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Today MARC placed its short term and long term debt ratings of MARC-1ID and A+ID ratings on the KNM Group Berhad (KNM Group or KNM) and KNM Capital Sdn Bhd (KNM Capital) on MARCWatch Negative to highlight event risk concerns arising from the winding up petition that was recently served on KNM Group's material subsidiary, KNM Process Systems Sdn Bhd (KNM Process). KNM Process is defined as a materi...
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MARC has lowered its rating on Perwaja Steel Sdn Bhd’s (Perwaja) RM400.0 million Murabahah Medium Term Notes (MMTN) programme to BBB-ID from A-ID. Concurrently, MARC has placed the rating on MARCWatch Negative. The rating actions affect RM110.0 million of current outstanding notes. The rating downgrade reflects the steelmaker’s weak financial risk profile arising from the prolonged cha...
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MARC has placed its ratings of MARC-2ID/A-ID and A-ID on Kinsteel Berhad’s (Kinsteel) RM100.0 million Murabahah Commercial Papers/Medium Term Notes Programme (CP/MTN) and RM100.0 million Murabahah Medium Term Notes (MTN) Programme respectively on MARCWatch Negative. The rating action reflects MARC’s concerns on the group’s weak operating performance which would exert pressure on ...
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MARC has affirmed the ratings of ABS Logistics Berhad’s (ALB) Senior Sukuk Ijarah comprising RM100.0 million of Class A, RM20.0 million of Class B and RM40.0 million of Class C sukuk at AAAIS, AAIS and AAAIS(bg) respectively. The rating action affects the outstanding amounts under the respective classes of RM75.0 million, RM20.0 million and RM40.0 million. The outlook on the ratings for Clas...
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MARC has withdrawn its MARC-3ID /BBBID ratings on Boon Koon Group Bhd’s (BKGB) RM100 million Islamic Commercial Paper/Islamic Medium Term Notes (ICP/IMTN) Programme. Following the full redemption and cancellation of the facility on December 7, 2012, MARC will no longer provide analytical coverage on the issuer upon withdrawal of the aforementioned ratings.Contact: Sharidan Salleh, +603-2082 ...
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MARC has affirmed the short-term and long-term ratings at MARC-1ID and A+ID and revised the outlook of the ratings to negative from developing for the following rated programmes/issuers:RM300.0 million Murabahah Underwritten Notes Issuance Facility (MUNIF)/Islamic Medium Term Notes (IMTN) Programme of KNM Capital Sdn Bhd (KNM Capital);RM400.0 million Islamic Commercial Paper (ICP) Programme of KNM...
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MARC has withdrawn its ratings of AAAID(S) on the respective Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) issuances of PETRONAS Chemicals Glycols Sdn Bhd (formerly known as Optimal Glycols (Malaysia) Sdn Bhd) and PETRONAS Chemicals Derivatives Sdn Bhd (formerly known as Optimal Chemicals (Malaysia) Sdn Bhd) with immediate effect following the early redemption of their outstanding Ba...
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MARC has affirmed its short-term and long-term ratings of MARC-3ID and BBBID on Boon Koon Group Bhd’s (BKBG) RM100 million Islamic Commercial Paper/Islamic Medium Term Notes (ICP/IMTN) Programme with a stable outlook. The rating action affects RM25 million of outstanding notes issued under the programme.The affirmed ratings reflect the reduced refinancing risk related to BKBG’s upcomin...
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MARC has affirmed its rating of AAAIS(fg) on Antara Steel Mills Sdn Bhd’s (Antara) RM300 million Sukuk Mudharabah Programme (sukuk) programme with a stable outlook. The RM300 million sukuk is guaranteed by Danajamin Nasional Bhd (Danajamin). The rating on the sukuk programme is premised on MARC’s current rating of Danajamin’s financial strength at AAA/stable based on its importan...
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MARC has withdrawn its MARC-2ID/AID ratings on EP Manufacturing Bhd’s (EPMB) RM120 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) Programme with immediate effect. The ratings withdrawal follows the redemption of the outstanding RM10 million notes under the rated facility on June 8, 2012 and subsequently the early cancellation of the facility on ...
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