MARC has affirmed its A- rating of Bintang Bulk Movers Sdn Bhd (BBM) with respect to its RM50 million bonds. The final RM20 million tranche of the bonds is due to be redeemed in April 2009. BBM’s rating outlook is revised to negative, from stable, to reflect slower-than-expected buildup in the facility’s sinking fund account (SFA) vis-à-vis RM20 million redemption of its final t...

MARC has affirmed the ratings of AAA(cg)/MARC-1(cg) and AAAID(cg)/MARC-1ID(cg) on Tesco Stores (Malaysia) Sdn Bhd’s (Tesco Malaysia) RM3.5 billion Conventional and Islamic Commercial Paper and Medium Term Notes (CP/MTN/ICP/IMTN) Programme. The ratings reflect the credit strength of the corporate guarantee extended by its parent company, UK-based Tesco PLC (Tesco plc) for the rated facilities...

MARC has assigned ratings of AA-IS and MARC-1IS/AA-IS  to Offshoreworks Capital Sdn Bhd’s (OWC) RM200 million Sukuk Musyarakah (Sukuk Musyarakah) and up to RM150 million Musyarakah Commercial Papers/Medium Term Notes programmes (MCP/MMTN), respectively (collectively referred to as ‘Sukuk’). The ratings carry a developing outlook. OWC, a special purpose wholly-owned subsidiar...

MARC continues to maintain Oilcorp Berhad’s (Oilcorp) MARC-2ID/A-ID ratings on its RM70 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes Facility (MUNIF/IMTN) on MARCWatch Negative. The company was first placed on MARCWatch Negative since May 22, 2008, due to a protracted delay in releasing audited accounts for the financial year ended December 31, 2007 (FY200...

MARC has removed its rating of A- on Haisan Resources Berhad (HRB)’s RM12 million outstanding Bonds from MARCWatch Negative and affirmed the rating. Concurrently, it has assigned a negative outlook to the rating. The rating was first placed on MARCWatch Negative on August 20, 2008 following a breach of its debt-to-equity (DE) covenant, its weak first half year 2008 performance, and uncertain...

MARC has affirmed its AA-IS rating on Vastalux Capital Sdn Bhd’s (VCSB) RM100 million Sukuk Musyarakah. The rating carries a stable outlook. VCSB is a special purpose company wholly-owned and incorporated by Vastalux Sdn Bhd (Vastalux) to facilitate the issuance of the Sukuk Musyarakah. VCSB acts as the wakil under the transaction, investing Sukukholders capital contributions in the venture ...

MARC has affirmed its AA- and AA-ID(cg) ratings on Scomi Group Bhd’s (Scomi) RM500 million Medium Term Notes Programme (MTN) and KMCOB Capital Berhad’s (KMCOB Capital) RM630.0 million Murabahah Medium Term Notes (MMTN) facility, respectively. At the same time, MARC has revised the outlook on both ratings to negative from stable. Scomi is primarily involved in the provision of oil and g...

MARC has affirmed its AA- and AA-ID(cg) ratings on Scomi Group Bhd’s (Scomi) RM500 million Medium Term Notes Programme (MTN) and KMCOB Capital Berhad’s (KMCOB Capital) RM630.0 million Murabahah Medium Term Notes (MMTN) facility, respectively. At the same time, MARC has revised the outlook on both ratings to negative from stable. Scomi is primarily involved in the provision of oil and g...

MARC has affirmed its AAAID/MARC -1ID and MARC-1ID ratings to the RM1.5 billion Murabahah Commercial Paper/Medium Term Notes programme (CP/MTN) and RM150 million Murabahah CP programme respectively of Sime Darby Berhad (Sime Darby) and maintained a stable outlook on the ratings. Both facilities had been novated to Sime Darby following the completion of its merger exercise in November 2007. The aff...

MARC has withdrawn the AID rating assigned to Sapura Energy Sdn Bhd’s RM140.0 million Al-Bai’Bithaman Ajil Islamic Debt Securities (BaIDS) following the full redemption of the BaIDS as confirmed by the facility agent, CIMB Investment Bank Berhad. Contacts: Hafizan Haron 03-2090 2238/ hafizan@marc.com.my; Nor Azlina Abdullah, 03-2090 2256/ norazlina@marc.com.my. ...