MARC has reaffirmed the rating of Tesco Stores (Malaysia) Sdn Bhd’s (“TSM”) RM750 million guaranteed commercial paper programme at MARC-1 (cg). The short term corporate debt rating of TSM reflects the credit strength of its ultimate holding company, Tesco PLC (“Tesco”), which guarantees the commercial paper programme. TSM was incorporated on 24 July 2000 to operate hy...

MARC has affirmed a rating of AA-IS to Vastalux Capital Sdn Bhd’s (VCSB) Islamic Securities under the principle of Musyarakah Mutanaqisah (Sukuk Musyarakah) of RM100.0 million with stable outlook.  The rating assignment reflects the strong credit risk of the offtaker, PETRONAS Carigali Sdn Bhd (PCSB); protective issue structure which mitigates the risk of commingling of funds (from two ...

MARC has downgraded Malaysian Merchant Marine Berhad’s (MMM) RM120.0 million Al-Bai’ Bithaman Ajil Serial Bonds (BaIDS) rating from AA-ID to A-ID with negative outlook; underscored by the concern on the rapid deterioration in its financials stemming from very poor financial results announced for the financial year ended 31 August 2006 (FY2006) as well as other adverse financial impacts vis-à-...

MARC has affirmed the ratings of MARC-2ID/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, with a negative outlook. The rating reflects Prinsiptek’s average business risk profile as a midsize domestic ...

On 5 January 2007, MARC received confirmation from BIMB Trust Limited that First Global Sukuk Inc (FGSI) has made a full redemption of its USD100 Million Series B of Serial Islamic Lease Sukuk Issuance on 22 December 2006, and there is no amount outstanding under the issuance. As such, MARC no longer has any rating obligation on FGSI’s up to USD368 million Serial Islamic Lease Sukuk Issuance...

The short/long term ratings of MARC-2ID/AID with stable outlook assigned to Boon Koon Group Berhad’s (‘BKGB’ or the ‘Group’) issuance of seven-year Islamic Commercial Papers/Medium-Term Notes (ICP/MTN) with nominal value of up to RM100 million mainly reflect BKGB’s dominant position in the rebuilt commercial vehicle industry, supported by robust growth experienc...

The rating of MTD Prime Sdn Bhd’s (MTD Prime) RM250 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) has been affirmed at AAID. The rating reflects the continuous traffic and revenue growth from the KL–Karak Highway (KLK) and the inclusion of the toll revenue from the East Coast Expressway Phase 1 (ECE1) into the coffers of the company. In addition, the half yearly principa...

MARC has upgraded the rating of Negeri Sembilan Cement Industries Sdn. Bhd.’s (“NSCI”) BaIDS to AA-ID(bg), reflecting the strength of the guarantor banks; Bumiputra Commerce Bank Berhad (AA) and AmMerchant Bank Bhd. which has been recently upgraded from A+ to AA-. Our reaffirmation of MARC-2ID/A-ID accorded for NSCI’s MUNIF reflects its financial profile which continues to ...

MARC has affirmed the short and long term ratings of MARC-2ID/AID  respectively of second-tier materials handling and factory automated solutions provider, Malaysian AE Models Holdings Berhad’s (“MAE”) RM200 Million Islamic Commercial Paper/Islamic Medium-Term Notes Programme. The ratings carry a stable outlook. The ratings reaffirmation reflects MAE’s improved geograp...

MARC, with immediate effect, is revising Ample Zone Berhad’s (AZB) RM150 million Sukuk Al-Ijarah (Sukuk) from MARCWatch developing to MARCWatch negative. AZB’s Sukuk is currently rated at AA+ID for RM50 million Class A; AID for RM25 million Class B; and BBID for Class C. The MARCWatch negative is premised on the continued non rental payment from Talam Corporation Berhad’s (TCB) s...