MARC has assigned a short term corporate debt rating of MARC-1(cg) to Tesco Stores (Malaysia) Sdn Bhd (“TSM”) proposed RM750 million guaranteed commercial paper programme. Proceeds from the programme will be utilised by TSM to finance the expansion of its operations i.e. constructing new hypermarkets, refinance its existing loans and other general funding requirements. The short ter...

The rating of CNLT (Far East) Berhad’s (CNLT) RM60 million Bank Guaranteed CP/MTN has been upgraded to A(bg)/ MARC-1(bg). This reflects the weakest link rating within the unconditional and irrevocable bank guarantees provided by a consortium of financial institutions. The bank guarantors consist of Aseambankers, Malayan Banking Berhad, Bumiputra Commerce Bank Berhad and EON Bank Berhad. C...

MARC has affirmed the long-term rating of Commerce Asset-Holding Berhad (CAHB) at A+. This reflects the firm credit standing of the CAHB Group, which benefits from a strong franchise of its core subsidiaries; improving overall Group-wide earnings and asset quality; continuous efforts to keep gearing at bay and a proactive management. The rating however is constrained by the Group’s exposu...

The MARC-2ID/AID ratings are predicated upon Oilcorp Berhad’s (Oilcorp) position as an integrated engineering, procurement and construction (EPC) services provider in various industries; strong historical profitability measures; and its low debt leverage position. The ratings, however, are moderated by the sustainability of its revenue and profits post-FY2005 given that Oilcorp’s on...

The assignment of AAAID and AAAID(s) to Optimal Olefins (Malaysia) Sdn Bhd’s (“Olefins”) and Optimal Glycols (Malaysia) Sdn Bhd and Optimal Chemicals (Malaysia) Sdn Bhd’s (“G&C”) debt issuance respectively reflect the Optimal Group of companies’ (“Optimal Group”) competitive edge in the petrochemical industry, stemming from its large-sca...

IJM Corporation Berhad’s (IJM) corporate debt rating has been upgraded from A to A+ reflecting its consistently strong financial results, the ability to sustain its competitive position domestically and internationally and the diversity of its business. The moderating factor includes the increasing competitiveness in the domestic construction environment compounded by the difficult buildi...

The A+ID rating assigned to Ingress Sukuk Berhad’s (ISB) Sukuk Al Ijarah Issuance reflects Ingress Corporation Berhad’s (Ingress) track record as one of the leading local automotive component manufacturers with a diversified customer and geographical distribution; and above average financial results characterized by its favourable operating profit margin. Moderating factors include...

The reaffirmation of Talam Corporation Berhad’s (Talam) rating at A reflects the strong underlying issue structure, in which assignment of sale proceeds from the Saujana Puchong development project forms the source of repayment of the bond issue; the group’s strengthened capital structure; the improving financial profile of the group and its competitive position as one of the larges...

MARC has affirmed the rating of MARC-3ID assigned to Perspektif Perkasa Sdn Bhd’s (PPSB) RM188 million nominal value Murabahah Underwritten Notes Issuance Facility (MUNIF). The rating is reflective of the positioning of Bandar Pinggiran Cyber as an affordable integrated township driven by the competitive pricing of its residential development vis-à-vis other property developments w...

The rating of TH Group Berhad (THG) is reaffirmed at AID reflecting THG’s continued strong results on the back of steady growth in revenue and profit stemming from the good performance of its plantation and construction division. Some of the moderating factors include volatility in CPO prices, seasonal factors affecting crop production, cyclical developments in the domestic construction s...