MARC has downgraded its rating on Englotechs Holding Bhd’s (Englotechs) RM50.0 million Murabahah Medium Term Notes Programme (MMTN) to BBB-ID from BBB+ID. Englotechs’ rating has also been placed on MARCWatch Negative. The downgrade reflects continued deterioration in Englotechs’ financial risk profile. The Company is in breach of its Finance to Net Tangible Assets Ratio (FNR) cov...

M-Trex Corporation Sdn Bhd’s (M-Trex) MARC-3ID rating for its RM60.0 million Islamic Commercial Paper Programme (ICPs) remains on MARCWatch Negative where it had been placed since September 14, 2007 following a delay in the completion of its proposed refinancing of the ICPs.The rating was first placed on MARCWatch Negative on September 14, 2007 due to M-Trex’s slow progress in resolvin...

MARC continues to maintain 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) on MARCWatch Developing where they were placed since December 10, 2007. The rating action follows slower than anticipated progress on EKIB’s acquisition of a 51% ...

MARC has affirmed the rating of Antara Steel Mills Sdn Bhd’s (Antara) Islamic debt at AID  and revised the outlook to positive from stable. The rating affirmation reflects the strong recovery of Antara’s HBI operations in Labuan, which contributed substantially to the group’s bottom line following the setback from a prolonged unplanned plant shutdown in 2006. The positive ou...

MARC has issued this rating update in relation to KNM Group Bhd’s (KNM Group) announcement on a proposed rights issue and foreign currency exchangeable bonds issue which are earmarked for KNM Group’s potential future acquisitions and working capital. In addition to the above, MARC also notes a proposed bonus issue exercise. MARC is of the opinion that there is no immediate impact on th...

MARC has issued this rating update in connection with Kinsteel Berhad’s (Kinsteel) announcement on the proposed listing of Perwaja Steel Sdn Bhd (Perwaja). MARC is of the opinion that there is no immediate impact on the MARC-2ID / AID and the AID ratings of Kinsteel’s RM100.0 million Murabahah Commercial Paper / Medium Term Notes Programme (Murabahah CP/ MTN) and RM100.0 million Muraba...

MARC has issued this rating update in connection with Kinsteel Berhad’s (Kinsteel) announcement on the proposed listing of Perwaja Steel Sdn Bhd (Perwaja). MARC is of the opinion that there is no immediate impact on the MARC-2ID / AID and the AID ratings of Kinsteel’s RM100.0 million Murabahah Commercial Paper / Medium Term Notes Programme (Murabahah CP/ MTN) and RM100.0 million Muraba...

MARC has reaffirmed the AAAID(s) ratings of Optimal Glycols (Malaysia) Sdn Bhd’s (‘Glycols’) and Optimal Chemicals (Malaysia) Sdn Bhd’s (‘Chemicals’) RM453 million and RM567 million Bai Bithaman Ajil Islamic Debt Securities (BaIDS) respectively. The ratings carry stable outlook. The ratings assigned to the Glycols’ and Chemicals’ issues reflect credi...

MARC has reaffirmed its AAAID ratings on Optimal Olefins (Malaysia) Sdn Bhd’s (‘Olefins’) RM250 million Al Bai Bithaman Ajil Islamic Debt Securities (BaIDS). The rating outlook is stable. The rating reflects Olefins’ strong ownership structure, its secured feedstock source and favourable feedstock price structure from Petroliam Nasional Berhad (‘Petronas’) until...

MARC has removed its MARC-2/A ratings on Axis Incorporation Berhad’s (Axis) RM100.0 million Commercial Papers/Medium Term Notes Programme (CP/MTN) from MARCWatch Developing and withdrawn the ratings with immediate effect. The rating actions follow written confirmation from RHB Investment Bank Berhad of the full redemption and cancellation of the facility today, 22 January 2008.The ratings ha...