The assignment 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...

The A+ID rating assigned to Ingress Sukuk Berhad’s (ISB) Sukuk Al Ijarah Issuance reflects Ingress Corporation Berhad’s (Ingress) track record as one of the leading local automotive component manufacturers with a diversified customer and geographical distribution; and above average financial results characterized by its favourable operating profit margin. Moderating factors include...

The affirmation of ABI Malaysia Sdn Bhd’s (ABI) rating reflects its leading position in the manufacture of automotive batteries in Malaysia; existing and new manufacturing contracts which ensure sustainable demand for its batteries; and the company’s improving financial profile. The rating, however, is moderated by the company’s tight cash flow position. ABI is involved in the...

The ratings reflect KNM Group Berhad’s (KNM) competitive position as one of the largest domestic manufacturer of process equipments and its steady revenue growth. The ratings, however, are moderated by the company’s high working capital requirements due to the nature of its projects. KNM is an investment holding company with subsidiaries principally involved in the design, manufactu...

The short- and long-term ratings of MARC-2ID and A ID for Leader Universal Holdings Berhad’s (LEADER) proposed private debt securities reflects the Group’s leading position in the cables and wires manufacturing industry as well as the stable revenue arising from its power generation business in Cambodia. Moderating factors include the low margins of its cable and wire products, and t...

The rating of AID assigned to Merbok Hilir Berhad’s (Merbok) proposed RM150.0 million Al-Bai’ Bithaman Ajil Serial Bonds (BBA Bonds) is premised on the Merbok Group’s proven track record in the highly competitive MDF industry, the favourable outlook of the international Medium Density Board (MDF) industry, as well as its well-capitalised balance-sheet. However, the balancing ...

EP Manufacturing Bhd’s (EPMB) long and short-term ratings of AID/MARC-2 on its proposed RM150.0 million Islamic private debt securities reflect the Group’s position as a Tier-1 parts vendor for the national carmaker, PROTON, via its subsidiary; PEPS-JV (M) Sdn Bhd. Moderating factors include the inherent risks of the automotive industry as well as its dependence on the sales perform...

The affirmation of the ratings reflects the strength of the irrevocable unconditional guarantees provided by a consortium of banks based upon the weak link approach. The affirmation of the non-guaranteed Tranche V reflects the issuer’s stand-alone rating, recognising Perak-Hanjoong Simen Sdn Bhd’s (PHS) vulnerability to industry and economic cycles. Positive rating factors include...

The A- (A Minus) rating assigned to Malaysian AE Models Holdings Berhad (MAE)’s Fixed Rate Serial Bonds (Bonds) reflects MAE’s competitive position and technical competency in the industry. These factors are moderated by MAE’s exposure to adverse economic factors locally as well as regionally.MAE was incorporated on 8 May 1992 as a private limited company to function as an inv...

The AID(bg) rating assigned to Negeri Sembilan Cement Industries Sdn Bhd’s (NSCI) proposed BaIDS is reflective of the strength of the irrevocable unconditional guarantees provided by a consortium of banks evaluated using the weak link approach. The MARC-2/BBB+ID rating assigned to the proposed MUNIF, on the other hand, is the issuer’s stand-alone rating, which recognizes NSCI’...