MARC has downgraded PECD Berhad’s (PECD) RM200 million serial fixed rate bonds to BB+ from BBB-. The rating outlook remains negative. The downgrade reflects the major operational and strategic challenges currently faced by PECD as well as continued deterioration in its credit metrics, and recognizes the increased execution challenges confronting management as it pursues its turnaround strate...

MARC has reaffirmed the short term rating of MARC-4ID for Jana Niaga Sdn Bhd’s (JNSB) RM100.0 million Murabahah Underwritten Notes Issuance Facility (MUNIF). The rating continues to reflect JNSB’s significant near-term refinancing risk and diminished credit measures compounded by continuing delays in payment by University Industri Selangor (UNISEL), its sole obligor under its concessio...

MARC has reaffirmed the ratings of WCT Engineering Berhad’s (WCT) Islamic Fixed Rate Serial Bonds of RM100 million at A+ID and 7-year Islamic Commercial Papers/Medium-Term Notes Programme of up to RM100 million (Islamic CP/MTN) (collectively known as Islamic Securities or IS) at  MARC-1ID /A+ID with a stable outlook. The ratings reflect WCT’s sustained competitive position in the ...

MARC has withdrawn the MARC-3 rating assigned to Pembinaan Mitrajaya Sdn Bhd’s (PMSB) RM50 million Murabahah Multi-Option Notes Issuance (MONI) Facility with immediate effect, following confirmation by PMSB that the MONI Facility has been paid in full. ...

MARC has reaffirmed Nam Fatt Corporation Berhad’s (Nam Fatt) ratings for its RM250 million Islamic Commercial Paper/Islamic Medium Term Notes Programme (ICP/IMTN) at MARC-1ID /A+ID. The ratings are predicated on the facility’s tight issue structure which confines the utilization of draw downs under the facility to the financing of working capital requirements for specific contracts or ...

MARC has reaffirmed the ratings of MARC-2 ID /A- ID for Prinsiptek Corporation Berhad’s (“Prinsiptek”) Murabahah Commercial Papers (“MCPs”) Programme of up to RM30 million and Murabahah Medium-Term Notes (“MMTNs”) Programme of up to RM50 million. The ratings reflect the company's proven track record in its execution of projects, and reasonably strong order...

MARC has revised its outlook on the rating of PECD Berhad’s (“PECD”) RM200 million serial fixed rate bonds to negative from developing. The outlook revision follows PECD’s announcement to Bursa Malaysia on 6 July 2007 that its wholly owned subsidiary, Peremba Construction Sdn Bhd (“PCSB”) had been served notices of termination of employment for contracts under i...

MARC has lowered its rating on PECD Berhad’s (“PECD”) RM200 million serial fixed rate bonds to BBB- from BBB with a Developing Outlook and has removed it from MARCWatch. The rating action reflects PECD’s weakened financial profile, an increase in overall business risk and the uncertainty in the timing of any recovery in credit protection measures even as it seeks to execute...

MARC has assigned ratings of AAA(bg)/MARC-1(bg) and AA+(bg)/MARC-1(bg) to Legolas Capital Sdn Bhd’s (LCSB) RM105 million nominal value CP/MTNs and RM110 million nominal value CP/MTNs, respectively, based on the irrevocable guarantees provided by Malayan Banking Berhad (Maybank) and United Overseas Bank (Malaysia) Bhd (UOBM) respectively. LCSB is a special purpose vehicle which is an 85.1% ow...

MARC has affirmed the AA- long-term rating of Tirai Impresif Sdn Bhd’s (Tirai) RM100.0 million Medium-Term Notes (MTN) Programme with a stable outlook. The affirmation is primarily based on the credit quality and performance of existing Government contract receivables assigned to the issue in respect of identified Government sponsored affordable housing schemes and the issue’s tight st...