MARC has placed DRB-HICOM Berhad’s (“DRB-HICOM or the Group”) A+ID /MARC-1ID ratings on its Islamic Debt Securities on MARCWatch Developing following recent announcements made by the Group in relation to its proposed acquisition of Rangkai Positif Sdn Bhd (“Rangkai Positif”) and intended divestment of its financial services-related investments. The MARCWatch placement...

The rating of AAAID (Islamic Debt) assigned to MISC Berhad’s (“MISC” or “the Group”) up to RM2.5 billion Murabahah Medium-Term Notes (“MTN”) Programme reflects the Group’s solid operating fundamentals; its dominant position in the Malaysian shipping industry particularly in the liquefied natural gas (“LNG”) segment; extended geographic fo...

Following MARC’s announcement on 9 August 2007, MARC has uplifted the MARCWatch Negative rating on PSSB Ship Management Sdn Bhd’s (“PSM”) RM40.0 million Bai Bithaman Ajil Islamic Securities (“BAIS”) and concurrently downgraded the BAIS rating from A+ID to AID (A flat, Islamic Debt). The rating carries a negative outlook. The downgrade of the BAIS facility reflec...

MARC has placed its A+ID rating on PSSB Ship Management Sdn Bhd’s RM40.0 million Bai Bithaman Ajil Islamic Securities (“BAIS”) on MARCWatch Negative. The MARCWatch placement follows the trustee’s confirmation of breaches in covenants of the BAIS including PSM’s failure to remit scheduled payments into the Debt Service Reserve Account. In addition, PSM has also failed ...

MARC reaffirmed a rating of A (A Flat) to Haisan Resources Berhad (HRB)’s RM30 million bonds with a Developing Outlook; reflecting its strong competitive position in the refrigeration and ice industry and good geographic diversity as well as the assignment of specific contract proceeds towards redemption of the bonds. The rating is however moderated by its weak profitability measures, high d...

MARC has affirmed the rating of A+ with Stable Outlook to Petra Perdana Berhad’s (Petra) issuance of up to equivalent RM800 million Dual Currency Revolving Financing Facility comprising RM400 million Nominal Value Secured Serial Bonds (“Bonds”) under Tranche 1 and up to RM400 million Dual Currency Revolving Financing Facility under Tranche 2. The rating reflects the Group’s...

MARC said today that its ratings in relation to the following Issuances are not affected by Jebel Ali Free Zone International’s (JAFZI) withdrawal from the operation and management of the Port Klang Free Zone (PKFZ):Special Port Vehicle Bhd - RM1,310.0 million nominal amount asset-backed serial bonds; Transhipment Megahub Bhd - RM1,095.0 million bonds and up to RM360.0 million of Commercial ...

MARC has lifted the MARCWatch Developing placed on Bayu Padu Sdn Bhd’s (“Bayu Padu”) A+ID/MARC-1ID rated RM500 million Istisna’ Bonds and RM100 million Murabahah Commercial Papers/Medium-Term Notes (“MCP/MMTN”). Bayu Padu is a wholly-owned special purpose vehicle of SapuraCrest Petroleum Berhad (“SapuraCrest”) incorporated to facilitate the issuance ...

MARC has reaffirmed the ratings of Sime Darby Berhad’s (Sime Darby) RM1,500 million Al-Murabahah Commercial Papers/ Medium-Term Notes (MCP/MMTN) Programme at MARC-1ID/AAAID. The outlook of the ratings has been revised from stable to developing. The ratings reflect the strong financial condition of the Group characterised by a profitability record that is high by domestic standards which, in ...

MARC has assigned ratings of A+ID/MARC-2ID to Capable Aspect Sdn Bhd’s (CASB) proposed issuance of up to RM40 million Islamic Medium-Term Notes Issuance Facility/ Murabahah Underwritten Notes Issuance Facility (‘IMTN/MUNIF) respectively. The ratings carry a stable outlook. The ratings for CASB, a holding company, principally reflect the projected financial and credit profile of Sinagam...