MARC has affirmed the ratings of Bluwater Developments Berhad’s (Bluwater) RM47 million Bank Guaranteed Commercial Papers (CPs) and RM130 million Bank Guaranteed Serial Bonds (Bonds) at MARC-1(bg) and AAA(bg) respectively. The ratings carry a stable outlook. The affirmed ratings and outlook are underpinned by the unconditional and irrevocable bank guarantee provided by Malayan Banking Berhad...

MARC has affirmed Tesco Stores (Malaysia) Sdn Bhd’s (Tesco Malaysia) RM3.5 billion Conventional and Islamic Commercial Papers/Medium Term Notes Programme at AAA(cg) /MARC-1(cg) and AAAID(cg) /MARC-1ID(cg) respectively. The ratings reflect the credit strength of the corporate guarantee provided by its parent company, UK-based Tesco plc for the rated facilities and MARC’s public informat...

MARC has assigned the ratings of AAAID and MARC-1ID / AAAID to Sime Darby Berhad’s (Sime Darby) new Islamic debt programmes comprising RM4.5 billion Islamic Medium Term Notes (IMTN) and RM500 million Islamic Commercial Papers/Islamic Medium Term Notes (ICP/IMTN) respectively with a combined limit of RM4.5 billion. The outlook on the ratings is stable. Additionally, MARC has affirmed its MARC...

MARC has affirmed the AAAID(s) rating on Sarawak Specialist Hospital & Medical Centre Sdn Bhd’s (SSHMC) RM425 million Istisna’ Serial Bonds. The outlook for the rating is stable. The affirmed rating is premised on MARC’s AAA rating on Sarawak state which, through its State Financial Secretary Inc. (SFS), had executed a redeemable preference share (RPS) subscription agreement ...

MARC has affirmed Radicare (M) Sdn Bhd’s (Radicare) ratings on its RM100.0 million Commercial Papers/Medium Term Notes (CP/MTN) and RM50.0 million Medium Term Notes (MTN) facilities at MARC-1/A+ and A+, respectively. The ratings outlook is stable. The affirmed ratings continue to reflect the group’s sustainable operating performance and debt servicing ability under a 15-year concession...

MARC has downgraded its rating on Haisan Resources Berhad’s (Haisan) outstanding RM12 million bonds to BBB- from A-. The rating outlook is negative. The downgrade followed the company’s announcement of its second-quarter earnings for the three months ended June 30, 2009, its fourth consecutive quarterly loss since the third quarter of 2008. Although its quarterly loss shows signs of na...

MARC has affirmed the short- and long-term ratings of MARC-2/A+ on Asia Brands Corporation Berhad’s (ABC) RM70.0 million Commercial Papers/Medium Term Notes (CP/MTN Programme) respectively. The outlook for the ratings is maintained at stable. The rating action is premised on ABC’s strong competitive position in the domestic baby products and ladies’ undergarment market segments, ...

MARC has downgraded its ratings on Medi Innovation Sdn Bhd’s (MISB) RM100 million Islamic Medium Term Notes Issuance Facility (IMTN facility) and RM50 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes Issuance Facility (MUNIF/IMTN) to BBBID and MARC-3ID /BBBID from AID and MARC-2ID /AID, respectively. The ratings remain on MARCWatch Negative. MISB operates a ch...

MARC continues to maintain its MARC-4ID rating on Straight A’s Portfolio Sdn Bhd’s (Straight A’s) RM200 million Murabahah Underwritten Notes Issuance Facility (MUNIF) on MARCWatch Negative following its downgrade of Oilcorp Berhad’s (Oilcorp) debt ratings to MARC-4ID/CID from MARC-4ID/BBID. The continuing MARCWatch Negative placement now incorporates the potential for the d...

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...