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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 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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MARC continues to maintain its ratings 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) of AID and MARC-2ID /A/AID/A respectively on MARCWatch Negative where they had been placed since June 17, 2009. While the in...
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MARC has downgraded its ratings on Straight A’s Portfolio Sdn Bhd’s (Straight A’s) RM200 million Murabahah Underwritten Notes Issuance Facility (MUNIF) to MARC-4ID from MARC-1ID on account of the heightened collectibility risk of certain receivables securing the facility. Accordingly, MARC opines that Straight A’s no longer has the capacity to meet its obligations under the...
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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/BBID from MARC-2ID/A-ID, and maintains the ratings on MARCWatch Negative, where it has been since May 22, 2008. The ratings were lowered due to the company’s liquidity position which had deteriorated furth...
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MARC has affirmed the ratings of DRIR Management Sdn Bhd’s (DRIRM) RM180 million Class A and RM160 million Class B Sukuk at AAIS and AA-IS respectively. The outlook on the ratings is maintained at stable. The ratings for both classes are premised on the continued strong cash flows generated on MHS Aviation Berhad’s (MHSA) service contracts which back its lease rental obligations under ...
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MARC has affirmed its ratings of A+ID / MARC-2ID on Capable Aspect Sdn Bhd’s (CASB) RM40 million Islamic Medium Term Notes Issuance Facility/ Murabahah Underwritten Notes Issuance Facility (IMTN/MUNIF) respectively and maintained the ratings outlook at stable. The ratings of CASB reflect the competitive position of its wholly-owned subsidiary, Sinagama II Technologies Sdn Bhd (Sinagama), as ...
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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 stable. A wholly-owned funding vehicle of SapuraCrest Petroleum Berhad (SapuraCrest), Bayu Padu’s debt is ultima...
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MARC has affirmed its MARC-1(bg) and AAA(bg) ratings of Bluwater Developments Berhad’s (Bluwater) (formerly known as Mines Resort Berhad) short- and long-term ratings of its RM47 million Bank Guaranteed Commercial Papers (CPs) and RM130 million Bank Guaranteed Serial Bonds (Bonds) respectively. The ratings carry a stable outlook. The affirmed ratings and outlook are underpinned by the uncond...
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MARC has withdrawn the AA-ID rating assigned to Sime Darby Property Berhad’s (formerly known as Guthrie Property Development Holding Berhad) RM750 million Islamic Medium-Term Notes Programme (IMTN) with immediate effect following the full redemption on June 16, 2009 as confirmed by the facility agent, CIMB Investment Bank Berhad and subsequent cancellation of the facility. Contacts: Elea Nor...
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