MARC has placed its B+ID/MARC-4ID ratings on Intelbest Corporation Sdn Bhd’s (ICSB) RM110.0 million Bai Bithaman Ajil Bonds (BaIDS) and RM50.0 million Murabahah Notes Issuance Facility (MUNIF) on MARCWatch Negative. The MARCWatch Negative placement indicates that the rating is under review for possible downgrade. The review was prompted by further deterioration in ICSB’s operating and ...

MARC has affirmed its ratings of Glomac Berhad’s (Glomac) RM60 million Junior Bai’Bithaman Ajil Islamic Bonds (Junior BaIDS) and RM25 million Murabahah Notes Issuance Facility / Islamic Medium Term Notes (MUNIF/IMTN) at A- ID /MARC-2ID respectively. The ratings outlook is stable. The affirmed ratings reflect the Group’s good market position, backed by the strategic location of Gl...

MARC has reaffirmed the long term rating of Cagamas MBS Berhad’s (Cagamas MBS) asset-backed Fixed Rate Serial Bonds (CMBS 2005-2) of RM2,060.0 million at AAA.  CMBS 2005-2 is collateralised by a portfolio of government staff housing loans (GSHLs), payments on which are deducted at source. The reaffirmed rating reflects the performance of the securitised mortgage portfolio in particular,...

MARC has assigned an ‘AID’ rating to Tele-Flow Capital Sdn Bhd’s (Tele-Flow Capital) up to RM10.0 million Junior Islamic Medium Term Notes (Junior IMTN) issued under its RM100.0 million MUNIF/IMTN Facility (Facility). MARC had earlier announced the affirmation of the ratings on Tele-Flow Capital’s RM90.0 million Senior MUNIF/IMTN (Senior Notes) at MARC-1ID /AAID on August 1...

MARC has downgraded PECD Berhad’s (PECD) RM200 million serial fixed rate bonds rating to D from BB+ as a result of a missed coupon payment for the bonds on December 31, 2007. PECD is a domestic public-listed construction company, which has since 2004, ventured offshore and secured contracts in Dubai, Sudan and Indonesia.  MARC had earlier downgraded PECD’s RM200 million serial fix...

MARC has upgraded the corporate debt rating of Westports Malaysia Sdn Bhd’s (Westports) RM350 million Floating Rate Notes. The rating has been upgraded to AA+ from AA. The rating outlook is stable. The rating upgrade and outlook reflects MARC’s expectations that the port operator will maintain its very strong financial profile with good top-line growth and strong earnings growth. Reven...

MARC has reaffirmed its MARC-2 / A ratings of TH Group Berhad’s (THG) RM200 Million Commercial Papers/ Medium-Term Notes (CP/MTN). The ratings carry a developing outlook. THG is mainly involved in the cultivation and management of palm oil estates, contracting services (construction and coal mining), technology, healthcare sector and venture capital. The ratings reflect THG’s plantatio...

MARC has reaffirmed Syarikat Bekalan Air Selangor Sdn Bhd’s (SYABAS) RM3.0 billion Bai Bithaman Ajil Commercial Papers/Medium Term Notes Programme ratings of MARC-1ID /AA- ID. The ratings carry a stable outlook. The ratings reflect SYABAS’ dominant position as the sole distributor of treated water for the states of Selangor, Kuala Lumpur and Putrajaya; the low risk nature of the water ...

MARC has reaffirmed the rating of Guthrie Property Development Holding Berhad’s (GPDH) RM750 million Islamic Medium-Term Notes Programme (IMTN) at AA- ID. The outlook on the rating has been revised to positive from stable. The positive outlook reflects the ongoing rationalization within the Group’s corporate structure and a possible change in its ownership structure. It also reflects M...

The ratings of PNSB’s RM1.02 billion Bai Bithaman Ajil Islamic Debt Securities (“BaIDS”) and RM546.875 million Junior Notes A (“A Notes”) have been reaffirmed at AAID and A+ respectively. MARC has also affirmed PNSB’s RM435 million Nominal Value Redeemable Unsecured Bonds (“RUBs”) ratings at A+. The ratings carry a stable outlook. The ratings are sup...