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...

MARC has assigned a BBB rating to Mithril Bhd’s (Mithril) Redeemable Convertible Secured Loan Stockc (RCSLS).The rating of BBB assigned reflects the future businesses of the company; a tight underlying issue structure; and moderate pro- forma debt leverage upon the finalization of the restructuring exercise. The rating is, however, constrained by Mithril’s exposure to the manufacturing industr...

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 has received confirmation from the Lead Arranger and Trustee that Europlus Corporation Sdn Bhd’s RM250 million Al-Bai Bithaman Ajil Islamic Debt Securities (2000-2003) have been fully redeemed on 29 September 2003. Hence, MARC no longer has any rating obligation on the debt securities and the A-ID rating is hereby withdrawn....

The rating affirmation of AAID for MHS Aviation Berhad’s (MHSA) Al-Bai Bithaman Ajil Islamic Serial Debt Securities (BaIDS) reflects the company’s continued dominant position in the provision of aviation services, as underlined by its ability in providing services that meet the demand for high safety standards by domestic oil and gas companies. MHSA’s exceptional track record is evident from...

The rating assigned reflects Stenta Films (Malaysia) Sendirian Berhad’s (Stenta) leading position in manufacturing quality Biaxially Oriented Polypropylene (BOPP) films, the most commonly used flexible packaging material for customers involved in the food and tobacco industries; and Stenta’s improving financial profile. Offsetting these positive factors are concerns over Stenta’s ability to...

Utusan Melayu (Malaysia) Berhad’s (Utusan/the Group) rating of MARC-3 has been reaffirmed on the extended RUF for a reduced amount of RM100 million now maturing on 10 April 2006. The reaffirmation reflects Utusan’s leading position in the Malay language newspaper and magazine segments coupled with improvement in its financials for the period under review. The rating is, however, moderated by U...

Malaysian Rating Corporation Berhad (MARC) has assigned a long-term rating of AAA (triple A) to Special Port Vehicle Berhad’s (SPV) RM1,310 million nominal amount Asset Backed Serial Bonds (ABS) facility.Under this transaction, a bankruptcy remote special purpose company, Special Port Vehicle Berhad, will acquire the future receivables (including interest) amounting to RM1,699.63 million forming...

The ratings affirmation at A (A flat)/ MARC-1 reflect the Bank’s strategic importance in the development of Islamic banking as a viable alternative to the conventional banking system, further supported by a solid liquidity position, healthy capital base and sound management. These positives are however moderated by the Bank’s asset performance, which led to low profitability and efficiency me...

MARC has withdrawn the corporate debt rating of Maxisegar Sdn Bhd RM300 million and RM600 million Al-Bai Bithaman Ajil Islamic Debt Securities (Baids) following the full redemption of the Baids on the 28th of July 2003....