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MARC announced today that Petroliam Nasional Berhad’s (Petronas) suspension of Vastalux Sdn Bhd’s (Vastalux) license is not expected to have a material impact on it’s rating of A+IS/Stable on Vastalux Capital Sdn Bhd’s (VCSB) RM100 million Sukuk Musyarakah. The rating had been downgraded to A+IS from AA-IS on January 15, 2010. The suspension of the license should not affect...
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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 bank guaranteed ratings reflect the lower of the financial institution ratings of AmInvestment Bank Berhad and CIMB Bank Berhad, both of which have provided unconditional and irrevocable bank guarantees i...
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With reference to MARC’s February 4, 2010 published press release, reference is made to MMM Ashton as a single hull tanker when it should have been described as a double hull tanker (see “MARC downgrades its rating on Malaysian Merchant Marine Bhd’s RM120 million BaIDS to BB+ID, outlook is negative”). Contacts: Lee Mei Lin 03-2090 2259 / meilin@marc.com.my; Ryan Lee Ju Vern...
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MARC has revised its rating outlook on Olympia Industries Berhad’s (Olympia) outstanding RM85,860,360 nominal value Redeemable Unsecured Loan Stocks (RULS) to negative from stable to reflect increased concerns over the company’s weakened business and financial profiles. Characterised by the continued weak profit margins of its gaming operations, the slow property sales encountered by i...
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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 BB+ID from A-ID. At the same time, the rating was removed from MARCWatch Negative where it had been placed on December 17, 2009. The downgrade reflects increased risk that MMM may not be able to plug the funding gap that currently exists with re...
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MARC has downgraded its rating on Vastalux Capital Sdn Bhd’s (VCSB) RM100 million Sukuk Musyarakah to A+IS from AA-IS. The outlook is stable. Vastalux Capital 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 and gas services ...
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MARC has affirmed its ratings on Bayu Padu Sdn Bhd’s (Bayu Padu) RM500 million Istisna’ Serial Bonds (Istisna’ Bonds) and RM100 million Murabahah Commercial Papers/Medium Term Notes (MCP/MMTN) at A+ID and MARC-1ID/A+ID respectively. The outlook on the ratings is maintained at stable. Wholly-owned by SapuraCrest Petroleum Bhd (SapuraCrest), Bayu Padu is a SPV set up for raising th...
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MARC has affirmed the ratings of Bluwater Developments Berhad’s (Bluwater) RM47 million Bank Guaranteed Commercial Papers (CPs) and RM130 million Bank Guaranteed Serial Bonds (Bonds) at MARC-1(bg) and AAA(bg) respectively. The ratings carry a stable outlook. The affirmed ratings and outlook are underpinned by the unconditional and irrevocable bank guarantee provided by Malayan Banking Berhad...
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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 Programme (IMTN) and RM1.0 billion Murabahah Commercial Papers/Medium Term Notes Programme (CP/MTN) respectively. The stable outlook on the ratings has been maintained. The affirmed ratings reflect MISC’s strong position and long track record in the energy transportati...
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MARC has voluntarily withdrawn Haisan Resources Bhd's (Haisan) rating on the basis that the rating agency is no longer in a position to conduct a meaningful surveillance of the bonds. We have reason to believe that we will not receive the requisite cooperation from the issuer to provide continued independent rating coverage. MARC has been informed that Haisan has obtained the approval from its bon...
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