MARC has received confirmation from Malaysian AE Models Holdings Berhad that the company has made an early redemption of the entire issuance of the RM80 million Nominal Value Fixed Rate Serial Bonds. Following this development, MARC no longer has any rating obligation on the above Fixed Rate Serial Bonds and the A- rating is hereby withdrawn....

MARC has assigned a short and long term rating of MARC-2ID/AID to Malaysian AE Models Holdings Berhad’s (“MAE”) proposed issuance of RM200 Million Fully Underwritten Programme Islamic Commercial Paper/Islamic Medium Term Notes. The ratings reflect MAE’s competitive position as a one-stop logistic solutions provider; its technical competency in the industry; stable order book and strong fin...

MARC has assigned a rating of A+ID (A Plus, Islamic Debt) to Antara Steel Mill Sdn Bhd’s (Antara) proposed RM500 million Bai’ Bithaman Ajil Islamic Debt Securities. The rating is supported by Antara’s association with one of the largest steel players in Malaysia, the Lion Group; good operating track record; strong overseas demand for its hot briquetted iron (HBI); tight issue structure and s...

MARC has received a copy of a formal notice from Pacific Trustees Berhad dated 22 August 2005 notifying that an event of default has occurred with regards to ABI Malaysia Sdn Bhd’s (ABIM) RM80 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS). Pursuant to Clause 9(c) of the Trust Deed of the BaIDS, the outstanding bonds have thus become due and payable. As such, MARC has placed the co...

The affirmation of EP Manufacturing Bhd’s (EPMB) short-term/long-term ratings of MARC-2ID/AID on its RM150 million Islamic MUNIF/IMTN mainly reflects the Group’s position as a Tier-1 parts vendor for the national carmaker, Proton, via its subsidiary; Peps-JV. Moderating factors, however, include its heavy dependence on the sales performance of national cars (i.e. Proton and Perodua) and the in...

The short term rating for KNM Group Berhad’s (KNM) RM150 Million Murabahah Underwritten Notes Issuance Facility (MUNIF) / Islamic Medium-Term Notes (IMTN) has been upgraded to MARC-1ID whilst its long-term rating has been affirmed at A+ID. The ratings reflect the group’s increasing order book underpinned by strong demand for process equipment in the oil and gas industry; the group’s increase...

MARC has lowered its rating on ABI Malaysia Sdn Bhd’s (ABIM) RM80 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) to A- ID from A ID and concurrently places the BaIDS facility on MARC Watch with a Negative Outlook. The rating actions reflect the negative impact arising from its holding company, Polymate Holdings Berhad being placed under Practice Note 1/2001 of Bursa Securities of ...

MARC has assigned a corporate credit rating of A+ to Kemaman Bitumen Company Sdn Bhd (KBC). The rating is underpinned by its position as the only dedicated bitumen manufacturer in Malaysia once operational; a ten-year off-take agreement with Tipco Asphalt Public Company Limited (TASCO); capable Engineering, Procurement and Construction (EPC) contractors to minimize construction risks; and the exis...

MARC has assigned Weida (M) Bhd’s (“Weida”) RM100.0 million Murabahah Underwritten Notes/Islamic Medium-Term Notes facility ratings of MARC-1ID /A+ID which reflects, amongst others, the Group’s reputable position as a manufacturer of high density polyethylene (“HDPE”) engineering products for the water and sewerage industry; its historically strong financial performance and positive ca...

MARC has placed the rating of MARC-3ID in respect of Stenta’s RM90 million Murabahah Notes Issuance Facility (MUNIF) on a developing outlook; pending the approval of the Securities Commission (SC) and noteholders on the revision in reduction schedule of the MUNIF. The proposed revision is attributed to the high raw material (petroleum-based resins) prices in tandem with the uptrend in oil prices...