MARC has affirmed the rating of BBB on integrated aluminium producer Press Metal Berhad’s (Press Metal) RM320.5 million Redeemable Convertible Secured Loan Stocks (RCSLS). The rating outlook is maintained at negative. The rating action reflects the difficult operating environment for aluminium manufacturers, the group’s continued weak liquidity position and its significant leverage pos...

MARC has affirmed the rating of AAAIS(fg) on Antara Steel Mills Sdn Bhd’s (Antara) RM300.0 million Sukuk Mudharabah Programme with a stable outlook. The affirmed ratings and outlook are underpinned by the financial guarantee provided by Danajamin Nasional Berhad (Danajamin) for the sukuk. MARC currently rates Danajamin’s financial strength at AAA/Stable based on the financial insurer&r...

MARC has downgraded its rating on Press Metal Berhad’s (Press Metal) outstanding RM317.5 million Redeemable Convertible Secured Loan Stocks (RCSLS) with detachable warrants from A- to BBB. Concurrently, the rating has been placed on MARCWatch Negative pending greater clarity on the credit impact from the unexpected shutdown of Press Metal’s aluminium smelting plant in Mukah, Sarawak, d...

MARC has downgraded its ratings on Kinsteel Berhad’s (Kinsteel) RM100.0 million Murabahah Commercial Papers/Medium Term Notes (CP/MTN) Programme and RM100.0 million Murabahah Medium Term Notes (MTN) Programme to MARC-3ID/BBBID and BBBID from MARC-2ID/A-ID and A-ID respectively. Concurrently, MARC has removed the ratings from MARCWatch Negative where it had been placed on April 17, 2013. The ...

MARC has lowered its rating on Perwaja Steel Sdn Bhd’s (Perwaja) RM400.0 million Murabahah Medium Term Notes (MMTN) programme to BBB-ID from A-ID. Concurrently, MARC has placed the rating on MARCWatch Negative. The rating actions affect RM110.0 million of current outstanding notes. The rating downgrade reflects the steelmaker’s weak financial risk profile arising from the prolonged cha...

MARC has affirmed the ratings of ABS Logistics Berhad’s (ALB) Senior Sukuk Ijarah comprising RM100.0 million of Class A, RM20.0 million of Class B and RM40.0 million of Class C sukuk at AAAIS, AAIS and AAAIS(bg) respectively. The rating action affects the outstanding amounts under the respective classes of RM75.0 million, RM20.0 million and RM40.0 million. The outlook on the ratings for Clas...

MARC has affirmed the long-term rating of A+ID for KNM Group Berhad’s (KNM) RM1.1 billion Islamic Medium Term Notes (IMTN) programme and the short-term rating of MARC-1ID for KNM’s RM400.0 million Islamic Commercial Paper (ICP) programme. The outlook of the ratings is revised to negative from developing.The affirmed ratings are based on the good competitive position and operating profi...

MARC has affirmed the ratings of MARC-1ID /A+ID for KNM Capital Sdn Bhd’s (KNM Capital) RM300 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) programme. The outlook of the ratings is revised to negative from developing. The rating action affects outstanding notes of RM95 million under the MUNIF/IMTN programme, which will expire in October 2013.KN...

MARC has affirmed its short-term and long-term ratings of MARC-3ID and BBBID on Boon Koon Group Berhad’s (BKGB) RM100 million Islamic Commercial Paper/Islamic Medium Term Notes (ICP/IMTN) Programme with a stable outlook. The rating action affects RM25 million of outstanding notes issued under the programme.The affirmed ratings reflect the reduced refinancing risk related to BKGB’s upco...

MARC has affirmed its rating of AAAIS(fg) on Antara Steel Mills Sdn Bhd’s (Antara) RM300 million Sukuk Mudharabah Programme (sukuk) programme with a stable outlook. The RM300 million sukuk is guaranteed by Danajamin Nasional Bhd (Danajamin). The rating on the sukuk programme is premised on MARC’s current rating of Danajamin’s financial strength at AAA/stable based on its importan...