MARC has downgraded its rating on Mithril Berhad’s (Mithril) RM70 million Redeemable Convertible Secured Loan Stock (RCSLS) to D from B following Mithril’s failure to make a RM1.25 million coupon payment on the RCSLS which fell due on April 5, 2011. This affects the outstanding RCSLS with nominal value of RM41.8 million. MARC had earlier maintained Mithril’s rating on negative ou...

MARC has downgraded its rating on Mithril Bhd’s (Mithril) RM59 million Redeemable Convertible Secured Loan Stock (RCSLS) to B from B+. Its rating outlook is maintained at negative. The rating action reflects Mithril’s continuing losses as a result of worsening prospects of its mainstay polyurethane (PU) architectural mouldings business and its impaired balance sheet following certain i...

MARC has affirmed Mithril Bhd’s (Mithril) RM59 million Redeemable Convertible Secured Loan Stocks (RCSLS) rating at B+. The negative outlook on the rating has been maintained. The affirmed rating and continued negative outlook reflects MARC’s concern about the sustainability of the company as a going-concern given the lack of near-term recovery prospects for the company’s core bu...

MARC has downgraded the rating on Mithril Berhad’s (Mithril) RM59 million Redeemable Convertible Secured Loan Stock (RCSLS) to B+ from BB. The lowered rating reflects the company’s continued pre-tax losses in the fiscal year ended June 30, 2008 (FY2008), its weak near-to-immediate term business outlook, and MARC’s concerns regarding its increased business and financial risks. Mit...

MARC has downgraded the rating of Mithril Bhd’s (Mithril) RM59 million Redeemable Convertible Secured Loan Stocks (RCSLS) from BBB- to BB. The lowered rating reflects MARC’s expectation that Mithril’s weak operating performance will continue within the context of its very challenging primary export market of the US and rising raw material prices. Mithril’s operating losses ...

MARC has downgraded the rating of Mithril Berhad’s (“Mithril”) RM59 million Redeemable Convertible Secured Loan Stocks (“RCSLS”) from BBB to BBB- with a Negative Outlook based on continued deterioration in the company’s financial profile, its weak operating outlook for 2007 and uncertainties about the future operating performance of new ventures. Mithril manufac...

MARC has reaffirmed the rating for Mithril Berhad’s (Mithril) RM59 million Redeemable Convertible Secured Loan Stock (RCSLS) at BBB and has lifted its MARCWatch with a Negative Outlook. The reaffirmation reflects the better results led by the company’s architectural mouldings manufacturing arm coupled with stable rental income from its investment properties. The rating is, however, mod...

MARC has placed Mithril Bhd’s (“Mithril”) RM59 million Redeemable Convertible Secured Loan Stocks (“RCSLS”) on MARCWatch with a Negative Outlook, with the likelihood of suspension if the relevant information is not provided within two weeks of this announcement. The initial rating of BBB was assigned in October 2003 and affirmed in December 2004. The action is due to Mithril’s failure...

MARC has affirmed the rating for Mithril Berhad’s (Mithril) RM59 million Redeemable Convertible Secured Loan Stocks (RCSLS) at BBB, reflecting the recent completion of the corporate exercise with the injection of new businesses and a tight underlying issue structure. The rating is, however, constrained by Mithril’s exposure to the manufacturing industry, in particular the brick manufacturing b...

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...