MARC WITHDRAWS ITS SUKUK RATINGS ON OFFSHOREWORKS CAPITAL

Jan 17, 2012 -

MARC has withdrawn its BBIS and MARC-4IS Sukuk ratings on funding vehicle Offshoreworks Capital Sdn Bhd (OWC).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 16, 2011 due to insufficient available information, no attempt has been made by OWC's parent, oilfield services provider Offshoreworks Holdings Sdn Bhd (OHSB), to provide MARC with complete and current information to conclude its review on the ratings.

OHSB has failed to furnish current information concerning its financial position including its audited financial statements for the financial year ended December 31, 2010 while OWC has yet to provide any information on the status of its debt restructuring negotiations with sukukholders. Consequently, MARC has taken a decision to withdraw its Sukuk ratings and discontinue analytical coverage on OWC.

Contacts:
Sabesh Parameswaran, +603-2082 2260/ sabesh@marc.com.my;
Francis Xaviour Joe, +603-2082 2279/ fxjoe@marc.com.my.