The rating of BBB- (minus) assigned to Mithril Berhad’s (Mithril) Irredeemable Convertible Unsecured Loan Stocks (ICULS) reflects the assurance of returns and maintenance of terms of the ICULS, that is, the likelihood of interest payments for five years and the solvency of Mithril at time of mandatory conversion to enable it to honour its obligation to deliver the shares. The ICULS are ra...

The assigned rating of AID (flat) reflects Maxisegar Sdn Bhd’s (MSB) strong competitive position and good location of its property development; tempered by its vulnerability to adverse development in the property markets. MSB, a wholly owned subsidiary of Talam Corporation Berhad (TCB), one of the largest property developers in the country, is principally involved in property development ...

BAN’s ratings affirmation reflect the company’s good competitive position in the area of providing marine transportation, tanker operations and support services for the offshore oil and gas industry. Its long-term contracts with leading oil and gas multinationals, high utilization rates of vessels, and commendable health, safety and environmental operating track record which are cr...

The rating of BBB assigned to Mithril Berhad (Mithril) reflects the future businesses of the company; a tight underlying issue structure; and moderate pro- forma debt leverage upon the finalization of the restructuring exercise. The rating is, however, restrained by Mithril’s exposure to the manufacturing industry, in particular the brick manufacturing business. Mithril was incorporated a...

Reliance Pacific Berhad’s (RPB) rating downgrade is based upon the continued weakness of the group’s financial profitability and cash flow position, reflecting the adverse effects of SARS and terrorism on the tourist industry; the general softening in international tourist arrivals; and stiff price competition amongst industry participants. Generating sales and maintaining hotel rev...

Cagamas’ ratings reflect the strong ability and flexibility of the Company to meet its financial commitments, the favorable portfolio of loans and debts with full recourse to the selling institutions, strong capitalization and a proactive and innovative management team. As the country’s National Mortgage Corporation, the Company’s strategic role in the development of the second...

The ratings assigned are based on Evermaster Group Berhad (EGB)’s expanding activities into government-related construction works, its high operational integration with regard to the wood-based activities and going forward, its focus on downstream higher value-added products.   Other positive factors include the company’s long operating track record and financial performance,...

The affirmation of PETRONAS Fertilizer (Kedah) Sdn Bhd’s (PFK) BaIDS rating reflects the strength of the support provided by its holding company, Petroliam Nasional Berhad (PETRONAS) in ensuring timely and full redemption of the BaIDS, either through equity, loan facilities, grants or other means. PFK, a wholly-owned subsidiary of PETRONAS, benefits from PETRONAS’ expertise and exp...

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The rating for Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (SPRINT) Al Bai Bithaman Ajil Facility (ABBA) has been downgraded to A –ID. The issuer’s stand alone debt rating is, in the meantime, equivalent to the lowest rating of the banks in the consortium of guarantors (weak-link approach). As the bank guaranteed (bg) rating does not enhance or give a favourable effect to the iss...