MARC has revised the MARCWatch status of its AID/MARC-2ID ratings on PRI’s RM40.0 million Islamic Commercial Paper/Medium Term Note Issuance Programme to negative from developing with immediate effect. This follows written confirmation from Bank Negara Malaysia that it has terminated its 10 year contract for the purchase of raw materials with PRI. The termination of this contract constitutes...

MARC has lifted its MARCWatch Negative placement in respect of Stenta Films (Malaysia) Sdn Bhd’s (Stenta) RM90 million Murabahah Notes Issuance Facility (“MUNIF”) and has reaffirmed the short term rating of MARC-4ID.Stenta is the leading domestic Biaxially Oriented Polypropylene (BOPP) film manufacturer and commands approximately 50% of the market in terms of local production of ...

MARC has assigned ratings of AAAIS, AAIS and AAAIS(bg) to ABS Logistics Berhad (ALB)’s Class A, Class B and Class C Senior Sukuk respectively.  The ratings of Class A and B Senior Sukuk reflect the quality of the collateral comprising of 23 warehouses, protective structural features of the transaction, and relatively low actual loan-to-values (LTVs) for each of Class A and Class B Senio...

MARC has placed the ratings of PRI’s RM40.0 million Islamic Commercial Paper/Medium Term Note Issuance Programme, currently rated at A/MARC-2, on MARCWatch Developing with immediate effect. This is premised on a recent site visit to PRI's factory in Nilai, Negeri Sembilan where an absence of production activity and inventory were noted. The management represented that there is on-going maint...

MARC has lifted its MARCWatch Developing placement on the ratings of PRI and affirmed the long and short term debt ratings of PRI’s RM40.0 million Islamic Commercial Papers/Medium Term Notes Issuance Programme at AID (A Flat, Islamic Debt) and MARC-2ID respectively with a Stable Outlook.MARC had placed the ratings of PRI on MARCWatch Developing on 15 January 2007 in connection with a RM46 mi...

MARC has withdrawn the BBB+ID(s) rating assigned to Malaysian Newsprints Sdn Bhd (MNI) RM923 Million Bai’ Bi Al-Taqsit (BBAT) Nominal Value Fixed Rate Serial Bonds with immediate effect, following confirmation by the trustee that the bonds have been fully redeemed....

The ratings of Leader Universal Holdings Berhad’s (LEADER) RM150.0 Million Murabahah Medium-Term Notes Issuance Programme has been reaffirmed at AID, with a stable outlook. The ratings reflect the Group’s dominant market position in the domestic cable and wire manufacturing industry coupled with stable recurring revenue contributions from its power generation business in Cambodia. LEAD...

MARC has placed Malaysian AE Models Holdings Berhad’s (“MAE”) RM200 Million Islamic Commercial Paper/Islamic Medium-Term Notes Programme (“ICP/IMTN”) on MARCWatch Developing following confirmation from its Facility Agent, Bank Muamalat Malaysia Berhad of the withdrawal of Abrar Discounts Berhad (“Abrar”) as  an underwriter for RM25 million of the ICPs...

MARC has downgraded the rating of Tracoma Holdings Berhad’s (“Tracoma”) RM100 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) from A ID to BBB+ ID with a negative outlook. The rating downgrade is underpinned by the current negative domestic automotive industry outlook reflecting weak industry fundamentals which MARC believes will have an adverse impact on Trac...

MARC has downgraded the rating of Stenta Films (Malaysia) Sdn Bhd’s (Stenta) RM90 million Murabahah Notes Issuance Facility (MUNIF) from MARC-3ID to MARC-4ID.The rating also remains on MARCWatch, with negative implications. The rating action is premised on recent representations by the company that it intends to refinance the facility. This leads to concerns over the company’s ability ...