MARC has withdrawn its DIS rating on Alam Maritim Resources Berhad’s RM500 million Sukuk Ijarah Medium-Term Notes (MTN) programme. The rating withdrawal is at the request of the issuer on February 6, 2019 following the completion of the restructuring exercise of the MTN as confirmed by the facility agent. The sukuk rating was downgraded to DIS on July 7, 2017 following a missed payment. ...

MARC has downgraded Alam Maritim Resources Berhad’s sukuk rating to DIS from BB+IS following the missed sukuk principal payment of RM30.0 million on July 6, 2017 of the outstanding RM75.0 million under its Sukuk Ijarah Medium-Term Notes programme. Concurrently, the rating has been removed from MARCWatch Negative where it was placed on May 30, 2017. Alam Maritim is a major domestic offshore supp...

MARC said today that it has downgraded its rating on marine services provider Alam Maritim Resources Berhad's (Alam Maritim) RM500 million Sukuk Ijarah Medium-Term Notes to BB+IS from BBB+IS. The rating remains on MARCWatch Negative. MARC had earlier placed the sukuk rating on MARCWatch Negative on May 30, 2017 to highlight the sukuk’s increased vulnerability to missed payments or a distre...

MARC has placed its BBB+IS sukuk rating on Alam Maritim Resources Berhad’s (Alam Maritim) RM500 million Sukuk Ijarah Medium-Term Note Programme on MARCWatch Negative. The current outstanding amount under the rated programme is RM75 million, of which RM30 million is due in July 2017. The rating action highlights increased risk of missed payments or a distressed exchange on Alam Maritim’s ...

MARC has downgraded its rating on Alam Maritim Resources Berhad's (Alam Maritim) RM500 million Sukuk Ijarah Medium-Term Notes programme to BBB+IS from AIS. The outlook is maintained at negative. The rating action affects RM75 million of outstanding sukuk under the rated programme. MARC’s rating action is premised on Alam Maritim’s weakening financial performance arising from its inabilit...

MARC has revised its outlook on Alam Maritim Resources Berhad’s (Alam Maritim) AIS Sukuk Ijarah Medium-Term Notes rating to negative from stable. The negative outlook reflects the rating agency’s increased concerns on Alam Maritim’s weakening business prospects arising from the continued decline in its order book and the increasing challenges in winning new contracts in the current tough en...

MARC has downgraded the rating of Alam Maritim Resources Berhad's (Alam Maritim) RM500 million Sukuk Ijarah Medium-Term Notes to AIS from A+IS. Concurrently, the outlook is revised to stable from negative. The rating action affects RM115 million of outstanding sukuk issued under the rated programme. The rating downgrade was driven mainly by Alam Maritim’s weakened business risk profile ari...

MARC has affirmed its rating of A+IS on Alam Maritim Resources Berhad's (Alam Maritim, or the group) RM500 million Sukuk Ijarah Medium-Term Notes (Sukuk). The outlook on the sukuk rating is revised to negative from stable. The rating action affects RM230 million of outstanding notes issued under the rated programme. The negative outlook reflects a decline in revenue and consolidated earnings duri...

MARC has withdrawn its MARC-2ID/A+ID ratings on Alam Maritim Resources Berhad’s (Alam Maritim) RM100 million Murabahah Commercial Papers/Medium-Term Notes (MCP/MMTN) facility. The withdrawal follows the expiry of the programme on July 25, 2014. MARC’s analytical coverage on Alam Maritim is now limited to the RM500 million Sukuk Ijarah Medium-Term Notes (MTN) facility, currently rated A...

MARC has affirmed its A+IS and MARC-2ID/A+ID ratings on Alam Maritim Resources Berhad’s (Alam Maritim) RM500 million Sukuk Ijarah Medium Term Notes (Sukuk Ijarah MTN) and RM100 million Murabahah Commercial Papers/Medium Term Notes (MCP/MMTN) facilities. The ratings carry a stable outlook. The affirmed ratings reflect Alam Maritim’s established and leading position in the domestic offsh...