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MARC has downgraded its rating on Oilcorp Berhad’s (Oilcorp) RM70 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes Facility (MUNIF/IMTN) to DID from MARC-4ID/CID. Concurrently, MARC has resolved the MARCWatch Negative status of the ratings. The rating action reflects Oilcorp’s failure to meet its RM20 million principal repayment due on its original sched...
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MARC has downgraded its ratings on Oilcorp Berhad’s (Oilcorp) RM70 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes Facility (MUNIF/IMTN) to MARC-4ID/CID from MARC-4ID/BBID, and maintains the ratings on MARCWatch Negative. The ratings were lowered in expectation of imminent default by Oilcorp on its upcoming redemption of its MUNIF/IMTN on October 7, 2009 unde...
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MARC has downgraded its ratings on Oilcorp Berhad’s (Oilcorp) RM70 million Murabahah Underwritten Notes Issuance Facility/ Islamic Medium Term Notes Facility (MUNIF/IMTN) to MARC-4ID/BBID from MARC-2ID/A-ID, and maintains the ratings on MARCWatch Negative, where it has been since May 22, 2008. The ratings were lowered due to the company’s liquidity position which had deteriorated furth...
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MARC continues to place its ratings on Oilcorp Bhd’s (Oilcorp) RM70 million Murabahah Underwritten Notes Issuance Facility / Islamic Medium Term Notes Facility (MUNIF/IMTN) of MARC-2ID/A-ID ratings on MARCWatch Negative where they were first placed on May 22, 2008. The continued MARCWatch placement highlights Oilcorp’s thin liquidity cushion relative to its significant upcoming d...
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MARC continues to maintain Oilcorp Berhad’s (Oilcorp) MARC-2ID/A-ID ratings on its RM70 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes Facility (MUNIF/IMTN) on MARCWatch Negative. The company was first placed on MARCWatch Negative since May 22, 2008, due to a protracted delay in releasing audited accounts for the financial year ended December 31, 2007 (FY200...
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Oilcorp Berhad’s (Oilcorp) MARC-2ID/A-ID ratings on its RM70 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes Facility (MUNIF/IMTN) remain on MARCWatch Negative where they had been placed since July 30, 2008. The MARCWatch Negative highlights Oilcorp’s non-compliance with its obligation to issue timely audited accounts for the financial year ended Decemb...
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MARC has revised its MARCWatch status of its MARC-2ID/A-ID ratings on Oilcorp Berhad’s (Oilcorp) RM70.0 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes Facility (MUNIF/IMTN) to MARCWatch Negative from Developing. MARC is concerned that a prolonged dispute would affect Oilcorp’s access to capital and may result in potential exposure to disciplinary actio...
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MARC has placed Oilcorp Berhad’s (Oilcorp) RM70.0 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium-Term Notes Facility (MUNIF/IMTN) ratings of MARC-2ID/A-ID on MARCWatch Developing following Oilcorp’s announcement dated May 20, 2008 to Bursa Malaysia that its annual audited accounts for the year ended December 31, 2007 will be amended due to a disagreement between ...
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MARC has affirmed the ratings of MARC-2ID/A- ID on Oilcorp Berhad’s (Oilcorp or the Group) RM70.0 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium-Term Notes Facility (MUNIF/IMTN). The outlook on the ratings is stable. The affirmed ratings reflect the Group’s average business profile underscored by its continuous dependence on the oil and gas sector which saw its o...
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Oilcorp Berhad’s (“Oilcorp”) RM70 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes Facility (“MUNIF/IMTN”) long-term rating has been downgraded from A ID to A- ID, and short term rating reaffirmed at MARC-2 ID. The ratings have been accorded stable outlook. The rating downgrade is underpinned by the Group’s weakened fi...
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