MARC has downgraded its ratings on Oilcorp Berhad’s (Oilcorp) RM70 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes Facility (MUNIF/IMTN) to MARC-4ID /CID from MARC-4ID /BBID, and maintains the ratings on MARCWatch Negative. The ratings were lowered in expectation of imminent default by Oilcorp on its upcoming redemption of its MUNIF/IMTN on October 7, 2009 un...

MARC continues to place its ratings on Oilcorp Bhd’s (Oilcorp) RM70 million Murabahah Underwritten Notes Issuance Facility / Islamic Medium Term Notes Facility (MUNIF/IMTN) of MARC-2ID /A-ID ratings on MARCWatch Negative where they were first placed on May 22, 2008.  The continued MARCWatch placement highlights Oilcorp’s thin liquidity cushion relative to its significant upcoming ...

MARC has affirmed the ratings of MARC-2ID /A-ID on Oilcorp Berhad’s (“Oilcorp” or “the Group”) RM70.0 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes Facility (“MUNIF/IMTN”). The outlook on the ratings is stable. The affirmed ratings reflect the Group’s average business profile underscored by its continuous dependence...

Oilcorp Berhad’s (“Oilcorp”) RM70 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes Facility (“MUNIF/IMTN”) long term rating has been downgraded from AID to A-ID, and short term rating reaffirmed at MARC-2ID. The ratings have been accorded stable outlook. The rating downgrade is underpinned by the Group’s weakened financial pro...

Oilcorp Berhad’s (Oilcorp) RM70 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes Facility (MUNIF/IMTN) has been affirmed at MARC-2ID/AID, reflecting Oilcorp’s position as an integrated, multidiscipline engineering, procurement and construction (EPC) services provider in various oil and gas, petrochemical, power generation, semiconductor and other relat...

The MARC-2ID/AID ratings are predicated upon Oilcorp Berhad’s (Oilcorp) position as an integrated engineering, procurement and construction (EPC) services provider in various industries; strong historical profitability measures; and its low debt leverage position. The ratings, however, are moderated by the sustainability of its revenue and profits post-FY2005 given that Oilcorp’s on...