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MARC has withdrawn its DID rating on Malaysian International Tuna Port Sdn Bhd’s (MITP) RM240.0 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDs) facility. The rating agency’s last action on MITP was on November 18, 2009 when the BaIDs was downgraded to DID following the company’s failure to make a profit payment.
The rating withdrawal follows the final settlement of the out...
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MARC has lowered its rating on Malaysian International Tuna Port Sdn Bhd’s (MITP) RM240.0 million Bai’ Bithaman Ajil Islamic Securities (BAIS) to DID from BB+ID and removed the rating from MARCWatch Negative, where it was first placed on February 19, 2009. The downgrade follows MITP’s failure to make a November 17 profit payment on the BAIS.A 60:40 joint venture company between B...
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MARC has downgraded its rating on Malaysian International Tuna Port Sdn Bhd’s (MITP) RM240.0 million Bai’ Bithaman Ajil Islamic Securities (BAIS) to BB+ID from A+ID while maintaining the rating on MARCWatch Negative, where it was first placed on February 19, 2009. MARC’s last rating update on August 4, 2009 had highlighted a potential capital injection of some RM32 million by a g...
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MARC continues to maintain its rating on Malaysian International Tuna Port Sdn Bhd’s (MITP) RM240.0 million Bai’ Bithaman Ajil Islamic Securities (BAIS) of A+ID on MARCWatch Negative, where it had first been placed since February 19, 2009. The continued MARCWatch Negative placement highlights the urgency of restoring MITP’s depleted sinking fund ahead of its upcoming profit payme...
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MARC continues to maintain Malaysian International Tuna Port Sdn Bhd’s (MITP) A+ID rated RM240.0 million Bai’ Bithaman Ajil Islamic Securities (BAIS) on MARCWatch Negative, where it had been first placed on February 19, 2009. The continuing MARCWatch Negative placement reflects MARC’s view that MITP faces acute and immediate challenges as implied by its strained liquidity profile...
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MARC has placed the A+ID rating on Malaysian International Tuna Port Sdn Bhd’s (MITP) RM240.0 million Bai’ Bithaman Ajil Islamic Securities (BAIS) on MARCWatch Negative. Since MARC’s last rating action on July 23, 2008, construction works at the tuna port has halted for more than a year, considerably longer than the six-month delay anticipated earlier. MITP’s construction a...
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MARC has revised its rating outlook on Malaysian International Tuna Port Sdn Bhd’s (MITP) Bai’ Bithaman Ajil Islamic Securities (BAIS) facility of up to RM240.0 million to developing from stable. Concurrently, MARC has affirmed its rating of A+ID on MITP's BAIS. The outlook revision follows an estimated six-month delay in the completion of major construction works at the tuna port foll...
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MARC has assigned a long-term debt rating of A+ID to Malaysian International Tuna Port Sdn Bhd’s (MITP)’s Bai’ Bithaman Ajil Islamic Securities (BAIS) facility of up to RM240 million.The A+ID rating incorporates a strong reliance on government support for the highly visible tuna port privatisation project based on a Letter of Support issued by the Ministry of Agriculture and Agro...
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