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MARC has downgraded the rating of Olympia Industries Berhad’s (Olympia) outstanding RM49,733,635 nominal value Redeemable Unsecured Loan Stocks (RULS) to B+ from BB- and concurrently revised the rating outlook to stable from negative. The rating action reflects Olympia’s continued weak financial performance, in particular its limited cash flow generation ability arising from its weak b...
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MARC has withdrawn its BBIS and MARC-4IS Sukuk ratings on funding vehicle Offshoreworks Capital Sdn Bhd (OWC). The rating action affects RM200.0 million of outstanding Sukuk Musyarakah and RM150.0 million of outstanding Musyarakah Commercial Paper/Medium Term Notes (MCP/MMTN). Since the rating agency's decision to continue to maintain the Sukuk ratings on review for further downgrade on December 1...
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MARC has removed its AA-IS rating on DRIR Management Sdn Bhd’s (DRIRM) RM160 million Class B Sukuk Ijarah Medium Term Notes (sukuk) from MARCWatch Developing and withdraws its rating with immediate effect. The rating withdrawal follows the full redemption of the sukuk on December 30, 2011, as confirmed by the facility agent. The rating was placed on MARCWatch Developing on September 30, 2011...
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MARC has assigned ratings of AA-ID and AID with a stable outlook to Alpha Circle Sdn Bhd's (Alpha Circle) RM345.0 million Senior Musharakah Medium Term Notes (Senior MMTN) programme and RM35.0 million Junior MMTNs respectively.The issuer, a wholly-owned subsidiary of NERS Sdn Bhd (NERS), will onlend the proceeds raised from the issuance of the notes to its parent for the purpose of refinancing exi...
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MARC has withdrawn its rating of A+ID(cg) on KMCOB Capital Berhad's (KMCOB) RM630 million Murabahah Medium-Term Notes Programme with immediate effect. The rating withdrawal follows the full redemption of outstanding notes under the programme on December 14, 2011 and the cancellation of the programme as confirmed by the facility agent.Contacts: Sabesh Parameswaran, +603-2082 2260/ sabesh@marc.com.m...
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MARC is maintaining its review of the BBIS and MARC-4IS Sukuk ratings of funding vehicle Offshoreworks Capital Sdn Bhd (OWC) for further downgrade due to a continuing lack of clarity about the issuer's liquidity situation, annual and interim results of its parent company and the progress of debt restructuring negotiations with sukukholders. The rating agency had previously commented that its ratin...
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MARC has affirmed its AAAID(s) rating on Sarawak Specialist Hospital & Medical Centre Sdn Bhd’s (SSHMC) RM425 million Istisna’ Serial Bonds. The rating carries a stable outlook. The issuer is a 100%-owned subsidiary of SSHMC Holdings and Management Sdn Bhd (SSHMC Holdings), which in turn is wholly-owned by the State Financial Secretary (SFS). The rating reflects the SFS’ irre...
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MARC has assigned a final rating of A+IS(cg) with a stable outlook to KMCOB Capital Berhad's (KMCOB) RM343.1 million Sukuk Murabahah Programme upon the receipt of final documentation for its forthcoming notes issuance. The terms and conditions of the notes have not changed in any material way from the draft documents on which the earlier preliminary rating of A+IS(cg) was based.Full details on the...
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MARC has assigned a preliminary rating of A+IS(cg) to KMCOB Capital Berhad's (KMCOB) proposed RM343.1 million Sukuk Murabahah Medium-Term Notes programme (sukuk) with a stable outlook pending final documentation review. The proposed facility has the benefit of corporate guarantees from Scomi Oiltools and its existing and future principal subsidiaries and the listed entity that may be incorporated ...
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MARC has assigned a final rating of AA-IS with a stable outlook to DRB-HICOM Berhad’s RM1,800 million Islamic Medium-Term Notes Programme upon the receipt of final documentation for its forthcoming notes issuance. The terms and conditions of the notes have not changed in any material way from the draft documents on which the earlier preliminary rating of AA-IS was based. Full details on the ...
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