MARC has placed the ratings of AA ID (Double AA Islamic Debt)/MARC-1ID in respect of PNSB’s RM1.02 billion ABBA serial bonds and RM350 million MuCP/MTN programme and the A rating of its RM546.875 million junior notes on a negative outlook pending the resolution of the substantial and long outstanding trade receivables which stood at RM1.14 billion as at December 2003. The maintenance of the pres...

MARC has received confirmation from Kenanga Wangsa Sdn Bhd that its RM128 million Al-Bai Bithaman Ajil Islamic Debt Securities has been fully redeemed and it has arranged for the discharge of all securities related to the facility. As such, MARC no longer has any rating obligation on the facility and the A-ID rating is hereby withdrawn....

The ratings reflect KNM Group Berhad’s (KNM) competitive position as one of the largest domestic manufacturer of process equipments and its steady revenue growth. The ratings, however, are moderated by the company’s high working capital requirements due to the nature of its projects. KNM is an investment holding company with subsidiaries principally involved in the design, manufacture and fabr...

The affirmation of ABI Malaysia Sdn Bhd’s (ABI) rating reflects its leading position in the manufacture of automotive batteries in Malaysia; existing and new manufacturing contracts which ensure sustainable demand for its batteries; and the company’s improving financial profile. The rating, however, is moderated by the company’s tight cash flow position. ABI is involved in the production and...

MARC has assigned a rating of A+ID (A plus, Islamic Debt) to Ingress Sukuk Berhad’s (ISB) proposed RM160.0 million Sukuk Al Ijarah Issuance. ISB was incorporated by its holding company, Ingress Corporation Berhad (Ingress), as a special purpose vehicle to facilitate the execution of the sale and leaseback of Ingress’ identified assets for the Sukuk Al Ijara Issuance. The assigned rating reflec...

MARC has assigned ratings of AAA, AA and BB to Kerisma Bhd’s (Kerisma) RM870.0 million senior secured fixed-rate, RM30.0 million mezzanine 5-year secured fixed-rate and RM100.0 million junior secured variable-rate asset-backed bonds. The ratings are based on the total credit enhancement of 16.4% and 12.6% for the senior and mezzanine bonds respectively, the A- weighted average rating of the unde...

MARC has received confirmation from Petronas Gas Berhad that its RM900 million Murabahah Commercial Paper/ Medium Term Notes and RM500 million Al-Bai-Bithaman Ajil Bonds have been fully settled. As such, MARC no longer has any rating obligation on the Facilities and the respective MARC-1ID/AAAID and AAA ID ratings are hereby withdrawn....

The ratings reaffirmation reflect the Bank’s strategic importance in the development of Islamic banking as a viable alternative to the conventional banking system coupled with the consistent double digit growth in its financing assets, supported by a solid liquidity and strengthening profitability position. These positives are, however, moderated by the Bank’s asset performance, which affecte...

MARC has assigned the ratings of MARC-2ID/A+ID to DeGem Bhd’s (DeGem) proposed RM50.0 million private debt securities (PDS). The ratings reflect the Group’s proven track record as one of the leading jewellers in Malaysia. The ratings also took into consideration DeGem’s better than average financial profile characterised by its low gearing and favourable liquidity profile. Moderating factors...

MARC has upgraded the rating of KMT’s FRN from A+ to AA-. The upgrade reflects the company’s strong business fundamentals driven by the steady growth in the container volume, solid financial profile and business growth opportunities from the Government’s full support in developing Port Klang into a Transshipment Megahub/Free Trade Zone, emulating the accomplished Jebel Ali Free Zone Internat...