MARC has placed PSSB Ship Management Sdn Bhd’s (“PSM”) RM40 million Bai’ Bithaman Ajil Islamic Securities (“BAIS”) on MARCWatch with a Negative Outlook, with the likelihood of suspension if the relevant information is not provided within two weeks of this announcement. The RM40 million BAIS was assigned an initial rating of AA-ID in November 2004. The action is due to PSM’s failure,...

Shamelin Bina Sdn Bhd’s (“SBSB”) rating has been reaffirmed at A-ID which reflects, Koperasi Shamelin Berhad’s (KSB) satisfactory asset quality arising from the collection arrangement with ANGKASA (Angkatan Koperasi Kebangsaan Malaysia Berhad); low level of job transfers and resignations in the public sector; positive cashflow generating capacity throughout the tenure of the Murabahah Medi...

The affirmed ratings of A+(bg)ID/ MARC-1(bg)ID for Mulpha International Bhd’s (MIB) RM75.0 million Bank Guaranteed Murabahah Notes Issuance Facility (MUNIF) reflect the unconditional and irrevocable bank guarantees provided by AmMerchant Bank Berhad and Southern Bank Berhad; whilst the affirmed ratings of AID/ MARC-2ID for MIB’s RM25.0 million Murabahah Commercial Paper/ Medium Term Notes (CP/...

MARC has placed Mithril Bhd’s (“Mithril”) RM59 million Redeemable Convertible Secured Loan Stocks (“RCSLS”) on MARCWatch with a Negative Outlook, with the likelihood of suspension if the relevant information is not provided within two weeks of this announcement. The initial rating of BBB was assigned in October 2003 and affirmed in December 2004. The action is due to Mithril’s failure...

MARC has received confirmation from Abrar Discounts Berhad, the facility agent for Pembangunan Brisdale’s RM55 million Murabahah Underwritten Notes Issuance Facility, that the facility has been fully redeemed and cancelled. As such, MARC no longer has any rating obligation on the facility and the MARC-4 ID rating is hereby withdrawn....

MARC has placed Antara Steel Mills Sdn Bhd’s (“Antara”) RM500 million Bai’ Bithaman Ajil Islamic debt securities (BaIDS) on MARCWatch with Negative Outlook. Antara’s initial rating of A+ ID was assigned in August 2005. This action is based on Antara’s disclosure to MARC on 3 April 2006 on the shutdown of the groups HBI plant in Labuan since 31 October 2005 and the failure on the part o...

The long and short term ratings of AID/MARC-2ID assigned to Maxtral Industry Berhad’s (Maxtral) RM80 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) Facility and RM20 million Murabahah Underwritten Notes Issuance Facility/Murabahah Medium Term Notes Issuance Facility (MUNIF/MMTN) are underpinned by Maxtral Industry Berhad and its subsidiaries’ (Group) operating track record sup...

MARC has affirmed Tracoma Holdings Berhad’s (“Tracoma”) RM100 million Al- Bai’ Bithaman Ajil Islamic Debt Securities (“BaIDS”) at AID, underpinned by Tracoma Group’s proven track record as a Tier-1 local automotive component manufacturer coupled with its on-going expansion plans. Nonetheless, moderating factors to the rating include the Group’s exposure towards the automakers’ pe...

MARC has placed M-Trex Corporation Sdn Bhd’s (“M-Trex”)’s RM60.0 million Murabahah Commercial Paper on MARCWatch with a Negative Outlook. The initial rating at MARC-2 ID was assigned in September 2004. The action is based upon M-Trex’s failure, despite numerous requests, to provide the necessary information for MARC to carry out its first annual surveillance review. M-Trex is an investm...

MARC has affirmed the rating of Malaysian Newsprint Industries Sdn Bhd’s (MNI) RM923 million Bai’ Bi Al-Taqsit nominal value fixed rate serial bonds programme (BBAT) at BBB+ID(s). The affirmation reflects the company’s dominant position as the sole newsprint producer in Malaysia; improvement in newsprint price since mid-2003; and the protection derived from the anti-dumping duties imposed by...