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MARC has lowered its rating on Dawama Sdn Bhd's (Dawama) RM120.0 million Sukuk Musyarakah Medium Term Notes Programme (Senior Sukuk) to 'D' from 'CIS' to reflect the missed principal repayment of RM20.0 million on September 27, 2011. MARC understands from the trustee that no payment was made on the date. The RM20.0 million principal repayment had been rescheduled from April 27, 2011 after Senior S...
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MARC has taken the following actions on the Dawama Sdn Bhd's (Dawama) RM140.0 million Sukuk Musyarakah Medium Term Notes Programme comprising RM120.0 million Senior Sukuk and RM20.0 million Junior Sukuk:MARC has lowered its rating on the Junior Sukuk to 'D' from 'CIS' to reflect missed profit payment on April 27, 2011 following notification from the Sukuk trustee that it has been instructed not to...
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MARC has lowered both Dawama Sdn Bhd’s (Dawama) RM120.0 million Senior and RM20.0 million Junior Sukuk Musyarakah Medium Term Notes (MTN) Programme to CIS from BIS. The ratings were removed from MARCWatch Negative where they had been placed on February 18, 2011. The lowered rating reflects the high likelihood of payment default on April 27, 2011 given the absence of positive developments per...
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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 ...
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MARC has lowered Dawama Sdn Bhd’s (Dawama) RM120.0 million Senior and RM20.0 million Junior Sukuk Musyarakah Medium Term Notes Programme (Sukuk) to AIS and A-IS respectively from A+IS and AIS. The outlook for the rating has been revised to negative from stable. The rating actions are premised on Dawama’s weakened credit profile stemming from significant losses for the 17-month accounti...
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MARC has assigned ratings of A+IS for Dawama Sdn Bhd’s (Dawama) Senior Sukuk Musyarakah of RM120.0 million and AIS for Dawama’s Junior Sukuk Musyarakah of RM20.0 million. The one-notch difference in ratings reflects the Senior Sukuk’s priority of repayment and redemption over the Junior Sukuk. The rating carries a stable outlook. The proceeds of the Sukuk will be used to redeem D...
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