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MARC has withdrawn its rating of AAAIS on Assar Chemicals Sdn Bhd’s (ACSB) RM150.0 million Serial Sukuk Musyarakah (Sukuk) with immediate effect. The rating withdrawal follows the full redemption of outstanding Sukuk on August 2, 2011 and cancellation of the facility, as confirmed by the facility agent, RHB Investment Bank Berhad. Contacts: David Lee, +603-2082 2255/ david@marc.com.my; Sande...
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MARC has affirmed its rating on Assar Chemicals Sdn Bhd’s (ACSB) RM150 million Serial Sukuk Musyarakah (Sukuk) at AAAIS. The outlook on the ratings is revised to negative from stable. The affirmed rating continues to be upheld by stable revenue generation of ACSB supported by the long-term agreement with high credit standing terminal users, namely Petronas Dagangan Berhad (PDB) and Shell Tim...
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MARC has affirmed its long-term rating on Assar Chemicals Sdn Bhd’s (ACSB) RM150 million Serial Sukuk Musyarakah (Sukuk) at AAAIS. The outlook on the rating is maintained at stable. MARC notes the significant transfers of cash to ACSB’s related companies in the past two financial years which predisposes ACSB to a higher liquidity risk and has reduced headroom with respect to its FSCR c...
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MARC AFFIRMS ITS LONG-TERM RATING OF AAAIS ON ASSAR CHEMICALS’ RM150 MILLION SERIAL SUKUK MUSYARAKAH
MARC has affirmed its long-term rating on independent oil terminal (IOT) owner, Assar Chemicals Sdn Bhd’s (ACSB) RM150 million Serial Sukuk Musyarakah (Sukuk) at AAAIS. The outlook on the rating is stable. The affirmed rating reflects the fundamentals of the underlying oil terminal project, underpinned by a 30-year agreement through 2037 with terminal users of superior credit standing. Contr...
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The rating of Assar Chemicals Sdn Bhd’s (“ACSB”) RM150 million Serial Sukuk Musyarakah (“Sukuk”) has been reaffirmed at AAAIS. The rating outlook is stable. ACSB was incorporated to undertake the construction and operation of an independent oil terminal (“IOT”) in Senari, Kuching. The reaffirmed rating reflects the timely completion of the project, the hig...
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MARC has affirmed the rating of AAAIS on Assar Chemicals Sdn Bhd’s (“ACSB”) RM150 million Serial Sukuk Musyarakah (“Facility”). Proceeds from the Facility were utilized towards repayment of a bridging loan and to part finance the construction costs of the Independent Oil Terminal (“IOT”). The rating reflects the secured demand from the credible offtakers i...
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MARC has assigned a rating of AAAIS to Assar Chemicals Sdn Bhd’s (“ACSB”) proposed issuance of RM150 million Serial Sukuk Musyarakah (“Facility”). Proceeds from the Facility will be utilised to repay an existing bridging loan and part finance the construction costs (including related expenses and fees) of the Independent Oil Terminal (“IOT”) in Senari, Kuching. The rating reflects th...
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