MARC has upgraded the long-term Islamic debt rating of Bayu Padu Sdn Bhd (Bayu Padu) to AA-ID from A+ID and affirmed the company's short-term Islamic debt rating at MARC-1ID. The outlook for the ratings is stable. The rating action affects RM250 million of outstanding Istisna' Serial Bonds (Istisna' Bonds) maturing from 2012 through 2015, and RM100 million Murabahah CPs issued under Bayu Padu's Mu...

MARC has affirmed its AA-ID(CG) rating on KMCOB Capital Berhad's (KMCOB) RM630 million Murabahah Medium Term Notes and revised its rating outook to negative from stable. KMCOB is ultimately held by Scomi Group Bhd (Scomi) through 76% owned subsidiary Scomi Oilfield Limited (SOL). SOL has guaranteed the obligations of KMCOB under the rated facility. The rating action is concurrent with MARC's affir...

MARC has affirmed its AA- rating on Scomi Group Bhd's (Scomi) RM500 million Medium Term Notes Programme (MTN) and revised its rating outlook to negative from stable. The outlook revision incorporates some weakening in Scomi's business and financial profile as a result of current negative industry fundamentals.The affirmed rating, meanwhile, incorporates steps taken by Scomi to bolster its liquidit...

MARC has downgraded its rating on Vastalux Capital Sdn Bhd's (VCSB) RM100 million Sukuk Musyarakah facility to DIS from BB+IS following VCSB's failure to redeem the remaining outstanding RM3.96 million of Sukuk on the final redemption date of December 23, 2010.VCSB had redeemed RM21.04 million of RM25.0 million of outstanding Sukuk on December 10, 2010, prior to the final redemption date. VCSB had...

MARC has affirmed the rating of Olympia Industries Berhad’s (Olympia) outstanding RM72,981,306 nominal value Redeemable Unsecured Loan Stocks (RULS) at BB-. The outlook on the rating is maintained at negative. The rating action incorporates continued concern on the group’s weak profitability measures and earnings sustainability for its property and gaming divisions. MARC notes the slow...

MARC has affirmed Radicare (M) Sdn Bhd’s (Radicare) ratings on its RM100 million Commercial Papers/Medium Term Notes (CP/MTN) and RM50 million Medium Term Notes (MTN) facilities at MARC-1/A+ and A+ respectively. The rating outlook has been revised to developing from stable to reflect the near-term expiry of Radicare’s 15-year concession agreement in October 2011. The extension of the c...

MARC has affirmed the AAAID(s) rating on Sarawak Specialist Hospital & Medical Centre Sdn Bhd’s (SSHMC) RM425 million Istisna’ Serial Bonds with a stable outlook. The affirmed rating is primarily underpinned by MARC’s AAA/stable public information rating on Sarawak state based on the state’s strong fiscal performance, low debt burden and fairly strong financial manageme...

MARC has assigned a final rating of AAA(bg) to Boustead Holdings Berhad's (Boustead Holdings) RM1.0 billion Bank Guaranteed Medium Term Notes (BG MTN) Programme. The outlook on the rating is stable. The initial issuance proceeds of RM600.0 million under the BG MTN Programme would be backed by bank guarantees from Public Bank Berhad (PBB) for up to RM250.0 million, OCBC Bank (Malaysia) Berhad ...

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 affirmed its ratings of MARC-2/A+ on retailer Asia Brands Corporation Berhad’s (Asia Brands) RM70 million Commercial Papers/ Medium Term Notes (CP/MTN Programme) with a stable outlook. Concurrently, MARC is withdrawing its rating on the facility following the full redemption of outstanding debt and cancellation of the CP/MTN Programme facility. The ratings and outlook are underpinne...