MARC has upgraded AmMerchant Bank Berhad’s (AmMerchant) financial institution rating to A and reaffirmed its short term rating at MARC-1 based on the bank’s market position, greater focus on fee-based and investment banking activities, improvement in the bank’s asset quality following the resolution of the bulk of its legacy problem loans, and its improved funding profile. These strengths w...

MARC has reaffirmed Putrajaya Holdings Sdn Bhd’s (PJH) long term and short term issuer rating of AAA and MARC-1, respectively and its Islamic corporate debt ratings of AAAID/MARC-1ID in respect of its Bai’ Bithaman Ajil Bonds Issuance Facilities for Parcels A, B, C, D & Public Facilities Precinct 10 and its Murabahah Commercial Papers/Medium Term Notes Programme for Parcel E. The reaffirmation...

MARC has assigned a rating of A-ID (A Minus, Islamic Debt) to Shamelin Bina Sdn Bhd’s (SBSB) Murabahah Medium-Term Notes Issuance Facility (MMTN) of up to RM100 million. The rating assigned to SBSB’s MMTN reflects the holding company’s, Koperasi Shamelin Berhad’s (KSB) satisfactory asset quality arising from the collection arrangement with ANGKASA (Angkatan Koperasi Kebangsaan Malaysia Ber...

MARC reaffirms the rating of A+ (single A plus) on TSH Resources Bhd’s (TSH) Al-Murabahah Medium-Term Notes (MuMTN) while at the same time, upgrades the short term rating from MARC-2 to MARC-1. The reaffirmation of the group’s long term rating reflects TSH’s diversified business portfolio of palm oil milling and the manufacturing of engineered flooring products; strong operating records coup...

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...