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MARC has removed its AAIS rating on DRIR Management Sdn Bhd’s (DRIRM) Senior Class A Sukuk Ijarah Medium Term Notes (MTN) from MARCWatch Negative pending the forthcoming June 2011 redemption of the remaining outstanding RM40 million principal amount of the MTNs. DRIRM will redeem the notes with cash from its Debt Service Reserve Account (DSRA) which is sufficiently funded for the purpose. Ho...
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MARC has taken the following actions on the Dawama Sdn Bhd's (Dawama) RM140.0 million Sukuk Musyarakah Medium Term Notes Programme comprising RM120.0 million Senior Sukuk and RM20.0 million Junior Sukuk:MARC has lowered its rating on the Junior Sukuk to 'D' from 'CIS' to reflect missed profit payment on April 27, 2011 following notification from the Sukuk trustee that it has been instructed not to...
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MARC has lowered both Dawama Sdn Bhd’s (Dawama) RM120.0 million Senior and RM20.0 million Junior Sukuk Musyarakah Medium Term Notes (MTN) Programme to CIS from BIS. The ratings were removed from MARCWatch Negative where they had been placed on February 18, 2011. The lowered rating reflects the high likelihood of payment default on April 27, 2011 given the absence of positive developments per...
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MARC has placed the A+IS and MARC-2IS/A+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 due to an expected covenant breach by Offshoreworks Holdings Sdn Bhd (OHSB). OWC is a funding vehicle of oilfield services provider OHSB. OHSB is the holding...
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MARC has withdrawn the MARC-1ID(bg)/AA-ID(bg) ratings assigned to Mulpha International Berhad’s (Mulpha) RM75 million Bank Guaranteed MUNIF with immediate effect following the cancellation of the programme as confirmed by the facility agent, AmInvestment Bank Berhad. There were no notes outstanding under the facility prior to cancellation.With the cancellation of the Bank Guaranteed MUNIF, M...
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MARC has downgraded its AIS and A-IS ratings on Dawama Sdn Bhd’s (Dawama) RM120.0 million Senior and RM20.0 million Junior Sukuk Musyarakah Medium Term Notes Programme respectively to BIS and has concurrently placed the ratings on MARCWatch Negative. Both ratings were on negative outlook prior to the downgrades. The equalised ratings on the Senior and Junior Sukuk reflects MARC’s view ...
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MARC REVISES MARCWATCH STATUS OF DRIR MANAGEMENT SDN BHD’S SUKUK RATINGS TO NEGATIVE FROM DEVELOPING
MARC is revising the MARCWatch status of its AAIS and AA-IS ratings on DRIR Management Sdn Bhd’s (DRIRM) RM180 million Class A and RM160 million Class B Sukuk Ijarah facilities respectively to negative from developing. The ratings were initially placed on MARCWatch Developing on September 21, 2010 pending the completion of a proposed refinancing of the Sukuk. MHS Aviation Berhad (MHSA), the ...
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MARC has affirmed its bank guaranteed ratings of MARC-1ID(bg)/AA-ID(bg) on Mulpha International Berhad’s (Mulpha) RM75 million Bank Guaranteed Murabahah Notes Issuance Facility (MUNIF). The outlook on the MUNIF ratings has been revised to positive to reflect the revised rating outlook of the lower of the financial institution ratings of AmInvestment Bank Berhad and CIMB Bank Berhad, the guar...
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MARC has affirmed its ratings on Tesco Stores (Malaysia) Sdn Bhd’s (Tesco Malaysia) RM3.5 billion Conventional Commercial Papers/Medium Term Notes (CP/MTN) Facility and Islamic Commercial Papers/Medium Term Notes (ICP/IMTN) Facility at MARC-1(cg)/AAA(cg) and MARC-1ID(cg)/AAAID(cg) respectively. The outlook for the ratings is stable. The ratings reflect the credit strength of the corporate guaran...
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MARC has downgraded its Sukuk ratings on Offshore Works Capital Sdn Bhd's (OWC) RM200 million Sukuk Musyarakah (Sukuk Musyarakah) and RM150 million Musyarakah Commercial Papers/Medium Term Notes Programme (MCP/MMTN) to A+IS and MARC-2IS /A+IS from AA-IS and MARC-1IS/AA-IS respectively. The rating action resolves the MARCWatch Negative status of OWC's rated obligations, which was initiated on Novem...
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