MARC has affirmed the long term rating of Perwaja Steel Sdn Bhd’s (Perwaja) RM400.0 Million Murabahah Medium-Term Notes (MMTN) Programme at AID which reflects its strong position as a domestic direct reduced iron (DRI) producer, expectations for continued improvement in credit quality as the company benefits from higher steel prices and production volumes in addition to efficiency initiative...

MARC has revised EP Manufacturing Berhad’s (“EPMB”) MARCWatch status, placing its short-term and long-term ratings of MARC-2ID and AID in respect of its RM150 million Murabahah Notes Issuance Facility (MUNIF)/Islamic Medium Term Notes (IMTN) and RM120 million MUNIF/IMTN respectively to MARCWatch Negative. The short term rating was originally placed on MARCWatch Developing in Janu...

The rating of Negeri Sembilan Cement Industries Sdn Bhd’s (“NSCI”) RM200 million Bai’ Bithaman Ajil Islamic Debts (“BaIDS”) has been affirmed at AA- ID (bg) whilst the ratings of its RM130 million Murabahah Notes Issuance Facility (“MUNIF”) have been reaffirmed at A- ID/ MARC-2 ID. The affirmation of the bank guaranteed BaIDS reflects use of the &ldq...

MARC has revised Evermaster Group Berhad’s (“EGB”) MARCWatch status on its MARC-2 ID rating in respect of its RM40 Million Murabahah Multi-Option Notes Issuance Facility (MONIF) to Negative from Developing. Concurrently, MARC has also placed the Group’s long-term rating of A- ID on MARCWatch Negative in respect of its RM50 Million Al-Bai Bithaman Ajil Islamic Debt Securitie...

MARC has reaffirmed Priceworth Wood Products Berhad’s (“Priceworth” or the “Group”) RM160 million Commercial Papers/Medium-Term Notes ratings of MARC-2 and A respectively. The ratings carry a Developing Outlook. MARC views Priceworth’s vulnerability to cyclical developments affecting the timber/wood-based industry and share repurchases as a moderating factor to ...

MARC has downgraded the long and short term ratings of PRI’s RM40.0 million ICP/IMTN to D ID (D, Islamic Debt) and withdrawn its ratings upon receipt of confirmation from Bank Muamalat Malaysia Berhad (BMMB), that an “Event of Default” has been declared in relation to the ICP/IMTNs. PRI had failed to replenish an amount of RM191,945 into the Finance Service Reserve Account (FSRA)...

MARC has lifted its MARCWatch Developing placement on Malaysian AE Models Holdings Berhad’s (MAE) RM200.0 million Islamic Commercial Paper/Islamic Medium-Term Notes (ICP/IMTN) Programme and reaffirmed its MARC-2 ID/A ID ratings. The ratings carry a stable outlook.The ratings were put on MARCWatch Developing on the 28 February 2007 following the withdrawal of Abrar Discounts Berhad (Abrar) as...

MARC has downgraded the rating of Mithril Berhad’s (“Mithril”) RM59 million Redeemable Convertible Secured Loan Stocks (“RCSLS”) from BBB to BBB- with a Negative Outlook based on continued deterioration in the company’s financial profile, its weak operating outlook for 2007 and uncertainties about the future operating performance of new ventures. Mithril manufac...

MARC has lowered its ratings on Paradym Resources Industries Sdn Bhd’s (“PRI”) RM40 million Islamic Commercial Papers / Medium-Term Notes Issuance Programme (“ICP/MTN”) to CID/MARC-4ID from AID/MARC-2ID. The ratings remain on MARCWatch Negative. The downgrades reflect MARC’s concerns as to the company’s ability to fund near-term commitments arising from th...

MARC had announced on May 9, 2007 that it had received written confirmation from Bank Negara Malaysia that the Central Bank had terminated its 10 year contract for the purchase of raw materials with PRI. In relation to the earlier announcement, MARC wishes to highlight that in the Central Bank’s letter, the termination date was given as effective from May 9, 2007, with no reference made as t...