Moody’s Places MISC Berhad’s Baa2 Issuer Ratings on Review

Friday, December 13, 2002
Moody's Investors Service has placed the Baa2 foreign and local currency issuer ratings of Malaysia International Shipping Corporation Berhad (MISC) on review for possible downgrade. This follows reports that MISC may incur additional debt of about USD820MM to fund its capital expenditure requirements.

Moody's is concerned that the additional debt may be incurred at the subsidiary level and that it may increase significantly the level of secured debt. This may lead to legal and structural subordination for creditors at the MISC level. The review will focus on details of the proposed additional borrowing, its terms, the borrowing entities within the group and whether, if incurred, it will in fact lead to structural and/or legal subordination for unsecured creditors at the MISC level. Moody's will take a close look at the structure of the new financing and assess the impact of such on the financial profile of MISC.

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Dometic to Debut New Product Line at Workboat

New products on display will include the Dometic Cup Cooler, the Smart Touch Integrated Intelligence Control system and the Dometic Sea Xchange watermakers; attendees

Insights: Morton S. Bouchard III

Insights: Morton S. Bouchard  III - President and CEO, Bouchard Transportation Co., Inc. When it comes to iconic, East Coast mainstays of the U.S. maritime industry,

Andrews to Lead CWind’s O&M Division

Lee Andrews has been appointed as CWind’s new global head of operations for maintenance and asset management (O&M) services.   Andrews joins CWind from Siemens

Legal

Dutch Yards May Need to Rethink Contract Structures

Rotterdam-based law firm AKD said a recent decision of the Dutch courts means that shipyards in The Netherlands may no longer be able to rely on the right to retain

Egypt Eyes Suez Container Port Renegotiation

Egypt is trying to renegotiate an extension of an agreement worth $1.5 billion with Suez Canal Container Terminal which has a concession to run a port near the entrance to the canal,

China Defies U.S. Plea for Restraint in South China Sea

China on Monday hit back at "irresponsible remarks" from the United States which has called on Beijing to stop a land reclamation project in the disputed South

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Salvage Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1485 sec (7 req/sec)