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MARC has voluntarily withdrawn Haisan Resources Bhd's (Haisan) rating on the basis that the rating agency is no longer in a position to conduct a meaningful surveillance of the bonds. We have reason to believe that we will not receive the requisite cooperation from the issuer to provide continued independent rating coverage. MARC has been informed that Haisan has obtained the approval from its bon...
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MARC has downgraded its rating on Haisan Resources Berhad’s (Haisan) outstanding RM12 million bonds to BBB- from A-. The rating outlook is negative. The downgrade followed the company’s announcement of its second-quarter earnings for the three months ended June 30, 2009, its fourth consecutive quarterly loss since the third quarter of 2008. Although its quarterly loss shows signs of na...
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MARC has removed its rating of A- on Haisan Resources Berhad (HRB)’s RM12 million outstanding Bonds from MARCWatch Negative and affirmed the rating. Concurrently, it has assigned a negative outlook to the rating. The rating was first placed on MARCWatch Negative on August 20, 2008 following a breach of its debt-to-equity (DE) covenant, its weak first half year 2008 performance, and uncertain...
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MARC has downgraded its rating of Haisan Resources Berhad (HRB)’s RM30 million Bonds to A- from A. HRB’s rating remains on MARCWatch Negative where it had been placed on August 20, 2008 in light of its continued breach of its debt-to-equity covenant, and its weak first half year 2008 performance which was significantly below expectations. The MARCWatch placement also reflects uncertainty surro...
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MARC has placed its A rating of Haisan Resources Berhad’s (HRB) RM30 million bonds on MARCWatch Negative. The MARCWatch placement follows the release of its unaudited results for the three months ended March 31, 2008 (1Q2008) which showed a 65% drop in pre-tax profit to RM1.5 million compared to the corresponding quarter in 2007. The lower than expected financial performance reduces the like...
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MARC reaffirmed a rating of A (A Flat) to Haisan Resources Berhad (HRB)’s RM30 million bonds with a Developing Outlook; reflecting its strong competitive position in the refrigeration and ice industry and good geographic diversity as well as the assignment of specific contract proceeds towards redemption of the bonds. The rating is however moderated by its weak profitability measures, high d...
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MARC affirmed a rating of A (A Flat) to Haisan Resources Berhad (HRB)’s RM30 million bonds with a stable outlook; reflecting its strong competitive position in the refrigeration and ice industry, assignment of specific contract proceeds towards redemption of the bonds as well as HRB’s good operating profit margin and moderated by its high debt leverage position. Incorporated in 1999, H...
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MARC has assigned a rating of A (A Flat) to Haisan Resources Berhad (HRB)’s proposed RM30 million bond; reflecting its strong competitive position in the refrigeration and ice industry, the assignment of specific contract proceeds towards redemption of the bonds, and its good operating profit margin and manageable debt leverage position. The rating is, however, moderated by the Group’s vulnera...
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