MARC has reaffirmed the rating of TH Group Berhad’s (THG) RM150 million Al-Bai Bithaman Ajil Islamic Debt Securities (BAIDS) at AID. The outstanding balance of the BAIDS is RM75 million which will mature in January 2007. The affirmation reflects the steady operating performances of THG’s plantation and construction divisions as well as its fairly robust balance sheet. Moderating factor...

MARC has affirmed the ratings of TH Group Berhad’s (THG) RM200 million Commercial Papers /Medium-Term Notes (CP/MTN) Programme ratings at MARC-2 / A. The affirmation reflects the steady operating performances of THG’s plantation and construction divisions as well as its fairly robust balance sheet. Moderating factors to THG’s rating include seasonal factors and/or cyclical develo...

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”) (&l...

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 ...

MARC has reaffirmed the ratings of Sime Darby Berhad’s (“Sime Darby” or “the Group”) RM1,500 million Al-Murabahah Commercial Papers/ Medium-Term Notes (“MCP/MMTN”) Programme at MARC-1ID/AAAID respectively. The ratings reflect the diversity of the Group’s operations in more than 10 countries; its sound financial profile characterised by respectable ca...

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...

MARC has affirmed a rating of A+ID to Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (“Kesturi”) issuance of up to RM780 million redeemable secured serial bonds under an Islamic Istisna Sukuk (“Sukuk”). The assigned rating reflects amongst others, Duta-Ulu Kelang Expressway’s (“DUKE” or the “Highway”) strategic alignment connecting the N...

MARC has assigned a rating of A+ID (Islamic Debt) 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 prog...

MARC is currently undertaking a review for possible downgrades on the long-term ratings of Aegis One Bhd’s (Aegis One) RM900.0 million senior secured bonds and RM100.0 million subordinated secured bonds. MARC had announced in March 2006 the reaffirmation with negative outlook on the long-term ratings of Aegis One’s senior and subordinated bonds at AAA and BB respectively following the ...

MARC has placed Stenta Films (M) Sdn Bhd’s (“Stenta”) RM90 million Murabahah Underwritten Notes Issuance Facility (“MUNIF”) on MARCWatch with a Negative Outlook. The action arises from Stenta’s intention to request for a further moratorium on principal repayment for another two years to September 2008 on the MUNIF facility thereby increasing refinancing risk, it...