MARC has downgraded its rating on Malaysian International Tuna Port Sdn Bhd’s (MITP) RM240.0 million Bai’ Bithaman Ajil Islamic Securities (BAIS) to BB+ID from A+ID while maintaining the rating on MARCWatch Negative, where it was first placed on February 19, 2009. MARC’s last rating update on August 4, 2009 had highlighted a potential capital injection of some RM32 million by a g...

MARC continues to maintain Malaysian International Tuna Port Sdn Bhd’s (MITP) A+ID rated RM240.0 million Bai’ Bithaman Ajil Islamic Securities (BAIS) on MARCWatch Negative, where it had been first placed on February 19, 2009. The continuing MARCWatch Negative placement reflects MARC’s view that MITP faces acute and immediate challenges as implied by its strained liquidity profile...

MARC has revised its rating outlook on MITP’s BAIS facility of up to RM240.0 million to developing from stable. Concurrently, MARC has affirmed its rating of A+ID on MITP's BAIS. The outlook revision follows an estimated six-month delay in the completion of major construction works at the tuna port following a stop-work order issued by the DOE which has yet to be lifted. This negative develo...

MARC has assigned a long-term debt rating of A+ID to Malaysian International Tuna Port Sdn Bhd’s (MITP)’s proposed Bai’ Bithaman Ajil Islamic Securities (BAIS) facility of up to RM240 million. The A+ID rating incorporates a strong reliance on government support for the highly visible tuna port privatisation project based on a Letter of Support issued by the Ministry of Agricu...