MARC has affirmed its rating of A- on Perdana Petroleum Berhad's (Perdana Petroleum, formerly known as Petra Perdana Berhad) Dual Currency Revolving Programme with a negative outlook. The rating action affects outstanding secured serial bonds of RM105 million issued under Tranche 1 of the programme.The bonds are the company's remaining obligations under the programme with the November 2011 repayme...

MARC has assigned a preliminary rating of AA-IS to DRB-HICOM Berhad's (DRB-HICOM) proposed RM1.8 billion Islamic Medium-Term Notes Programme with a stable outlook pending final documentation review.The structure for the issuance of sukuk under the rated programme is based on the Shariah principle of murabahah. In the first leg of the murabahah transaction, DRB-HICOM will purchase Shariah-compliant...

MARC has removed its MARC-1/A+ ratings on Radicare Sdn Bhd’s RM100 million CP/MTN facility from MARCWatch Negative following a six-month extension of its hospital support services concession which expired on October 28, 2011. The recent extension has alleviated near-term downward pressure on the company’s debt rating. Radicare’s issue ratings are affirmed at MARC-1/A+ with a nega...

MARC has taken the following actions on issue ratings of Scomi Group Berhad (Scomi) and funding vehicle KMCOB Capital Berhad (KMCOB) after removing the same from MARCWatch Negative:    1) Lowered its issue rating on Scomi's RM500 million Medium Term Notes (MTN) Programme to A+ from AA-; and    2) Lowered its issue rating on KMCOB's RM630 million Murabahah Medium Term ...

MARC has taken the following actions on issue ratings of Scomi Group Berhad (Scomi) and funding vehicle KMCOB Capital Berhad (KMCOB) after removing the same from MARCWatch Negative:   1) Lowered its issue rating on Scomi's RM500 million Medium Term Notes (MTN) Programme to A+ from AA-; and   2) Lowered its issue rating on KMCOB's RM630 million Murabahah Medium Term Notes to A+I...

MARC has lowered its rating on Dawama Sdn Bhd's (Dawama) RM120.0 million Sukuk Musyarakah Medium Term Notes Programme (Senior Sukuk) to 'D' from 'CIS' to reflect the missed principal repayment of RM20.0 million on September 27, 2011. MARC understands from the trustee that no payment was made on the date. The RM20.0 million principal repayment had been rescheduled from April 27, 2011 after Senior S...

MARC has withdrawn its AAIS rating on DRIR Management Sdn Bhd’s (DRIRM) Senior Class A Sukuk Ijarah Medium Term Notes (Sukuk) following the full redemption of the remaining outstanding RM40 million principal amount of Sukuk on June 28, 2011. MARC’s AA-IS rating on DRIRM’s RM160 million Class B Sukuk remains on MARCWatch Developing pending the completion of the proposed refinancin...

MARC has withdrawn the MARC-1ID/AID/Stable ratings assigned to Mulpha International Berhad’s (Mulpha) RM25 million Murabahah Commercial Papers/Medium Term Notes (CP/MTN) facility with immediate effect following the cancellation of the programme as confirmed by the facility agent, AmInvestment Bank Berhad. No notes were outstanding under the facility prior to cancellation. MARC will according...

MARC has announced an extension of its review of the Sukuk ratings of Offshoreworks Capital Sdn Bhd (OWC) arising from the continuing lack of clarity surrounding its parent company Offshoreworks Holdings Sdn Bhd's (OHSB) and the group's current financial position and business profile. MARC's decision to maintain its long-term and short-term Sukuk ratings of BBIS and MARC-4IS on OWC on MARCWatch Ne...

MARC has removed its rating of A+ on Radicare Sdn Bhd’s (Radicare) RM50 million MTN facility from MARCWatch Negative and withdrawn the rating following the redemption in full of outstanding notes issued under the facility and cancellation of the facility on August 23, 2011. The A+ rating was placed on MARCWatch Negative on July 28, 2011 together with the rating agency’s MARC-1/A+ ratin...