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MARC has assigned a final rating of AA-IS with a stable outlook to Weststar Capital Sdn Bhd’s (Weststar Capital) RM900.0 million Sukuk Mudharabah Programme upon the receipt of final documentation for its forthcoming issuance. The terms and conditions of the Sukuk Mudharabah Programme remain substantially unchanged from the draft documents on which the earlier preliminary rating of AA-IS was ...
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MARC has affirmed the rating of Olympia Industries Berhad’s (Olympia) outstanding RM12,061,406 nominal value Redeemable Unsecured Loan Stocks (RULS) at B+ with a stable outlook. The rating incorporates the slow progress of the group’s sole property project, the 73-acre Kenny Heights Development (KHD) in Sri Hartamas in Kuala Lumpur, its weak financial performance and strained liquidity...
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MARC has withdrawn its A- rating on Perdana Petroleum Bhd’s (PPB) RM400 million Nominal Value Secured Serial Bonds (bonds) with immediate effect. The rating withdrawal follows the early redemption of RM70 million of outstanding bonds on September 7, 2012 as confirmed by the facility agent, United Overseas Bank (Malaysia) Berhad.Upon the withdrawal of the rating, MARC will no longer carry out...
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MARC has affirmed its rating on KMCOB Capital Bhd's (KMCOB) RM343.1 million Sukuk Murabahah Medium-Term Notes Programme of A+IS(CG) and revised its rating outlook to negative from stable.KMCOB is the funding vehicle of the Scomi Oilfield Limited (SOL) group. The sukuk benefits from corporate guarantee from Scomi Oiltools Bermuda Limited (Scomi Oiltools), the present immediate holding company of Sc...
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MARC has assigned a preliminary rating of AA-IS with a stable outlook to Weststar Capital Sdn Bhd's (Weststar Capital) proposed RM900 million Sukuk Mudharabah Programme. Weststar Capital is a special purpose entity wholly owned by Weststar Aviation Services Sdn Bhd (Weststar) that serves as the funding vehicle for the offshore aviation services provider.Proceeds from the notes will be used largely...
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MARC has affirmed the ratings on Radicare Sdn Bhd’s (Radicare) RM100 million CP/MTN facility at MARC-1/A+. The rating outlook is revised to stable from negative. The rating action incorporates the indefinite extension of Radicare’s concession agreement (CA) granted by the Malaysian government after the expiry of a six-month extension in April 2012. The extension which will be in force ...
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MARC has withdrawn its BB+ rating on Scomi Group Bhd’s (Scomi, or the issuer) RM500.0 million Medium-Term Notes (MTN) programme at the request of the issuer. The rating withdrawal affects RM142 million of outstanding notes due on September 28, 2012.The noteholders have approved and consented via resolution to the removal of the rating requirement for the notes and conversion of the notes to ...
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MARC has lowered its debt rating on Scomi Group Berhad’s RM500 million Medium Term Notes programme to BB+ from BBB+. The rating remains on MARCWatch Negative, where it was placed on June 21, 2012. The rating action affects RM200 million of outstanding notes due on September 28, 2012. The rating downgrade primarily reflects heightened repayment uncertainty as a result of Scomi’s delay ...
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MARC has affirmed its short-term and long-term Islamic debt ratings of MARC-1ID/AAAID on UMW Holdings Berhad (UMW) with a stable outlook. The rating actions affect RM800 million of outstanding notes issued under the investment holding company's RM300 million Islamic Commercial Paper/Islamic Medium Term Notes (ICP/IMTN) Programme and RM500 million IMTN Programme. The affirmed ratings and outlook re...
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MARC has issued a rating update on its A- rating on Perdana Petroleum Berhad’s (Perdana Petroleum) RM400 million Nominal Value Secured Serial Bonds following its announced divestment of its 26.9% equity stake in Petra Energy Bhd (PEB). Proceeds raised from the proposed divestment will be applied toward the early redemption of RM70 million of outstanding bonds, of which RM35 million is due on...
This article has been viewed 1157 times.