Malaysian Rating Corporation Berhad (MARC) has assigned a long term rating of AAAID to Musyarakah One Capital Berhad’s (Musyarakah One) RM103.62 million Sukuk Musyarakah Series 2005-B. This series is the second issuance of a RM2.5 billion Sukuk Musyarakah Programme.Musyarakah One Capital Berhad (“Musyarakah One”), is a bankruptcy remote special-purpose vehicle incorporated for the purpose o...

MARC has lowered its rating on ABI Malaysia Sdn Bhd’s (ABIM) RM80 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) to A- ID from A ID and concurrently places the BaIDS facility on MARC Watch with a Negative Outlook. The rating actions reflect the negative impact arising from its holding company, Polymate Holdings Berhad being placed under Practice Note 1/2001 of Bursa Securities of ...

MARC has assigned a corporate credit rating of A+ to Kemaman Bitumen Company Sdn Bhd (KBC). The rating is underpinned by its position as the only dedicated bitumen manufacturer in Malaysia once operational; a ten-year off-take agreement with Tipco Asphalt Public Company Limited (TASCO); capable Engineering, Procurement and Construction (EPC) contractors to minimize construction risks; and the exis...

MARC has assigned Weida (M) Bhd’s (“Weida”) RM100.0 million Murabahah Underwritten Notes/Islamic Medium-Term Notes facility ratings of MARC-1ID /A+ID which reflects, amongst others, the Group’s reputable position as a manufacturer of high density polyethylene (“HDPE”) engineering products for the water and sewerage industry; its historically strong financial performance and positive ca...

MARC has assigned the ratings of AAA and AA+ to IJN Capital Sdn Bhd’s RM100 million Sukuk Musyarakah with maturities of seven (7) years or less from the date of first issue and RM109 million Sukuk Musyakarah with maturities of more than seven (7) years from the date of first issue, respectively. The ratings stem from Institut Jantung Negara Sdn Bhd’s (IJN) position as one of the leading cardi...

MARC has lifted the MARC Watch (with developing outlook) placed on Ambang Sentosa Sdn Bhd’s (ASSB) RM372 million and RM226 million Class C BaIDS/ABS Facility following the approval by bondholders to restructure the Class B and Class C BaIDS. MARC has on 8th June 2005 announced the downgrades (with a developing outlook) on ASSB’s Class B and Class C BaIDS from A+ID to AID and AID to A-ID resp...

MARC has assigned a rating of AAAID to Cagamas MBS Berhad’s (Cagamas MBS) asset-backed Sukuk Musyarakah Issuance (Sukuk Musyarakah) of up to RM[2,050.0] million. The rating is based on the stringent core and portfolio eligibility criteria, aimed at partially mitigating risk of delinquencies and defaults, further reinforced by representations and warranties provided by the Federal Government of M...

MARC has assigned rating of A+ID and MARC-2ID/A+ID to KLT’s proposed issuance of RM380 million BBA MTN and up to RM80 million MCP/MTN (“collectively known as Finance Facilities”) respectively. Proceeds from the Finance Facilities will be utilised to repay an existing bridging loan; to part finance the construction costs of Section II of the Kuala Lumpur – Putrajaya Highway (“the Highway�...

MARC has placed the rating of MARC-3ID in respect of Stenta’s RM90 million Murabahah Notes Issuance Facility (MUNIF) on a developing outlook; pending the approval of the Securities Commission (SC) and noteholders on the revision in reduction schedule of the MUNIF. The proposed revision is attributed to the high raw material (petroleum-based resins) prices in tandem with the uptrend in oil prices...

MARC has affirmed WCT Land Bhd’s (WCTL) long-term rating at AID in respect of the RM132 million Convertible Redeemable Debt Securities (CRDS) reflecting the Group’s reputable position as a property developer coupled with its strong financial performance and promising cashflow generating capabilites. The moderating factor continues to be the vulnerability of the projects to adverse developments...