MARC has placed the rating of Malaysian Merchant Marine Berhad’s (MMM) RM120 million BaIDS on MARCWatch Negative. The rating action was taken following MMM’s announcement of poorer than expected financial results for the financial year ended 31 August 2006 (FY2006) and the commencement of MARC’s rating review on the company.MMM is principally involved in the provision of shipping...

MARC has assigned a long-term rating of AA-ID (CG) to KMCOB Capital Berhad’s (“KCB”) RM630 million Murabahah Medium-Term Notes (“MMTN”) facility. The CG suffix depicts the Corporate Guarantee by its 100% shareholder KMC Oiltools (Bermuda) Ltd (“KMCOB”). Pursuant to the completion of a restructuring exercise, KMCOB will be the holding company of Scomi Group...

The rating for Sapura Energy Sdn Bhd’s (SESB) RM140 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) is reaffirmed at AID reflecting the bright outlook of the oil and gas (O&G) industry, especially in the upstream segment; SESB’s strength in the marine engineering business; and synergies arising from the business expansion of the SapuraCrest Petroleum Berhad (Sap...

Factors underscoring the negative outlook attached to the domestic automotive industry include, inter alia, continued dismal vehicles sales especially passenger vehicles on the back of increasingly stringent approval requirements for hire purchase loans and relatively higher interest rates for used vehicles financing, aggravated by depressed used car prices and generally negative consumer sentimen...

Following the crash involving the Super Puma helicopter chartered out to Exxon Mobil Exploration and Production Malaysia Inc (EMEPMI) last Sunday, 5 November 2006, the remaining three MHS Aviation Berhad’s (MHSA) Super Puma helicopters used for EMEPMI’s operations have been grounded, pending investigation. This was the second incident involving MHSA’s Super Puma helicopters used ...

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, reflecting the unconditional and irrevocable guarantee provided by Malayan Banking Berhad (Maybank). On a stand alone basis, MARC maintains a cautious outlook for MRB, reflecting delays in its proposed pr...

MARC has affirmed, with Stable Outlook, the AA- rating to Scomi Group Bhd’s (Scomi) RM500 million Medium-Term Notes (Notes). The rating reflects the group’s competitive position in the oil and gas industry, having one of the most comprehensive range of products and services for the provision of integrated fluids solutions in the world; its business presence in 35 countries following th...

MARC has affirmed the ratings of A+ID and MARC-1ID/A+ID assigned to Bayu Padu Sdn Bhd’s (wholly-owned by SapuraCrest Petroleum Bhd) RM500 million Istisna’ Serial Bonds (“Istisna Bonds”) and RM100 million Murabahah Commercial Papers/ Medium-Term Notes (“MCP/MMTNs”) facilities, which reflect: positive outlook of the oil and gas (“O&G”) industry, es...

MARC has downgraded the rating of PSSB Ship Management Sdn Bhd’s (PSM) RM40 million BAIS from AA-ID to A+ID with negative outlook. Factors contributing to the downgrade include consistently higher than anticipated vessel operating cost, deteriorating financial position of project sponsor – PSSB Strategic Holdings Sdn Bhd (PSSB), and PSM’s failure to adhere to timely reporting req...

MARC affirmed a rating of A (A Flat) to Haisan Resources Berhad (HRB)’s RM30 million bonds with a stable outlook; reflecting its strong competitive position in the refrigeration and ice industry, assignment of specific contract proceeds towards redemption of the bonds as well as HRB’s good operating profit margin and moderated by its high debt leverage position. Incorporated in 1999, H...