A rating of A (A flat) has been assigned by MARC to WCT Land Berhad’s (WCTL) Convertible Redeemable Debt Securities (CRDS) of a nominal value of RM132 miliion. The CRDS will be utilised to part refinance existing advances from its major shareholder, WCT. As part of a corporate exercise involving the acquisition of Bescorp Industries Berhad (BIB) (Special Administrators appointed) by WCTL,...

Kertih Terminals Sdn Bhd’s (KTSB) rating has been reaffirmed at MARC-1, reflecting the company’s resilient financial position, declining debt leverage level and stable cash flows generated from the long term contracts with the terminal users. KTSB was incorporated to undertake the construction and operation of a Centralized Tankage Facility (CTF) for PETRONAS’ Integrated Petro...

MARC has affirmed the rating of MARC-3ID assigned to Stenta Films (Malaysia) Sdn Bhd’s (Stenta) RM90 million Murabahah Notes Issuance Facility (MUNIF). The rating affirmation reflects the company’s leading position in manufacturing quality Biaxially Oriented Polypropylene (BOPP) films and improving financial profiles of both Stenta and its parent company - P.T. Argha Karya Prima Ind...

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...