MARC has assigned a rating of AAAIS to Assar Chemicals Sdn Bhd’s (“ACSB”) proposed issuance of RM150 million Serial Sukuk Musyarakah (“Facility”). Proceeds from the Facility will be utilised to repay an existing bridging loan and part finance the construction costs (including related expenses and fees) of the Independent Oil Terminal (“IOT”) in Senari, Kuching. The rating reflects th...

MARC has received a copy of a formal notice from Pacific Trustees Berhad dated 22 August 2005 notifying that an event of default has occurred with regards to ABI Malaysia Sdn Bhd’s (ABIM) RM80 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS). Pursuant to Clause 9(c) of the Trust Deed of the BaIDS, the outstanding bonds have thus become due and payable. As such, MARC has placed the co...

The affirmation of EP Manufacturing Bhd’s (EPMB) short-term/long-term ratings of MARC-2ID/AID on its RM150 million Islamic MUNIF/IMTN mainly reflects the Group’s position as a Tier-1 parts vendor for the national carmaker, Proton, via its subsidiary; Peps-JV. Moderating factors, however, include its heavy dependence on the sales performance of national cars (i.e. Proton and Perodua) and the in...

MARC has affirmed the ratings of AAA, AA and BB to Kerisma Bhd’s (Kerisma) RM870.0 million senior 5-year secured fixed-rate, RM30.0 million mezzanine 5-year secured fixed-rate and RM100.0 million 5-year subordinated secured variable-rate asset-backed bonds. The ratings are based on improved total credit enhancement levels for the senior and mezzanine bonds respectively, the A- weighted average r...

MARC has received confirmation from the Facility Agent that Series II of Reliance’s Redeemable Secured Bonds (2001/2006) amounting to RM35.0 million had been redeemed on 25 July 2005. After the aforementioned redemption, the current outstanding Facility stands at RM50.0 million....

The short term rating for KNM Group Berhad’s (KNM) RM150 Million Murabahah Underwritten Notes Issuance Facility (MUNIF) / Islamic Medium-Term Notes (IMTN) has been upgraded to MARC-1ID whilst its long-term rating has been affirmed at A+ID. The ratings reflect the group’s increasing order book underpinned by strong demand for process equipment in the oil and gas industry; the group’s increase...

MARC has upgraded the rating of Kelang Multi Terminal Sdn Bhd’s (KMT) RM350 million Floating Rate Notes (FRN) to AA (from 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...

MARC has assigned ratings of A+ID and MARC-1ID/A+ID to WCT Engineering Berhad’s (“WCT”) proposed 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). Concurrently, we have also reaffirmed WCT’s existing RM120 million 5% Redeemable Unse...

The rating of TH Group Berhad’s (THG) RM150 million BaIDS is reaffirmed at AID reflecting THG’s continued strong results on the back of steady growth in revenue and profit stemming from the good performance of its plantation and construction divisions. Some of the moderating factors include volatility in CPO prices, seasonal factors affecting crop production, cyclical developments in the domes...

MARC has assigned the ratings of A+ID and MARC-1ID/A+ID to Bayu Padu Sdn Bhd’s (wholly-owned by SapuraCrest Petroleum Berhad) Istisna’ Medium Term Notes (Istisna’ MTNs) and Murabahah Commercial Papers/Medium Term Notes (MCP/MMTN) facilities. The ratings reflect SapuraCrest Petroleum Berhad’s (SapuraCrest) competitive position as one of the largest Malaysian-owned integrated services provid...