MARC has assigned a short term rating of MARC-1ID to Straight A’s Portfolio Sdn Bhd’s (“SAP”) RM200 Million Murabahah Underwritten Notes Issuance Facility (“MUNIF”) with stable outlook. SAP is a special purpose vehicle (“SPV”) company formed by Oil-Line Engineering & Associates Sdn Bhd (“OLEA”) incorporated for the purpose of securiti...

The rating of BB- accorded to Mycom Berhad’s (“Mycom”) RM60,315,280 nominal value of Redeemable Unsecured Loan Stocks (“RULS”) reflects the risks associated with the implementation of the Group’s restructuring scheme. The rating category reflects significant uncertainties that could affect the ability of the issuer to adequately service debt obligations. The r...

The rating of BB- accorded to Olympia Industries Berhad’s (“OIB”) RM137,124,246 nominal value of Redeemable Unsecured Loan Stocks (“RULS”) reflects the risks associated with the implementation of the Group’s restructuring scheme. The rating carries a stable outlook. OIB is involved in property development, property investment, construction, stock broking and...

MARC has reaffirmed the rating of Tesco Stores (Malaysia) Sdn Bhd’s (“TSM”) RM750 million guaranteed commercial paper programme at MARC-1 (cg). The short term corporate debt rating of TSM reflects the credit strength of its ultimate holding company, Tesco PLC (“Tesco”), which guarantees the commercial paper programme.TSM was incorporated on 24 July 2000 to operate h...

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...

MARC has downgraded Malaysian Merchant Marine Berhad’s (MMM) RM120.0 million Al-Bai’ Bithaman Ajil Serial Bonds (BaIDS) rating from AA-ID to A-ID with negative outlook; underscored by the concern on the rapid deterioration in its financials stemming from very poor financial results announced for the financial year ended 31 August 2006 (FY2006) as well as other adverse financial impac...

MARC has upgraded Mulpha International Bhd’s (“MIB”) RM75.0 million Bank Guaranteed Murabahah Notes Issuance Facility (“MUNIF”) long-term rating from A+ID (bg) to AA- ID (bg) and has reaffirmed the short-term rating of MARC-1 ID (bg). The ratings reflect the unconditional and irrevocable bank guarantees provided by AmInvestment Bank Berhad and CIMB Bank Berhad. On a...

MARC has affirmed the short and long term ratings for MISC Berhad’s (MISC) RM1.0 billion Murabahah Commercial Paper/Medium Term Notes (“MCP/MTN”) at MARC-1ID and AAAID with a stable outlook, underpinned by MISC/the Group’s solid operating fundamentals; its dominant position in the Malaysian shipping industry particularly the liquefied natural gas (“LNG”) segme...

MARC has affirmed, with Stable Outlook, the AA- rating to Scomi Group Bhd’s (Scomi) RM500 million Medium Term Notes (Notes). The rating reflects the group’s good competitive position as the group has one of the most comprehensive range of products and services for the provision of integrated fluids solutions in the world; its business presence in 35 countries following the acquisitio...

MARC has reaffirmed Sarawak Specialist Hospital & Medical Centre Sdn Bhd’s (SSHMC) Istisna’ Serial Bonds (Bonds) rating at AAA(s)ID (AAA Support, Islamic Debt). The rating reflects the AAA rating of the Sarawak State Government; since the source of funds to service the principal and profit for the Bonds will come directly from Sarawak State Government. The payments by SSHMC to th...