The ratings of TH Group Berhad’s (THG) proposed RM200 million Commercial Papers /Medium Term Notes Programme at MARC-2/A (MARC-2/single A flat) reflect THG’s improving financials on the back of steady growth in revenue and profit stemming from the good performance of its plantation and construction divisions. Some of the moderating factors include volatility in CPO prices, seasonal f...

The short term rating for KNM Group Berhad’s (KNM) RM150 Million Murabahah Underwritten Notes Issuance Facility (MUNIF)/ Islamic Medium Term Notes (IMTN) has been upgraded to MARC-1ID whilst its long term rating has been affirmed at A+ID. The ratings reflect the group’s increasing order book underpinned by strong demand for process equipment in the oil and gas industry; the group&rsq...

MARC has reaffirmed the rating of Kuala Lumpur Sentral Sdn Bhd’s (KLSSB) tranches 2A, 2B, 3, 4A & 4B BaIDS totaling RM800 million at AID(s), reflecting the support provided by Bank Pembangunan & Infrastruktur Malaysia Berhad (BPIMB) by way of a standby revolving credit facility. Kuala Lumpur Sentral’s commercial development is divided into four phases. As at May 2005, the agg...

MARC has assigned an A+ID rating to Sweetwater SPV Sdn Bhd’s (SSPV) proposed RM195 million Bai Bithaman Ajil Islamic Debt Securities (BaIDS). The rating is driven by the operational and financial capability of Syarikat Pengeluar Air Selangor Sdn Bhd (Splash) to upstream dividends to its shareholders, payment of interest on the loan stocks or loan stock redemption because these cashflows wi...

MARC has assigned long and short-term ratings of A+ID and MARC-1ID/A+ID to WCT Engineering Berhad’s (“WCT”) proposed Islamic Fixed Rate Serial Bonds of RM100 million and 7-year Islamic Commercial Papers/Medium Term Notes Programme of up to RM100 million (“Islamic CP/MTN”) (collectively known as Islamic Securities or IS). Concurrently, we have also reaffirmed WCT&rsq...

MARC has assigned a rating of AAAIS to Assar Chemicals Sdn Bhd’s (“ACSB”) proposed issuance of RM150 million Serial Sukuk Musyarakah (“Facility”). Proceeds from the Facility will be applied towards repayment of the outstanding amount under the RM100.0 million bridging loan granted by RHB Sakura Merchant Bankers Berhad to ACSB pending issuance of the Facility and par...

MARC has assigned the ratings of AAAIS and AA+IS to IJN Capital Sdn Bhd’s (IJNC) RM100 million Sukuk Musyarakah with maturities of seven (7) years or less from the date of first issue and RM109 million with maturities of more than seven (7) years from the date of first issue, respectively. The ratings stem from IJN’s position as one of the leading cardiac centres in Malaysia, Asean ...

The affirmed rating of AA-ID (double A minus, Islamic Debt) assigned to Guthrie Property Development Holding Berhad’s (GPDH) RM750 million Islamic Medium Term Notes (MTN) programme reflects GPDH’s reputable position as a leading property developer in the country and its sound financial profile. In addition, other positive factors are GPDH’s vast land holding and its commendabl...

The ratings of MARC-1ID/A+ID for up to RM250 million Islamic Commercial Paper/Islamic Medium Term Notes (ICP/IMTN) are predicated upon Nam Fatt Corporation Berhad’s (Nam Fatt) competitive position in the construction and engineering business with a sizeable outstanding order book; good operating track record; improving financial profile and a tight issue structure with pre-determined crite...

MARC has assigned a rating of AID on Englotechs Holding Bhd’s (Englotechs) Murabahah Medium Term Notes Programme of up to RM50.0 million. The rating assignment is a reflection of Englotechs’s position as a leading manufacturer and exporter of industrial cotton work gloves in Malaysia; the stable and foreseeable increase in demand for its products; stable operating margins over the la...