MARC has downgraded its long-term rating on Evermaster Group Berhad’s (“EGB” or “the Group”) RM50.0 million Al-Bai Bithaman Ajil Islamic Debt Securities (“BaIDS”) and RM40.0 million Murabahah Multi-Option Notes Issuance Facility (“MONIF”) to BBB-ID from BBB+ID. The lowered long-term rating and EGB’s MARC-3ID short-term rating remain on MA...

MARC has placed the BBB+ID/MARC-3ID ratings of Evermaster Group Berhad’s (“EGB” or “the Group”) RM50.0 million Al-Bai Bithaman Ajil Islamic Debt Securities (“BaIDS”) and RM40.0 million Murabahah Multi-Option Notes Issuance Facility (“MONIF”) on MARCWatch Negative following the Group’s failure to meet the RM7.5 million sinking fund payment...

MARC continues to maintain Englotechs Holding Bhd’s (Englotechs) BBB-ID  rating in respect of its RM50.0 million Murabahah Medium-Term Notes Programme (MMTN) on MARCWatch Negative where it had been placed on April 1, 2008. The extended MARCWatch Negative reflects continued uncertainty over the Company’s ability to restore its Finance Service Reserve Account (FSRA) balance to the m...

MARC has reaffirmed its AID/MARC-2ID ratings on Emas Kiara Industries Bhd’s (EKIB) RM80 million Partially Underwritten Murabahah Notes Issuance Facility / Islamic Medium Term Notes Issuance Facility (MUNIF/IMTN). The outlook is Stable. The ratings reflect EKIB’s leading position in the domestic geosynthetic market and its enhanced operational efficiency and cost savings derived from pl...

MARC has removed M-Trex Corporation Sdn Bhd’s (M-Trex) MARC-3ID rating  on its Islamic Commercial Paper Programme (ICP) from MARCWatch Negative and affirmed the MARC-3ID  rating with a negative outlook. The negative outlook primarily reflects increased refinancing risk associated with the company’s proposed refinancing of the ICP, which was earlier targeted for completion bef...

MARC has removed its AID /MARC-2ID  ratings on Emas Kiara Industries Bhd’s (EKIB) RM80 million Partially Underwritten Murabahah Notes Issuance Facility / Islamic Medium Term Notes Issuance Facility (MUNIF/IMTN) from MARCWatch Developing, placed since December 2007. This rating action follows EKIB’s announcement to Bursa Malaysia on 2 June 2008 that EKIB and vendors of Carimin Sdn ...

MARC has withdrawn the AA- ID(bg) rating assigned to Negeri Sembilan Cement Industries Sdn Bhd’s (NSCI) RM200 million Bai’ Bithaman Ajil Islamic Debts (BaIDS) and the MARC-2ID/A- ID ratings of its RM130 million Murabahah Notes Issuance/Medium-Term Notes Facility (MUNIF/MTN) with immediate effect, following NSCI’s full redemption of its BaIDS and MUNIF/MTN obligations on 5 May 200...

MARC has downgraded the rating of Mithril Bhd’s (Mithril) RM59 million Redeemable Convertible Secured Loan Stocks (RCSLS) from BBB- to BB. The lowered rating reflects MARC’s expectation that Mithril’s weak operating performance will continue within the context of its very challenging primary export market of the US and rising raw material prices. Mithril’s operating losses ...

MARC has removed its MARCWatch Negative ratings on Evermaster Group Berhad’s (“EGB”) RM50.0 million Al-Bai Bithaman Ajil Islamic Debt Securities (“BaIDS”) and RM40.0 million Murabahah Multi-Option Notes Issuance Facility (“MONIF”) where they had been placed on July 13, 2007 and downgraded its long-term and short-term ratings on the BaIDS and MONIF from A-I...

MARC has placed Ingress Sukuk Berhad’s (Ingress) RM160.0 million Sukuk Al Ijara Issuance Programme (Sukuk) rating of AIS on MARCWatch Developing following Ingress’ announcement dated April 10, 2008 to Bursa Malaysia in response to a  notice by CIMB Trustee Berhad for non-compliance of financial covenants under the Sukuk issuance. According to the Ijarah Agreement, Ingress is requi...