MARC has affirmed the rating of Tesco Stores (Malaysia) Sdn Bhd’s (“TSM”) RM750 million guaranteed commercial paper programme at MARC-1 (cg). The short term corporate debt rating of TSM reflects the credit strength of its ultimate holding company, Tesco PLC (“Tesco”), which guarantees the commercial paper programme. TSM was incorporated on 24 July 2000 to operate hy...

The rating of IJM Plantations Berhad’s (IJMP) RM150 Million Al-Bai Bithaman Ajil Islamic Debt Securities (ABBA Bonds) has been upgraded to A+ID reflecting its business focus in oil palm plantation and palm oil milling and its strong financial profile. This is, however, moderated by the Group’s vulnerability to cyclical developments in the palm oil industry.IJMP’s oil palm culti...

MARC has reaffirmed the short and long term ratings of Mines Resort Berhad’s (MRB) Bank Guaranteed Commercial Papers and Bank Guaranteed Serial Bonds at MARC-1(bg) and AAA(bg) respectively, reflecting the unconditional and irrevocable guarantee provided by Malayan Banking Berhad (Maybank). MRB is principally a property development company, currently developing a project named “South ...

MARC has reaffirmed the rating of A-(A minus) on Bintang Bulk Mover Sdn Bhd’s (BBM) RM50 million 5-year secured serial bonds. This is premised on the Group’s strong operating performance and stable revenue stream, in particular its long term cement transportation contracts with Lafarge Malayan Cement Bhd (LMCB), the largest local cement manufacturer. The affirmation also reflects the...

MARC has reaffirmed Sunrise’s short term and long term debt rating at MARC-1ID, and A+ID respectively, reflecting Sunrise’s good financial track record with operating margins averaging 25% in the last four years; low debt leverage position and good financial flexibility.The rating was also underpinned by the company’s established position as a renowned and successful high-end c...

MARC has assigned a long term rating of AA-ID to Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (“SPRINT”) proposed RM510 million Al-Bai’ Bithaman Ajil Islamic Facility (“Restructured BaIDS”) to restructure the existing RM510 million Al-Bai Bithaman Ajil Islamic Debt Securities issued in August 2001 (“BaIDS 2001”). Concurrently, we have reaffirmed the...

The reaffirmation of Utusan Melayu (Malaysia) Berhad’s (Utusan/the group) rating of MARC-3 on the extended Revolving Underwritten Facility (RUF) reflects Utusan’s leading position in the Malay language newspaper and magazine segments coupled with improving financials following higher circulation figures and increasing advertising revenue. The rating is, however, moderated by Utusan&r...

Under this transaction, a bankruptcy remote special purpose vehicle, Musyarakah One Capital Berhad (“Musyarakah One”), was incorporated for the purpose of acquiring receivables from the Originator, TIME Systems Integrators Sdn. Bhd. (“TSI”). Musyarakah One will issue Sukuk Musyarakah for the purpose of the said acquisition. Receivables comprise rights, title, interests ...

Under this transaction, a bankruptcy remote special purpose vehicle, ABS Plantation Assets Berhad (ABS), will acquire the plantation properties from Benta Plantations (Perak) Sdn. Bhd. (BPSB) and its subsidiaries (sellers) and subsequently lease the properties to the sellers for the benefit of noteholders. The purchase of the properties will be funded by proceeds from issuance of RM95 million B...

MARC has assigned a AA- rating to Scomi Group Bhd’s (Scomi) proposed issuance of RM500 million Medium Term Notes (Notes). The rating reflects the group’s good competitive position as the group has one of the most comprehensive range of products and services for the provision of integrated fluids solutions in the world; its regional presence in 34 countries following the acquisition o...