MARC has affirmed its AA-IS rating on Weststar Capital Sdn Bhd’s (Weststar Capital) RM900 million Sukuk Mudharabah Programme with a stable outlook. Weststar Capital, a wholly-owned subsidiary of offshore helicopter service provider Weststar Aviation Services Sdn Bhd (Weststar), was set up for the sole purpose of facilitating the issuance of the sukuk.  The sukuk is secured by the right...

MARC has assigned a preliminary rating of AIS to DRB-HICOM Berhad’s (DRB-HICOM) proposed Perpetual Sukuk Musharakah Programme (Perpetual Sukuk) of up to RM2.0 billion. Concurrently, the rating agency has affirmed its AA-IS rating on DRB-HICOM’s existing Islamic Medium-Term Notes (IMTN) Programme of up to RM1.8 billion. Both ratings carry a stable outlook.  The two-notch rating di...

MARC has placed its ratings on Tesco Stores (Malaysia) Sdn Bhd’s (Tesco Malaysia) RM3.5 billion Conventional and Islamic Commercial Papers/Medium-Term Notes Programme on MARCWatch Negative. The rating action follows an announcement by Tesco Malaysia’s parent company UK-based Tesco PLC (Tesco) that it has identified an overstatement of its expected profit by about £250 million for...

MARC withdraws its rating of AAAID(s)/stable on Sarawak Specialist Hospital & Medical Centre Sdn Bhd’s (SSHMC) Istisna’ Serial Bonds following the full redemption of the final series of bonds of RM61.0 million together with its profit payment on the maturity date of September 19, 2014 as confirmed by the facility agent. Upon the withdrawal of the rating, MARC will no longer be prov...

MARC has affirmed its AAAID(s) rating on Sarawak Specialist Hospital & Medical Centre Sdn Bhd’s (SSHMC) outstanding RM61 million Istisna’ Serial Bonds with a stable outlook. The affirmed rating and outlook reflect the irrevocable and unconditional undertaking by the Sarawak state government, via its State Financial Secretary (SFS), to provide timely cashflows to meet repayments for...

MARC will assess the credit implications of Sime Darby Berhad’s (Sime Darby) proposed acquisition of a 48.97% stake in New Britain Palm Oil Limited (NBPOL) on the plantation group’s financial metrics pending full information on the acquisition deal. The impact of the acquisition on Sime Darby’s current ratings will be factored in the forthcoming annual rating review. In the meant...

MARC has affirmed its AAAID rating on MISC Berhad's (MISC) RM2.5 billion Islamic Medium Term Notes (IMTN) programme. The outlook on the rating is maintained at stable. The rating action incorporates the group’s leading position in the LNG shipping segment derived largely from its long-term contracts with its parent company Petroliam Nasional Berhad (PETRONAS) as well as MISC’s moderate...

MARC has affirmed the rating on Boustead Holdings Berhad’s (Boustead) RM1.0 billion Bank Guaranteed Medium Term Notes (BG MTN) programme at AAA(bg) with a stable outlook. The rating reflects the credit strength of the syndicated bank guarantee facility provided by OCBC Bank (Malaysia) Berhad (OCBC Malaysia), Public Bank Berhad (Public Bank), Malayan Banking Berhad (Maybank) and The Bank of E...

MARC has lowered its ratings on Tesco Stores (Malaysia) Sdn Bhd’s (Tesco Malaysia) RM3.5 billion Conventional Commercial Papers/Medium Term Notes (CP/MTN) Facility and Islamic Commercial Papers/Medium Term Notes (ICP/IMTN) Facility to MARC-1(cg) /AA+(cg) and MARC-1ID(cg) /AA+ID(cg) from MARC-1(cg) /AAA(cg) and MARC-1ID(cg) /AAAID(cg) respectively. The outlook for the ratings is revised to st...

MARC has withdrawn its AA-ID rating on Bayu Padu Sdn Bhd’s (Bayu Padu) RM500 million Istisna’ Serial Bonds (Istisna’ Serial Bonds). The withdrawal follows the early redemption of all outstanding amounts under the Istisna’ Serial Bonds on December 31, 2013. Bayu Padu is a special purpose funding entity of SapuraKencana Petroleum Berhad. Upon the withdrawal of the rating, MAR...