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MARC has affirmed its short-term and long-term ratings of MARC-3ID and BBBID on Boon Koon Group Bhd’s (BKBG) RM100 million Islamic Commercial Paper/Islamic Medium Term Notes (ICP/IMTN) Programme with a stable outlook. The rating action affects RM25 million of outstanding notes issued under the programme.The affirmed ratings reflect the reduced refinancing risk related to BKBG’s upcomin...
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MARC has affirmed its rating of AAAIS(fg) on Antara Steel Mills Sdn Bhd’s (Antara) RM300 million Sukuk Mudharabah Programme (sukuk) programme with a stable outlook. The RM300 million sukuk is guaranteed by Danajamin Nasional Bhd (Danajamin). The rating on the sukuk programme is premised on MARC’s current rating of Danajamin’s financial strength at AAA/stable based on its importan...
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MARC has withdrawn its MARC-2ID/AID ratings on EP Manufacturing Bhd’s (EPMB) RM120 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) Programme with immediate effect. The ratings withdrawal follows the redemption of the outstanding RM10 million notes under the rated facility on June 8, 2012 and subsequently the early cancellation of the facility on ...
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MARC has affirmed its rating on Press Metal Berhad’s (Press Metal) outstanding RM320.5 million Redeemable Convertible Secured Loan Stocks (RCSLS) with detachable warrants at A- with a stable outlook.The proceeds from the RCSLS issuance had been on-lent to the issuer's subsidiary, Press Metal Bintulu Sdn Bhd (PMBintulu), to part-finance the construction of an aluminium smelting plant at Samal...
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MARC has withdrawn its ratings of MARC-1ID/A+ID on Weida (M) Berhad’s (Weida) RM100 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) with immediate effect. The ratings withdrawal follows the redemption of the outstanding RM25.0 million notes under the rated facility and concurrently the early termination of the programme on June 29, 2012 as confir...
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MARC has affirmed its ratings of AAAID(S) on the respective Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) issuances of PETRONAS Chemicals Glycols Sdn Bhd (Glycols) (formerly known as Optimal Glycols (Malaysia) Sdn Bhd) and PETRONAS Chemicals Derivatives Sdn Bhd (Derivatives) (formerly known as Optimal Chemicals (Malaysia) Sdn Bhd) with a stable outlook. The rating actions affect RM15...
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MARC said today that there is no immediate rating impact on EP Manufacturing Bhd’s (EPMB) Islamic debt ratings of MARC-2ID and AID from its proposed acquisition of Maju Expressway Sdn Bhd (MESB) for a total consideration of RM1.7 billion. EPMB has RM10.0 million of notes outstanding issued under its RM120.0 million Murabahah Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) prog...
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MARC has lowered its ratings on Kinsteel Berhad’s (Kinsteel) RM100 million Murabahah Commercial Papers/Medium Term Notes Programme (CP/MTN) and RM100 million Murabahah Medium Term Notes (MTN) Programme to MARC-2ID/A-ID and A-ID from MARC-2ID/AID and AID respectively. The outlook for the ratings is negative. Concurrently, the rating agency has removed Kinsteel’s ratings from MARCWatch N...
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MARC has removed its MARC-4ID/BBID ratings on Maxtral Industry Berhad’s (Maxtral) RM20.0 million Murabahah Underwritten Notes Issuance/Murabahah Medium Term Notes (MUNIF/MMTN) programme from MARCWatch Negative and subsequently downgraded both ratings to D. The downgrade reflects the missed outstanding principal payment of RM10.0 million on April 23, 2012, following the expiry of the two addi...
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MARC has removed its BBID rating on Maxtral Industry Berhad’s (Maxtral) RM80.0 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) from MARCWatch Negative and has withdrawn the rating with immediate effect following the full redemption of the outstanding notes as confirmed by the facility agent, OSK Investment Bank Berhad.MARC’s rating coverage on Maxtral is now only li...
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