MARC has lowered its debt rating on Petra Perdana Berhad's (Petra Perdana) RM800 million Dual Currency Revolving Facility to A- from A+ and removed the rating from MARCWatch Negative. The rating action affects RM175 million of outstanding secured serial bonds and RM25 million of medium-term notes issued under the facility. The downgrade reflects declining revenues, negative cash flows, a heavy deb...

MARC has removed its ratings on Petra Perdana Berhad’s (Petra) RM400 million Secured Serial Bonds and RM400 million Medium Term Notes from MARCWatch Developing, where they had been placed on December 16, 2009 following the company’s divestment of a 25.03% stake in Petra Energy Berhad (Petra Energy). At the same time, MARC has affirmed its A+ debt ratings on Petra with a Stable Outlook....

MARC has affirmed Petra Perdana Berhad’s (Petra) rating of A+ on its RM800 million Dual Currency Revolving Financing Facility comprising RM400 million Nominal Value Secured Serial Bonds and up to RM400 million Medium Term Notes Programme. Concurrently, MARC has revised the rating outlook to developing from stable to reflect the group’s tighter than previously anticipated liquidity posi...

MARC has affirmed the rating of A+ with stable outlook to Petra Perdana Berhad’s (Petra) issuance of up to equivalent RM800 million Dual Currency Revolving Financing Facility comprising RM400 million Nominal Value Secured Serial Bonds (“Bonds”) under Tranche 1 and up to RM400 million Dual Currency Revolving Financing Facility under Tranche 2. The rating reflects the Group’s...

The rating of A+ assigned to Petra Perdana Berhad’s (Petra) proposed issuance of up to RM800 million Dual Currency Revolving Financing Facility reflects the Group’s competitive position as an integrated service provider for the oil and gas multinationals; and expected improvement to its financial profile following its venture into the provision of offshore marine support services for...