MARC has removed MHS Aviation Berhad’s (MHSA) A+ID rating on its RM140 million Junior Notes Issue (JNs) from MARCWatch Developing, and affirmed the rating with a Stable Outlook.The rating was placed on MARCWatch Developing on November 8, 2006 due to initial concerns that the grounding of MHSA’s three Super Puma helicopters under charter to Exxon Mobil Exploration & Production Malay...

MARC has extended its MARCWatch Developing placement in respect of Bayu Padu Sdn Bhd’s (“Bayu Padu”) ratings of A+ID/MARC-1ID on its RM500 million Istisna’ Serial Bonds and RM100 million Murabahah Commercial Papers/Medium Term Notes (MCPs/MMTNs).Bayu Padu, which is 100% owned by Sapuracrest Petroleum Berhad (“SapuraCrest”), is a special purpose vehicle (“S...

MARC has upgraded Mulpha International Bhd’s (“MIB”) RM75.0 million Bank Guaranteed Murabahah Notes Issuance Facility (“MUNIF”) long-term rating from A+(bg)ID to AA-(bg)ID and has reaffirmed the short-term rating of MARC-1(bg)ID. The ratings reflect the unconditional and irrevocable bank guarantees provided by AmInvestment Bank Berhad and CIMB Bank Berhad. On a separa...

Oilcorp Berhad’s (“Oilcorp”) RM70 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes Facility (“MUNIF/IMTN”) long-term rating has been downgraded from A ID to A- ID, and short term rating reaffirmed at MARC-2 ID.  The ratings have been accorded stable outlook.  The rating downgrade is underpinned by the Group’s weakened fi...

MARC has downgraded the ratings of DRB-HICOM Berhad’s (DRB-HICOM or the Group) RM50.0 million Underwritten Murabahah CP/MTN and RM120.0 million Murabahah CP/MTN facilities from AA-ID/MARC-1ID to A+ID/MARC-1ID ; and RM680.0 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) from AA-ID to A+ID respectively with a stable outlook. The downgrades reflect the Group’s declining ...

MARC has reaffirmed the rating of Tesco Stores (Malaysia) Sdn Bhd’s (“TSM”) RM750 million guaranteed commercial paper programme at MARC-1 (cg). The short term corporate debt rating of TSM reflects the credit strength of its ultimate holding company, Tesco PLC (“Tesco”), which guarantees the commercial paper programme. TSM was incorporated on 24 July 2000 to operate hy...

MARC has affirmed a rating of AA-IS to Vastalux Capital Sdn Bhd’s (VCSB) Islamic Securities under the principle of Musyarakah Mutanaqisah (Sukuk Musyarakah) of RM100.0 million with stable outlook.  The rating assignment reflects the strong credit risk of the offtaker, PETRONAS Carigali Sdn Bhd (PCSB); protective issue structure which mitigates the risk of commingling of funds (from two ...

MARC has downgraded Malaysian Merchant Marine Berhad’s (MMM) RM120.0 million Al-Bai’ Bithaman Ajil Serial Bonds (BaIDS) rating from AA-ID to A-ID with negative outlook; underscored by the concern on the rapid deterioration in its financials stemming from very poor financial results announced for the financial year ended 31 August 2006 (FY2006) as well as other adverse financial impacts vis-à-...

On 5 January 2007, MARC received confirmation from BIMB Trust Limited that First Global Sukuk Inc (FGSI) has made a full redemption of its USD100 Million Series B of Serial Islamic Lease Sukuk Issuance on 22 December 2006, and there is no amount outstanding under the issuance. As such, MARC no longer has any rating obligation on FGSI’s up to USD368 million Serial Islamic Lease Sukuk Issuance...

MARC has placed its ratings on the following issues on MARCWatch Developing with immediate effect: Pembinaan Mitrajaya Sdn Bhd (Pembinaan Mitrajaya)’s RM50 million Murabahah Multi-Option Notes Issuance Facility (MONI) (2004/2011)MARC-2ID Evermaster Group Berhad’s RM40 million Murabahah Multi-Option Notes Issuance Facility (MONIF)MARC-2ID Intelbest’s RM50 million Murabahah No...