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On 23 November 2006, MARC received confirmation from Malaysian Trustees Berhad that Tian Siang Holdings Sdn Bhd (Tian Siang) has made a full early redemption of its RM93 million nominal value coupon bearing serial bonds (Serial Bonds) on 22 November 2006. As such, MARC no longer has any rating obligation on the Serial Bonds and the A (A Flat) rating is hereby withdrawn. ...
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MARC has reaffirmed the rating of Tian Siang Holdings Sdn Bhd (Tian Siang)’s RM93 million nominal value coupon bearing serial bonds (Serial Bonds) at A (A Flat). The reaffirmation reflects the Group’s improving profitability and consistent operational efficiency. Nevertheless, a moderating factor to the rating is the cyclical nature of palm oil industry largely due to potential fluctuation in ...
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MARC has reaffirmed the rating of Tian Siang Holdings Sdn Bhd (Tian Siang)’s RM93 million nominal value coupon bearing serial bonds (Serial Bonds) at A (A flat). The reaffirmation reflects the Group’s improving profitability and consistent operational efficiency. Nevertheless, the rating is moderated by the cyclical nature of the palm oil industry largely due to potential fluctuation in CPO pr...
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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...
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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...
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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...
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