MARC has withdrawn the MARC-1ID(bg)/AA-ID(bg) ratings assigned to Mulpha International Berhad’s (Mulpha) RM75 million Bank Guaranteed MUNIF with immediate effect following the cancellation of the programme as confirmed by the facility agent, AmInvestment Bank Berhad. There were no notes outstanding under the facility prior to cancellation.With the cancellation of the Bank Guaranteed MUNIF, M...

MARC has downgraded its AIS and A-IS ratings on Dawama Sdn Bhd’s (Dawama) RM120.0 million Senior and RM20.0 million Junior Sukuk Musyarakah Medium Term Notes Programme respectively to BIS and has concurrently placed the ratings on MARCWatch Negative. Both ratings were on negative outlook prior to the downgrades. The equalised ratings on the Senior and Junior Sukuk reflects MARC’s view ...

MARC is revising the MARCWatch status of its AAIS and AA-IS ratings on DRIR Management Sdn Bhd’s (DRIRM) RM180 million Class A and RM160 million Class B Sukuk Ijarah facilities respectively to negative from developing. The ratings were initially placed on MARCWatch Developing on September 21, 2010 pending the completion of a proposed refinancing of the Sukuk. MHS Aviation Berhad (MHSA), the ...

MARC has affirmed its bank guaranteed ratings of MARC-1ID(bg)/AA-ID(bg) on Mulpha International Berhad’s (Mulpha) RM75 million Bank Guaranteed Murabahah Notes Issuance Facility (MUNIF). The outlook on the MUNIF ratings has been revised to positive to reflect the revised rating outlook of the lower of the financial institution ratings of AmInvestment Bank Berhad and CIMB Bank Berhad, the guar...

MARC has affirmed 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 at MARC-1(cg)/AAA(cg) and MARC-1ID(cg)/AAAID(cg) respectively. The outlook for the ratings is stable. The ratings reflect the credit strength of the corporate guaran...

MARC has downgraded its Sukuk ratings on Offshore Works Capital Sdn Bhd's (OWC) RM200 million Sukuk Musyarakah (Sukuk Musyarakah) and RM150 million Musyarakah Commercial Papers/Medium Term Notes Programme (MCP/MMTN) to A+IS and MARC-2IS /A+IS from AA-IS and MARC-1IS/AA-IS respectively. The rating action resolves the MARCWatch Negative status of OWC's rated obligations, which was initiated on Novem...

MARC has upgraded the long-term Islamic debt rating of Bayu Padu Sdn Bhd (Bayu Padu) to AA-ID from A+ID and affirmed the company's short-term Islamic debt rating at MARC-1ID. The outlook for the ratings is stable. The rating action affects RM250 million of outstanding Istisna' Serial Bonds (Istisna' Bonds) maturing from 2012 through 2015, and RM100 million Murabahah CPs issued under Bayu Padu's Mu...

MARC has affirmed its AA-ID(CG) rating on KMCOB Capital Berhad's (KMCOB) RM630 million Murabahah Medium Term Notes and revised its rating outook to negative from stable. KMCOB is ultimately held by Scomi Group Bhd (Scomi) through 76% owned subsidiary Scomi Oilfield Limited (SOL). SOL has guaranteed the obligations of KMCOB under the rated facility. The rating action is concurrent with MARC's affir...

MARC has affirmed its AA- rating on Scomi Group Bhd's (Scomi) RM500 million Medium Term Notes Programme (MTN) and revised its rating outlook to negative from stable. The outlook revision incorporates some weakening in Scomi's business and financial profile as a result of current negative industry fundamentals.The affirmed rating, meanwhile, incorporates steps taken by Scomi to bolster its liquidit...

MARC has downgraded its rating on Vastalux Capital Sdn Bhd's (VCSB) RM100 million Sukuk Musyarakah facility to DIS from BB+IS following VCSB's failure to redeem the remaining outstanding RM3.96 million of Sukuk on the final redemption date of December 23, 2010.VCSB had redeemed RM21.04 million of RM25.0 million of outstanding Sukuk on December 10, 2010, prior to the final redemption date. VCSB had...