MARC has affirmed its MARC-2ID rating on MM Vitaoils Sdn Bhd’s (MMV) RM45.0 million Murabahah Commercial Paper (MCP) Programme and maintained a negative outlook on the rating. The negative outlook reflects continued concerns over insufficient operating cash flows to support the build-up of MMV’s sinking fund from August 2011 onwards to meet its first CP redemption of RM20.25 million du...

MARC has withdrawn Hytex Integrated Berhad’s (Hytex) ratings of MARC-4ID/B+ID for business reasons. MARC’s last rating action was on July 28, 2010 when the notes were downgraded from MARC-3ID/BBB-ID to MARC-4ID/B+ID. As such, MARC will no longer provide analytical coverage on the MUNIF/IMTN facility which Hytex is currently restructuring.Contacts: Jason Kok, 03-2090 2258/ jason@marc.co...

MARC has affirmed its AAA rating on Oversea-Chinese Banking Corporation Limited’s (OCBC) redeemable subordinated bonds of up to RM2.5 billion. The rating affirmation takes into account OCBC’s established financial services franchise in Singapore and Malaysia, its strong capitalisation, diversified sources of income and improved risk management procedures. MARC did not notch down the ra...

MARC has downgraded its ratings on Hytex Integrated Berhad’s (Hytex) RM100.0 Million Murabahah Underwritten Notes Issuance Facility/ Islamic Medium Term Notes (MUNIF/IMTN) to MARC-4ID/B+ID from MARC-3ID / BBB-ID. Its rating outlook has been revised to negative from developing. The rating action follows Hytex’s partial deferment of an interest payment on a collateralised loan obligation...

MARC has affirmed its MARC-1ID/AID ratings of Tomei Consolidated Berhad’s (Tomei) RM100.0 million Islamic Commercial Paper/Medium Term Notes (ICP/IMTN) Programme. The rating outlook is maintained at stable. The affirmed ratings took into consideration Tomei’s profitable and established domestic fine jewellery chain operations, management’s regional growth strategy and the overall...

MARC has downgraded its ratings on Hytex Integrated Berhad’s (Hytex) RM100 Million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) to MARC-3ID / BBB-ID from MARC-2ID / A-ID. The rating carries a developing outlook.  The downgrade reflects the current strain on the apparel maker’s liquidity stemming from weaker industry fundamentals, recent ope...

MARC has revised its outlook on MM Vitaoils Sdn Bhd’s (MMV) rating of its RM45.0 million Murabahah Commercial Paper Programme (MCP) to negative from stable.  Concurrently, MARC affirmed its MARC-2ID rating on the MCP.  The outlook revision reflects the slow build-up of liquidity ahead of significant sinking fund payments in 2011 as a result of its modest positive cashflow from oper...

MARC has affirmed its MARC-1ID /AID ratings of Tomei Consolidated Berhad’s (Tomei) RM100.0 million Islamic Commercial Paper/ Medium-Term Notes (ICP/IMTN) Programme. The ratings carry a stable outlook. The affirmed ratings reflect Tomei’s significant jewellery-chain operations in the local jewellery market, its integrated operations that have allowed the company to offer a wide product ...

MARC has affirmed the ratings of apparel manufacturer Hytex Integrated Berhad’s (Hytex) RM100.0 million Murabahah Underwritten Notes Issuance Facility/ Islamic Medium-Term Notes (MUNIF/ IMTN) at MARC-2ID /A-ID. Concurrently, MARC has revised the rating outlook to negative from developing.Hytex’s revised rating outlook reflects MARC’s view that while contract manufacturing orders ...

MARC has withdrawn the MARC-1ID/AID  ratings assigned to Degem Berhad’s RM50 Million Murabahah Underwritten Notes Issuance Facility / Islamic Medium Term Notes with immediate effect following confirmation by the facility agent, MIDF Amanah Investment Bank Berhad, of an early cancellation of the facility on February 11, 2009, ahead of its original maturity date on June 10, 2011. Con...