MARC has revised its rating outlook on its corporate debt ratings of WCT Engineering Berhad (WCT) and WCT Land Berhad (WCTL) to positive from stable. The following ratings are affected: (1) WCT’s A+ID rating on its RM100 million Islamic Fixed Rate Serial Bonds and its A+ID/MARC-1ID ratings on its RM100 million Islamic Commercial Papers / Medium Term Notes Programme, and (2) WCTL’s A+(c...

MARC has reaffirmed its ratings on Bayu Padu Sdn Bhd’s (“Bayu Padu”) RM500 million Istisna’ Serial Bonds (“Istisna’ Bonds”) and RM100 million Murabahah Commercial Papers/ Medium Term Notes (“MCP/MMTN”) (cumulatively, Islamic debt facilities) at A+ID and MARC-1ID/A+ID respectively. The outlook on the ratings is stable. Bayu Padu is a wholly-owne...

MARC has upgraded Gas Malaysia Sdn Bhd’s (“Gas Malaysia”) long-term rating to AAAID from AA+ID and reaffirmed its short term rating at MARC-1ID with respect to its RM200.0 million Al-Murabahah Commercial Papers/Medium Term Notes Programme (“CP/MTN”) and RM500.0 million Al-Murabahah Medium Term Notes Programme (“MTN”). The ratings outlook is stable. The upg...

MARC has affirmed the ratings of DRB-HICOM Berhad’s (DRB-HICOM or the Group) RM200.0 million Underwritten Murabahah CP/MTN and RM120.0 million Murabahah CP/MTN facilities at A+ID /MARC-1ID  and RM680.0 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) at A+ID . All ratings have been removed from MARCWatch Developing, where they had been placed October 2007 and assigned a ...

MARC has withdrawn the MARC-1 rating assigned to Radicare (M) Sdn Bhd’s RM49.0 million CP Programme with immediate effect following the full redemption of the facility on 29 November 2007 as confirmed by the facility agent, MIDF Amanah Investment Bank Berhad....

M-Trex Corporation Sdn Bhd’s (M-Trex) MARC-3ID rating on its RM60.0 million Islamic Commercial Paper Programme (ICPs) remains on MARCWatch Negative where it had been placed on September 14, 2007. MARC is unable to resolve the MARCWatch placement as the resolution of covenant breaches is contingent on the restructuring of its existing borrowings which is expected to be completed only in early...

MARC has assigned a ‘AID’ rating to CSSB’s up to RM8.0 million Junior Islamic Medium-Term Notes (Junior IMTN) issued under its RM192 million MUNIF/IMTN Facility (Facility). MARC had earlier announced the affirmation of the ratings on CSSB’s RM184.0 million Senior MUNIF/IMTN (Senior Notes) at MARC-1ID /AAID on September 6, 2007. The Junior IMTN was previously unrated.The rat...

MARC has assigned ratings of MARC-1/AAA to RM125.0 million Senior Class A Notes and MARC-1/AA to RM50.0 million Senior Class B Notes (Senior Notes) of Mutual Streams Sdn Bhd (MSSB). MSSB is a bankruptcy remote special purpose vehicle that will be issuing up to RM650.0 million Commercial Papers/Medium-Term Notes (Notes) to purchase a designated piece of land together with its building, Mines Shoppi...

MARC has placed its AID /MARC-2ID  ratings on Emas Kiara Industries Bhd’s (EKIB)  RM80 million Partially Underwritten Murabahah Notes Issuance Facility / Islamic Medium Term Notes Issuance Facility (MUNIF/IMTN) on MARCWatch Developing. The action follows EKIB’s announcement on November 27, 2007 that the Company had entered into a conditional sale and purchase agreement to acq...

MARC has reaffirmed the AAA rating of Cagamas MBS Berhad’s (Cagamas MBS) RM1,555.0 million Residential Mortgage-Backed Securities (CMBS 2004-1).  The reaffirmed rating reflects the performance of the securitised mortgage portfolio in particular, its low cumulative default rate and significant principal prepayments which have allowed credit enhancement for the transaction to increase to ...