MARC has downgraded the long-term ratings of Hytex Integrated Berhad’s (“HIB”) Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes (“MUNIF/IMTN”) of up to RM100.0 million from AID to A-ID and affirmed the short term rating at Marc-2 with stable outlook. The revision of the long-term rating to A-ID reflects the declining financial profile arising f...

Under this transaction, a special purpose vehicle, Gandalf Capital Sdn. Bhd. (formerly known as Icon Lagoon Sdn Bhd) (Gandalf Capital) is incorporated to raise up to RM118.0 million of CPs/MTNs comprising of RM87.0 million Class A, RM16.0 million Class B and RM15.0 million Class C CPs/MTNs (Notes), which will be on-lent to its parent, a real estate investment trust, to part finance the acquisition...

The rating of Shamelin Bina Sdn Bhd’s (“SBSB”) RM100 Million Murabahah Medium-Term Note Issuance Facility (MMTN) has been reaffirmed at A-ID. The reaffirmed rating principally reflects the financial and credit profile of SBSB’s consumer co-operative parent, Koperasi Shamelin Berhad (KSB), and the notes’ protective issue structure, offset by the cyclical nature of the ...

On 23 November 2006, MARC received confirmation from Malaysian Trustees Berhad that Tian Siang Holdings Sdn Bhd (Tian Siang) has made a full early redemption of its RM93 million nominal value coupon bearing serial bonds (Serial Bonds) on 22 November 2006. As such, MARC no longer has any rating obligation on the Serial Bonds and the A (A Flat) rating is hereby withdrawn. ...

Lonpac Insurance Bhd’s (Lonpac) insurer financial strength rating has been reaffirmed at AA, with a Stable Outlook. The rating reflects the insurer’s reasonably well diversified business mix, excellent underwriting performance, disciplined underwriting, prudent reserving practices, and high quality investment portfolio. The rating is moderated by the vulnerability of the general insura...

MARC has downgraded the rating of Ace Polymers (M) Sdn Bhd’s (Ace) RM70 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) from A ID to A- ID with a stable outlook. The rating downgrade is underpinned by the prevailing negative outlook of the domestic automotive industry arising from continued dismal vehicle sales performance coupled with increasingly stringent approval require...

MARC has upgraded the long-term ratings of Paradym Resources Industries Sdn Bhd (PRI) to AID (A Flat, Islamic Debt) from A-ID and affirmed the short term ratings at MARC-2ID for PRI’s Islamic Commercial Paper/Medium Term Note Issuance Programme (Islamic CP/MTN). The outlook is stable.  The ratings upgrade and reaffirmation reflect PRI’s strengthening financial profile arising from...

Merbok Hilir Berhad (“Merbok”) RM150 million BaIDS was placed on MARCWatch with a negative outlook on 30 August 2006 arising from Merbok’s failure to deposit the monthly built up for the upcoming scheduled principal payment in January 2007. However, the BaIDS holders have agreed with a restructuring scheme proposed by Merbok on 11 October 2006 which basically entails a deferment ...

The rating for Sapura Energy Sdn Bhd’s (SESB) RM140 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) is reaffirmed at AID reflecting the bright outlook of the oil and gas (O&G) industry, especially in the upstream segment; SESB’s strength in the marine engineering business; and synergies arising from the business expansion of the SapuraCrest Petroleum Berhad (Sap...

MARC has reaffirmed the ratings of TSH Resources Bhd’s (TSH) RM100 million in nominal value Al-Murabahah Commercial Papers/Medium-Term Notes (CPs/MTNs) at MARC-1 ID / A+ ID with a stable outlook. The reaffirmation mainly reflects the continuous improvement in TSH’s financial performance on the back of robust operating records with regard to its diversified business portfolios covering ...