MARC has assigned MARC-1ID/AAAID ratings to UMW Holdings Berhad’s (UMW) proposed RM300 million Islamic Commercial Papers (ICP)/Medium-Term Notes and RM500 million Islamic Medium-Term Notes (IMTN). Concurrently, MARC has affirmed its AAA corporate credit rating on UMW. The ratings reflect UMW’s leadership position in the domestic automotive industry, strong businesses of automotive, equ...

MARC has placed its AID and MARC-2ID/AID ratings of Medi Innovation Sdn Bhd’s (MISB) RM100 million Islamic Medium Term Notes Issuance Facility (IMTN facility) and RM50 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes Issuance Facility (MUNIF/IMTN) on MARCWatch Negative. MISB operates a chain of medical aesthetic clinics in Singapore and Hong Kong through Astiq...

MARC has issued this clarification following an announcement on Bank Negara Malaysia’s FAST system yesterday that PSSB Ship Management Sdn Bhd (PSM) had missed its June 15, 2009 profit payment on its RM40 million Bai Bithaman Ajil Islamic Securities (BAIS).  Today, MARC received confirmation from the facility agent of the BAIS, Kenanga Investment Bank Bhd, that PSM had made two separate...

MARC continues to place its ratings on Oilcorp Bhd’s (Oilcorp) RM70 million Murabahah Underwritten Notes Issuance Facility / Islamic Medium Term Notes Facility (MUNIF/IMTN) of MARC-2ID/A-ID ratings on MARCWatch Negative where they were first placed on May 22, 2008.  The continued MARCWatch placement highlights Oilcorp’s thin liquidity cushion relative to its significant upcoming d...

MARC has assigned ratings of A+IS for Dawama Sdn Bhd’s (Dawama) Senior Sukuk Musyarakah of RM120.0 million and AIS for Dawama’s Junior Sukuk Musyarakah of RM20.0 million. The one-notch difference in ratings reflects the Senior Sukuk’s priority of repayment and redemption over the Junior Sukuk. The rating carries a stable outlook. The proceeds of the Sukuk will be used to redeem D...

MARC has withdrawn its BB rating on Bintang Bulk Mover Sdn Bhd’s RM50 Million Bonds with immediate effect, upon completion of the restructuring of the bonds as confirmed by its facility agent, KAF Investment Bank Berhad. The bonds have now been converted into non-transferable/non-tradable bonds and no longer require a rating. Contacts: Hafizan Haron 03-2090 2238/ hafizan@marc.com.my; Lee Mei...

MARC has affirmed its stand alone ratings on Mulpha International Berhad’s (MIB) RM25.0 million Murabahah Commercial Paper/Medium Term Notes (CP/MTN) facility at MARC-1ID/AID and its supported MARC-1ID(bg)/AA-ID(bg) ratings on MIB’s RM75.0 million Bank Guaranteed (BG) Murabahah Notes Issuance Facility (MUNIF). The affirmed BG ratings reflect the lower of the financial institution ratin...

MARC has issued this rating update in connection with the recent decision of Bintang Bulk Mover Sdn Bhd’s (BBM) sole bondholder - Alliance Merchant Bank Berhad by way of circular resolution to grant an extension on the final maturity of BBM’s outstanding bonds totalling RM6.1 million to April 2, 2010, from its original maturity date of April 2, 2009. Pursuant to the passing of the circ...

MARC has downgraded its rating on Bintang Bulk Mover Sdn Bhd’s (BBM) RM50 million Secured Serial Bonds to BB from A-; and placed it on MARCWatch Negative. The downgrade is on account of the company’s stated intention to rely on an extension of its bond tenure to bridge the funding gap in relation to its sinking fund account vis-à-vis the RM20 million redemption of its final tran...

MARC has withdrawn the MARC-1ID/A+ID  ratings assigned to Atlan Holdings Berhad’s RM90 million Murabahah Underwritten Notes Issuance Facility / Islamic Medium Term Notes with immediate effect following confirmation by the facility agent, MIDF Amanah Investment Bank Berhad, of an early cancellation of the facility on March 6, 2009, ahead of its original maturity date on October 5, 2011.C...