MARC has affirmed its corporate debt ratings on Scomi Group Bhd (Scomi) and KMCOB Capital Berhad (KMCOB Capital). KMCOB Capital is an indirect wholly-owned subsidiary of Scomi Oilfields Limited (SOL), the investment holding company of Scomi’s oilfield services division, and was established as a special purpose vehicle to issue the RM630.0 million Murabahah Medium Term Notes (MMTN) as part of...

MARC has affirmed its corporate debt ratings on Scomi Group Bhd (Scomi) and KMCOB Capital Berhad (KMCOB Capital). KMCOB Capital is an indirect wholly-owned subsidiary of Scomi Oilfields Limited (SOL), the investment holding company of Scomi’s oilfield services division, and was established as a special purpose vehicle to issue the RM630.0 million Murabahah Medium-Term Notes (MMTN) as part of...

MARC has assigned ‘AAAID/MARC-1ID’ and ‘MARC-1ID’ ratings to the novated RM1.5 billion Murabahah commercial paper/medium term notes programme and RM150 million Murabahah CP programme of Sime Darby Berhad (formerly known as Synergy Drive Berhad) (“SDB”). Arising from the merger of Golden Hope Plantation Berhad (“Golden Hope”), Kumpulan Guthrie Berhad ...

MARC has reaffirmed the short and long term ratings of Mines Resort Berhad’s (MRB) Bank Guaranteed Commercial Papers and Bank Guaranteed Serial Bonds at MARC-1(bg) and AAA(bg) respectively. The reaffirmed ratings reflect the strength of an unconditional and irrevocable guarantee provided by Malayan Banking Berhad (Maybank). The stable ratings outlook mirrors that of Maybank’s.  Ma...

MARC has reaffirmed its A+ID  rating of MHS Aviation Berhad’s (MHSA) RM140 million Junior Notes Issue (JNs). The rating outlook is developing. The rating reflects MHSA’s position as the only licensed provider of offshore oil and gas helicopter support services in Malaysia. The rating recognises that despite MHSA’s declining profitability since 2003, its debt protection measu...

MARC has placed its AID rating on PSSB Ship Management Sdn Bhd’s (“PSM”) RM40.0 million Bai Bithaman Ajil Islamic Securities (“BAIS”) on MARCWatch Negative on account of unresolved covenant breaches which include the failure to furnish the semi annual and annual audited accounts for the past two years and to adhere to the schedule of payments into the sinking fund as ...

MARC has assigned MARC-1/A+ and A+ ratings 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 carry a stable outlook. The ratings reflect the credit quality of the receivables securing the notes, a 1.20 times security cover of the amount issued under the CP/MTN facil...

MARC has assigned ratings of AAAID(cg)/MARC-1ID(cg) to Tesco Stores (Malaysia) Sdn Bhd’s (“Tesco Malaysia”) Proposed Islamic Notes Issuance Programme and AAA(cg)/MARC-1(cg) to Tesco Malaysia’s Proposed Conventional Notes Issuance Programme with a combined limit of RM3.5 billion. The ratings are underpinned by guarantees extended by Tesco PLC to Tesco Malaysia’s propos...

On 5 October 2007, MARC had placed DRB-HICOM Berhad’s (“DRB-HICOM”) A+ID /MARC-1ID ratings on its Islamic Debt Securities on MARCWatch Developing in relation to its proposed acquisition of the operation and maintenance (O&M) operator of Tanjung Bin Power Plant, Rangkai Positif Sdn Bhd, and intended divestment of its financial services – related investments. MARC is issu...

MARC has withdrawn the MARC-1(cg) rating assigned to Tesco Stores (Malaysia) Sdn Bhd’s (“Tesco Malaysia”) RM750 million Guaranteed Commercial Paper Programme (“CP”) with immediate effect, following confirmation by Tesco Malaysia that the CP has been paid in full and cancelled....