MARC has affirmed the ratings of Kinsteel Berhad’s (Kinsteel) RM100.0 million Murabahah Commercial Papers/Medium-Term Notes (Murabahah CP/MTN) and RM100.0 million Murabahah Medium-Term Notes (MMTN) Programme at AID /MARC-2ID and AID respectively. The ratings carry a stable outlook, reflecting the company’s above average competitive position in the local steel industry supported by its ...

MARC has affirmed the long term rating of Perwaja Steel Sdn Bhd’s (Perwaja) RM400.0 Million Murabahah Medium-Term Notes (MMTN) Programme at AID which reflects its strong position as a domestic direct reduced iron (DRI) producer, expectations for continued improvement in credit quality as the company benefits from higher steel prices and production volumes in addition to efficiency initiative...

MARC has reaffirmed IJM Plantations Berhad’s (IJMP) RM150 Million Al-Bai Bithaman Ajil Islamic Debt Securities (ABBA) rating at A+ID with stable outlook. The reaffirmation reflects consistent operating performance, well managed plantations and favourable capital structure. These strengths are moderated by IJMP’s exposure to cyclical palm oil prices.IJMP is principally involved in the c...

MARC said today that its ratings in relation to the following Issuances are not affected by Jebel Ali Free Zone International’s (JAFZI) withdrawal from the operation and management of the Port Klang Free Zone (PKFZ):Special Port Vehicle Bhd - RM1,310.0 million nominal amount asset-backed serial bonds; Transhipment Megahub Bhd - RM1,095.0 million bonds and up to RM360.0 million of Commercial ...

MARC has revised EP Manufacturing Berhad’s (“EPMB”) MARCWatch status, placing its short-term and long-term ratings of MARC-2ID and AID in respect of its RM150 million Murabahah Notes Issuance Facility (MUNIF)/Islamic Medium Term Notes (IMTN) and RM120 million MUNIF/IMTN respectively to MARCWatch Negative. The short term rating was originally placed on MARCWatch Developing in Janu...

MARC has downgraded the ratings of Intelbest Corporation Sdn Bhd’s (ICSB) RM110.0 million Bai Bithaman Ajil Bonds (BaIDS) and RM50.0 million Murabahah Notes Issuance Facility (MUNIF). The ratings on ICSB’s Series 1 BaiDS of RM20.0 million, Series 2 BaIDS of RM35.0 million and Series 3 BaIDS of RM55.0 million have been downgraded to B+ ID from BBB+ ID and BBB ID respectively; whilst the...

MARC has affirmed the long-term rating of AA+(S) to Titisan Modal (M) Sdn Bhd’s (“TMSB”) issuance of up to RM738.0 million Fixed Rate Serial Bonds (“FRSB”). The ratings affirmation is based on the credit quality of the Selangor State Government which has provided a letter of support for the obligations of TMSB in relation to the serial bonds, which, although not a gua...

The rating of Negeri Sembilan Cement Industries Sdn Bhd’s (“NSCI”) RM200 million Bai’ Bithaman Ajil Islamic Debts (“BaIDS”) has been affirmed at AA- ID (bg) whilst the ratings of its RM130 million Murabahah Notes Issuance Facility (“MUNIF”) have been reaffirmed at A- ID/ MARC-2 ID. The affirmation of the bank guaranteed BaIDS reflects use of the &ldq...

MARC’s A-/MARC-2 ratings on Equine Capital Berhad’s (ECB) Commercial Papers/Medium Term Notes Programme remain on MARCWatch Developing where they had been placed by MARC on April 18, 2007. 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, 2006...

MARC has reaffirmed the ratings of MARC-2 ID /A- ID for Prinsiptek Corporation Berhad’s (“Prinsiptek”) Murabahah Commercial Papers (“MCPs”) Programme of up to RM30 million and Murabahah Medium-Term Notes (“MMTNs”) Programme of up to RM50 million. The ratings reflect the company's proven track record in its execution of projects, and reasonably strong order...