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MARC has reaffirmed the short term rating of MARC-4ID for Jana Niaga Sdn Bhd’s (JNSB) RM100.0 million Murabahah Underwritten Notes Issuance Facility (MUNIF). The rating continues to reflect JNSB’s significant near-term refinancing risk and diminished credit measures compounded by continuing delays in payment by University Industri Selangor (UNISEL), its sole obligor under its concessio...
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MARC has reaffirmed the short term rating of MM Vitaoils Sdn Bhd’s (MMV) RM70.0 million Murabahah Commercial Papers Programme (MCP) at MARC-2ID. The rating outlook is developing. The rating affirmation reflects the company’s average business risk profile as an edible palm oil products manufacturer, its good geographical diversification, improving cost structure and the anticipation of ...
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The rating of AAAID (Islamic Debt) assigned to MISC Berhad’s (“MISC” or “the Group”) up to RM2.5 billion Murabahah Medium-Term Notes (“MTN”) Programme reflects the Group’s solid operating fundamentals; its dominant position in the Malaysian shipping industry particularly in the liquefied natural gas (“LNG”) segment; extended geographic fo...
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MARC has placed the MARC-2 ID /A- ID ratings of Hytex Integrated Berhad’s (HIB) Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) of up to RM100.0 million on MARCWatch Negative. The MARCWatch placement reflects rising debt levels which have resulted in a debt to equity ratio of 1.49 times that is close to the covenanted cap of 1.50 times and could lead to ...
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MARC has affirmed the ratings of Emas Kiara Industries Bhd’s (EKIB) RM80 million Partially Underwritten Murabahah Notes Issuance Facility / Islamic Medium-Term Notes Issuance Facility (MUNIF/IMTN) at AID / MARC-2ID. The outlook is Stable. The ratings reflect a turnaround in the geosynthetic industry after weaker than expected operating performance in 2006. Additionally, the Group&rsquo...
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MARC has withdrawn the AAAID(s) rating assigned to Petronas Fertilizer (Kedah) Sdn Bhd’s (PFK) RM750 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) with immediate effect, following the full repayment of all outstanding notes....
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MARC has withdrawn the A+ID rating assigned to KFC Holdings (Malaysia) Bhd’s (“KFCH”) RM300 million Islamic Notes Issuance Facility (INIF) with immediate effect, following confirmation by KFCH that the INIF has been paid in full....
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MARC has reaffirmed Kapar Energy Ventures Sdn Bhd’s (KEV) RM3,402 million Bai Bithaman Ajil Islamic Debt Securities (BaIDS) rating at AA+ID. The rating carries a stable outlook. The rating principally reflects a 25-year power purchase agreement (PPA) with Tenaga Nasional Bhd (TNB), its off-taker and majority shareholder. Under the PPA, KEV receives monthly capacity payments...
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Following verbal confirmation from note holders that Stenta Films (Malaysia) Sdn Bhd (Stenta) has failed to redeem and cancel RM7.0 million of MUNIF notes due on September 19, 2007, MARC has lowered the rating on Stenta’s RM90.0 million Murabahah Notes Issuance Facility (MUNIF) from ‘MARC-4ID’ to ‘DID’ . MARC has had to rely on verbal confirmation, as the trustee for ...
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MARC has removed Englotechs’ rating on its RM50.0 million Murabahah Medium Term Notes (MMTN) Programme from MARCWatch Negative and downgraded its rating from AID to BBB+ID. The rating carries a negative outlook. The downgrade reflects further deterioration in the company’s financial profile caused by rising trade receivables, which has resulted in higher working capital requirements an...
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