RAM Rating Services Sdn Bhd

Negative outlook for Borcos Shipping sukuk

YARIKAT Borcos Shipping Sdn Bhd, Malaysia’s second-largest provider of offshore support vessels, had the A1 rating on RM160 million of Islamic medium-term notes placed on rating watch with a negative outlook at RAM Rating Services Sdn Bhd.
This reflects a decline in daily charter rates and low utilization of its offshore support vessels. A1 is RAM’s fifth-highest investment grade.

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