MARC has downgraded PSSB Ship Management Sdn Bhd’s (PSM) RM40 million Bai Bithaman Ajil Islamic Securities (BAIS) rating to BB-ID from BBB-ID. The rating outlook is negative. The downgrade is prompted by PSM’s continuing failure to rectify covenant breaches, particularly in relation to the provision of audited accounts, and its non-compliance with respect to the required minimum balanc...

Oilcorp Berhad’s (Oilcorp) MARC-2ID/A-ID ratings on its RM70 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes Facility (MUNIF/IMTN) remain on MARCWatch Negative where they had been placed since July 30, 2008. The MARCWatch Negative highlights Oilcorp’s non-compliance with its obligation to issue timely audited accounts for the financial year ended Decemb...

MARC has affirmed the ratings of MARC-1/A+ and A+ to Radicare (M) Sdn Bhd’s (Radicare) RM100.0 million Commercial Papers/Medium-Term Notes (CP/MTN) and RM50.0 million Medium-Term Notes (MTN) facilities respectively. The ratings outlook is stable. The affirmed ratings reflect steadily rising revenues underpinned by increasing demand for hospital support services for contracted hospitals that ...

MARC has affirmed Petra Perdana Berhad’s (Petra) rating of A+ on its RM800 million Dual Currency Revolving Financing Facility comprising RM400 million Nominal Value Secured Serial Bonds and up to RM400 million Dual Currency Revolving Financing Facility. Concurrently, MARC has revised the rating outlook to developing from stable to reflect the Group’s tighter than previously anticipated...

MARC is issuing this rating update in connection with its MARC-1(cg)/AAA(cg) and MARC-1ID(cg)/AAAID(cg) ratings on Tesco Stores (Malaysia) Sdn Bhd’s (Tesco Malaysia) RM3.5 billion Conventional and Islamic Commercial Paper and Medium Term Notes (CP/MTN) Programme. Tesco Malaysia has issued RM700 million under the CP/MTN Programme as of todate. The ratings on Tesco Malaysia’s issuances a...

MARC has placed its A rating of Haisan Resources Berhad’s (HRB) RM30 million bonds on MARCWatch Negative. The MARCWatch placement follows the release of its unaudited results for the three months ended March 31, 2008 (1Q2008) which showed a 65% drop in pre-tax profit to RM1.5 million compared to the corresponding quarter in 2007. The lower than expected financial performance reduces the like...

Following a sustained increase in global and regional inflation as well as a spike in June’s consumer price index (CPI) in Malaysia due to a significant removal in fuel subsidy that triggered a 41% and 63% hike in petrol and diesel prices respectively, MARC foresees higher average inflation rate of 5.8% in 2008, up from its previous estimate of a 5%.  Sharp increases in the sub-indices ...

MARC has affirmed its A-ID rating on Malaysian Merchant Marine Berhad’s (MMM) RM120 million Al Bai’ Bithaman Ajil Serial Bonds (BaIDS) following MMM’s recent announcement of its decision to undertake an early redemption of the remaining RM24 million outstanding BaIDS within this quarter, with proceeds from the contracted sale of a vessel. The rating was removed from MARCWatch Neg...

MARC has assigned short and long term ratings of MARC-2 and A+ to Asia Brands Corporation Berhad’s (ABC) issuance of up to RM70 million Commercial Papers/Medium Term Notes Programme (CP/MTN Programme) respectively. The ratings carry a Stable Outlook. The ratings reflect its prominent domestic brands in the baby products and children apparels and ladies’ undergarments segments, its low ...

MARC has affirmed its BB- rating of Olympia Industries Berhad’s (OIB) RM137,124,246 nominal value Redeemable Unsecured Loan Stocks (RULS). The rating outlook is stable. The affirmed rating incorporates OIB’s improved credit profile following the completion of its debt restructuring exercise. Since MARC’s previous rating action, OIB has regularised its financial position. The comp...