MARC has affirmed the rating for Mithril Berhad’s (Mithril) RM59 million Redeemable Convertible Secured Loan Stocks (RCSLS) at BBB, reflecting the recent completion of the corporate exercise with the injection of new businesses and a tight underlying issue structure. The rating is, however, constrained by Mithril’s exposure to the manufacturing industry, in particular the brick manuf...

The rating of A+(bg)ID/ MARC-1(bg)ID assigned to Mulpha International Bhd (MIB)’s RM75.0 million Proposed Bank Guaranteed Murabahah Notes Issuance Facility (MUNIF) reflects the unconditional and irrevocable bank guarantees provided by AmMerchant Bank Berhad and Southern Bank Berhad; whilst the rating of AID/ MARC-2ID assigned to MIB’s RM25.0 million Proposed Murabahah Commercial Pape...

The affirmation of the ratings reflects Pesaka Astana (M) Sdn Bhd’s (PASB) competitive position as a leading assembler and provider of customized heavy-duty and specialized vehicles for agencies like the Ministry of Defence (MINDEF) and Fire and Rescue Department (BOMBA) and an issue structure that has identified the source of repayment for the ABBA and CP/MTN. These factors are, however, ...

MARC has upgraded Sunrise’s short term debt rating from MARC-2ID to MARC-1ID, reflecting the company’s strong cash flow position, affording early redemption of Tranche 1’s Bai’Bithaman Ajil Facility; good financial track record with operating margins averaging 30% in the last four years; low debt leverage position and good financial flexibility with a current ratio of 2.4...

Road Builder (M) Sdn Bhd’s (RBM) rating has been reaffirmed at A+(s) reflecting its competitive position in the civil engineering and building segment, good track record, experienced management team and a tight issue structure. The rating also reflects the shareholder support of up to RM200 million on a reducing balance provided by the holding company, Road Builder (M) Holdings Bhd (RBH). ...

The rating for Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (SPRINT) Al Bai Bithaman Ajil Facility (ABBA) and the short term rating of the Revolving Underwritten facility (RUF) have been reaffirmed at A-ID and MARC-2 respectively. However, the rating of the Bank Guaranteed Serial Fixed Rate Bonds has been upgraded to A+(bg) based on the A+ rating given to the consortium of banks providing t...

Road Builder (M) Holdings Bhd’s (RBH) corporate credit rating of A+ has been reaffirmed based on RBH’s diversified earnings base, its established reputation as a successful and competitive contractor in the civil engineering and building segment, experienced management team and strong financial flexibility. The rating is, however, moderated by the Group’s exposure to the inhere...

Kwantas Corporation Berhad’s (KCB) rating has been reaffirmed at A+ID reflecting the integrated nature of the Group’s palm oil operations; its expanding activities namely, the establishments of operations in China (Guangzhou and Zhangjiagang); the commercialization of renewable bio-mass energy; and the Group’s strengthening financial profile.KCB Group’s credit strength is...

The rating of OSK Property Holdings Bhd (OSKP)’s Class A and B BaIDS has been affirmed at AID and A-ID respectively; reflecting OSKP’s strong presence in Sungai Petani, Kedah with its favourable flagship development – Bandar Puteri Jaya (BPJ) and improving financial performance; tempered by its vulnerability to adverse developments in the property markets. The enhanced AID rati...

MARC has affirmed the rating of A-(A minus) assigned to Bintang Bulk Mover Sdn Bhd’s (BBM) RM50 million 5-year secured serial bond. The affirmation was premised on the Group’s strong operating performance and stable revenue stream, in particular from its long term cement transportation contracts with Lafarge Malayan Cement Bhd (LMCB), the largest local cement manufacturer. The affirm...