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MARC has downgraded its rating on Oilcorp Berhad’s (Oilcorp) RM70 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes Facility (MUNIF/IMTN) to DID from MARC-4ID/CID. Concurrently, MARC has resolved the MARCWatch Negative status of the ratings. The rating action reflects Oilcorp’s failure to meet its RM20 million principal repayment due on its original sched...
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MARC has assigned a financial institution rating of AAA on Bank Pembangunan Malaysia Berhad (BPMB). The rating factors in BPMB’s established track record in financing infrastructure and maritime projects, its strong capitalisation, and most importantly, the strong regulatory and government support that it will very likely receive if needed. While MARC considers BPMB’s standalone credit...
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MARC has affirmed Mithril Bhd’s (Mithril) RM59 million Redeemable Convertible Secured Loan Stocks (RCSLS) rating at B+. The negative outlook on the rating has been maintained. The affirmed rating and continued negative outlook reflects MARC’s concern about the sustainability of the company as a going-concern given the lack of near-term recovery prospects for the company’s core bu...
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MARC has revised its rating outlook on Leader Universal Holdings Berhad’s (Leader) RM150.0 million Murabahah Medium Term Notes (MMTN) Issuance Programme to stable from developing and affirmed the MMTN rating at AID. The rating outlook revision reflects easing concerns surrounding the impact of Leader’s equity financing requirement for the construction of its second power plant project ...
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MARC has assigned preliminary ratings of AAAID and MARC-1ID/AAAID to Sime Darby Berhad’s (Sime Darby) proposed Islamic debt programmes comprising RM4.5 billion Islamic Medium Term Notes (IMTN) and RM500 million Islamic Commercial Papers/Islamic Medium Term Notes (ICP/IMTN) respectively with a combined limit of RM4.5 billion. The ratings carry a stable outlook.The rating actions incorporate t...
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MARC has downgraded its ratings on Oilcorp Berhad’s (Oilcorp) RM70 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes Facility (MUNIF/IMTN) to MARC-4ID/CID from MARC-4ID/BBID, and maintains the ratings on MARCWatch Negative. The ratings were lowered in expectation of imminent default by Oilcorp on its upcoming redemption of its MUNIF/IMTN on October 7, 2009 unde...
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MARC continues to maintain its MARC-4ID rating on Straight A’s Portfolio Sdn Bhd’s (Straight A’s) RM200 million Murabahah Underwritten Notes Issuance Facility (MUNIF) on MARCWatch Negative following its downgrade of Oilcorp Berhad’s (Oilcorp) debt ratings to MARC-4ID/CID from MARC-4ID/BBID. The continuing MARCWatch Negative placement now incorporates the potential for the d...
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MARC has assigned ratings of MARC-1/AA- to IJM Corporation Berhad’s (IJM) proposed RM1.0 billion Commercial Papers/Medium-Term Notes Programme. Concurrently, MARC has affirmed IJM’s MARC-1/AA- ratings on its existing RM300 million Commercial Papers/Medium-Term Notes Programme. The ratings reflect the Group’s strong market positions in construction and property development and its...
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MARC has revised its outlook on MM Vitaoils Sdn Bhd’s (MMV) rating of its RM45.0 million Murabahah Commercial Paper Programme (MCP) to negative from stable. Concurrently, MARC affirmed its MARC-2ID rating on the MCP. The outlook revision reflects the slow build-up of liquidity ahead of significant sinking fund payments in 2011 as a result of its modest positive cashflow from oper...
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MARC has downgraded its rating on Haisan Resources Berhad’s (Haisan) outstanding RM12 million bonds to BBB- from A-. The rating outlook is negative. The downgrade followed the company’s announcement of its second-quarter earnings for the three months ended June 30, 2009, its fourth consecutive quarterly loss since the third quarter of 2008. Although its quarterly loss shows signs of na...
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