MARC has reaffirmed the rating of Tian Siang Holdings Sdn Bhd’s (Tian Siang) RM93 million Nominal Value Coupon Bearing Serial Bonds (2001/2009) at A (Single A). The rating reaffirmation is based upon the group’s strong financial performance in FY2002 stemming largely from the recovery in crude palm oil prices. However, the rating is moderated by the group’s exposure to the inherent volatilit...

TH Group Berhad’s (THG) corporate debt rating has been reaffirmed at AID reflecting its strong operating record and improved cash generation capacity, as a result of higher CPO prices. These factors are, however, tempered by intense competition within the Group’s operating environment particularly the domestic construction sector; vulnerability to cyclical developments in the palm oil and timb...

MARC International, Labuan-based wholly owned subsidiary of Malaysian Rating Corporation Berhad, has affirmed the long-term foreign currency Islamic capital market instrument rating of BBB+is (Islamic Sukuk) to First Global Sukuk Inc.’s Serial Islamic Lease Sukuk Issuance of up to USD368 million (previously up to USD395 million). The affirmation reflects the satisfactory performance of Kumpulan...

The rating of TH Group Bhd’s (THG) RM150 million BaIDS facility has been affirmed at AID (Single A, Islamic Debt). The rating affirmation reflects its diversified business portfolio, strong operating record coupled with improvement in palm oil prices and the fairly stringent requirements under the issue structure. These factors are however moderated by the cyclical development affecting planta...

The affirmation of Tian Siang’s corporate debt rating at A reflects, among others, the improvement in the Group’s operating efficiency and strong recovery of the palm oil prices which should strengthen its cash flow, going forward. The rating is, however, moderated by higher debt obligations following the issuance of the corporate debt and the Group’s vulnerability towards cyclical developm...

Malaysian Rating Corporation Berhad (MARC) has reaffirmed the ratings of Kuala Sidim Berhad’s (KSB) RM100 Million Commercial Papers /Medium Term Notes (2001/2006). The long term and short term ratings of A- (bg) and MARC-1(bg) respectively for the RM50 Million Guaranteed Commercial Papers /Medium Term Notes Tranche 1 reflects the unconditional and irrevocable guarantee provided by Southern Bank...

Malaysian Rating Corporation Berhad (MARC) has assigned a long term rating of A+ ID (Single A plus Islamic Debt) in respect of Kwantas Corporation Berhad’s (KCB) proposed RM100 million Al-Bai Bithaman Ajil Islamic Serial Bonds. The rating reflects the KCB Group’s integrated palm oil operations and expanding activities; new revenue source from the sale of renewable bio-mass energy; and expand...

The short and long term Islamic debt rating of A+ID and MARC-2ID assigned to TSH Resources Bhd’s Murabahah Commercial Paper/Medium-Term Notes Issuance respectively reflect the business diversity of the TSH group namely oil palm plantation, palm oil milling, engineered hardwood floor manufacturing and bio-mass energy production; the limited competition within the palm oil milling industry; sustai...

Malaysian Rating Corporation Berhad (MARC) has assigned a short term rating of MARC-1 (bg) (MARC 1, bank guaranteed) and long term rating of A- (bg) (Single A minus, bank guaranteed) on Kuala Sidim Berhad’s (KSB) Tranche 1-RM50 Million Guaranteed Commercial Papers/Medium-Term Notes and a short term rating of MARC-3 (MARC 3) and long term rating of BBB+ (Triple B plus) on KSB’s Tranche 2-RM50 M...

Labuan-based MARC International Limited (MARC International), a wholly owned subsidiary of Malaysian Rating Corporation Berhad, has assigned a long-term foreign currency Islamic capital market instrument rating of BBB+is (Triple B plus, Islamic Sukuk) to the USD395 million serial Islamic lease Sukuk issuance to be made by First Global Sukuk Inc., a Labuan-incorporated special-purpose vehicle (SPV)...