MARC has downgraded the long-term rating of Delloyd Ventures Berhad (“Delloyd” or “the Group”) from A+ ID to A ID, whilst maintaining the short term rating at MARC-1 ID in respect of its RM100 million Islamic Commercial Papers/Medium-Term Notes (ICP/MTN) Programme. The rating carries a developing outlook. The downgrade of Delloyd’s long-term rating reflects deteriorat...

MARC has lowered the rating on Ace Polymers (M) Sdn Bhd’s (“Ace”) RM70 million Al Bai Bithaman Ajil Islamic Debt Securities (“BaIDS”) from ‘BBB- ID’ to ‘D ID’. The rating of “D” reflects Ace’s failure to make scheduled payment on the RM10 million Primary BaIDS due on September 14, 2007. Ace was placed on MARCWatch Negative on ...

MARC has placed the MARC-3ID rating on M-Trex Corporation Sdn Bhd (M-Trex)’s RM60.0 million Islamic Commercial Paper Programme (ICPs) on MARCWatch Negative upon completion of its annual review on M-Trex, due to a number of unresolved issues with the potential for continued uncertainty. The MARCWatch Negative reflects slow progress in resolution of covenant breaches relating to M-Trex’s...

MARC has assigned a rating of A to Handal Offshore Services Sdn Bhd’s (“Handal” or the “Company”) RM50 million Medium-Term Notes Programme (“MTN Programme”). The rating carries a stable outlook. Handal is a full line offshore crane manufacturing and service company specializing in the production of offshore pedestal mounted cranes for the oil and gas (&ldq...

MARC has affirmed Boon Koon Group Berhad’s (‘BKGB’ or the ‘Group’) RM100 Million Islamic Commercial Papers/ Medium-Term Notes (ICP/MTN) ratings at AID / MARC-2. The rating outlook is stable. The rating affirmation primarily reflects the Group’s leading position in the domestic rebuilt commercial vehicle industry, the industry’s positive growth prospectives...

MARC has affirmed the long and short-term ratings of Goodway Integrated Industries Berhad’s (Goodway) RM80 million Partially Underwritten Murabahah Notes Issuance Facility/ Islamic Medium-Term Notes Programme, at AID/Marc-2ID. The factors supporting the ratings affirmation include its improving profitability, the company’s market position as one of the leading domestic manufacturers an...

MARC has downgraded the rating of Ace Polymers (M) Sdn Bhd (“ACE”) from A- ID to BBB- ID in respect of its RM70 million Al Bai Bithaman Ajil Islamic Debt Securities (“BaIDS”). Concurrently, MARC has also placed ACE’s rating on MARCWatch Negative. Under the BaIDS’ trust deed dated 6 September 2004, ACE is required to make a deposit amounting to RM12.55 million in...

MARC has placed the AID rating of Englotechs Holding Bhd’s (Englotechs) RM50.0 million Murabahah Medium Term Notes Programme (MMTN) on MARCWatch Negative. The MARCWatch placement reflects MARC’s concerns about the significant deterioration in Englotechs’ working capital and liquidity following a rapid increase in its trade receivables. Unless cash flow from operations improve, th...

MARC has placed its A+IS  rating on Ingress Sukuk Berhad’s (“Ingress”) RM160.0 million Sukuk Al Ijara Issuance Programme on MARCWatch Developing. The MARCWatch placement follows a recent confirmation from CIMB Trustee Berhad that a breach in the Debt to Equity Ratio had occurred based on Ingress’ audited accounts for the financial year ended 31 January 2007. MARC under...

MARC has affirmed the ratings of Kinsteel Berhad’s (Kinsteel) RM100.0 million Murabahah Commercial Papers/Medium-Term Notes (Murabahah CP/MTN) and RM100.0 million Murabahah Medium-Term Notes (MMTN) Programme at AID /MARC-2ID and AID respectively. The ratings carry a stable outlook, reflecting the company’s above average competitive position in the local steel industry supported by its ...