MARC has withdrawn the AAAID rating assigned to MOCB’s RM103.62 million Sukuk Musyarakah Series 2005-B with immediate effect following the full redemption of the Sukuk on 3rd August 2007.As at 15th August 2007, MARC’s rating obligation in respect of MOCB’s up to RM2,500.0 million Sukuk Musyarakah Issuance Programme is limited to the RM336.6 million currently outstanding under MOC...

MARC has downgraded the rating of Ace Polymers (M) Sdn Bhd (“ACE”) from A- ID to BBB- ID in respect of its RM70 million Al Bai Bithaman Ajil Islamic Debt Securities (“BaIDS”). Concurrently, MARC has also placed ACE’s rating on MARCWatch Negative. Under the BaIDS’ trust deed dated 6 September 2004, ACE is required to make a deposit amounting to RM12.55 million in...

MARC has withdrawn the AAID rating assigned to MTD Prime’s RM250.0 million BaIDS with immediate effect, following confirmation by AmInvestment Bank Berhad, the Lead Manager of the above programme, that the BaIDS had been fully redeemed on 31 July 2007...

MARC has affirmed the ratings of MARC-1ID/AAID to Tele-Flow Capital Sdn. Bhd.’s (Tele-Flow Capital) Senior Notes under its RM90.0 million MUNIF/IMTN Facility.  The ratings reflect the credit quality of a rental payment stream from creditworthy telecommunication companies (telcos) that is assessed to be MARC-1ID/AAID. The payment stream is backed by a licensing agreement that obligates t...

MARC has assigned ratings of AA-/MARC-1 & AA-ID/MARC-1ID to Bumiputra-Commerce Holdings Berhad’s (BCHB’s) (formerly Commerce Asset-Holding Berhad) proposed Commercial Papers/ Medium-Term Notes programmes, for its conventional and Islamic issuances respectively, for a total combined nominal value up to RM6.0 billion. The notes are rated the same as BCHB’s existing 8.35% RM250....

MARC has placed its A+ID rating on PSSB Ship Management Sdn Bhd’s RM40.0 million Bai Bithaman Ajil Islamic Securities (“BAIS”) on MARCWatch Negative. The MARCWatch placement follows the trustee’s confirmation of breaches in covenants of the BAIS including PSM’s failure to remit scheduled payments into the Debt Service Reserve Account. In addition, PSM has also failed ...

MARC has reaffirmed the ratings of A+ID and MARC-2ID/A+ID on Konsortium Lapangan Terjaya Sdn Bhd’s (“KLT”) RM380.0 million Bai Bithaman Ajil Medium Term Notes (“BBA MTN”) and up to RM80.0 million Murabahah Commercial Papers/Medium Term Notes Programme respectively (“MCP/MTN”) (collectively known as “Finance Facilities”). The ratings carry a sta...

MARC reaffirmed a rating of A (A Flat) to Haisan Resources Berhad (HRB)’s RM30 million bonds with a Developing Outlook; reflecting its strong competitive position in the refrigeration and ice industry and good geographic diversity as well as the assignment of specific contract proceeds towards redemption of the bonds. The rating is however moderated by its weak profitability measures, high d...

MARC has assigned ratings of MARC-1/A+ to the first issuance of up to RM200.0 million under RUN Holding SPV Bhd’s (RHSB) proposed RM500.0 million commercial papers (CPs) and Medium-Term Notes (MTN) programme (collectively referred to as “the Notes”). The ratings on the Notes reflect the credit quality of the underlying securities, Puncak Niaga Holdings Bhd’s (PNHB) Redeemab...

MARC has affirmed the ratings of AAA(bg) and MARC-1(bg) to Mega Palm Sdn Bhd’s (MPSB) Bank Guaranteed Medium-Term Notes (BG MTN) of up to RM70.0 million and Bank Guaranteed Commercial Papers (BG CP) of up to RM80.0 million respectively with stable outlook. The ratings reflect the strength of the unconditional and irrevocable bank guarantee provided by Malayan Banking Berhad (Maybank). Mayban...