MARC has withdrawn its rating of DID on Malaysian Merchant Marine Berhad’s (MMM) RM120.0 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS). The rating withdrawal follows the cancellation of the BaIDS programme on June 10, 2016, as confirmed by the facility agent. In MARC’s last rating action on April 2, 2010, the rating was downgraded to DID following MMM’s failure to mee...

MARC has downgraded its rating on Malaysian Merchant Marine Bhd’s (MMM) RM120 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) to DID from CID. Concurrently, MARC has removed MMM’s rating from MARCWatch Negative, where it was placed on March 17, 2010 to reflect heightened concerns of imminent default.  The rating action follows MMM's failure to meet an accelerat...

MARC has downgraded its rating on Malaysian Merchant Marine Bhd’s (MMM) RM120 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) to CID from BB+ID. Concurrently, the rating has been placed on MARCWatch Negative.The rating actions reflect MARC's view that default appears imminent. MMM's recurring losses from operations, eroded capital base, and inability to generate sufficien...

With reference to MARC’s February 4, 2010 published press release, reference is made to MMM Ashton as a single hull tanker when it should have been described as a double hull tanker (see “MARC downgrades its rating on Malaysian Merchant Marine Bhd’s RM120 million BaIDS to BB+ID, outlook is negative”). Contacts: Lee Mei Lin 03-2090 2259 / meilin@marc.com.my; Ryan Lee Ju Vern...

MARC has downgraded its rating on Malaysian Merchant Marine Bhd’s (MMM) RM120 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) to BB+ID from A-ID. At the same time, the rating was removed from MARCWatch Negative where it had been placed on December 17, 2009. The downgrade reflects increased risk that MMM may not be able to plug the funding gap that currently exists with re...

MARC has placed Malaysian Merchant Marine Bhd’s (MMM) A-ID rating on its RM120 million Al Bai’ Bithaman Ajil (BaIDS) on MARCWatch Negative to highlight concerns that MMM will not be able to accumulate enough liquidity to meet its November 2010 debt maturity of RM24 million. MARC believes that in the nine months to September 30, 2009, there has been a substantial weakening of MMM’...

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 placed its A- ID rating on Malaysian Merchant Marine Berhad’s (MMM) RM120 million Al Bai’ Bithaman Ajil Serial Bonds (BaIDS) on MARCWatch Negative. The MARCWatch placement is the result of its continued weak operating performance and an apparent change to MMM’s plans to fully redeem its BaIDS ahead of its November 2010 maturity. The rating action also reflects significan...

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-...

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...