MARC has placed its A- ID rating on Malaysian Merchant Marine Berhad’s (MMM) RM120 million Al Bai’ Bithaman Ajil Serial Bonds (BaIDS) on MARCWatch Negative. The MARCWatch placement is the result of its continued weak operating performance and an apparent change to MMM’s plans to fully redeem its BaIDS ahead of its November 2010 maturity. The rating action also reflects significan...

MARC has assigned a rating of AA+ID(bg) to Aras Sejagat Sdn Bhd’s (“ASSB”) Bank Guaranteed Islamic Medium-Term Notes (“BG IMTN”) of up to RM500.0 million. ASSB is a wholly-owned subsidiary of AirAsia Berhad (“AirAsia” or “the company”) and is a special purpose vehicle created to facilitate the issuance of the BG IMTN. The rating of the BG IMTN ...

MARC said today that there is no immediate pressure on the ratings assigned to the Selangor water sector-related issuers following the establishment of a new state government and the recent announcements made by the new administration in respect of the water sector.  This announcement is issued in respect of the following ratings:Syarikat Bekalan Air Selangor Sdn Bhd’s RM3.0 billion Bai...

MARC has affirmed the ratings of MARC-2ID/A- ID on Oilcorp Berhad’s (Oilcorp or the Group) RM70.0 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium-Term Notes Facility (MUNIF/IMTN). The outlook on the ratings is stable. The affirmed ratings reflect the Group’s average business profile underscored by its continuous dependence on the oil and gas sector which saw its o...

MARC has reaffirmed the long term rating of Sapura Energy Sdn Bhd’s (“SESB” or “the Group”) RM140 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) at AID. The rating carries a stable outlook. The reaffirmed rating reflects SESB’s moderate business profile as an oil and gas service provider with sustained operating track record evidenced by its...

MARC has assigned a corporate credit rating (CCR) of AAA to UMW Holdings Berhad (UMW or the Group). The CCR of AAA indicates UMW’s very strong intrinsic ability and overall capacity for timely repayment of its financial obligations. UMW is one of the country’s leading industrial group that has significant market share in the domestic automotive sector through 51% owned UMW Toyota Motor...

MARC has revised its rating outlook on DRB-HICOM Berhad’s (DRB-HICOM) Islamic Debt Securities to positive from developing in connection with DRB-HICOM’s proposed divestment of its 20.2% stake in EON Capital (EONCap) to Primus Pacific Partners Ltd (Primus). This rating action affects the following rated facilities:- -    RM200.0 million Underwritten Murabahah CP/MTN rate...

MARC has upgraded MIB’s short term rating on its RM25.0 million Murabahah Commercial Paper/Medium Term Notes (“CP/MTN”) to MARC-1ID from MARC-2ID while reaffirming its long-term rating on the facility at AID. The upgrade in the short term rating reflects MIB’s improved liquidity position, aided by the proceeds from the disposal of its assets. Its cash reserves balances as a...

MARC has downgraded PSSB Ship Management Sdn Bhd’s (“PSM”) RM40.0 million Bai Bithaman Ajil Islamic Securities (“BAIS”) rating from AID to BBB- ID and removed PSM’s rating from MARCWatch Negative where it had been placed in November 2007. The rating carries a negative outlook. The rating downgrade reflects MARC’s view that there has been significant deteri...

MARC has reaffirmed the rating of AA- IS on Vastalux Capital Sdn Bhd’s (VCSB) RM100.0 million Sukuk Musyarakah. The rating outlook is stable. The rating reflects the credit strength of payment stream arising from the performance of contracts secured from PETRONAS Carigali Sdn Bhd (PCSB). The contracts have tenures and cash flows that match VCSB’s obligations under the Sukuk Musyarakah....