MARC has affirmed the rating of MARC-2/A- with stable outlook to Equine Capital Berhad’s (ECB or Issuer) Commercial Papers/Medium Term Notes Programme (CP/MTN Programme) of up to RM95 million.  The rating reflects ECB’s high competitive position through its flagship developments in Seri Kembangan, credible track record of timely completion of its projects and low debt leverage pos...

MARC has reaffirmed Sunrise’s short term and long term debt rating at MARC-1ID, and A+ID respectively, reflecting Sunrise’s strong financial track record with operating margins averaging 23% in the last four years, low debt leverage position and high financial flexibility. The ratings were also underpinned by the company’s established position as a high-end developer, with severa...

The long term rating of AID assigned to Perwaja Steel Sdn Bhd’s (PSSB) RM400 Million Murabahah Medium-Term Notes (MMTN) Programme reflects the company’s near monopoly position in the domestic market for the supply of direct reduced iron (DRI); strong demand for DRI and the proposed acquisition of a 51% controlling stake in the company by Kinsteel Berhad (Kinsteel). Upon completion of t...

MARC has downgraded the rating of Antara Steel Mill Sdn Bhd’s (“Antara”) Islamic debt from A+ID to AID  with a stable outlook. The rating reflects the deterioration in the financial profile of the company arising from the under performance in FY2006 of its billets and bars operations and the unscheduled plant shutdown at its hot briquetted iron (“HBI”) operations...

Titisan Modal (M) Sdn Bhd’s (“TMSB”) RM738.0 million Fixed Rate Serial Bonds (“FRSB”) is assigned a long term rating with support of AA+(s).  The FRSB was previously assigned a stand alone long term rating of A+.  A Letter of Support dated 3 August 2006 was provided by the State Government of Selangor (“SSG”) for the FRSB.  In the Letter of ...

MARC has affirmed the long and short-term ratings of WCT Engineering Berhad’s (“WCT’s”) Islamic Fixed Rate Serial Bonds of RM100 million and 7-year Islamic Commercial Papers/Medium-Term Notes Programme of up to RM100 million (“Islamic CP/MTN”) (collectively known as Islamic Securities or IS) at A+ID and MARC-1ID/A+ID  respectively with a stable outlook. The...

The corporate debt rating of PECD Berhad’s (PECD) RM200 million Serial Fixed Rate Bonds Programme has been downgraded from A (A flat) to A- (A minus) with a stable outlook. The rating reflects MARC’s concerns over cost overruns and as yet unsettled variation order (VO) claims in the company’s Melut Basin Marine Export Terminal Project in Sudan which has weakened the Group’s...

MARC, with immediate effect, is placing Merbok Hilir Berhad (“Merbok”) RM150 million Bai’ Bithaman Ajil Islamic Debt Securities (“BaIDS”) on MARCWatch with a Negative Outlook. This is premised on Merbok’s failure (in accordance with the Terms and Conditions of the BaIDS) to deposit the monthly built up for the upcoming principal payment due in January 2007. Merb...

MARC has downgraded the long-term rating of Goodway Integrated Industries Berhad’s (Goodway) RM80 million Partially Underwritten Murabahah Notes Issuance Facility / Islamic Medium Term Notes Programme, from a rating of A+ID to AID. The short term rating however is reaffirmed at Marc-2ID. The downgrade reflects the risks associated with the company’s proposed venture into the manufactur...

MARC has assigned an AAAID(bg) rating on Viable Chip (M) Sdn Bhd’s (“VCSB”) RM50.0 Million nominal value of Bank Guaranteed Bai’ Bithaman Ajil Islamic Debt Securities (“BaIDS A”) and an A+ID rating on the company’s RM150.0 Million nominal value of Bai’ Bithaman Ajil Islamic Debt Securities (“BaIDS B”).The rating is driven by the financial...