MARC assigned ratings of AAA/AAAID and MARC-1/MARC-1ID, respectively, to Cagamas Berhad’s (Cagamas) Conventional and Islamic Medium Term Note Programme of up to RM40.0 billion (MTN Programme) and Conventional and Islamic Commercial Paper Programme of up to RM20.0 billion (CP Programme) (collectively known as the “Programmes”) in June 2007. Following the ratings assignment, MARC i...

MARC has reaffirmed its A+ID  rating of MHS Aviation Berhad’s (MHSA) RM140 million Junior Notes Issue (JNs). The rating outlook is developing. The rating reflects MHSA’s position as the only licensed provider of offshore oil and gas helicopter support services in Malaysia. The rating recognises that despite MHSA’s declining profitability since 2003, its debt protection measu...

MARC has placed its AID rating on PSSB Ship Management Sdn Bhd’s (“PSM”) RM40.0 million Bai Bithaman Ajil Islamic Securities (“BAIS”) on MARCWatch Negative on account of unresolved covenant breaches which include the failure to furnish the semi annual and annual audited accounts for the past two years and to adhere to the schedule of payments into the sinking fund as ...

MARC has upgraded Degem Berhad’s (DeGem) short-term rating and affirmed the long-term rating for its RM50.0 million Murabahah Partially Underwritten Notes Issuance Facility / Islamic Medium Term Notes (MUNIF/IMTN) at MARC-1ID/AID. The ratings carry a stable outlook. The upgrade of the short-term rating reflects increased consideration given to industry and company-specific liquidity characte...

MARC has assigned MARC-1/A+ and A+ ratings to Radicare (M) Sdn Bhd’s (Radicare) RM100.0 million Commercial Papers/Medium-Term Notes (CP/MTN) and RM50.0 million Medium-Term Notes (MTN) facilities respectively. The ratings carry a stable outlook. The ratings reflect the credit quality of the receivables securing the notes, a 1.20 times security cover of the amount issued under the CP/MTN facil...

MARC has affirmed the rating of MARC-2 to Persoft Systems Sdn Bhd’s (“PSSB”) issuance of Commercial Papers Programme (“CP Programme”) with a nominal value of up to RM50 million. The rating continues to be supported by PSSB’s competitive position as the largest Microsoft software reseller in Malaysia and favorable issue structure under which utilization of CP pro...

MARC has affirmed its MARC-2ID/AID ratings of EP Manufacturing Berhad’s (“EPMB” or “the Group”) Murabahah Notes Issuance Facility/ Islamic Medium-Term Notes Facility of up to RM150 million and up to RM120 million. The ratings outlook is developing. The affirmed ratings reflects EPMB’s recent positive earnings trends and increased likelihood that it will be able ...

MARC has assigned ratings of AAAID(cg)/MARC-1ID(cg) to Tesco Stores (Malaysia) Sdn Bhd’s (“Tesco Malaysia”) Proposed Islamic Notes Issuance Programme and AAA(cg)/MARC-1(cg) to Tesco Malaysia’s Proposed Conventional Notes Issuance Programme with a combined limit of RM3.5 billion. The ratings are underpinned by guarantees extended by Tesco PLC to Tesco Malaysia’s propos...

MARC has affirmed the MARC-1ID /AAID ratings of Syarikat Pengeluar Air Sungai Selangor Sdn Bhd’s (“SPLASH”) RM435 million Islamic Notes Issuance Master Programme, comprising RM50 million Murabahah Commercial Papers (“CPs”) and RM385 million Murabahah Medium Term Notes (“MMTNs”). The ratings carry a stable outlook.The ratings are supported by SPLASH’s...

Ingress Sukuk Berhad’s (Ingress) A+IS rating on its RM160.0 million Sukuk Al Ijara Issuance Programme remains on MARCWatch Developing pending the completion of MARC’s annual rating review. The rating has been placed on MARCWatch Developing since July 30, 2007 as a result of a breach in the Debt to Equity Ratio according to the Ijarah Agreement dated 1 July 2004. MARC expects to complet...