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...

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 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 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 received confirmation from Abrar Discount Berhad as the facility agent for Priceworth Wood Products Berhad’s RM60 million MONI facility that the facility has been fully redeemed and cancelled and all agreements related to the facility has been terminated accordingly. As such, MARC no longer has any rating obligation on the facility and the AID / MARC-2 ID rating is hereby withdrawn....

The rating reflects Priceworth Wood Products Berhad (Priceworth) Group’s improving financials underpinned by growing timber extraction activity/contracting services coupled with high operational integration pertaining to its manufacturing activities. The Group’s vulnerability to cyclical developments affecting the timber/wood-based industry remains a moderating factor to the rating.Promoted t...

MARC has upgraded the ratings of Negeri Sembilan Cement Industries Sdn Bhd’s (NSCI) RM200.0 million Bai’ Bithaman Ajil Islamic Bonds (BaIDS) to A+ID(bg) (A Plus, Islamic Debt, Bank Guaranteed) and the long-term rating of its RM130.0 million Murabahah Notes Issuance Facility (MUNIF) to A-ID (A Minus, Islamic Debt), while the short-term rating of the MUNIF was affirmed at MARC-2ID. The upgrade o...