MARC has assigned a preliminary rating of AAA to Cagamas MBS Berhad’s (Cagamas MBS) asset-backed Fixed Rate Serial Bonds of RM[2,410.0] million. The rating reflects the good quality of the underlying pool of government staff housing loans (GSHLs); overcollateralisation of [125.2]% which allows the transaction to withstand AAA default and prepayment stresses; and the strong transaction admini...

MARC has placed the AID rating of Englotechs Holding Bhd’s (Englotechs) RM50.0 million Murabahah Medium Term Notes Programme (MMTN) on MARCWatch Negative. The MARCWatch placement reflects MARC’s concerns about the significant deterioration in Englotechs’ working capital and liquidity following a rapid increase in its trade receivables. Unless cash flow from operations improve, th...

MARC has withdrawn the MARC-3 rating assigned to Pembinaan Mitrajaya Sdn Bhd’s (PMSB) RM50 million Murabahah Multi-Option Notes Issuance (MONI) Facility with immediate effect, following confirmation by PMSB that the MONI Facility has been paid in full. ...

MARC has reaffirmed Nam Fatt Corporation Berhad’s (Nam Fatt) ratings for its RM250 million Islamic Commercial Paper/Islamic Medium Term Notes Programme (ICP/IMTN) at MARC-1ID /A+ID. The ratings are predicated on the facility’s tight issue structure which confines the utilization of draw downs under the facility to the financing of working capital requirements for specific contracts or ...

MARC has lifted its MARCWatch Developing placement on Equine Capital Berhad (Equine Capital)’s ratings of A-/MARC-2 of up to RM95 million Commercial Papers/Medium Term Notes (“CP/MTN”).The original MARCWatch placement was made following confirmation from the issue’s trustee that a breach in the Debt Service Coverage Ratio (“DSCR”) had occurred as at March 31, 20...

MARC has placed its A+IS  rating on Ingress Sukuk Berhad’s (“Ingress”) RM160.0 million Sukuk Al Ijara Issuance Programme on MARCWatch Developing. The MARCWatch placement follows a recent confirmation from CIMB Trustee Berhad that a breach in the Debt to Equity Ratio had occurred based on Ingress’ audited accounts for the financial year ended 31 January 2007. MARC under...

MARC has reaffirmed the rating of Kerisma Bhd’s (Kerisma) RM870.0 million senior secured bonds at AAA; affirmed the RM30.0 million mezzanine secured bonds at AA- and downgraded the rating of the RM100.0 million subordinated secured bonds to B from BB- respectively. The lowered rating on the subordinated bonds reflects a new obligor default and further deterioration in the collateral pool sin...

MARC has reaffirmed the ratings of AAAIS and AA+IS  to IJN Capital Sdn Bhd’s (IJNC) RM100 million Sukuk Musyarakah due in year 2013 and RM109 million Sukuk Musyarakah with maturities of more than seven (7) years from the date of first issue. The ratings carry a Stable Outlook. The ratings reflect IJN’s leading position as one of the best cardiac centres in Malaysia, its excellent ...

MARC has affirmed the rating of A+ with Stable Outlook to Petra Perdana Berhad’s (Petra) issuance of up to equivalent RM800 million Dual Currency Revolving Financing Facility comprising RM400 million Nominal Value Secured Serial Bonds (“Bonds”) under Tranche 1 and up to RM400 million Dual Currency Revolving Financing Facility under Tranche 2. The rating reflects the Group’s...

MARC has reaffirmed the rating of A+ID on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (“Kesturi”) issuance of up to RM780 million redeemable secured serial bonds under an Islamic Istisna Sukuk (“Sukuk”). Kesturi is Duta-Ulu Kelang Expressway’s (“DUKE”) concessionaire. The rating carries a Stable Outlook.DUKE is a strategic alignment connecting th...