARC has issued this rating update in connection with Kinsteel Berhad’s (Kinsteel) announcement on the proposed listing of Perwaja Steel Sdn Bhd (Perwaja). MARC is of the opinion that there is no immediate impact on the MARC-2ID / AID and the AID ratings of Kinsteel’s RM100.0 million Murabahah Commercial Paper / Medium Term Notes Programme (Murabahah CP/ MTN) and RM100.0 million Muraba...

MARC has issued this rating update in connection with Kinsteel Berhad’s (Kinsteel) announcement on the proposed listing of Perwaja Steel Sdn Bhd (Perwaja). MARC is of the opinion that there is no immediate impact on the MARC-2ID / AID and the AID ratings of Kinsteel’s RM100.0 million Murabahah Commercial Paper / Medium Term Notes Programme (Murabahah CP/ MTN) and RM100.0 million Muraba...

MARC has upgraded MIB’s short term rating on its RM25.0 million Murabahah Commercial Paper/Medium Term Notes (“CP/MTN”) to MARC-1ID from MARC-2ID while reaffirming its long-term rating on the facility at AID. The upgrade in the short term rating reflects MIB’s improved liquidity position, aided by the proceeds from the disposal of its assets. Its cash reserves balances as a...

MARC has downgraded PSSB Ship Management Sdn Bhd’s (“PSM”) RM40.0 million Bai Bithaman Ajil Islamic Securities (“BAIS”) rating from AID to BBB- ID and removed PSM’s rating from MARCWatch Negative where it had been placed in November 2007. The rating carries a negative outlook. The rating downgrade reflects MARC’s view that there has been significant deteri...

MARC has reaffirmed the AAA(s)ID rating of Kuching Port Authority’s (KPA) RM180 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS). The rating outlook is stable. KPA is the first organised port in the state of Sarawak. The AAA(s)ID  is rooted in the evident implicit support by the Sarawak State Government for KPA’s BaIDS through a letter of support which undertake...

MARC has reaffirmed the AAAID(s) ratings of Optimal Glycols (Malaysia) Sdn Bhd’s (‘Glycols’) and Optimal Chemicals (Malaysia) Sdn Bhd’s (‘Chemicals’) RM453 million and RM567 million Bai Bithaman Ajil Islamic Debt Securities (BaIDS) respectively. The ratings carry stable outlook. The ratings assigned to the Glycols’ and Chemicals’ issues reflect credi...

MARC has reaffirmed its AAAID ratings on Optimal Olefins (Malaysia) Sdn Bhd’s (‘Olefins’) RM250 million Al Bai Bithaman Ajil Islamic Debt Securities (BaIDS). The rating outlook is stable. The rating reflects Olefins’ strong ownership structure, its secured feedstock source and favourable feedstock price structure from Petroliam Nasional Berhad (‘Petronas’) until...

MARC has assigned a rating of A+ID to Sunrise Berhad’s (Sunrise) restated Islamic MTN facility, which was upsized to RM400.0 million from RM150.0 million. Additionally, MARC has reaffirmed Sunrise’s short term and long term debt ratings of MARC-1ID / A+ID on RM70.0 million Murabahah Notes Issuance Facility/Islamic Medium Term Notes and RM100.0 million Bai’ Bithaman Ajil Notes Iss...