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MARC has withdrawn its BBIS and MARC-4IS Sukuk ratings on funding vehicle Offshoreworks Capital Sdn Bhd (OWC). The rating action affects RM200.0 million of outstanding Sukuk Musyarakah and RM150.0 million of outstanding Musyarakah Commercial Paper/Medium Term Notes (MCP/MMTN). Since the rating agency's decision to continue to maintain the Sukuk ratings on review for further downgrade on December 1...
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MARC is maintaining its review of the BBIS and MARC-4IS Sukuk ratings of funding vehicle Offshoreworks Capital Sdn Bhd (OWC) for further downgrade due to a continuing lack of clarity about the issuer's liquidity situation, annual and interim results of its parent company and the progress of debt restructuring negotiations with sukukholders. The rating agency had previously commented that its ratin...
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MARC has announced an extension of its review of the Sukuk ratings of Offshoreworks Capital Sdn Bhd (OWC) arising from the continuing lack of clarity surrounding its parent company Offshoreworks Holdings Sdn Bhd's (OHSB) and the group's current financial position and business profile. MARC's decision to maintain its long-term and short-term Sukuk ratings of BBIS and MARC-4IS on OWC on MARCWatch Ne...
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MARC has downgraded its long-term and short-term Sukuk ratings on Offshoreworks Capital Sdn Bhd (OWC) to BBIS and MARC-4IS, from A+IS and MARC-2IS respectively. The Sukuk ratings remain on MARCWatch Negative where they were initially placed on March 15, 2011 on the basis of an expected covenant breach. The rating actions affect RM200.0 million of outstanding Sukuk Musyarakah and RM150.0 million of...
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MARC has placed the A+IS and MARC-2IS/A+IS ratings of Offshoreworks Capital Sdn Bhd’s (OWC) RM200 million Sukuk Musyarakah and up to RM150 million Musyarakah Commercial Papers/Medium Term Notes Programme (MCP/MMTN) on MARCWatch Negative due to an expected covenant breach by Offshoreworks Holdings Sdn Bhd (OHSB). OWC is a funding vehicle of oilfield services provider OHSB. OHSB is the holding...
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MARC has downgraded its Sukuk ratings on Offshore Works Capital Sdn Bhd's (OWC) RM200 million Sukuk Musyarakah (Sukuk Musyarakah) and RM150 million Musyarakah Commercial Papers/Medium Term Notes Programme (MCP/MMTN) to A+IS and MARC-2IS /A+IS from AA-IS and MARC-1IS/AA-IS respectively. The rating action resolves the MARCWatch Negative status of OWC's rated obligations, which was initiated on Novem...
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MARC has placed the AA-IS and MARC-1IS/AA-IS ratings of Offshoreworks Capital Sdn Bhd’s (OWC) RM200 million Sukuk Musyarakah and up to RM150 million Musyarakah Commercial Papers/Medium Term Notes Programme (MCP/MMTN) on MARCWatch Negative. The ratings were previously affirmed with a negative outlook in December 2009. OWC is a wholly-owned subsidiary and issuing vehicle of Offshoreworks Holdi...
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MARC has affirmed its ratings of AA-IS and MARC-1IS / AA-IS on Offshoreworks Capital Sdn Bhd’s (OWC) RM200 million Sukuk Musyarakah (Sukuk Musyarakah) and up to RM150 million Musyarakah Commercial Papers/Medium Term Notes Programme (MCP/MMTN) respectively (collectively referred as the Sukuk). At the same time, the outlook on the ratings has been revised to negative from developing. The revis...
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MARC has assigned ratings of AA-IS and MARC-1IS/AA-IS to Offshoreworks Capital Sdn Bhd’s (OWC) RM200 million Sukuk Musyarakah (Sukuk Musyarakah) and up to RM150 million Musyarakah Commercial Papers/Medium Term Notes programmes (MCP/MMTN), respectively (collectively referred to as ‘Sukuk’). The ratings carry a developing outlook. OWC, a special purpose wholly-owned subsidiar...
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