The corporate credit rating of A+ assigned to Kemaman Bitumen Company Sdn Bhd (KBC) is underpinned by its position as the only dedicated bitumen manufacturer in Malaysia once operational; a ten-year off-take agreement with Tipco Asphalt Public Company Limited (TASCO); capable Engineering, Procurement and Construction (EPC) contractors to minimize construction risks; and the existence of a long-t...

The affirmation of EP Manufacturing Bhd’s (EPMB) long and short-term ratings of MARC-2ID/AID on its RM150.0 million Islamic MUNIF/IMTN reflect the Group’s position as a Tier-1 parts vendor for the national carmaker, Proton, via its subsidiary; PEPS-JV (M) Sdn Bhd. Moderating factors include its dependence on the sales performance of national cars (i.e. Proton and Perodua) which contr...

MARC has assigned a rating of A+ID/ Marc-2ID to Goodway Integrated Industries Berhad’s (Goodway) RM80 million Partially Underwritten Murabahah Notes Issuance Facility / Islamic Medium Term Notes Programme, reflecting the Group’s position as a leader in the formulation and development of various rubber and technical compound products in Malaysia; wide network of clients in both the lo...

The ratings reflect Priceworth Wood Products Berhad (Priceworth) Group’s improving financials underpinned by growing timber extraction activity/contracting services coupled with high operational integration pertaining to its manufacturing activities. The Group’s vulnerability to cyclical developments affecting the timber/wood-based industry remains a moderating factor to the ratings...

The Islamic debt ratings of A+ID/MARC-1ID assigned to Weida (M) Bhd’s (“Weida”) RM100 million Murabahah Facility reflect, among others, the Group’s reputable position as a manufacturer of high density polyethylene (“HDPE”) engineering products for the water and sewerage industry; and its historically strong financial performance. Weida is an investment holdin...

MARC has withdrawn the ratings of the bank-guaranteed tranches (Tranche I, II, III and IV) as the bondholders were fully repaid by the bank guarantors on 9 December 2004 following a call for default by the bondholders on 30 November 2004. The bondholders called for a default as Perak-Hanjoong Simen Sdn Bhd (PHS) missed the payment of the profit and repayment of the principal on 17 November 2004....

Malaysian AE Models Holdings Berhad (MAE)’s Fixed Rate Serial Bonds rating has been affirmed at A-. The affirmation is a testament of the company’s competitive position in the industry underlined by its place as the country’s leading manufacturer and distributor of factory automation and material handling systems and the strategic decision by MAE to broaden its revenue base by ...

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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 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, ...