MARC has downgraded its rating on PSSB Ship Management Sdn Bhd’s (PSM) RM40 million Bai’ Bithaman Ajil Islamic Securities (BAIS) to DID from BB-ID. The rating action reflects PSM’s failure to meet its December 15, 2009 scheduled RM5.0 million reduction of its outstanding Islamic commercial papers (ICP). Concurrently, MARC has removed PSM’s rating from MARCWatch Negative, wh...

MARC has placed PSSB Ship Management Sdn Bhd’s (PSM) long-term rating of BB-ID on its RM40 million Bai’ Bithaman Ajil Islamic Securities (BAIS) on MARCWatch Negative. The MARCWatch Negative placement reflects MARC’s heightened concerns over PSM’s ability to meet its upcoming December profit and principal payments on its BAIS given the near total lack of visibility on its ne...

MARC has issued this clarification following an announcement on Bank Negara Malaysia’s FAST system yesterday that PSSB Ship Management Sdn Bhd (PSM) had missed its June 15, 2009 profit payment on its RM40 million Bai Bithaman Ajil Islamic Securities (BAIS).  Today, MARC received confirmation from the facility agent of the BAIS, Kenanga Investment Bank Bhd, that PSM had made two separate...

MARC has downgraded PSSB Ship Management Sdn Bhd’s (PSM) RM40 million Bai Bithaman Ajil Islamic Securities (BAIS) rating to BB-ID from BBB-ID. The rating outlook is negative. The downgrade is prompted by PSM’s continuing failure to rectify covenant breaches, particularly in relation to the provision of audited accounts, and its non-compliance with respect to the required minimum balanc...

MARC has downgraded PSSB Ship Management Sdn Bhd’s (“PSM”) RM40.0 million Bai Bithaman Ajil Islamic Securities (“BAIS”) rating from AID to BBB- ID and removed PSM’s rating from MARCWatch Negative where it had been placed in November 2007. The rating carries a negative outlook. The rating downgrade reflects MARC’s view that there has been significant deteri...

MARC has placed its AID rating on PSSB Ship Management Sdn Bhd’s (“PSM”) RM40.0 million Bai Bithaman Ajil Islamic Securities (“BAIS”) on MARCWatch Negative on account of unresolved covenant breaches which include the failure to furnish the semi annual and annual audited accounts for the past two years and to adhere to the schedule of payments into the sinking fund as ...

Following MARC’s announcement on 9 August 2007, MARC has uplifted the MARCWatch Negative rating on PSSB Ship Management Sdn Bhd’s (“PSM”) RM40.0 million Bai Bithaman Ajil Islamic Securities (“BAIS”) and concurrently downgraded the BAIS rating from A+ID to AID (A flat, Islamic Debt). The rating carries a negative outlook. The downgrade of the BAIS facility reflec...

MARC has placed its A+ID rating on PSSB Ship Management Sdn Bhd’s RM40.0 million Bai Bithaman Ajil Islamic Securities (“BAIS”) on MARCWatch Negative. The MARCWatch placement follows the trustee’s confirmation of breaches in covenants of the BAIS including PSM’s failure to remit scheduled payments into the Debt Service Reserve Account. In addition, PSM has also failed ...

MARC has downgraded the rating of PSSB Ship Management Sdn Bhd’s (PSM) RM40 million BAIS from AA-ID to A+ID with negative outlook. Factors contributing to the downgrade include consistently higher than anticipated vessel operating cost, deteriorating financial position of project sponsor – PSSB Strategic Holdings Sdn Bhd (PSSB), and PSM’s failure to adhere to timely reporting req...

MARC has placed PSSB Ship Management Sdn Bhd’s (“PSM”) RM40 million Bai’ Bithaman Ajil Islamic Securities (“BAIS”) on MARCWatch with a Negative Outlook, with the likelihood of suspension if the relevant information is not provided within two weeks of this announcement. The RM40 million BAIS was assigned an initial rating of AA-ID in November 2004. The action is due to PSM’s failure,...