MARC has affirmed the rating of Ace Polymers (M) Sdn Bhd’s (Ace) RM70 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) at AID. The affirmation reflects Ace’s status as a Tier-1 supplier to the local automotive industry; its improving financials and an issue structure that prioritizes payments relating to the BaIDS over operating expenses. The rating is, however, moderated by the co...

MARC has reaffirmed the long term rating of PETRONAS Fertilizer (Kedah) Sdn Bhd’s (PFK) RM750.0 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) at AAAID(s). The reaffirmation of the long term rating is based upon the strength of the support provided by the holding company, Petroliam Nasional Berhad (PETRONAS) in ensuring timely and full redemption of the BaIDS, either through equity...

In respect of Evermaster Group Berhad’s (EGB) RM50 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) and RM40 million Murabahah Multi-Option Notes Issuance Facilities (MONIF), MARC has downgraded EGB’s long-term rating to A-ID whilst reaffirming the short term rating at MARC-2ID. The rating actions reflect on the Group’s continued deteriorating profitability over the last two fina...

The rating affirmation of A+ID on Ingress Sukuk Berhad’s (ISB) RM160.0 million Sukuk Al Ijarah Issuance is underpinned by Ingress Corporation Berhad’s (Ingress) track record as one of the leading local automotive component manufacturers with a diversified customer and geographical distribution; and its fairly strong financial profile. Moderating factors, however, include the vulnerability of ...

MARC has assigned rating of A+ID/MARC-2ID to Emas Kiara Industries Berhad’s (“EKIB”) Partially Underwritten Murabahah Notes Issuance Facility/Islamic Medium-Term Notes Issuance Facility (“MUNIF/IMTN”) Programme of up to nominal value of RM80 million. The rating assignment is a reflection of EKIB’s position as a leading market player in the geosynthetic products segment in Malaysia; the...

MARC has received written confirmation on 29 November 2005 from Malaysian Trustees Berhad, the Trustee of PHS’ BaIDS; that the Tranche V BaIDS was fully redeemed on 17 November 2005.Accordingly, MARC has lifted the rating watch and simultaneously withdrew the rating of the Tranche V BaIDS....

MARC has lifted the Rating Watch (with a developing outlook) on Stenta Films (Malaysia) Sdn Bhd’s (“Stenta”) RM90 million Murabahah Notes Issuance Facility (“MUNIF”). Simultaneously, MARC has also reaffirmed the rating of MARC-3ID assigned to the MUNIF.The rating decision is based upon the approval from the Securities Commission (“SC”) and Noteholders on the revision in the reduction...

MARC has received confirmation in October 2005 from Malaysian Trustees Berhad, the Trustee of Perak-Hanjoong Simen Sdn Bhd’s (“PHS”) RM30 million Tranche V Al-Bai’ Bithaman Ajil Islamic Debt Securities (“BaIDS”) on the following:The BaIDS’ Holders had agreed to grant further indulgence of 6 months ending 17 November 2005 for the repayment of all amounts outstanding under the Tranche ...

MARC has obtained confirmation from Mayban Trustees Berhad (Trustee) on 30th September 2005 that Pesaka Astana (M) Sdn Bhd did not meet the first primary notes and secondary notes repayment amounting to RM34.2 million in total, under its Al-Bai Bithaman Ajil Islamic Debt Securities (ABBA) facility on 30th September 2005. Under Clause 9.1(a) of the Trust Deed, any non-payment under the ABBA facilit...

MARC has assigned a rating of AID to Englotechs Holding Bhd’s (Englotechs) Murabahah Medium Term Notes Programme of up to RM50.0 million. The rating is a reflection of Englotechs position as a leading manufacturer and exporter of industrial cotton work gloves in Malaysia, the stable and foreseeable increase in demand for its products, stable operating margins over the last four years and low deb...