MARC has withdrawn its AAIS rating on DRIR Management Sdn Bhd’s (DRIRM) Senior Class A Sukuk Ijarah Medium Term Notes (Sukuk) following the full redemption of the remaining outstanding RM40 million principal amount of Sukuk on June 28, 2011. MARC’s AA-IS rating on DRIRM’s RM160 million Class B Sukuk remains on MARCWatch Developing pending the completion of the proposed refinancin...

MARC has withdrawn the MARC-1ID/AID/Stable ratings assigned to Mulpha International Berhad’s (Mulpha) RM25 million Murabahah Commercial Papers/Medium Term Notes (CP/MTN) facility with immediate effect following the cancellation of the programme as confirmed by the facility agent, AmInvestment Bank Berhad. No notes were outstanding under the facility prior to cancellation. MARC will according...

MARC has announced an extension of its review of the Sukuk ratings of Offshoreworks Capital Sdn Bhd (OWC) arising from the continuing lack of clarity surrounding its parent company Offshoreworks Holdings Sdn Bhd's (OHSB) and the group's current financial position and business profile. MARC's decision to maintain its long-term and short-term Sukuk ratings of BBIS and MARC-4IS on OWC on MARCWatch Ne...

MARC has removed its rating of A+ on Radicare Sdn Bhd’s (Radicare) RM50 million MTN facility from MARCWatch Negative and withdrawn the rating following the redemption in full of outstanding notes issued under the facility and cancellation of the facility on August 23, 2011. The A+ rating was placed on MARCWatch Negative on July 28, 2011 together with the rating agency’s MARC-1/A+ ratin...

MARC has placed Radicare Sdn Bhd’s (Radicare) issue ratings of MARC-1/A+ on its RM100 million CP/MTN facilities and A+ on its RM50 million MTN facility on MARCWatch Negative due to the increased uncertainty regarding the renewal of Radicare’s hospital support services concession which expires on October 28, 2011. The last rating action was taken on December 16, 2010 to affirm the ratin...

MARC said today that it had placed its AA-ID(cg) issue rating on KMCOB Capital Bhd's (KMCOB) RM630 Million Murabahah Medium Term Notes (MTN) Programme on MARCWatch Negative. It also placed its AA- issue rating on Scomi Group Bhd's (Scomi) RM500 Million MTN Programme on MARCWatch Negative. The rating actions affect RM480 million of outstanding notes issued by KMCOB and RM200 million of outstanding ...

MARC affirmed its short-term and long-term Islamic debt ratings of MARC-1ID/AAAID on UMW Holdings Berhad (UMW) and maintained its stable outlook on the ratings. The rating actions affect RM610 million of outstanding notes issued under the investment holding company's RM300 million Islamic Commercial Paper/Islamic Medium Term Notes (ICP/IMTN) Programme and RM500 million Islamic Medium Term Notes (I...

MARC has changed its MARCWatch status of its AA-IS rating on DRIR Management Sdn Bhd’s (DRIRM) RM160 million Class B Sukuk to Developing from Negative. The change in MARCWatch status follows recent action taken by a shareholder to restore DRIRM’s finance service coverage ratio (FSCR) to a level commensurate with its current rating. The rating was originally placed on MARCWatch in Septe...

MARC has revised its outlook on Sime Darby Berhad's (Sime) MARC-1ID /AAAID debt ratings to stable from negative. The outlook revision affects the following facilities of Sime:1) RM4.5 billion Islamic Medium Term Note (IMTN) Programme (RM2.0 billion outstanding) and RM500 million Islamic Commercial Paper (ICP) Programme (RM500 million outstanding) with combined limit of RM4.5 billion; and2) RM150 m...

MARC has downgraded its long-term and short-term Sukuk ratings on Offshoreworks Capital Sdn Bhd (OWC) to BBIS and MARC-4IS, from A+IS and MARC-2IS respectively. The Sukuk ratings remain on MARCWatch Negative where they were initially placed on March 15, 2011 on the basis of an expected covenant breach. The rating actions affect RM200.0 million of outstanding Sukuk Musyarakah and RM150.0 million of...