MARC has affirmed the ratings of Aragorn ABS Berhad’s (Aragorn) RM60.0 million Senior Class A CPs/MTNs, RM10.0 million Senior Class B CPs/MTNs (Senior Class CPs/MTNs), RM20.0 million Subordinated Class C MTNs and RM25.0 million Subordinated Class D MTNs (Subordinated Class MTNs) at MARC-1/AAA, MARC-1/AA, BB and B, respectively.  The ratings reflect the quality of the property; the stron...

MARC has assigned a rating of AAAIS to Cagamas MBS Berhad’s (Cagamas MBS) mortgage-backed Sukuk Musyarakah Issuance of RM2,110.0 million. The rating reflects the quality of the securitized government staff Islamic home financing (GSIHF); overcollateralisation of 120.3% which allows the transaction to withstand AAA default and prepayment stresses; and, procedures in place to monitor the secur...

MARC has reaffirmed the ratings of Ample Zone Berhad’s Sukuk Al-Ijarah (Sukuk) Class A of RM50 million and Class B of RM25 million at AA+ID  and AID respectively. However, the RM75.0 million Class C Sukuk has been downgraded to BB- ID from BBID. The ratings of Class A and Class B Sukuk reflects the collateral backing the Sukuk; loan-to-values (LTV) which were within MARC’s accepta...

MARC has lifted its MARCWatch Developing placement on Malaysian AE Models Holdings Berhad’s (MAE) RM200.0 million Islamic Commercial Paper/Islamic Medium-Term Notes (ICP/IMTN) Programme and reaffirmed its MARC-2 ID/A ID ratings. The ratings carry a stable outlook.The ratings were put on MARCWatch Developing on the 28 February 2007 following the withdrawal of Abrar Discounts Berhad (Abrar) as...

MARC has lifted its MARCWatch Negative placement on Jana Niaga Sdn Bhd’s (JNSB) RM100.0 million Murabahah Underwritten Notes Issuance Facility (MUNIF) and has reaffirmed its MARC-4 ID rating. The rating carries a negative outlook.JNSB was placed on MARCWatch Negative in February 2007 due to continued cash flow problems stemming from delays in the receipt of UNISEL’s payments of guarant...

MARC has downgraded the rating of Mithril Berhad’s (“Mithril”) RM59 million Redeemable Convertible Secured Loan Stocks (“RCSLS”) from BBB to BBB- with a Negative Outlook based on continued deterioration in the company’s financial profile, its weak operating outlook for 2007 and uncertainties about the future operating performance of new ventures. Mithril manufac...

MARC has affirmed the ratings of Hong Leong Financial Group Berhad’s (HLFG) RM300 million commercial papers and Medium-Term Notes (CP/MTN) facilities at A+/MARC-1 with a Positive Outlook. The ratings encompass the shared credit profile of HLFG’s operating subsidiaries, established banking and insurance franchises of core subsidiaries, as well as the sound capital position of the compan...

MARC has received confirmation from Alliance Merchant Bank Berhad, the facility agent for Shamelin Bina Sdn Bhd’s (“SBSB”) RM100 Million Murabahah Medium-Term Note Issuance Facility (MMTN), that the facility has been fully redeemed and cancelled on 8th March 2007. As such, MARC no longer has any rating obligation on the facility, and has accordingly, withdrawn the A- ID rating. ...

MARC has lowered its ratings on Paradym Resources Industries Sdn Bhd’s (“PRI”) RM40 million Islamic Commercial Papers / Medium-Term Notes Issuance Programme (“ICP/MTN”) to CID/MARC-4ID from AID/MARC-2ID. The ratings remain on MARCWatch Negative. The downgrades reflect MARC’s concerns as to the company’s ability to fund near-term commitments arising from th...

The financial strength rating of CGC is underpinned by the institution’s healthy financial fundamentals, its sound credit culture and adequate risk governance procedures. While CGC's loan guarantee schemes portfolio intrinsically involves higher credit risks, this has been effectively managed and mitigated. CGC’s liquidity and capital are adequate given the institution's controlled ris...