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MARC has downgraded PECD Berhad’s (PECD) RM200 million serial fixed rate bonds rating to D from BB+ as a result of a missed coupon payment for the bonds on December 31, 2007. PECD is a domestic public-listed construction company, which has since 2004, ventured offshore and secured contracts in Dubai, Sudan and Indonesia. MARC had earlier downgraded PECD’s RM200 million serial fix...
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MARC has downgraded PECD Berhad’s (PECD) RM200 million serial fixed rate bonds to BB+ from BBB-. The rating outlook remains negative. The downgrade reflects the major operational and strategic challenges currently faced by PECD as well as continued deterioration in its credit metrics, and recognizes the increased execution challenges confronting management as it pursues its turnaround strate...
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MARC has revised its outlook on the rating of PECD Berhad’s (“PECD”) RM200 million serial fixed rate bonds to negative from developing. The outlook revision follows PECD’s announcement to Bursa Malaysia on 6 July 2007 that its wholly owned subsidiary, Peremba Construction Sdn Bhd (“PCSB”) had been served notices of termination of employment for contracts under i...
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MARC has lowered its rating on PECD Berhad’s (“PECD”) RM200 million serial fixed rate bonds to BBB- from BBB with a Developing Outlook and has removed it from MARCWatch. The rating action reflects PECD’s weakened financial profile, an increase in overall business risk and the uncertainty in the timing of any recovery in credit protection measures even as it seeks to execute...
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MARC has downgraded PECD Berhad’s (PECD) RM200 million Serial Fixed Rate Bonds Programme’s rating from A- to BBB, to reflect a substantial deterioration in its credit profile. The downgrade follows PECD’s recent announcement of an unaudited pre tax loss of RM126.1 million for FY2006. The loss was attributed to among others, slower progress of ongoing projects, reversal of profits...
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MARC has placed PECD Berhad’s (PECD) RM200 million Serial Fixed Rate Bonds Programme’s rating on MARCWatch with an outlook change from stable to negative. The rating action follows from MARC’s announcement that the long and short term ratings of PECD’s 70% owned subsidiary Peremba Jaya Holdings Sdn Bhd’s (PJHSB) RM200 million Murabahah Underwritten Notes Issuance Faci...
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The corporate debt rating of PECD Berhad’s (PECD) RM200 million Serial Fixed Rate Bonds Programme has been downgraded from A (A flat) to A- (A minus) with a stable outlook. The rating reflects MARC’s concerns over cost overruns and as yet unsettled variation order (VO) claims in the company’s Melut Basin Marine Export Terminal Project in Sudan which has weakened the Group’s...
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MARC has assigned a long-term rating of A (A Flat) to PECD Berhad’s (“PECD or the Group”) proposed RM200 million Serial Fixed Rate Bonds Programme (“Serial Fixed Rate Bonds”). The assigned rating is premised upon PECD’s competitive position within the construction industry as evident by the group’s order book which is comparable to other construction companies rated by MARC; its abil...
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