MARC has downgraded the rating of Antara Steel Mill Sdn Bhd’s (“Antara”) Islamic debt from A+ID to AID with a stable outlook. The rating reflects the deterioration in the financial profile of the company arising from the under performance in FY2006 of its billets and bars operations and the unscheduled plant shutdown at its hot briquetted iron (“HBI”) operation in Lab...

MARC has assigned the ratings of MARC-2ID/AID to Symphony House Berhad’s (Symphony) RM100.0 million Islamic Commercial Paper/Medium Term Notes (CP/MTN) Programme. The ratings reflect, amongst others, Symphony’s cashflow generating capabilities supported by a healthy mix in various business segments; the growth potential of Symphony’s Business Process Outsourcing (BPO) services, v...

MARC has assigned MARC-1ID for Sunrise’s Islamic Commercial Paper issuance programme and A+ID for Islamic MTN issuance programme with value of up to RM150 million. The ratings reflect Sunrise’s good financial track with operating margins averaging 23% in the last four years, low debt leverage position and good financial flexibility. The assigned ratings were also underpinned by the com...

MARC has assigned the ratings of MARC-1ID/AAID to Cellular Structures Sdn. Bhd. (CSSB) RM184.0 million Senior MUNIF/IMTN under a RM192.0 million MUNIF/IMTN and IMTN Facility (Facility). The ratings reflect the exclusive rights given to Konsortium Jaringan Selangor Sdn. Bhd. (KJS) to construct and manage the telecommunication towers and structures in the State of Selangor; the licensing agreement e...

The short and long-term ratings of Delloyd Ventures Berhad’s (“Delloyd” or the “Group”) RM100 million Islamic CP/MTN Programme at MARC-1ID/A+ID respectively reflect Delloyd’s strengthening financials against the backdrop of firm market leadership with regard to the Group’s automotive components and parts manufacturing business. Factors which may contribute...

This transaction represents the third issue rated by MARC, involving the securitisation of oil palm plantation assets. Originated by Teck Guan Holdings Sdn Bhd (TGHSB or Originator), the plantation assets are owned by its subsidiaries namely Andum Sdn Bhd (ASB), Happy Valley Plantation Sdn Bhd (HVP) and Teck Guan Plantations Sdn Bhd (TGP) (collectively known as the Sellers/ Lessees). Dura Palms Sd...

MARC has assigned a rating of MARC-2 to Persoft Systems Sdn Bhd’s (“PSSB”) proposed issuance of Commercial Papers Programme (“CP Programme”) with a nominal value of up to RM50 million. The rating reflects PSSB as a Tier-1 managed licensing services provider for Microsoft Corporation’s (“Microsoft”) applications in Malaysia and has been a reseller of ...

The rating of Reliance Pacific Berhad’s (“RPB” or “the Group”) RM100 million Redeemable Secured Bonds (2001/2006) has been reaffirmed at A- (A minus). Underpinning the rating is the expected sustained growth in the travel and tourism industry and the group’s overall improved financial profile. The rating, however, is moderated by RPB’s somewhat high debt l...

MARC has assigned a rating of A+ID to Zecon Toll Concessionaire Sdn Bhd’s (“ZTC”) proposed issuance of RM60 million Bai-Bithaman Ajil Islamic Debt Securities (“BaIDS”). The rating reflects the strategic importance of the Tun Salahuddin Bridge (“the Bridge”) as an integral part of the Sarawak Government’s infrastructure development programme to provid...

MARC has assigned a rating of A to Berjaya Land Berhad’s (‘BLand’) proposed issuance of five-year Secured Exchangeable Bonds with nominal value of up to RM900 million. The rating reflects the strength of its associated company, Berjaya Sports Toto (“BToto”) of which the shares form the exchange property, its competitive position as the sole national lotto operator wit...