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MARC has removed KNM Capital Sdn Bhd (KNM Capital) ratings of MARC-2ID /A-ID on its RM300 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) programme from MARCWatch Negative and withdrawn the ratings. The ratings withdrawal follows the full redemption of the facility on October 18, 2013 as confirmed by the facility agent. MARC will no longer provide anal...
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MARC maintains Press Metal Berhad’s (Press Metal) BBB rating on the outstanding Redeemable Convertible Secured Loan Stock (RCSLS) with detachable warrants on MARCWatch Negative. The rating was first placed on MARCWatch Negative on July 3, 2013 following the shutdown of Press Metal’s aluminium smelting plant in Mukah, Sarawak, as a result of damage suffered from the recent power outage ...
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MARC today has downgraded its rating on Perwaja Steel Sdn Bhd’s (Perwaja) RM400.0 million Murabahah Medium Term Notes (MMTN) programme to DID from CID. The rating agency has also removed Perwaja’s rating from MARCWatch Negative where it has been placed since April 17, 2013. The rating actions follow Perwaja’s failure to meet its repayment of RM50.0 million MMTN due on September 2...
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MARC has affirmed the rating of AAAIS(fg) on Antara Steel Mills Sdn Bhd’s (Antara) RM300.0 million Sukuk Mudharabah Programme with a stable outlook. The affirmed ratings and outlook are underpinned by the financial guarantee provided by Danajamin Nasional Berhad (Danajamin) for the sukuk. MARC currently rates Danajamin’s financial strength at AAA/Stable based on the financial insurer&r...
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MARC today has downgraded its Islamic debt rating on Perwaja Steel Sdn Bhd’s (Perwaja) RM400 million Murabahah Medium Term Notes (MMTNs) Programme to CID from BBID. The rating remains on MARCWatch Negative where it has been placed since April 17, 2013. Perwaja has outstanding RM110.0 million notes under its MMTN Programme, of which RM50.0 million is due for repayment on September 25, 2013.Th...
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MARC today has downgraded its Islamic debt ratings on Kinsteel Berhad’s (Kinsteel) RM100 million Murabahah Commercial Papers/Medium Term Notes (CP/MTN) Programme to DID from MARC-4ID/CID. Concurrently, the agency has withdrawn its ratings on the CP/MTN at the request of the issuer, with the consent of the sole outstanding Murabahah CP holder. Kinsteel’s CID rating on RM100 million Mura...
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MARC has downgraded its Islamic debt ratings on the medium-term notes issued by Kinsteel Berhad (Kinsteel) under its RM100 million Murabahah Commercial Papers/Medium Term Notes (CP/MTN) Programme and RM100 million Murabahah Medium Term Notes (MTN) Programme to CID from BB+ID respectively. Its short-term rating on commercial papers issued under the CP/MTN Programme remains at MARC-4ID. All ratings ...
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MARC has lowered its debt ratings on KNM Capital Sdn Bhd’s (KNM Capital) RM300 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) Programme to MARC-2ID/A-ID from MARC-1ID/A+ID. The ratings continue to be maintained on MARCWatch Negative. The rating action affects RM50 million of outstanding notes. KNM Capital is a wholly-owned funding vehicle of KNM...
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MARC has downgraded its ratings on Kinsteel Berhad’s (Kinsteel) RM100.0 million Murabahah Commercial Papers/Medium Term Notes (CP/MTN) Programme and RM100.0 million Murabahah Medium Term Notes (MTN) Programme to MARC-4ID/BB+ID and BB+ID from MARC-3ID/BBBID and BBBID respectively. Concurrently, the ratings have been placed on MARCWatch Negative. The rating downgrades and MARCWatch placement r...
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MARC has downgraded its rating on Perwaja Steel Sdn Bhd’s (Perwaja) RM400.0 million Murabahah Medium Term Notes (MMTN) programme to BBID from BBB-ID. In addition, the rating remains on MARCWatch Negative where it was placed on April 17, 2013. The rating downgrade and MARCWatch Negative placement reflects near-term liquidity concerns, poor operating performance and a significantly weaker fina...
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