MARC has assigned a long-term debt rating of A+ID to Malaysian International Tuna Port Sdn Bhd’s (MITP)’s Bai’ Bithaman Ajil Islamic Securities (BAIS) facility of up to RM240 million.The A+ID rating incorporates a strong reliance on government support for the highly visible tuna port privatisation project based on a Letter of Support issued by the Ministry of Agriculture and Agro...

MARC has placed the B- ID long-term rating of Sistem Lingkaran-Lebuhraya Kajang Sdn Bhd’s (SILK) Notional Amount of RM2.01 billion Al-Bai Bithaman Ajil Islamic Debt Issuance Facility (ABBA) (2001/2021) on MARCWatch Negative.The MARCWatch placement follows confirmation from PB Trustee Services Sdn Bhd (the Trustee) dated 3 May 2007 that SILK had failed the Annual Debt Service Cover Ratio (DSC...

MARC has assigned ratings of A+ID/MARC-2ID to Capable Aspect Sdn Bhd’s (CASB) proposed issuance of up to RM40 million Islamic Medium-Term Notes Issuance Facility/ Murabahah Underwritten Notes Issuance Facility (‘IMTN/MUNIF) respectively. The ratings carry a stable outlook. The ratings for CASB, a holding company, principally reflect the projected financial and credit profile of Sinagam...

MARC had announced on May 9, 2007 that it had received written confirmation from Bank Negara Malaysia that the Central Bank had terminated its 10 year contract for the purchase of raw materials with PRI. In relation to the earlier announcement, MARC wishes to highlight that in the Central Bank’s letter, the termination date was given as effective from May 9, 2007, with no reference made as t...

MARC has revised the MARCWatch status of its AID/MARC-2ID ratings on PRI’s RM40.0 million Islamic Commercial Paper/Medium Term Note Issuance Programme to negative from developing with immediate effect. This follows written confirmation from Bank Negara Malaysia that it has terminated its 10 year contract for the purchase of raw materials with PRI. The termination of this contract constitutes...

MARC has lifted its MARCWatch Negative placement in respect of Stenta Films (Malaysia) Sdn Bhd’s (Stenta) RM90 million Murabahah Notes Issuance Facility (“MUNIF”) and has reaffirmed the short term rating of MARC-4ID.Stenta is the leading domestic Biaxially Oriented Polypropylene (BOPP) film manufacturer and commands approximately 50% of the market in terms of local production of ...

MARC has assigned ratings of AAAIS, AAIS and AAAIS(bg) to ABS Logistics Berhad (ALB)’s Class A, Class B and Class C Senior Sukuk respectively.  The ratings of Class A and B Senior Sukuk reflect the quality of the collateral comprising of 23 warehouses, protective structural features of the transaction, and relatively low actual loan-to-values (LTVs) for each of Class A and Class B Senio...

MARC has placed the ratings of PRI’s RM40.0 million Islamic Commercial Paper/Medium Term Note Issuance Programme, currently rated at A/MARC-2, on MARCWatch Developing with immediate effect. This is premised on a recent site visit to PRI's factory in Nilai, Negeri Sembilan where an absence of production activity and inventory were noted. The management represented that there is on-going maint...

MARC has placed its MARC-1(bg)/A(bg)  rating on CNLT (FAR EAST) Berhad’s RM60 million Bank Guaranteed Commercial Papers/Medium Term Notes on MARCWatch Developing. The MARCWatch placement follows CNLT’s confirmation that it failed to honour its first scheduled repayment of RM15 million under its bank guaranteed CP/MTN programme, which was due on 10 April 2007.Notwithstanding the re...

The rating of BB- accorded to Mycom Berhad’s (“Mycom”) RM60,315,280 nominal value of Redeemable Unsecured Loan Stocks (“RULS”) reflects the risks associated with the implementation of the Group’s restructuring scheme. The rating category reflects significant uncertainties that could affect the ability of the issuer to adequately service debt obligations. The rat...