The affirmation of Priceworth Wood Products Berhad’s (Priceworth) short and long term ratings of MARC-2 and A respectively on its RM160.0 million Commercial Papers/Medium Term Notes reflect Priceworth Group’s improving financials underpinned by growing timber extraction activity/contracting services coupled with expansion of its manufacturing facilities and better outlook of timber p...

The rating of AID/MARC-2ID is underpinned by Maxtral Industry Berhad and its subsidiaries’ (Group) operating track record supported by its highly integrated manufacturing process, advantage of having secured the necessary future log supply and the Group’s improving financials. Moderating factors to the rating, nonetheless, include the vulnerability to cyclical developments affecting ...

MARC has affirmed the rating of Malaysian Newsprint Industries Sdn Bhd’s (MNI) RM923 million Bai’ Bi Al-Taqsit nominal value fixed rate serial bonds programme (BBAT) at BBB+ID(s). The affirmation reflects the company’s dominant position as the sole newsprint producer in Malaysia; improvement in newsprint price since mid-2003; and the protection derived from the anti-dumping dut...

The affirmation of Leader Universal Holdings Berhad’s (LEADER) rating of AID reflects the Group’s leading position in the cable and wire manufacturing industry as well as the stable revenue contribution from its power generation business in Cambodia. The rating however, is moderated by thin margins of its cable and wire products, the large number of players relative to major consumer...

MARC has affirmed the short and long-term ratings of MARC-2ID and A-ID (A minus, Islamic Debt) to Paradym Resources Industries Sdn Bhd’s (PRI) Islamic Commercial Paper/Medium Term Notes Issuance Programme (Islamic CP/MTN). The reaffirmation of the ratings reflects PRI’s commendable growth of its financial position and PRI’s status as a reputable manufacturer of superior quality...

The affirmation of AAAID and AAAID(s) to Optimal Olefins (Malaysia) Sdn Bhd’s (“Olefins”) and Optimal Glycols (Malaysia) Sdn Bhd and Optimal Chemicals (Malaysia) Sdn Bhd’s (“G&C”) debt issuance respectively reflect the Optimal Group of companies’ (“Optimal Group”) competitive edge in the petrochemical industry, stemming from its large-sca...

MARC has affirmed the ratings of Premium Nutrients Berhad’s (Premium Nutrients) RM85 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) at MARC-2ID/AID. The affirmation reflects the Premium Nutrients Group’s competitive position as an integrated producer of specialty fats; its diversified customer base and the structural features in the issu...

The rating reaffirmation of Merbok Hilir Berhad’s (Merbok) RM150.0 million Al-Bai’ Bithaman Ajil Serial Bonds (BBA Bonds) at AID is reflective of Merbok Group’s proven track record in the MDF industry and its fairly robust financial position. Moderating factors, however, include the inherent risks of such commodity-based industry, high capital requirements driven by rapidly evo...

MARC has affirmed the rating of Ace Polymers (M) Sdn Bhd’s (Ace) RM70 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) at AID. The affirmation reflects Ace’s status as a Tier-1 supplier to the local automotive industry; its improving financials and an issue structure that prioritizes payments relating to the BaIDS over operating expenses. The rating is, however, moder...

The reaffirmation of Negeri Sembilan Industries Sdn Bhd’s (NSCI) BaIDS rating at A+ID(bg) reflects the bank guarantees provided by AmMerchant Bank and Bumiputra-Commerce Bank; whilst the reaffirmation of the ratings MARC-2 ID /A-ID accorded for NSCI’s MUNIF reflects the improvement in the company’s financial profile and its position as one of the larger integrated cement produc...