MARC has assigned AAIS to Diversified Venue Sdn Bhd’s (“DVSB”) RM200 million Sukuk Al-Ijarah Master Programme. The rating reflects the quality of the Assets and the strength of the Liquidity Support Provider and Purchase Undertaking Provider, United Engineers (Malaysia) Berhad (“UEM”). UEM is a well diversified conglomerate with its principal activities spanning const...

MARC has affirmed the short term rating of Kumpulan Guthrie Berhad’s (Guthrie) RM150 million Underwrtitten Murabahah Commercial Papers at MARC-1ID, reflecting the Group’s position as the country’s leading plantation player cum property developer with vast land banks in Malaysia and Indonesia, its strong financial flexibility and the anticipation of improved cash flow from its pla...

The ratings of AID/MARC-2ID and AID assigned to Kinsteel Berhad’s (Kinsteel) RM100 million Murabahah Commercial Papers/Medium-Term Notes (Murabahah CP/MTN) and RM100 million Murabahah Medium-Term Notes (MMTN) Programme respectively reflect the company’s proven track record  in the local steel industry in terms of its profit record, distribution network, access to scrap supply and ...

MARC has placed the ratings of Top Glove Corporation Bhd’s (Top Glove) Islamic debt securities of up to RM100 million Murabahah/Ijarah Commercial Papers (CP) Programme and up to RM100 million Murabahah/Ijarah Medium Term Notes (MTN) Programme on MARCWatch with a developing outlook due to revelations that approximately 2,000 of the company’s foreign workforce have not had their work per...

MARC has reaffirmed, with Positive Outlook, the ratings of A+ID/MARC-1ID on KNM Group Bhd’s (KNM) RM150.0 million Murabahah Underwritten Notes Issuance Facility / Islamic Medium-Term Notes (MUNIF/IMTN). The ratings are premised upon KNM’s strong competitive position as one the largest manufacturer of process equipment in the region; growing international exposure, access to high techni...

MARC has reaffirmed the rating of Kerisma Bhd’s (Kerisma) RM870.0 million senior secured bonds at AAA; and, downgraded the RM30.0 million mezzanine secured bonds and RM100.0 million subordinated secured bonds from AA and BB to AA- and BB- respectively. The downgrades are premised on the decline in the weighted average rating (WAR) of Kerisma’s portfolio of corporate loans to A-/BBB+ fr...

MARC has downgraded the short term rating of M-Trex Corporation Sdn Bhd’s (MCSB) 7 year RM60 million Islamic Commercial Paper Programme (ICPs) from MARC-2ID to MARC-3ID with a negative outlook.  The downgrade is premised on risks associated with MCSB’s recent acquisition of M-Trex Carbon Sdn Bhd (MTC) and M-Trex Galvanised Steel Sdn Bhd (MGS) utilising the proceeds from the ICPs a...

MARC has reaffirmed the rating for Mithril Berhad’s (Mithril) RM59 million Redeemable Convertible Secured Loan Stock (RCSLS) at BBB and has lifted its MARCWatch with a Negative Outlook. The reaffirmation reflects the better results led by the company’s architectural mouldings manufacturing arm coupled with stable rental income from its investment properties. The rating is, however, mod...

MARC has affirmed the ratings of Musyarakah One Capital Berhad’s (“Musyarakah One”) Sukuk Musyarakah Series 2005-A and Series 2005-B at AAAID. The ratings affirmation reflects the superior credit strength of the Government of Malaysia (“GOM”) being the paymaster via its obligation under the Sijil Utama 2005-A and 2005-B which have been legally assigned to Musyarakah O...

MARC has affirmed the rating of Kelang Multi Terminal Sdn Bhd’s (KMT) RM350 million Floating Rate Notes at AA, reflecting the company’s consistently strong operational performance underlined by the steady growth in container throughput; commendable financial profile as well as the Government’s participation in developing Port Klang into a transshipment and megahub/free trade zone...