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MARC has placed Radicare Sdn Bhd’s (Radicare) issue ratings of MARC-1/A+ on its RM100 million CP/MTN facilities and A+ on its RM50 million MTN facility on MARCWatch Negative due to the increased uncertainty regarding the renewal of Radicare’s hospital support services concession which expires on October 28, 2011. The last rating action was taken on December 16, 2010 to affirm the ratin...
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MARC said today that it had placed its AA-ID(cg) issue rating on KMCOB Capital Bhd's (KMCOB) RM630 Million Murabahah Medium Term Notes (MTN) Programme on MARCWatch Negative. It also placed its AA- issue rating on Scomi Group Bhd's (Scomi) RM500 Million MTN Programme on MARCWatch Negative. The rating actions affect RM480 million of outstanding notes issued by KMCOB and RM200 million of outstanding ...
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MARC affirmed its short-term and long-term Islamic debt ratings of MARC-1ID/AAAID on UMW Holdings Berhad (UMW) and maintained its stable outlook on the ratings. The rating actions affect RM610 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 Islamic Medium Term Notes (I...
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MARC has changed its MARCWatch status of its AA-IS rating on DRIR Management Sdn Bhd’s (DRIRM) RM160 million Class B Sukuk to Developing from Negative. The change in MARCWatch status follows recent action taken by a shareholder to restore DRIRM’s finance service coverage ratio (FSCR) to a level commensurate with its current rating. The rating was originally placed on MARCWatch in Septe...
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MARC has revised its outlook on Sime Darby Berhad's (Sime) MARC-1ID /AAAID debt ratings to stable from negative. The outlook revision affects the following facilities of Sime:1) RM4.5 billion Islamic Medium Term Note (IMTN) Programme (RM2.0 billion outstanding) and RM500 million Islamic Commercial Paper (ICP) Programme (RM500 million outstanding) with combined limit of RM4.5 billion; and2) RM150 m...
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MARC has downgraded its long-term and short-term Sukuk ratings on Offshoreworks Capital Sdn Bhd (OWC) to BBIS and MARC-4IS, from A+IS and MARC-2IS respectively. The Sukuk ratings remain on MARCWatch Negative where they were initially placed on March 15, 2011 on the basis of an expected covenant breach. The rating actions affect RM200.0 million of outstanding Sukuk Musyarakah and RM150.0 million of...
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MARC has removed its AAIS rating on DRIR Management Sdn Bhd’s (DRIRM) Senior Class A Sukuk Ijarah Medium Term Notes (MTN) from MARCWatch Negative pending the forthcoming June 2011 redemption of the remaining outstanding RM40 million principal amount of the MTNs. DRIRM will redeem the notes with cash from its Debt Service Reserve Account (DSRA) which is sufficiently funded for the purpose. Ho...
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MARC has taken the following actions on the Dawama Sdn Bhd's (Dawama) RM140.0 million Sukuk Musyarakah Medium Term Notes Programme comprising RM120.0 million Senior Sukuk and RM20.0 million Junior Sukuk:MARC has lowered its rating on the Junior Sukuk to 'D' from 'CIS' to reflect missed profit payment on April 27, 2011 following notification from the Sukuk trustee that it has been instructed not to...
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MARC has lowered both Dawama Sdn Bhd’s (Dawama) RM120.0 million Senior and RM20.0 million Junior Sukuk Musyarakah Medium Term Notes (MTN) Programme to CIS from BIS. The ratings were removed from MARCWatch Negative where they had been placed on February 18, 2011. The lowered rating reflects the high likelihood of payment default on April 27, 2011 given the absence of positive developments per...
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MARC has placed the A+IS and MARC-2IS/A+IS ratings of Offshoreworks Capital Sdn Bhd’s (OWC) RM200 million Sukuk Musyarakah and up to RM150 million Musyarakah Commercial Papers/Medium Term Notes Programme (MCP/MMTN) on MARCWatch Negative due to an expected covenant breach by Offshoreworks Holdings Sdn Bhd (OHSB). OWC is a funding vehicle of oilfield services provider OHSB. OHSB is the holding...
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