MARC has received notification from the Facility Agent - Abrar Discounts Berhad that PBSB had obtained the approval of the bondholder on 26 August 2004 to extend the MUNIF tenure by nineteen months from 30 August 2004 to 31 March 2006, plus some variation to the security and sinking fund structure of the MUNIF (the Extension Exercise). This Exercise is pending submission to the Securities Commissi...

MARC has reaffirmed the rating of Road Asset Vehicle Sdn Bhd (RAV) at MARC-2. The rating reflects RAV’s bankruptcy remote status; the corporate guarantee from Kumpulan Guthrie Bhd (the obligor) in respect of the amount payable by Guthrie Corridor Expressway Sdn Bhd (GCE) under the progress certificates; the mitigation of liquidity risk through the maintenance of a reserve sum to cover any fundi...

MARC has upgraded Bumiputra-Commerce Bank Berhad’s (BCB) Financial Institution rating to AA-/MARC-1 and its detachable coupons of the RM667 million nominal value Irredeemable Convertible Unsecured Loan Stocks (ICULS) rating to A+. The upgrades reflect the continued improvement in the last several years in the bank’s financial standing and overall asset quality. These improvements were achieved...

The rating reflects IJM Corporations Berhad’s (IJM) consistently strong financial results, the ability to sustain its competitive position domestically and internationally and the diversity of its business. Moderating factors include the increasing competitiveness in the domestic construction environment compounded by the difficult building materials industry, and the inherent rises in each busi...

MARC has reaffirmed the rating of TSH Resources Bhd’s (TSH) Al-Murabahah Commercial Papers/Medium-Term Notes at MARC-1ID/A+ID. The reaffirmation of the rating reflects the steady improvement of TSH’s financial profile and strong operating record. The Group’s diversified business portfolio of palm oil milling and the manufacturing of engineered flooring products recorded sturdy performance al...

MARC has affirmed the long-term rating of Commerce Asset-Holding Berhad (CAHB) at A+. This reflects the firm credit standing of the CAHB Group, which benefits from a strong franchise of its core subsidiaries; improving overall Group-wide earnings and asset quality; continuous efforts to keep gearing at bay and a proactive management. The rating however is constrained by the Group’s exposure to t...

MARC has reaffirmed the corporate debt rating of KFC Holdings (Malaysia) Berhad’s (KFCH) RM300 million Islamic Notes Issuance Facility (INIF) at A+ID and at the same time, has placed the rating on positive outlook, in anticipation of an additional RM90 million cash proceeds from the proposed sale and lease back of Wisma KFC. The rating reaffirmation reflects the Group’s strong brand presence i...

MARC has affirmed the rating of MARC-3ID assigned to Stenta Films (Malaysia) Sdn Bhd’s (Stenta) RM90 million Murabahah Notes Issuance Facility (MUNIF). The rating affirmation reflects the company’s leading position in manufacturing quality Biaxially Oriented Polypropylene (BOPP) films and improving financial profiles of both Stenta and its parent company - P.T. Argha Karya Prima Industry of In...

MARC has upgraded the rating of CNLT (Far East) Berhad’s (CNLT) RM60 million Bank Guaranteed CP/MTN to A(bg)/ MARC-1(bg), reflecting the weakest link rating of the unconditional and irrevocable bank guarantees provided by a consortium of financial institutions. CNLT, a medium sized manufacturer of yarn, faced a challenging year in 2003. Demand in the international textile market, particularly fr...

MARC has received confirmation from the Facility Agent that PMSB’s MUNIF Notes have been fully redeemed by PMSB and cancelled accordingly. Hence, MARC no longer has any rating obligation on PMSB’s MUNIF Facility and the MARC 2-ID rating is hereby withdrawn....