MARC has upgraded Atlan Holdings Bhd’s (Atlan) RM90.0 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) ratings to MARC-1ID /A+ID from MARC-2ID /AID. The rating outlook is stable. The ratings upgrade is premised on the overall improvement in the credit profile of the enlarged Atlan group following the acquisition of Naluri Corporation Berhad (Nalur...

MARC has affirmed the AAAID(s) rating on Sarawak Specialist Hospital & Medical Centre Sdn Bhd’s (SSHMC) RM425 million Istisna’ Serial Bonds (Bonds). The rating carries a stable outlook. The affirmed rating is supported by the Sarawak State Government’s (State) obligation to pay, in a timely manner, amounts due under a Redeemable Preference Share (RPS) subscription agreement b...

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 ratings carry a stable outlook. The affirmation reflects MISC’s dominant market position in the energy transportation segment, particularly for the sh...

MARC has downgraded its rating of Haisan Resources Berhad (HRB)’s RM30 million Bonds to A- from A. HRB’s rating remains on MARCWatch Negative where it had been placed on August 20, 2008 in light of its continued breach of its debt-to-equity covenant, and its weak first half year 2008 performance which was significantly below expectations. The MARCWatch placement also reflects uncertainty surro...

MARC has downgraded PSSB Ship Management Sdn Bhd’s (PSM) RM40 million Bai Bithaman Ajil Islamic Securities (BAIS) rating to BB-ID from BBB-ID. The rating outlook is negative. The downgrade is prompted by PSM’s continuing failure to rectify covenant breaches, particularly in relation to the provision of audited accounts, and its non-compliance with respect to the required minimum balanc...

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) remain on MARCWatch Negative where they had been placed since July 30, 2008. The MARCWatch Negative highlights Oilcorp’s non-compliance with its obligation to issue timely audited accounts for the financial year ended Decemb...

MARC has affirmed the ratings of MARC-1/A+ and A+ to Radicare (M) Sdn Bhd’s (Radicare) RM100.0 million Commercial Papers/Medium-Term Notes (CP/MTN) and RM50.0 million Medium-Term Notes (MTN) facilities respectively. The ratings outlook is stable. The affirmed ratings reflect steadily rising revenues underpinned by increasing demand for hospital support services for contracted hospitals that ...

MARC has affirmed Petra Perdana Berhad’s (Petra) rating of A+ on its RM800 million Dual Currency Revolving Financing Facility comprising RM400 million Nominal Value Secured Serial Bonds and up to RM400 million Dual Currency Revolving Financing Facility. Concurrently, MARC has revised the rating outlook to developing from stable to reflect the Group’s tighter than previously anticipated...

MARC is issuing this rating update in connection with its MARC-1(cg)/AAA(cg) and MARC-1ID(cg)/AAAID(cg) ratings on Tesco Stores (Malaysia) Sdn Bhd’s (Tesco Malaysia) RM3.5 billion Conventional and Islamic Commercial Paper and Medium Term Notes (CP/MTN) Programme. Tesco Malaysia has issued RM700 million under the CP/MTN Programme as of todate. The ratings on Tesco Malaysia’s issuances a...

MARC has placed its A rating of Haisan Resources Berhad’s (HRB) RM30 million bonds on MARCWatch Negative. The MARCWatch placement follows the release of its unaudited results for the three months ended March 31, 2008 (1Q2008) which showed a 65% drop in pre-tax profit to RM1.5 million compared to the corresponding quarter in 2007. The lower than expected financial performance reduces the like...