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MARC has removed KMCOB Capital Berhad’s (KMCOB) RM630 million Murabahah Medium Term Notes (MTNs) from MARCWatch Developing. At the same time, MARC has affirmed its AA-ID(CG) debt rating on KMCOB with a Stable Outlook following the recent completion of Scomi Oilfield Limited’s (SOL) debt rationalisation exercise. KMCOB Capital is a funding vehicle for SOL, and the MTNs are ultimately gu...
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MARC has affirmed UMW Holdings Berhad’s (UMW) RM300 million Islamic Commercial Papers (ICP)/Medium Term Notes and RM500 million Islamic Medium Term Notes (IMTN) Programmes at MARC-1ID /AAAID respectively. The ratings are based on the company’s consolidated credit quality which incorporates the group’s leading and dominant market position in the national (Perodua) and non-national...
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MARC said today that its MARC-1ID /AAAID /Stable ratings on Sime Darby Berhad’s (Sime) Islamic debt issuances were unaffected in the near term following the company’s announcement that it expects its second half year results for the financial year ending June 30, 2010 (FY2010) to be impacted by RM964 million in losses as a result of four loss-making projects under its Energy and Utilit...
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MARC has lowered Dawama Sdn Bhd’s (Dawama) RM120.0 million Senior and RM20.0 million Junior Sukuk Musyarakah Medium Term Notes Programme (Sukuk) to AIS and A-IS respectively from A+IS and AIS. The outlook for the rating has been revised to negative from stable. The rating actions are premised on Dawama’s weakened credit profile stemming from significant losses for the 17-month accounti...
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MARC has withdrawn its MARC-2ID/A+ID ratings on Capable Aspect Sdn Bhd’s (CASB) RM40 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes Issuance Facility (MUNIF/IMTN) with immediate effect at the request of the issuer. CASB issued a circular resolution to its sole noteholder on April 26, 2010 to seek a waiver of the requirement to maintain a rating on the notes....
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MARC has downgraded its rating on Malaysian Merchant Marine Bhd’s (MMM) RM120 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) to DID from CID. Concurrently, MARC has removed MMM’s rating from MARCWatch Negative, where it was placed on March 17, 2010 to reflect heightened concerns of imminent default. The rating action follows MMM's failure to meet an accelerat...
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MARC continues to maintain KMCOB Capital Berhad's (KMCOB Capital) AA-ID(CG) rating for its RM630 million Murabahah Medium Term Notes (MTN) facility, on MARCWatch Developing where it has been placed since December 30, 2009. MARC expects to resolve the Developing Watch within the next three months upon completion of Scomi Group Berhad's (Scomi) recently announced debt rationalisation exercise for Sc...
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MARC has removed its ratings on Petra Perdana Berhad’s (Petra) RM400 million Secured Serial Bonds and RM400 million Medium Term Notes from MARCWatch Developing, where they had been placed on December 16, 2009 following the company’s divestment of a 25.03% stake in Petra Energy Berhad (PEB). At the same time, MARC has affirmed its A+ debt ratings on Petra with a Stable Outlook.The affir...
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MARC has downgraded its rating on Malaysian Merchant Marine Bhd’s (MMM) RM120 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) to CID from BB+ID. Concurrently, the rating has been placed on MARCWatch Negative.The rating actions reflect MARC's view that default appears imminent. MMM's recurring losses from operations, eroded capital base, and inability to generate sufficien...
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MARC has withdrawn the MARC-1ID/AAAID ratings assigned to Sime Darby Berhad’s (Sime Darby) RM1,500 million Al-Murabahah CP/MTN Programme with immediate effect following the full redemption and cancellation of the programme as confirmed by the facility agent, CIMB Investment Bank Berhad.With the redemption of the Al-Murabahah CP/MTN Programme, MARC’s rating coverage on Sime Darby is now...
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