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MARC DOWNGRADES RATING ON STRAIGHT A’S PORTFOLIO’S MUNIF FACILITY TO DID ON MISSED PRINCIPAL PAYMENT
MARC has downgraded its rating on Straight A’s Portfolio Sdn Bhd’s (Straight A’s) RM200 million Murabahah Underwritten Notes Issuance Facility (MUNIF) to DID from MARC-4ID. The rating action reflects Straight A’s failure to redeem or rollover its RM24 million of Islamic commercial papers (ICP) which were due on December 10, 2009. The facility agent, MIDF Amanah Investment B...
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MARC continues to maintain its MARC-4ID rating on Straight A’s Portfolio Sdn Bhd’s (Straight A’s) RM200 million Murabahah Underwritten Notes Issuance Facility (MUNIF) on MARCWatch Negative following its downgrade of Oilcorp Berhad’s (Oilcorp) debt ratings to MARC-4ID/CID from MARC-4ID/BBID. The continuing MARCWatch Negative placement now incorporates the potential for the d...
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MARC has downgraded its ratings on Straight A’s Portfolio Sdn Bhd’s (Straight A’s) RM200 million Murabahah Underwritten Notes Issuance Facility (MUNIF) to MARC-4ID from MARC-1ID on account of the heightened collectibility risk of certain receivables securing the facility. Accordingly, MARC opines that Straight A’s no longer has the capacity to meet its obligations under the...
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MARC has assigned a short term rating of MARC-1ID to Straight A’s Portfolio Sdn Bhd’s (“SAP”) RM200 Million Murabahah Underwritten Notes Issuance Facility (“MUNIF”) with stable outlook. SAP is a special purpose vehicle (“SPV”) company formed by Oil-Line Engineering & Associates Sdn Bhd (“OLEA”) incorporated for the purpose of se...
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