MARC has removed CNLT (Far East) Berhad’s (CNLT) MARC-1(bg)/A(bg)  ratings from MARCWatch Negative and revised the ratings to “not meaningful”. Subsequently, MARC has withdrawn the ratings. The rating actions follow an announcement by CNLT to Bursa Malaysia on 10 October 2007 that the Company failed to service the interest payment on the RM60.0 million CP/MTN programme. Cons...

MARC has issued this update in connection with its ongoing monitoring and review of the Aegis transaction. Since the affirmation of the AA and B ratings of Aegis One Bhd’s (Aegis One) RM900.0 million senior secured bonds and RM100.0 million subordinated secured bonds (Secured Bonds) in February 2007, the underlying corporate loan portfolio has experienced further collateral deterioration. Tw...

MARC has affirmed ratings of Kwantas SPV Sdn. Bhd.’s (Kwantas SPV) RM80.0 million Class A, RM15.0 million Class B and RM60.0 million Class C asset-backed Sukuk Ijarah at AAAID, AAID and A+ID respectively; and has also affirmed the ratings of the RM65.0 million Murabahah CP/MTN at MARC-1ID/A+ID. Out of the RM60.0 million Class C Sukuk Ijarah, RM35.0 million of the Class C Sukuk Ijarah and the...

Evermaster Group Berhad’s A-ID and MARC-2ID/ A- ID ratings on its RM50.0 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) and RM40.0 million Murabahah Multi-Option Notes Issuance Facility (MONIF) remain on MARCWatch Negative pending the completion of MARC’s annual rating review. The ratings have been placed on MARCWatch Negative since July 13, 2007 as a result of weakened f...

MARC has withdrawn the MARC-1(cg) rating assigned to Tesco Stores (Malaysia) Sdn Bhd’s (“Tesco Malaysia”) RM750 million Guaranteed Commercial Paper Programme (“CP”) with immediate effect, following confirmation by Tesco Malaysia that the CP has been paid in full and cancelled....

MARC has reaffirmed the ratings of MARC-2/A- to Equine Capital Berhad’s (ECB) Commercial Papers/Medium-Term Notes Programme (CP/MTN Programme) of up to RM95 million with a developing outlook. The rating affirmation reflects MARC’s expectations of improvements in ECB’s operating and financial performance, supported by generally positive broad housing market trends and ECB’s ...

MARC has affirmed the ratings of Dura Palms Sdn Bhd’s (Dura Palms or the Issuer) RM100.0 million Series A; RM90.0 million Series B and RM10.0 million Series C Sukuk Ijarah at AAAIS, AAIS and AIS  respectively. The ratings affirmation of Series A and B Sukuk Ijarah reflects the quality of the collateral and the adequate performance of the securitized estates under the sale and leaseback ...

MARC has placed DRB-HICOM Berhad’s (“DRB-HICOM or the Group”) A+ID /MARC-1ID ratings on its Islamic Debt Securities on MARCWatch Developing following recent announcements made by the Group in relation to its proposed acquisition of Rangkai Positif Sdn Bhd (“Rangkai Positif”) and intended divestment of its financial services-related investments. The MARCWatch placement...

MARC has downgraded PECD Berhad’s (PECD) RM200 million serial fixed rate bonds to BB+ from BBB-. The rating outlook remains negative. The downgrade reflects the major operational and strategic challenges currently faced by PECD as well as continued deterioration in its credit metrics, and recognizes the increased execution challenges confronting management as it pursues its turnaround strate...

MARC has placed the MARC-2/A ratings of Axis Incorporation Berhad’s (Axis) RM100.0 million Commercial Papers / Medium Term Notes Programme (CP/MTN) on MARCWatch Negative. The MARCWatch placement reflects a breach of the gearing covenant on the part of Axis as at end-March 2007 which remains unresolved.Axis is involved in the garment and textile industry, with businesses in knitting and dyein...