MARC has revised Evermaster Group Berhad’s (“EGB”) MARCWatch status on its MARC-2 ID rating in respect of its RM40 Million Murabahah Multi-Option Notes Issuance Facility (MONIF) to Negative from Developing. Concurrently, MARC has also placed the Group’s long-term rating of A- ID on MARCWatch Negative in respect of its RM50 Million Al-Bai Bithaman Ajil Islamic Debt Securitie...

MARC has reaffirmed Priceworth Wood Products Berhad’s (“Priceworth” or the “Group”) RM160 million Commercial Papers/Medium-Term Notes ratings of MARC-2 and A respectively. The ratings carry a Developing Outlook. MARC views Priceworth’s vulnerability to cyclical developments affecting the timber/wood-based industry and share repurchases as a moderating factor to ...

MARC has downgraded the long and short term ratings of PRI’s RM40.0 million ICP/IMTN to D ID (D, Islamic Debt) and withdrawn its ratings upon receipt of confirmation from Bank Muamalat Malaysia Berhad (BMMB), that an “Event of Default” has been declared in relation to the ICP/IMTNs. PRI had failed to replenish an amount of RM191,945 into the Finance Service Reserve Account (FSRA)...

MARC has lifted its MARCWatch Developing placement on Malaysian AE Models Holdings Berhad’s (MAE) RM200.0 million Islamic Commercial Paper/Islamic Medium-Term Notes (ICP/IMTN) Programme and reaffirmed its MARC-2 ID/A ID ratings. The ratings carry a stable outlook.The ratings were put on MARCWatch Developing on the 28 February 2007 following the withdrawal of Abrar Discounts Berhad (Abrar) as...

MARC has downgraded the rating of Mithril Berhad’s (“Mithril”) RM59 million Redeemable Convertible Secured Loan Stocks (“RCSLS”) from BBB to BBB- with a Negative Outlook based on continued deterioration in the company’s financial profile, its weak operating outlook for 2007 and uncertainties about the future operating performance of new ventures. Mithril manufac...

MARC has lowered its ratings on Paradym Resources Industries Sdn Bhd’s (“PRI”) RM40 million Islamic Commercial Papers / Medium-Term Notes Issuance Programme (“ICP/MTN”) to CID/MARC-4ID from AID/MARC-2ID. The ratings remain on MARCWatch Negative. The downgrades reflect MARC’s concerns as to the company’s ability to fund near-term commitments arising from th...

MARC had announced on May 9, 2007 that it had received written confirmation from Bank Negara Malaysia that the Central Bank had terminated its 10 year contract for the purchase of raw materials with PRI. In relation to the earlier announcement, MARC wishes to highlight that in the Central Bank’s letter, the termination date was given as effective from May 9, 2007, with no reference made as t...

MARC has revised the MARCWatch status of its AID/MARC-2ID ratings on PRI’s RM40.0 million Islamic Commercial Paper/Medium Term Note Issuance Programme to negative from developing with immediate effect. This follows written confirmation from Bank Negara Malaysia that it has terminated its 10 year contract for the purchase of raw materials with PRI. The termination of this contract constitutes...

MARC has lifted its MARCWatch Negative placement in respect of Stenta Films (Malaysia) Sdn Bhd’s (Stenta) RM90 million Murabahah Notes Issuance Facility (“MUNIF”) and has reaffirmed the short term rating of MARC-4ID.Stenta is the leading domestic Biaxially Oriented Polypropylene (BOPP) film manufacturer and commands approximately 50% of the market in terms of local production of ...

MARC has assigned ratings of AAAIS, AAIS and AAAIS(bg) to ABS Logistics Berhad (ALB)’s Class A, Class B and Class C Senior Sukuk respectively.  The ratings of Class A and B Senior Sukuk reflect the quality of the collateral comprising of 23 warehouses, protective structural features of the transaction, and relatively low actual loan-to-values (LTVs) for each of Class A and Class B Senio...