The reaffirmation of the ratings reflects Malaysia International Shipping Corporation Berhad’s (MISC) solid operating fundamentals, in particular the Liquefied Natural Gas (LNG) shipping segment. Other supporting factors include MISC’s strategic position in the Malaysian shipping industry; its sound financial policy; exceptional financial flexibility; and the strong support of its m...

Sapura Energy Sdn Bhd’s (“SESB”) rating upgrade to AID is supported by its strength in the marine engineering business, improving financial position and the synergies arising from its proposed acquisition by Crest Petroleum Bhd (“Crest”), one of the largest oil and gas well drilling and marine contractors in Malaysia. The rating is, however, moderated by its high d...

Malaysian Merchant Marine Bhd’s (MMM) rating of AAID on its proposed RM120.0 million Al-Bai’ Bithaman Ajil Serial Bonds (BaIDS) reflects the Group’s proven track record in the highly competitive international shipping industry; its better than average financial profile; as well as a tight issue structure under which the charter proceeds of all its vessels will be assigned as s...

BAN’s ratings affirmation reflect the company’s good competitive position in the area of providing marine transportation, tanker operations and support services for the offshore oil and gas industry. Its long-term contracts with leading oil and gas multinationals, high utilization rates of vessels, and commendable health, safety and environmental operating track record which are cr...

Reliance Pacific Berhad’s (RPB) rating downgrade is based upon the continued weakness of the group’s financial profitability and cash flow position, reflecting the adverse effects of SARS and terrorism on the tourist industry; the general softening in international tourist arrivals; and stiff price competition amongst industry participants. Generating sales and maintaining hotel rev...