MARC has placed Tracoma Holdings Berhad’s (“Tracoma”) RM100 million Al Bai’ Bithaman Ajil Islamic Debt Securities (“BaIDS”) on MARCWatch with a Negative Outlook. This is premised on Tracoma’s delay (in accordance with the Terms and Conditions of the BaIDS) to deposit the monthly built up in the Profit Service Account (PSA) required for the upcoming profit ...

MARC has downgraded the rating of PSSB Ship Management Sdn Bhd’s (PSM) RM40 million BAIS from AA-ID to A+ID with negative outlook. Factors contributing to the downgrade include consistently higher than anticipated vessel operating cost, deteriorating financial position of project sponsor – PSSB Strategic Holdings Sdn Bhd (PSSB), and PSM’s failure to adhere to timely reporting req...

The ratings of Weida (M) Bhd’s (Weida) RM100 Million Murabahah Underwritten Notes Issuance/ Islamic Medium-Term Notes Facility have been affirmed at A+ID/MARC-1ID with a stable outlook. The affirmation is premised on Weida’s sound financial performance and its position as one of the largest domestic manufacturers of a wide range of high density polyethylene (HDPE) engineering products ...

MARC affirmed a rating of A (A Flat) to Haisan Resources Berhad (HRB)’s RM30 million bonds with a stable outlook; reflecting its strong competitive position in the refrigeration and ice industry, assignment of specific contract proceeds towards redemption of the bonds as well as HRB’s good operating profit margin and moderated by its high debt leverage position. Incorporated in 1999, H...

WCT Land Berhad’s (“WCTL”) RM132 million Convertible Redeemable Debt Securities (CRDS) is upgraded from A to A+ (cg) with a stable outlook to reflect the strength of the corporate guarantee provided by its holding company, WCT Engineering Bhd (“WCTE”). WCTE’s RM100 million Islamic Fixed Rate Serial Bonds initial A+ rating assigned by MARC in June 2005 has been a...

The proposed 10-year Medium-Term Notes (“MTN”) programme represents a structured transaction involving the assignment of contract proceeds due from Syarikat Perumahan Negara Berhad (“SPNB”), wholly owned by the Ministry of Finance Incorporated, to the Issuer, Tirai Impresif Sdn Bhd (“Tirai”); in respect of two contracts to supply and install roof tiles and galva...

MARC, with immediate effect, is placing Ample Zone Berhad’s (AZB) RM150 million Sukuk Al-Ijarah (Sukuk) on MARCWatch with a developing outlook. Talam Corporation Berhad (TCB) had announced on 1 September 2006 that an event of default in payment of various bonds and banking facilites by TCB and its subsidiaries except for AZB had occurred. This has triggered a cross default as under AZB&rsquo...

MARC has lifted the MARCWatch placed on the rating of Aliran Ihsan Resources Berhad’s (AIRB) RM56.9 million Redeemable Convertible Unsecured Loan Stocks (RCULS), whilst maintaining a Developing Outlook. The lifting of the MARCWatch is due to developments with regards to the discussions between AIRB and the Johor State Government (JSG) concerning the proposed restructuring of the water supply...

MARC has assigned ratings of AAA and AAA/MARC-1 to Free Zone Capital Berhad’s (FZCB) proposed issuance of RM410.0 million fixed-rate serial bonds and up to RM70.0 million Commercial Papers/Medium-Term Notes (CP/MTN) respectively. The ratings are premised on the Government of Malaysia’s (GOM) backing of Port Kelang Authority (PKA), a statutory authority, to undertake the GOM’s pro...

MARC has downgraded the long-term rating of Sistem Lingkaran-Lebuhraya Kajang Sdn Bhd’s (SILK) Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) to B-ID from BB-ID previously, with a developing outlook. The steep downgrade follows from the continuous weak traffic volume at all the four tolls which remained below the revised traffic projections since 2006 (the latest traffic study d...