The affirmation of Tian Siang’s corporate debt rating at A reflects, among others, the improvement in the Group’s operating efficiency and strong recovery of the palm oil prices which should strengthen its cash flow, going forward. The rating is, however, moderated by higher debt obligations following the issuance of the corporate debt and the Group’s vulnerability towards cyclical developm...

Malaysian Rating Corporation Berhad (MARC) has reaffirmed the ratings of Kuala Sidim Berhad’s (KSB) RM100 Million Commercial Papers /Medium Term Notes (2001/2006). The long term and short term ratings of A- (bg) and MARC-1(bg) respectively for the RM50 Million Guaranteed Commercial Papers /Medium Term Notes Tranche 1 reflects the unconditional and irrevocable guarantee provided by Southern Bank...

Malaysian Rating Corporation Berhad (MARC) has assigned a long term rating of A+ ID (Single A plus Islamic Debt) in respect of Kwantas Corporation Berhad’s (KCB) proposed RM100 million Al-Bai Bithaman Ajil Islamic Serial Bonds. The rating reflects the KCB Group’s integrated palm oil operations and expanding activities; new revenue source from the sale of renewable bio-mass energy; and expand...

The short and long term Islamic debt rating of A+ID and MARC-2ID assigned to TSH Resources Bhd’s Murabahah Commercial Paper/Medium-Term Notes Issuance respectively reflect the business diversity of the TSH group namely oil palm plantation, palm oil milling, engineered hardwood floor manufacturing and bio-mass energy production; the limited competition within the palm oil milling industry; sustai...

Malaysian Rating Corporation Berhad (MARC) has assigned a short term rating of MARC-1 (bg) (MARC 1, bank guaranteed) and long term rating of A- (bg) (Single A minus, bank guaranteed) on Kuala Sidim Berhad’s (KSB) Tranche 1-RM50 Million Guaranteed Commercial Papers/Medium-Term Notes and a short term rating of MARC-3 (MARC 3) and long term rating of BBB+ (Triple B plus) on KSB’s Tranche 2-RM50 M...

Labuan-based MARC International Limited (MARC International), a wholly owned subsidiary of Malaysian Rating Corporation Berhad, has assigned a long-term foreign currency Islamic capital market instrument rating of BBB+is (Triple B plus, Islamic Sukuk) to the USD395 million serial Islamic lease Sukuk issuance to be made by First Global Sukuk Inc., a Labuan-incorporated special-purpose vehicle (SPV)...

Malaysian Rating Corporation Berhad (MARC) has assigned a long term rating of A ID (A flat Islamic Debt) in respect of TH Group Berhad’s (THG) proposed RM150 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS). The rating mainly reflects its diversified business portfolio, strong operating record, relatively strong balance sheet and the fairly stringent requirements under the issue ...

Malaysian Rating Corporation Berhad (MARC) has assigned a long term corporate debt rating of A (single A flat) to Tian Siang Holdings Sdn Bhd’s (Tian Siang) RM93 million nominal value coupon bearing secured serial bonds. The rating reflects the strength of the cashflow protection measures, moderate debt leverage level and operating efficiency, niche market positioning and moderate operating ris...