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 the Company 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 a proactive and innovative managem...

MARC has assigned AAAID and AAID to ABS Plantation Assets Berhad (ABSP)’s RM50 million Class A and RM45 million Class B Bai-Bithaman Ajil (BaIDS) Islamic Debt Securities respectively. The ratings reflect the quality of the plantation properties; the structural features incorporated into the transaction; irrevocable guarantee provided by Multi Vest in respect of the periodic lease payments; and r...

MARC has reaffirmed the rating of MARC-1 on Radicare (M) Sdn Bhd’s (Radicare) RM49 Million Commercial Paper Programme; a reflection of the secured cash receivables from the Ministry of Health (MOH) backed by invoices issued to the MOH; a 1.25 times security cover of invoices issued; stringent requirements of the issue structure; sheer dominance of Radicare’s services in the central and eastern...

MARC has assigned a rating of A+ID (A Plus, Islamic Debt) to Antara Steel Mill Sdn Bhd’s (Antara) proposed RM500 million Bai’ Bithaman Ajil Islamic Debt Securities. The rating is supported by Antara’s association with one of the largest steel players in Malaysia, the Lion Group; good operating track record; strong overseas demand for its hot briquetted iron (HBI); tight issue structure and s...

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...