The MARC-2ID/AID ratings are predicated by Oilcorp Berhad’s (Oilcorp) position as an integrated engineering, procurement and construction (EPC) services provider in various industries; strong historical profitability measure; and its low gearing position. The ratings, however, are moderated by the sustainability of its revenue and profits post-FY2005 given that Oilcorp’s on-going contracts are...

MARC has assigned ratings of A/MARC-2 to RCE Premier Sdn. Bhd.’s (RCEP) RM45 million 5-year fixed rate serial bonds and up to RM50 million 7-year underwritten commercial paper facility. The ratings assigned to RCE Premier Sdn Bhd’s (RCEP) proposed Bonds and CP programme (referred to as the Facilities) reflect the 1.3 times security cover of receivables purchased by RCEP to be maintained at al...

The rating reflects IJM Plantations Berhad’s (IJMP) business focus in palm oil plantation and milling and its strong plantation performance. The rating is, however, moderated by the Group’s vulnerability to cyclical developments in the palm oil industry.IJMP’s palm oil cultivation is undertaken in the Sandakan and Labuk-Sugut districts of Sabah. Out of a total land bank of 29,560 hectares, 7...

MARC has assigned a rating of AID (A Flat, Islamic Debt) to Ace Polymers (M) Sdn Bhd’s (Ace) proposed RM70.0 million Bai’ Bithaman Ajil Islamic Debt Securities. The assigned rating reflects Ace’s status as one of the Tier-1 suppliers to the local automotive industry; strong financial results characterized by its favourable operating profit margin and sufficient cash flow coverage and an issu...

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...