MARC continues to maintain KMCOB Capital Berhad's (KMCOB Capital) AA-ID(CG) rating for its RM630 million Murabahah Medium Term Notes (MTN) facility on MARCWatch Developing where it has been placed since December 30, 2009. MARC expects to resolve the Developing Watch within the next three months upon completion of Scomi Group Bhd's (Scomi) recently announced debt rationalisation exercise for Scomi ...

MARC has removed its ratings on Petra Perdana Berhad’s (Petra) RM400 million Secured Serial Bonds and RM400 million Medium Term Notes from MARCWatch Developing, where they had been placed on December 16, 2009 following the company’s divestment of a 25.03% stake in Petra Energy Berhad (Petra Energy). At the same time, MARC has affirmed its A+ debt ratings on Petra with a Stable Outlook....

MARC has affirmed its AA- rating on Scomi Group Bhd’s (Scomi) RM500 million Medium Term Notes Programme (MTN) and has revised the outlook on the rating to stable from negative. The rating affirmation takes into account Scomi’s reduced dependence on its oilfield services division with higher earnings contributions from its engineering and marine business divisions and the additional cap...

MARC has downgraded its rating on Malaysian Merchant Marine Bhd’s (MMM) RM120 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) to BB+ID from A-ID. At the same time, the rating was removed from MARCWatch Negative where it had been placed on December 17, 2009. The downgrade reflects increased risk that MMM may not be able to plug the funding gap that currently exists with re...

MARC has affirmed its bank guaranteed ratings of MARC-1ID(bg)/AA-ID(bg) on Mulpha International Berhad’s (Mulpha) RM75 million Bank Guaranteed Murabahah Notes Issuance Facility (MUNIF). The bank guaranteed ratings reflect the lower of the financial institution ratings of AmInvestment Bank Berhad and CIMB Bank Berhad, both of which have provided unconditional and irrevocable bank guarantees i...

MARC has downgraded its rating on Vastalux Capital Sdn Bhd’s (VCSB) RM100 million Sukuk Musyarakah to A+IS from AA-IS. The outlook is stable. Vastalux Capital is a special purpose company and wholly-owned subsidiary of Vastalux Sdn Bhd (Vastalux), incorporated for the purpose of issuing the Sukuk Musyarakah largely to fund Vastalux’s working capital in relation to oil and gas services ...

MARC has affirmed its AAAID and MARC-1ID/AAAID ratings on MISC Berhad’s (MISC) RM2.5 billion Islamic Medium Term Notes Programme (IMTN) and RM1.0 billion Murabahah Commercial Papers/Medium Term Notes Programme (CP/MTN) respectively. The stable outlook on the ratings has been maintained. The affirmed ratings reflect MISC’s strong position and long track record in the energy transportati...

MARC has revised its rating outlook on Olympia Industries Berhad’s (Olympia) outstanding RM85,860,360 nominal value Redeemable Unsecured Loan Stocks (RULS) to negative from stable to reflect increased concerns over the company’s weakened business and financial profiles. Characterised by the continued weak profit margins of its gaming operations, the slow property sales encountered by i...

MARC has affirmed its ratings on Bayu Padu Sdn Bhd’s (Bayu Padu) RM500 million Istisna’ Serial Bonds (Istisna’ Bonds) and RM100 million Murabahah Commercial Papers/Medium Term Notes (MCP/MMTN) at A+ID and MARC-1ID /A+ID respectively. The outlook on the ratings is maintained at stable. Wholly-owned by SapuraCrest Petroleum Bhd (SapuraCrest), Bayu Padu is a special purpose vehicle ...

MARC has affirmed its AA+ID(bg) rating on Aras Sejagat Sdn Bhd’s (Aras Sejagat) Bank Guaranteed Sukuk Ijarah (Sukuk Ijarah) issuance of up to RM500 million in nominal value. The rating reflects the strength of the unconditional and irrevocable bank guarantee of up to RM420 million by Kuwait Finance House (Malaysia) Berhad (KFHMB). Any subsequent drawdown would require a guarantor(s) with a m...