MARC has downgraded the rating of Olympia Industries Berhad’s (Olympia) outstanding RM49,733,635 nominal value Redeemable Unsecured Loan Stocks (RULS) to B+ from BB- and concurrently revised the rating outlook to stable from negative. The rating action reflects Olympia’s continued weak financial performance, in particular its limited cash flow generation ability arising from its weak b...

MARC has revised its outlook on its AA+IS(bg) rating on Aras Sejagat Sdn Bhd’s (Aras Sejagat) RM500 million Bank Guaranteed Sukuk Ijarah (Sukuk Ijarah) Programme to stable from negative. At the same time, MARC affirmed the AA+IS(bg) rating on the Sukuk Ijarah. The rating action on Aras Sejagat’s sukuk solely reflects the outlook change on MARC’s financial institution rating of th...

MARC has affirmed Tesco Stores (Malaysia) Sdn Bhd’s (Tesco Malaysia) RM3.5 billion Conventional Commercial Papers/Medium Term Notes (CP/MTN) Facility and Islamic Commercial Papers/Medium Term Notes (ICP/IMTN) Facility at MARC-1(cg) /AAA(cg) and MARC-1ID(cg) /AAAID(cg) respectively. The ratings carry a stable outlook. The affirmed ratings and outlook are premised on the corporate guarantee pr...

MARC has removed its MARC-1/A+ ratings on Radicare Sdn Bhd’s RM100 million CP/MTN facility from MARCWatch Negative following a six-month extension of its hospital support services concession which expired on October 27, 2011. The recent extension has alleviated near-term downward pressure on the company’s debt rating. Radicare’s issue ratings are affirmed at MARC-1/A+ with a nega...

MARC has assigned ratings of AA-ID and AID with a stable outlook to Alpha Circle Sdn Bhd's (Alpha Circle) RM345.0 million Senior Musharakah Medium Term Notes (Senior MMTN) programme and RM35.0 million Junior MMTNs respectively.The issuer, a wholly-owned subsidiary of NERS Sdn Bhd (NERS), will onlend the proceeds raised from the issuance of the notes to its parent for the purpose of refinancing exi...

MARC has affirmed its AAAID(s) rating on Sarawak Specialist Hospital & Medical Centre Sdn Bhd’s (SSHMC) RM425 million Istisna’ Serial Bonds. The rating carries a stable outlook. The issuer is a 100%-owned subsidiary of SSHMC Holdings and Management Sdn Bhd (SSHMC Holdings), which in turn is wholly-owned by the State Financial Secretary (SFS). The rating reflects the SFS’ irre...

MARC has assigned a rating of A+IS(cg) to KMCOB Capital Berhad's (KMCOB) proposed RM343.1 million Sukuk Murabahah Medium Term Notes (Sukuk Murabahah) programme with a stable outlook pending final documentation review. The proposed facility has the benefit of corporate guarantees from Scomi Oiltools and its existing and future principal subsidiaries and the listed entity that may be incorporated to...

MARC lowered its issue rating on Scomi Group Bhd’s (Scomi) RM500 million Medium Term Notes (MTN) programme to A+ from AA-. The rating was removed from MARCWatch, where it was placed with negative implications on July 27, 2011. The outlook on the rating is negative. The downgrades affect RM200 million of outstanding MTNs. The one-notch downgrade for Scomi’s issue rating balances its low...

MARC has affirmed its rating of A- on Perdana Petroleum Berhad's (Perdana Petroleum, formerly known as Petra Perdana Berhad) Dual Currency Revolving Programme with a negative outlook. The rating action affects outstanding secured serial bonds of RM105 million issued under Tranche 1 of the programme.The bonds are the company's remaining obligations under the programme with the November 2011 repayme...

MARC lowered its issue rating on funding vehicle KMCOB Capital Berhad's (KMCOB) RM630 million Murabahah Medium Term Notes to A+ID(cg) from AA-ID(cg).  The rating was removed from MARCWatch, where it was placed with negative implications on July 27, 2011. MARC also lowered its issue rating on ultimate parent Scomi Group Bhd’s (Scomi) RM500 million Medium Term Notes Programme to A+ from A...