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MARC has placed the AA-IS and MARC-1IS/AA-IS ratings of Offshoreworks Capital Sdn Bhd’s (OWC) RM200 million Sukuk Musyarakah and up to RM150 million Musyarakah Commercial Papers/Medium Term Notes Programme (MCP/MMTN) on MARCWatch Negative. The ratings were previously affirmed with a negative outlook in December 2009. OWC is a wholly-owned subsidiary and issuing vehicle of Offshoreworks Holdi...
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MARC has assigned a rating of AAAIS to TTM Sukuk Berhad’s (TTM SPV) RM600.0 million Sukuk Murabahah. The rating outlook is stable.The transaction structure involves TTM SPV as a funding vehicle issuing 5- to 15-year Sukuk, the proceeds of which will be loaned to parent Trans Thai-Malaysia (Thailand) Ltd (TTMT). TTM SPV is a special purpose entity set up for the sole purpose of issuing the Su...
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MARC has upgraded Handal Offshore Services Sdn Bhd’s (Handal) RM50 million Medium Term Notes (MTN) rating to A+ from A. The outlook on the rating is stable. The rating upgrade reflects the company’s strong recurring earnings generation and profitability, supported by its defensible business position as Malaysia’s only fully-integrated offshore pedestal crane service provider and ...
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MARC has affirmed its MARC-1ID/A+ID ratings on Weida (M) Bhd’s (Weida) RM100 Million Murabahah Underwritten Notes Issuance/Islamic Medium Term Notes Facility (MUNIF/IMTN) with a stable outlook. The affirmed ratings reflect its leading domestic market position in polyethylene engineering products, strong niche positions in water, wastewater and telecommunication infrastructure in East Malaysi...
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MARC is placing the following ratings on Sunrise Berhad (Sunrise) and Horizon Hills Development Sdn Bhd (Horizon Hills) on MARCWatch Developing following a conditional takeover bid for Sunrise by UEM Land Holdings Berhad (UEM Land):Sunrise's A+ID rating on its RM400 million Islamic Medium Term Notes (IMTN) Programme; andHorizon Hills' MARC-1ID(s) rating on its RM70 million Islamic Commercial Paper...
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MARC is placing the following ratings on Sunrise Berhad (Sunrise) and Horizon Hills Development Sdn Bhd (Horizon Hills) on MARCWatch Developing following a conditional takeover bid for Sunrise by UEM Land Holdings Berhad (UEM Land):Sunrise's A+ID rating on its RM400 million Islamic Medium Term Notes (IMTN) Programme; andHorizon Hills' MARC-1ID(s) rating on its RM70 million Islamic Commercial Paper...
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MARC has affirmed Boon Koon Group Berhad’s (BKGB) RM100 million Islamic Commercial Papers/Islamic Medium Term Notes (ICP/IMTN) ratings at MARC-3ID/BBB-ID and concurrently revised the outlook to stable from negative. The affirmed ratings reflect BKGB’s improving business risk profile stemming from recent regulatory developments in the rebuilt commercial vehicle industry, as well as busi...
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MARC has affirmed its AAA issuer rating on Credit Guarantee Corporation Malaysia Berhad (CGC). The rating is underpinned by the high likelihood of government support, in view of CGC’s public policy role in providing credit access to small- to medium-sized enterprises (SME) and the majority shareholding by Bank Negara Malaysia (BNM). The rating also takes into account the corporation’s ...
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MARC has affirmed its ratings of AA-IS and MARC-1ID /AA-ID on Alam Maritim Resources Berhad’s (Alam Maritim) RM500 million Sukuk Ijarah Medium Term Notes and RM100 million Murabahah Commercial Papers/Medium Term Notes facilities, respectively. Alam Maritim’s ratings are supported by the company’s established market position in the domestic offshore support vessel (OSV) market, it...
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MARC has withdrawn its MARC-2 rating on RCE Premier Sdn Bhd’s (RCEP) RM50.0 million Commercial Papers (CP) programme following the full redemption of outstanding CPs and subsequent cancellation of the programme on October 29, 2010, as confirmed by the facility agent, MIDF Amanah Investment Bank Bhd.Contacts: Ruben Khoo, 03-2082 2265/ rubenkhoo@marc.com.my; Sandeep Bhattacharya, 03-2082 2247/...
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