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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 preliminary rating of AAA(bg) to Boustead Holdings Berhad's (Boustead Holdings, or the holding company) RM1.0 billion Bank Guaranteed Medium Term Notes (BG MTN) Programme. The outlook on the rating is stable.The rating reflects external credit enhancement for the notes that will be provided by financial institutions with a current rating of AAA/Stable from MARC. Any subsequent ...
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MARC has placed its A+ rating on Petra Perdana Berhad’s (Petra Perdana) RM800 million Dual Currency Revolving Facility on MARCWatch Negative. The rating action is triggered by the group’s poor financial performance in the six months ended June 30, 2010 (1H2010). During the period, Petra Perdana recorded a loss before tax of RM30.7 million due to falling charter rates, lower capacity ut...
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MARC has affirmed its AAAID/MARC-1ID and MARC-1ID ratings on conglomerate Sime Darby Berhad’s (Sime) RM4.5 billion Islamic Medium Term Note Programme (IMTN Programme) and RM500 million Islamic Commercial Papers with a combined limit of RM4.5 billion, and RM150 million Underwritten Murabahah Commercial Papers (MCP) Facility respectively. The outlook on the ratings is revised to negative from ...
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MARC has affirmed its AAAID and MARC-1ID/AAAID ratings on MISC Berhad’s (MISC) RM2.5 billion Islamic Medium Term Notes (IMTN) Programme and RM1.0 billion Murabahah Commercial Papers/Medium Term Notes (CP/MTN) Programme with a stable outlook. The affirmed ratings reflect MISC’s established position and long track record in the energy transportation segment, the close strategic alignment...
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MARC has downgraded its rating on Vastalux Capital Sdn Bhd’s (VCSB) RM100 million Sukuk Musyarakah facility to BB+IS from A+IS and placed the rating on MARCWatch Negative. VCSB is a special purpose company and wholly-owned subsidiary of Vastalux Sdn Bhd (Vastalux) incorporated for the purpose of issuing the Sukuk Musyarakah, largely to fund Vastalux’s working capital in relation to oil...
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MARC has placed its AAIS senior and AA-IS subordinate debt ratings for DRIR Management Sdn Bhd’s (DRIRM) Class A and Class B Sukuk Ijarah on MARCWatch Developing pending completion of a proposed refinancing of the Sukuk. Seller-lessee in the Sukuk Ijarah's underlying sale and leaseback transaction and sister company, MHS Aviation Berhad (MHSA), is seeking to restructure its lease obligations...
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MARC is currently conducting a review of its MARC-1ID /AAAID /Stable debt ratings on Sime Darby Berhad (Sime).Sime announced its second consecutive quarterly after-tax loss yesterday. The group posted a fourth quarter after-tax loss of RM53.3 million for the three months ended June 30, 2010 compared to a loss of RM277.5 million for the immediate preceding quarter. Its full year profit for th...
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MARC has affirmed its AA+IS(bg) rating on Aras Sejagat Sdn Bhd’s (Aras Sejagat) Bank Guaranteed Sukuk Ijarah (Sukuk Ijarah) issuance of up to RM500 million in nominal value. The rating reflects the strength of the unconditional and irrevocable bank guarantee of up to RM420 million by Kuwait Finance House (Malaysia) Berhad (KFHMB). MARC has recently affirmed KFHMB’s long-term financial ...
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MARC has withdrawn its rating of MARC-1(bg) and AAA(bg) on Bluwater Developments Berhad’s RM47 million bank guaranteed commercial papers and RM 130 million bank guaranteed serial bonds respectively. The rating withdrawal follows the final redemption of its outstanding amount and cancellation of the facility on June 25, 2010, as confirmed by its lead arranger, Maybank Investment Bank Berhad.C...
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