Sapura Energy Sdn Bhd’s (“SESB”) rating upgrade to AID is supported by its strength in the marine engineering business, improving financial position and the synergies arising from its proposed acquisition by Crest Petroleum Bhd (“Crest”), one of the largest oil and gas well drilling and marine contractors in Malaysia. The rating is, however, moderated by its high debt leverage position. ...

MARC is pleased to announce that for the period January to December 2003, MARC had completed 23 corporate debt issue ratings, with a total issue value of RM9.58 billion. Of the 23 corporate debt issues rated, 16 were Islamic private debt securities with a total issue value of RM6.85 billion, constituting 71.5% of the rated issue value.Commerce International Merchant Bankers Berhad (CIMB) topped M...

The rating affirmation of AAID for MHS Aviation Berhad’s (MHSA) Al-Bai Bithaman Ajil Islamic Serial Debt Securities (BaIDS) reflects the company’s continued dominant position in the provision of aviation services, as underlined by its ability in providing services that meet the demand for high safety standards by domestic oil and gas companies. MHSA’s exceptional track record is evident from...

Utusan Melayu (Malaysia) Berhad’s (Utusan/the Group) rating of MARC-3 has been reaffirmed on the extended RUF for a reduced amount of RM100 million now maturing on 10 April 2006. The reaffirmation reflects Utusan’s leading position in the Malay language newspaper and magazine segments coupled with improvement in its financials for the period under review. The rating is, however, moderated by U...

MARC has reaffirmed Bumi Armada Navigation Sdn Bhd’s (“BAN”) MARC-1/AA-ID rating assigned to its RM80 million Murabahah Notes Issuance Facility (MUNIF) / Islamic Medium-Term Notes (IMTN) (2000/2005). The affirmation is supported by the company’s good competitive position in the area of providing marine transportation, tanker operations and support services for the offshore oil and gas ind...

MARC has downgraded the rating of Reliance Pacific Berhad (RPB) RM100 million Redeemable Secured Bonds from A- to BBB+.The downgrade reflects the current weak and uncertain operating environment of the travel and hotel industry following the SARS outbreak and threat of terrorism and the weakened financial performance of RPB. The group’s consolidated Income Statements recorded losses for the past...

MARC has reaffirmed the rating of MARC-1ID/AAAID assigned to Malaysia International Shipping Corporation Berhad’s (MISC) RM1.5 billion Murabahah Commercial Paper/Medium-Term Notes Programme (2000/2005). The affirmation of the ratings reflect MISC’s solid operating fundamentals, in particular the Liquefied Natural Gas (LNG) shipping segment, that provides the company with a stable and recurrent...

MARC has assigned a rating of AAAbg (bank guaranteed) to Mines Golf Resort Berhad’s (MGRB) proposed Bank Guaranteed Serial Bonds (BG Bonds) with nominal value up to RM130 million and a MARC-1bg (bank guaranteed) rating to its proposed Bank Guaranteed Commercial Papers (BG CP) with nominal value up to RM47 million. The rating reflects the unconditional and irrevocable bank guarantee provided by M...

MARC has placed the A- rating for Reliance Pacific Berhad (RPB) RM100 million Redeemable Secured Bonds on MARCWatch, with a negative outlook. The MARCWatch, with a negative outlook reflects the heightened threat of Severe Acute Respiratory Syndrome (SARS) on the travel and hotel industry, the principal activity of RPB. The travel warnings issued by the World Health Organisation (WHO) to discourage...

MARC has reaffirmed Utusan Melayu (Malaysia) Berhad’s (Utusan/the Group) RM105 million Revolving Underwritten Facility (RUF) at MARC-3. The rating affirmation reflects Utusan’s leading position in the Malay language newspaper and magazine segments. The rating is, however, moderated by Utusan’s adverse financial performance in FY2001, which is highly sensitive to changes in newsprint prices, ...