MARC has downgraded M-Trex Corporation Sdn Bhd’s (M-Trex) RM48.0 million Islamic Commercial Papers (ICPs) rating to DID from MARC-3ID arising from its failure to redeem RM30 million of the Notes due on May 7, 2009 by way of conversion into a term loan as planned earlier. Concurrently, MARC removed M-Trex’s rating from MARCWatch Negative where it had been placed on February 24, 2009 to ...

MARC’s AID rating on Antara Steel Mills Sdn Bhd’s (Antara) RM500 million Bai’ Bithaman Ajil Islamic Debt Securities (BAIDS) Programme remains on MARCWatch Negative pending finalisation of our ongoing rating review. The BaIDS had been placed on MARCWatch Negative on February 3, 2009 due to concerns over the financial impact of the shutdown of Antara’s Labuan-based Hot Brique...

MARC has withdrawn its MARC-2/ A ratings on Priceworth Wood Products Berhad’s RM160 million Commercial Papers/ Medium-Term Notes Programme (Facility) with immediate effect, following confirmation from the facility agent, RHB Investment Bank Berhad, of an early cancellation of the Facility on April 10, 2009, ahead of its original maturity date on May 11, 2012.Contacts: Hafizan Haron, 03-2090 ...

MARC has lowered its rating on Ingress Sukuk Berhad’s (ISB) RM160 million Sukuk Al Ijarah (Sukuk) to BB-IS from BBB-IS. The lowered rating remains on MARCWatch Negative. ISB is a wholly-owned funding vehicle of auto parts manufacturer, Ingress Corporation Berhad (Ingress). Since MARC’s downgrade of ISB’s sukuk rating on March 31, 2009, ISB has failed to make a RM25 million paymen...

MARC has lowered its ratings on Optimal Glycols (Malaysia) Sdn Bhd’s (Glycols) and Optimal Chemicals (Malaysia) Sdn Bhd’s (Chemicals) RM453.0 million and RM567.0 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) respectively to AA+ID(s) from AAAID(s) and removed the ratings from MARCWatch Negative which was placed on January 2, 2009. Concurrently, the ratings outlook is revi...

MARC has lowered its rating on Ingress Sukuk Berhad’s (ISB) RM160 million Sukuk Al Ijarah (Sukuk) to BBB-IS from A-IS and maintains the lowered rating on MARCWatch Negative where it had been first placed on July 28, 2008. ISB is a wholly-owned funding vehicle of auto parts manufacturer, Ingress Corporation Berhad (Ingress). The downgrade considers Ingress’ insufficient liquidity resour...

MARC has downgraded Englotechs Holding Berhad’s (Englotechs) RM50.0 million Murabahah Medium-Term Note Programme (MMTN) rating to DID from BBID.The rating action is based on the cotton glove manufacturer’s failure to meet its profit payment of RM1.7 million due on March 26, 2009 as confirmed by OSK Trustees Berhad. In connection with the missed profit payments, Englotechs is seeking an...

MARC has affirmed its MARC-1ID/A+ID ratings on Weida (M) Bhd’s RM100 Million Murabahah Underwritten Notes Issuance / Islamic Medium-Term Notes Facility. The rating outlook remains stable. The rating reflects Weida’s competitive position as a fully-integrated leading provider of water- and wastewater-infrastructure products and services, particularly in East Malaysia, its proven track r...

MARC has affirmed its short- and long-term debt ratings of MARC-2 and A respectively on Priceworth Wood Products Berhad’s (Priceworth) RM160.0 million Commercial Papers/ Medium Term Notes Programme (CP/MTN). The affirmed ratings continue to reflect the integrated timber operator’s strong operating track record, a balanced export and domestic revenue base and diversified product lines, ...

MARC has downgraded the rating on Mithril Berhad’s (Mithril) RM59 million Redeemable Convertible Secured Loan Stock (RCSLS) to B+ from BB. The lowered rating reflects the company’s continued pre-tax losses in the fiscal year ended June 30, 2008 (FY2008), its weak near-to-immediate term business outlook, and MARC’s concerns regarding its increased business and financial risks. Mit...