MARC has placed its AID rating on PSSB Ship Management Sdn Bhd’s (“PSM”) RM40.0 million Bai Bithaman Ajil Islamic Securities (“BAIS”) on MARCWatch Negative on account of unresolved covenant breaches which include the failure to furnish the semi annual and annual audited accounts for the past two years and to adhere to the schedule of payments into the sinking fund as ...

MARC has assigned MARC-1/A+ and A+ ratings 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 carry a stable outlook. The ratings reflect the credit quality of the receivables securing the notes, a 1.20 times security cover of the amount issued under the CP/MTN facil...

MARC has assigned ratings of AAAID(cg)/MARC-1ID(cg) to Tesco Stores (Malaysia) Sdn Bhd’s (“Tesco Malaysia”) Proposed Islamic Notes Issuance Programme and AAA(cg)/MARC-1(cg) to Tesco Malaysia’s Proposed Conventional Notes Issuance Programme with a combined limit of RM3.5 billion. The ratings are underpinned by guarantees extended by Tesco PLC to Tesco Malaysia’s propos...

On 5 October 2007, MARC had placed DRB-HICOM Berhad’s (“DRB-HICOM”) A+ID /MARC-1ID ratings on its Islamic Debt Securities on MARCWatch Developing in relation to its proposed acquisition of the operation and maintenance (O&M) operator of Tanjung Bin Power Plant, Rangkai Positif Sdn Bhd, and intended divestment of its financial services – related investments. MARC is issu...

MARC has withdrawn the MARC-1(cg) rating assigned to Tesco Stores (Malaysia) Sdn Bhd’s (“Tesco Malaysia”) RM750 million Guaranteed Commercial Paper Programme (“CP”) with immediate effect, following confirmation by Tesco Malaysia that the CP has been paid in full and cancelled....

MARC has placed DRB-HICOM Berhad’s (“DRB-HICOM or the Group”) A+ID /MARC-1ID ratings on its Islamic Debt Securities on MARCWatch Developing following recent announcements made by the Group in relation to its proposed acquisition of Rangkai Positif Sdn Bhd (“Rangkai Positif”) and intended divestment of its financial services-related investments. The MARCWatch placement...

The rating of AAAID (Islamic Debt) assigned to MISC Berhad’s (“MISC” or “the Group”) up to RM2.5 billion Murabahah Medium-Term Notes (“MTN”) Programme reflects the Group’s solid operating fundamentals; its dominant position in the Malaysian shipping industry particularly in the liquefied natural gas (“LNG”) segment; extended geographic fo...

Following MARC’s announcement on 9 August 2007, MARC has uplifted the MARCWatch Negative rating on PSSB Ship Management Sdn Bhd’s (“PSM”) RM40.0 million Bai Bithaman Ajil Islamic Securities (“BAIS”) and concurrently downgraded the BAIS rating from A+ID to AID (A flat, Islamic Debt). The rating carries a negative outlook. The downgrade of the BAIS facility reflec...

MARC has placed its A+ID rating on PSSB Ship Management Sdn Bhd’s RM40.0 million Bai Bithaman Ajil Islamic Securities (“BAIS”) on MARCWatch Negative. The MARCWatch placement follows the trustee’s confirmation of breaches in covenants of the BAIS including PSM’s failure to remit scheduled payments into the Debt Service Reserve Account. In addition, PSM has also failed ...

MARC reaffirmed a rating of A (A Flat) to Haisan Resources Berhad (HRB)’s RM30 million bonds with a Developing Outlook; reflecting its strong competitive position in the refrigeration and ice industry and good geographic diversity as well as the assignment of specific contract proceeds towards redemption of the bonds. The rating is however moderated by its weak profitability measures, high d...