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MARC has withdrawn its BB rating on Bintang Bulk Mover Sdn Bhd’s RM50 Million Bonds with immediate effect, upon completion of the restructuring of the bonds as confirmed by its facility agent, KAF Investment Bank Berhad. The bonds have now been converted into non-transferable/non-tradable bonds and no longer require a rating. Contacts: Hafizan Haron 03-2090 2238/ hafizan@marc.com.my; Lee Mei...
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MARC has issued this rating update in connection with the recent decision of Bintang Bulk Mover Sdn Bhd’s (BBM) sole bondholder - Alliance Merchant Bank Berhad by way of circular resolution to grant an extension on the final maturity of BBM’s outstanding bonds totalling RM6.1 million to April 2, 2010, from its original maturity date of April 2, 2009. Pursuant to the passing of the circ...
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MARC has downgraded its rating on Bintang Bulk Mover Sdn Bhd’s (BBM) RM50 million Secured Serial Bonds to BB from A-; and placed it on MARCWatch Negative. The downgrade is on account of the company’s stated intention to rely on an extension of its bond tenure to bridge the funding gap in relation to its sinking fund account vis-à-vis the RM20 million redemption of its final tran...
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MARC has affirmed its A- rating of Bintang Bulk Movers Sdn Bhd (BBM) with respect to its RM50 million bonds. The final RM20 million tranche of the bonds is due to be redeemed in April 2009. BBM’s rating outlook is revised to negative, from stable, to reflect slower-than-expected buildup in the facility’s sinking fund account (SFA) vis-à-vis RM20 million redemption of its final t...
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MARC has reaffirmed its A- rating of Bintang Bulk Mover Sdn Bhd (BBM or the Group) with respect to its RM50 million 5-year secured serial bonds. The rating outlook is stable. The reaffirmed rating reflects BBM’s growing revenue base supported by cement transportation and container haulage businesses and its venture into complementary businesses such as warehousing. Moderating factors include...
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MARC has reaffirmed Bintang Bulk Mover Sdn Bhd’s (BBM) RM50 million 5 year secured serial bonds rating at A- (A minus) with stable outlook, underpinned by the Group’s steady operating performance and stable revenue stream vis-à-vis its long term cement transportation contracts with Lafarge Malayan Cement Bhd (LMCB), the largest local cement manufacturer. The affirmation also ref...
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MARC REAFFIRMS RATING OF A- ON BINTANG BULK MOVER SDN BHD’S RM50 MILLION 5-YEAR SECURED SERIAL BONDS
MARC has reaffirmed the rating of A-(A minus) on Bintang Bulk Mover Sdn Bhd’s (BBM) RM50 million 5-year secured serial bond. This is premised on the Group’s strong operating performance and stable revenue stream, in particular its long term cement transportation contracts with Lafarge Malayan Cement Bhd (LMCB), the largest local cement manufacturer. The affirmation also reflects the Group’s ...
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MARC has affirmed the rating of Bintang Bulk Mover Sdn Bhd’s (BBM) RM50 million 5-year secured serial bond at A-(A minus). The affirmation was premised on the Group’s strong operating performance and stable revenue stream, supported in particular by its long term cement transportation contracts with Lafarge Malayan Cement Bhd (LMCB), the largest local cement manufacturer. The affirmation also ...
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MARC has assigned a rating of A-(A minus) to Bintang Bulk Mover Sdn Bhd’s (BBM) RM50 million 5-year secured serial bonds. The rating reflects BBM’s significant participation in the cement transportation industry by virtue of its long term cement transportation contracts with Lafarge Malayan Cement Bhd (LMCB), the largest local cement manufacturer. Under the issue structure, all revenue from th...
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