PETALING JAYA: Malaysian Rating Corp Bhd (MARC) has downgraded its ratings on Oilcorp Bhd’s RM70mil Murabahah underwritten notes issuance facility/Islamic medium-term notes facility (MUNIF/IMTN) to MARC-4ID/BBID from MARC-2ID/A-ID due to deteriorating liquidity position and to account for the company’s limited options to stabilise its credit profile.
It also maintained the ratings on MARCWatch Negative, where it has been since May 22, 2008. The MARCWatch Negative accounts for the possibility of further downgrade if Oilcorp is unable to find alternative sources for repayment, closer to the deadline to meet its October redemption, MARC said in a statement yesterday.
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