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MARC has withdrawn its BB+ rating on Scomi Group Bhd’s (Scomi, or the issuer) RM500.0 million Medium-Term Notes (MTN) programme at the request of the issuer. The rating withdrawal affects RM142 million of outstanding notes due on September 28, 2012.The noteholders have approved and consented via resolution to the removal of the rating requirement for the notes and conversion of the notes to ...
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MARC has lowered its debt rating on Scomi Group Berhad’s RM500 million Medium Term Notes programme to BB+ from BBB+. The rating remains on MARCWatch Negative, where it was placed on June 21, 2012. The rating action affects RM200 million of outstanding notes due on September 28, 2012. The rating downgrade primarily reflects heightened repayment uncertainty as a result of Scomi’s delay ...
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MARC DOWNGRADES DEBT RATING ON SCOMI GROUP BERHAD TO BBB+ AND MAINTAINS RATING ON MARCWATCH NEGATIVE
MARC has downgraded its rating on Scomi Group Berhad's RM500 million Medium Term Notes programme to BBB+ from A. The rating continues to be maintained on MARCWatch Negative. The rating action affects RM200 million of outstanding notes. The downgrade in Scomi's rating reflects noteholders' rising susceptibility to event risk as a result of a delay encountered in the completion of its announced dive...
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MARC has downgraded its rating on Scomi Group Berhad’s (Scomi or group) RM500 million Medium Term Notes (MTN) programme to A from A+ and concurrently placed the rating on MARCWatch Negative. The rating action affects RM200 million of outstanding MTNs.The downgrade follows the release of Scomi’s unaudited results for the financial year ended December 31, 2011 (FY2011). While Scomi had e...
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MARC has taken the following actions on issue ratings of Scomi Group Berhad (Scomi) and funding vehicle KMCOB Capital Berhad (KMCOB) after removing the same from MARCWatch Negative: 1) Lowered its issue rating on Scomi's RM500 million Medium Term Notes (MTN) Programme to A+ from AA-; and 2) Lowered its issue rating on KMCOB's RM630 million Murabahah Medium Term ...
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MARC has affirmed its AA- rating on Scomi Group Bhd's (Scomi) RM500 million Medium Term Notes Programme (MTN) and revised its rating outlook to negative from stable. The outlook revision incorporates some weakening in Scomi's business and financial profile as a result of current negative industry fundamentals.The affirmed rating, meanwhile, incorporates steps taken by Scomi to bolster its liquidit...
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MARC has affirmed its AA- rating on Scomi Group Bhd’s (Scomi) RM500 million Medium Term Notes Programme (MTN) and has revised the outlook on the rating to stable from negative. The rating affirmation takes into account Scomi’s reduced dependence on its oilfield services division with higher earnings contributions from its engineering and marine business divisions and the additional cap...
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MARC has affirmed its AA- and AA-ID(cg) ratings on Scomi Group Bhd’s (Scomi) RM500 million Medium Term Notes Programme (MTN) and KMCOB Capital Berhad’s (KMCOB Capital) RM630.0 million Murabahah Medium Term Notes (MMTN) facility, respectively. At the same time, MARC has revised the outlook on both ratings to negative from stable. Scomi is primarily involved in the provision of oil and g...
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MARC has affirmed its corporate debt ratings on Scomi Group Bhd (Scomi) and KMCOB Capital Berhad (KMCOB Capital). KMCOB Capital is an indirect wholly-owned subsidiary of Scomi Oilfields Limited (SOL), the investment holding company of Scomi’s oilfield services division, and was established as a special purpose vehicle to issue the RM630.0 million Murabahah Medium-Term Notes (MMTN) as part of...
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MARC said today that its AA- rating on SGB is not affected by the company’s recent announcements in relation to the following:SGB’s share sale agreement with MTrans Transportation Corp Sdn Bhd (MTC) to acquire 10,400,002 ordinary shares in MTrans Transportation Systems Sdn Bhd (MTrans), representing 40% of the issued and paid-up share capital of MTrans from MTC, for a total purchase co...
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