MARC has reaffirmed the rating of Radicare (M) Sdn Bhd’s (Radicare) RM49.0 Million Commercial Paper Programme (CPs) at MARC-1. The rating continues to reflect the secured cash receivables from the Ministry of Health (MOH) backed by invoices issued to the MOH; a 1.25 times security cover of the amount issued; stringent requirements of the issue structure; and Radicare’s sheer dominance ...

MARC has reaffirmed Sarawak Specialist Hospital & Medical Centre Sdn Bhd’s (SSHMC) Istisna’ Serial Bonds (Bonds) rating at AAA(s)ID (AAA Support, Islamic Debt). The rating reflects the AAA rating of the Sarawak State Government since the source of funds to service the principal and profit for the Bonds will come directly from Sarawak State Government. The payments by SSHMC to the b...

MARC has placed Bayu Padu Sdn Bhd’s RM500 million Istisna’ Serial Bonds and RM100 million Murabahah Commercial Papers/Medium Term Notes (MCPs/MMTNs) on MARCWatch Developing. However, the ratings are maintained at A+ID/MARC-1ID.Bayu Padu Sdn Bhd, which is 100% owned by Sapuracrest Petroleum Berhad (“SapuraCrest”) is a special purpose vehicle (“SPV”) incorporated ...

MARC has reaffirmed Bintang Bulk Mover Sdn Bhd’s (BBM) RM50 million 5 year secured serial bonds rating at A- (A minus) with stable outlook, underpinned by the Group’s steady operating performance and stable revenue stream vis-à-vis its long term cement transportation contracts with Lafarge Malayan Cement Bhd (LMCB), the largest local cement manufacturer. The affirmation also ref...

MARC has affirmed the short and long term ratings for MISC’s RM1.0 billion Murabahah Commercial Paper/Medium-Term Notes (“MCP/MTN”) at MARC-1ID and AAAID with a stable outlook, underpinned by the Group’s solid operating fundamentals; its dominant position in the Malaysian shipping industry particularly the liquefied natural gas (“LNG”) segment; extensive global ...

MARC has placed the rating of Malaysian Merchant Marine Berhad’s (MMM) RM120 million BaIDS on MARCWatch Negative. The rating action was taken following MMM’s announcement of poorer than expected financial results for the financial year ended 31 August 2006 (FY2006) and the commencement of MARC’s rating review on the company.MMM is principally involved in the provision of shipping...

MARC has assigned a long-term rating of AA-ID (CG) to KMCOB Capital Berhad’s (“KCB”) RM630 million Murabahah Medium-Term Notes (“MMTN”) facility. The CG suffix depicts the Corporate Guarantee by its 100% shareholder KMC Oiltools (Bermuda) Ltd (“KMCOB”). Pursuant to the completion of a restructuring exercise, KMCOB will be the holding company of Scomi Group...

The rating for Sapura Energy Sdn Bhd’s (SESB) RM140 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) is reaffirmed at AID reflecting the bright outlook of the oil and gas (O&G) industry, especially in the upstream segment; SESB’s strength in the marine engineering business; and synergies arising from the business expansion of the SapuraCrest Petroleum Berhad (Sap...

Factors underscoring the negative outlook attached to the domestic automotive industry include, inter alia, continued dismal vehicles sales especially passenger vehicles on the back of increasingly stringent approval requirements for hire purchase loans and relatively higher interest rates for used vehicles financing, aggravated by depressed used car prices and generally negative consumer sentimen...

Following the crash involving the Super Puma helicopter chartered out to Exxon Mobil Exploration and Production Malaysia Inc (EMEPMI) last Sunday, 5 November 2006, the remaining three MHS Aviation Berhad’s (MHSA) Super Puma helicopters used for EMEPMI’s operations have been grounded, pending investigation. This was the second incident involving MHSA’s Super Puma helicopters used ...