MARC has affirmed its rating of MARC-2ID for Prinsiptek Corporation Berhad’s (Prinsiptek) Murabahah Commercial Paper (MCP) Programme of up to RM30 million and revised the outlook to stable from negative. The rating action follows MARC’s review of Prinsiptek’s credit profile after the construction group’s announcement of its first half FY2010 profit of RM2.8 million compared...

MARC has affirmed the rating of MARC-2ID for Prinsiptek Corporation Berhad’s (Prinsiptek) Murabahah Commercial Paper (MCP) Programme of up to RM30 million. The negative outlook for the rating is maintained.  The affirmed rating reflects recent progress albeit slow, made in collecting its past due receivables, meaningful reduction in its debt burden and an order book position which provi...

MARC has affirmed the rating of MARC-2ID for Prinsiptek Corporation Berhad’s (Prinsiptek) Murabahah Commercial Paper ( MCP) Programme of up to RM30 million. The rating carries a negative outlook. The rating reflects the company's proven track record for the completion of construction contracts, its focus on government related projects which moderates and customer concentration risks. The rat...

Major Rating FactorsStrengthsProven track record in housing construction;Order book provides good revenue visibility; andIncreased geographic diversity of construction revenue.Challenges/Risks:Cyclical nature of construction and property development industry;Extremely competitive industry conditions;Slow payment of receivables is affecting liquidity and cash flow; andModest level of financial flex...

MARC has affirmed the ratings of MARC-2ID /A-ID for Prinsiptek Corporation Berhad’s (“Prinsiptek”) Murabahah Commercial papers (“MCPs”) Programme of up to RM30 million and Murabahah Medium Term Notes (“MMTNs”) Programme of up to RM50 million, with a negative outlook. The ratings reflect Prinsiptek’s average business risk profile as a midsize domest...

MARC has assigned ratings of MARC-2ID/ A-ID to Prinsiptek Corporation Berhad’s (“Prinsiptek”) Murabahah Commercial Papers (“MCPs”) Programme and Murabahah Medium Term Notes (“MMTNs”) Programme. The ratings reflect Prinsiptek’s improved financial and capitalised position; its track record in the construction arena and its foray into property develop...