MARC has received confirmation from the facility agent, Abrar Discounts Berhad, that Ambang Sentosa Sdn. Bhd. (ASSB) is not able to make payment for the secondary notes of RM272.0 million Class B and RM226.0 million Class C Al-Bai Bithaman Ajil Islamic debt securities (BaIDs) amounting to RM8.84 million and RM7.345 million respectively; and the primary notes of Class B BaIDs which falls due on 28t...

MARC is currently undertaking a review for possible downgrades on the long-term ratings of Kerisma Bhd’s (Kerisma) RM870.0 million senior secured bonds, RM30.0 million mezzanine secured bonds and RM100.0 million subordinated secured bonds. The review for possible downgrades is based upon the downgrade of an obligor to D following the obligor’s failure to pay interest on its loan under ...

MARC has assigned a rating of A (A flat) to Berjaya Land Berhad’s (‘BLand’) proposed issuance of five-year Secured Exchangeable Bonds with nominal value of up to RM900 million. The rating reflects the strength of its associated company, Berjaya Sports Toto (“BToto”) of which the shares form the exchange property, its competitive position as the sole national lotto ope...

MARC had on 7 April 2006 placed  the rating of the above issue on MARCWatch with a Negative Outlook. The action resulted from M-Trex’s failure to provide the necessary information for MARC to carry out its first annual surveillance review. Arising from MARC’s surveillance of the issue it has come to our attention that M-Trex is currently in breach of provisions under the Facility ...

MARC has received confirmation from Reliance Pacific Berhad that its Serial Bonds of RM100.0 million were fully redeemed upon maturity on 25 July 2006. As such, MARC no longer has any rating obligation on the facility and the A- (A minus) rating is hereby withdrawn....

MARC has assigned the ratings of MARC-2ID/AID to Symphony House Berhad’s (Symphony) RM100.0 million Islamic Commercial Paper/Medium-Term Notes (CP/MTN) Programme. The ratings reflect, amongst others, Symphony’s cashflow generating capabilities supported by a healthy mix in various business segments; the growth potential of Symphony’s Business Process Outsourcing (BPO) services, v...

MARC has reaffirmed the long-term and short-term issuer ratings of Cagamas Bhd (Cagamas) at AAA and MARC-1 respectively. The reaffirmation reflects the strong ability and flexibility of Cagamas to meet its financial commitments, supported by a favourable portfolio of loans and debts with full recourse to the selling institutions, its strong capitalization and capable management team. As the countr...

MARC has downgraded the long-term ratings of Aegis One Bhd’s (Aegis One) RM900.0 million senior secured bonds and RM100.0 million subordinated secured bonds from AAA and BB to AA and B respectively. The downgrades are premised on the decline in the weighted average rating of Aegis One’s portfolio of corporate loans to BBB/BBB- from A-/BBB+ following the default of two obligors in the p...

MARC has assigned MARC-1ID for Sunrise’s Islamic Commercial Paper issuance programme and A+ID for Islamic MTN issuance programme with value of up to RM150 million. The ratings reflect Sunrise’s good financial track record with operating margins averaging 23% in the last four years, low debt leverage position and good financial flexibility. The assigned ratings were also underpinned by ...

MARC has affirmed EP Manufacturing Berhad’s (EPMB) short and long term ratings of MARC-2ID/AID respectively on its RM150.0 million MUNIF/IMTN; reflecting the Group’s position as a Tier-1 parts vendor for the national carmaker, Proton Holdings Berhad (Proton) and Perusahaan Otomobil Kedua Sdn Bhd (Perodua), via its subsidiary; PEPS-JV (M) Sdn Bhd (PEPS-JV). Moderating factors include it...