MARC has withdrawn the BBB+ID(s) rating assigned to Malaysian Newsprints Sdn Bhd (MNI) RM923 Million Bai’ Bi Al-Taqsit (BBAT) Nominal Value Fixed Rate Serial Bonds with immediate effect, following confirmation by the trustee that the bonds have been fully redeemed....

MARC has assigned respective short- and long-term ratings of MARC-1ID and AID with stable outlook to Tomei Consolidated Berhad’s (TCB) RM 100.0 million Islamic Commercial Papers/Medium-Term Notes (ICP/IMTN) Programme. The ratings reflect the Group’s well-established jewellery franchises, its competitive edge over non-integrated players as an integrated manufacturer and retailer of jewe...

MARC has extended its MARCWatch Developing placement in respect of Bayu Padu Sdn Bhd’s (“Bayu Padu”) ratings of A+ID/MARC-1ID on its RM500 million Istisna’ Serial Bonds and RM100 million Murabahah Commercial Papers/Medium Term Notes (MCPs/MMTNs).Bayu Padu, which is 100% owned by Sapuracrest Petroleum Berhad (“SapuraCrest”), is a special purpose vehicle (“S...

MARC has reaffirmed the long-term rating of Auto ABS One Bhd’s (Auto ABS) RM510.0 million Class A bonds at AAA. The reaffirmation reflects the portfolio of hire purchase receivables performing within MARC’s stress scenario, rising enhancement levels underpinned by the availability of overcollateralization of 151.3% (initial: 106.9%)  and a non-amortizing cash reserve equivalent to...

MARC has reaffirmed the corporate debt rating of KFC Holdings (Malaysia) Berhad’s (KFCH) RM300 million Islamic Notes Issuance Facility (INIF) at A+ID  with a Positive Outlook . The reaffirmation reflects the Group’s strong brand presence in the Quick Service Restaurant (QSR) industry; strong franchise and market dominance; improving financial performance recorded over the years; a...

The Redeemable Convertible Secured Loan Stocks (RCSLS) holders of Land & General Berhad (L&G) had, at an Extraordinary Meeting held on 15 February 2007, approved a prepayment of 14,785,526 RCSLS with a nominal value of RM1 each.  The prepayment represents 7% of the current outstanding of 214,728,955 RCSLS.  The prepayment is by a cash settlement of RM10,649,851 and waiver of the ...

MARC has downgraded PECD Berhad’s (PECD) RM200 million Serial Fixed Rate Bonds Programme’s rating from A- to BBB, to reflect a substantial deterioration in its credit profile. The downgrade follows PECD’s recent announcement of an unaudited pre tax loss of RM126.1 million for FY2006. The loss was attributed to among others, slower progress of ongoing projects, reversal of profits...

MARC has downgraded the long-term rating of DeGem Berhad’s (DeGem) RM50.0 million MUNIF/IMTN from A+ID to AID with a stable outlook and re-affirmed its short-term rating at MARC-2ID. The downgrade reflects the group’s potential erosion of competitive position and loss of future earnings subsequent to the disposal of a large part of its gold business to PYT Gem Trade Sdn Bhd which leads...

MARC has lifted its MARCWatch Developing placement and reaffirmed IJM Corporation Berhad’s (“IJM”) RM300 million Commercial Papers/Medium-Term Notes (“CP/MTN”) Programme ratings at A+/MARC-1 with a stable outlook. The ratings reaffirmation is a reflection of the strong fundamentals inherent in the group (despite the challenges from a weak domestic construction sector ...

The ratings of Leader Universal Holdings Berhad’s (LEADER) RM150.0 Million Murabahah Medium-Term Notes Issuance Programme has been reaffirmed at AID, with a stable outlook. The ratings reflect the Group’s dominant market position in the domestic cable and wire manufacturing industry coupled with stable recurring revenue contributions from its power generation business in Cambodia. LEAD...