MARC has affirmed its AA- rating on Scomi Group Bhd’s (Scomi) RM500 million Medium Term Notes Programme (MTN) and has revised the outlook on the rating to stable from negative. The rating affirmation takes into account Scomi’s reduced dependence on its oilfield services division with higher earnings contributions from its engineering and marine business divisions and the additional cap...

MARC has placed its AA-ID rating on KMCOB Capital Berhad’s (KMCOB Capital) RM630 million Murabahah Medium Term Notes (MTN) facility on MARCWatch Developing. The MARCWatch action is based on plans by KMCOB to refinance the outstanding MTN under the rated facility with a view to extend the maturity profile of its debt. The proposed refinancing exercise is expected to help KMCOB Capital to rest...

MARC has affirmed its ratings of AA-IS and MARC-1IS / AA-IS on Offshoreworks Capital Sdn Bhd’s (OWC) RM200 million Sukuk Musyarakah (Sukuk Musyarakah) and up to RM150 million Musyarakah Commercial Papers/Medium Term Notes Programme (MCP/MMTN) respectively (collectively referred as the Sukuk). At the same time, the outlook on the ratings has been revised to negative from developing. The revis...

MARC has placed Malaysian Merchant Marine Bhd’s (MMM) A-ID rating on its RM120 million Al Bai’ Bithaman Ajil (BaIDS) on MARCWatch Negative to highlight concerns that MMM will not be able to accumulate enough liquidity to meet its November 2010 debt maturity of RM24 million. MARC believes that in the nine months to September 30, 2009, there has been a substantial weakening of MMM’...

MARC has placed its A+ rating on Petra Perdana Berhad’s (Petra Perdana) RM800 million Dual Currency Revolving Facility on MARCWatch Developing following the company’s announcement that it had divested a 25.03% stake in Petra Energy Berhad (Petra Energy). The divestment will reduce Petra Perdana’s shareholdings in Petra Energy to 29.59% and will result in deconsolidation of Petra ...

MARC has downgraded its rating on PSSB Ship Management Sdn Bhd’s (PSM) RM40 million Bai’ Bithaman Ajil Islamic Securities (BAIS) to DID from BB-ID. The rating action reflects PSM’s failure to meet its December 15, 2009 scheduled RM5.0 million reduction of its outstanding Islamic commercial papers (ICP). Concurrently, MARC has removed PSM’s rating from MARCWatch Negative, wh...

MARC has affirmed Tesco Stores (Malaysia) Sdn Bhd’s (Tesco Malaysia) RM3.5 billion Conventional and Islamic Commercial Papers/Medium Term Notes Programme at AAA(cg)/MARC-1(cg) and AAAID(cg)/MARC-1ID(cg) respectively. The ratings reflect the credit strength of the corporate guarantee provided by its parent company, UK-based Tesco plc for the rated facilities and MARC’s public informatio...

MARC has downgraded its rating on Straight A’s Portfolio Sdn Bhd’s (Straight A’s) RM200 million Murabahah Underwritten Notes Issuance Facility (MUNIF) to DID from MARC-4ID. The rating action reflects Straight A’s failure to redeem or rollover its RM24 million of Islamic commercial papers (ICP) which were due on December 10, 2009. The facility agent, MIDF Amanah Investment B...

MARC has placed PSSB Ship Management Sdn Bhd’s (PSM) long-term rating of BB-ID on its RM40 million Bai’ Bithaman Ajil Islamic Securities (BAIS) on MARCWatch Negative. The MARCWatch Negative placement reflects MARC’s heightened concerns over PSM’s ability to meet its upcoming December profit and principal payments on its BAIS given the near total lack of visibility on its ne...

MARC has removed its ratings of BBBID and MARC-3ID/BBBID  on Medi Innovation Sdn Bhd’s (MISB) RM100 million Islamic Medium Term Notes Issuance Facility (IMTN facility) and RM50 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes Issuance Facility (MUNIF/IMTN) from MARCWatch Negative where they had been placed since June 17, 2009. On September 17, 2009, MARC ...