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MARC has downgraded its rating on Vastalux Capital Sdn Bhd's (VCSB) RM100 million Sukuk Musyarakah facility to DIS from BB+IS following VCSB's failure to redeem the remaining outstanding RM3.96 million of Sukuk on the final redemption date of December 23, 2010.VCSB had redeemed RM21.04 million of RM25.0 million of outstanding Sukuk on December 10, 2010, prior to the final redemption date. VCSB had...
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MARC has downgraded its rating on Vastalux Capital Sdn Bhd’s (VCSB) RM100 million Sukuk Musyarakah facility to BB+IS from A+IS and placed the rating on MARCWatch Negative. VCSB is a special purpose company and wholly-owned subsidiary of Vastalux Sdn Bhd (Vastalux) incorporated for the purpose of issuing the Sukuk Musyarakah, largely to fund Vastalux’s working capital in relation to oil...
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MARC announced today that Petroliam Nasional Berhad’s (Petronas) suspension of Vastalux Sdn Bhd’s (Vastalux) license is not expected to have a material impact on it’s rating of A+IS/Stable on Vastalux Capital Sdn Bhd’s (VCSB) RM100 million Sukuk Musyarakah. The rating had been downgraded to A+IS from AA-IS on January 15, 2010. The suspension of the license should not affect...
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MARC has downgraded its rating on Vastalux Capital Sdn Bhd’s (VCSB) RM100 million Sukuk Musyarakah to A+IS from AA-IS. The outlook is stable. Vastalux Capital is a special purpose company and wholly-owned subsidiary of Vastalux Sdn Bhd (Vastalux), incorporated for the purpose of issuing the Sukuk Musyarakah largely to fund Vastalux’s working capital in relation to oil and gas services ...
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MARC has affirmed its AA-IS rating on Vastalux Capital Sdn Bhd’s (VCSB) RM100 million Sukuk Musyarakah. The rating carries a stable outlook. VCSB is a special purpose company wholly-owned and incorporated by Vastalux Sdn Bhd (Vastalux) to facilitate the issuance of the Sukuk Musyarakah. VCSB acts as the wakil under the transaction, investing Sukukholders capital contributions in the venture ...
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MARC has reaffirmed the rating of AA- IS on Vastalux Capital Sdn Bhd’s (VCSB) RM100.0 million Sukuk Musyarakah. The rating outlook is stable. The rating reflects the credit strength of payment stream arising from the performance of contracts secured from PETRONAS Carigali Sdn Bhd (PCSB). The contracts have tenures and cash flows that match VCSB’s obligations under the Sukuk Musyarakah....
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MARC has affirmed a rating of AA-IS to Vastalux Capital Sdn Bhd’s (VCSB) Islamic Securities under the principle of Musyarakah Mutanaqisah (Sukuk Musyarakah) of RM100.0 million with stable outlook. The rating assignment reflects the strong credit risk of the offtaker, PETRONAS Carigali Sdn Bhd (PCSB); protective issue structure which mitigates the risk of commingling of funds (from two ...
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MARC has assigned a rating of AA-IS to Vastalux Capital Sdn Bhd’s (VCSB) Islamic Securities under the principle of Musyarakah Mutanaqisah (Sukuk Musyarakah) of RM100.0 million. The rating assignment reflects the strong credit risk of the offtaker, Petronas Carigali Sdn Bhd (PCSB); protective issue structure which mitigates risk of commingling of funds from two main contracts with PCSB with the ...
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