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MARC has lowered its debt rating on Petra Perdana Berhad's (Petra Perdana) RM800 million Dual Currency Revolving Facility to A- from A+ and removed the rating from MARCWatch Negative. The rating action affects RM175 million of outstanding secured serial bonds and RM25 million of medium-term notes issued under the facility. The downgrade reflects declining revenues, negative cash flows, a heavy deb...
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MARC has placed its A+ rating on Petra Perdana Berhad’s (Petra Perdana) RM800 million Dual Currency Revolving Facility on MARCWatch Negative. The rating action is triggered by the group’s poor financial performance in the six months ended June 30, 2010 (1H2010). During the period, Petra Perdana recorded a loss before tax of RM30.7 million due to falling charter rates, lower capacity ut...
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MARC has removed its ratings on Petra Perdana Berhad’s (Petra) RM400 million Secured Serial Bonds and RM400 million Medium Term Notes from MARCWatch Developing, where they had been placed on December 16, 2009 following the company’s divestment of a 25.03% stake in Petra Energy Berhad (PEB). At the same time, MARC has affirmed its A+ debt ratings on Petra with a Stable Outlook.The affir...
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MARC has placed its A+ rating on Petra Perdana Berhad’s (Petra Perdana) RM800 million Dual Currency Revolving Facility on MARCWatch Developing following the company’s announcement that it had divested a 25.03% stake in Petra Energy Berhad (Petra Energy). The divestment will reduce Petra Perdana’s shareholdings in Petra Energy to 29.59% and will result in deconsolidation of Petra ...
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MARC has affirmed its rating on Petra Perdana Berhad’s (Petra) RM800 million Dual Currency Revolving Financing Facility at A+ and has revised the outlook on the ratings to stable from developing. The outlook revision reflects the group’s improved debt maturity profile which was the main source of concern during MARC’s previous review. Petra’s rating is supported by the cont...
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MARC has affirmed Petra Perdana Berhad’s (Petra) rating of A+ on its RM800 million Dual Currency Revolving Financing Facility comprising RM400 million Nominal Value Secured Serial Bonds and up to RM400 million Dual Currency Revolving Financing Facility. Concurrently, MARC has revised the rating outlook to developing from stable to reflect the Group’s tighter than previously anticipated...
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MARC has affirmed the rating of A+ with Stable Outlook to Petra Perdana Berhad’s (Petra) issuance of up to equivalent RM800 million Dual Currency Revolving Financing Facility comprising RM400 million Nominal Value Secured Serial Bonds (“Bonds”) under Tranche 1 and up to RM400 million Dual Currency Revolving Financing Facility under Tranche 2. The rating reflects the Group’s...
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MARC has assigned a rating of A+ to Petra Perdana Berhad’s (Petra) proposed issuance of up to equivalent RM800 million Dual Currency Revolving Financing Facility comprising RM400 million Nominal Value Secured Serial Bonds under Tranche 1 and up to RM400 million Dual Currency Revolving Financing Facility under Tranche 2. The rating reflects the Group’s competitive position as an integrated serv...
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