The ratings assigned are underpinned by Pesaka Astana (M) Sdn Bhd’s (PASB) competitive position as the leading assembler and provider of customized heavy-duty and specialized vehicles for the Ministry of Defence (MINDEF) and Fire and Rescue Department (BOMBA); the tight issue structure; and the company’s continued improvement in its profitability measures. These factors are, however...

The rating of BBB- (minus) assigned to Mithril Berhad’s (Mithril) Irredeemable Convertible Unsecured Loan Stocks (ICULS) reflects the assurance of returns and maintenance of terms of the ICULS, that is, the likelihood of interest payments for five years and the solvency of Mithril at time of mandatory conversion to enable it to honour its obligation to deliver the shares. The ICULS are ra...

The rating of BBB assigned to Mithril Berhad (Mithril) reflects the future businesses of the company; a tight underlying issue structure; and moderate pro- forma debt leverage upon the finalization of the restructuring exercise. The rating is, however, restrained by Mithril’s exposure to the manufacturing industry, in particular the brick manufacturing business. Mithril was incorporated a...

The ratings assigned are based on Evermaster Group Berhad (EGB)’s expanding activities into government-related construction works, its high operational integration with regard to the wood-based activities and going forward, its focus on downstream higher value-added products.   Other positive factors include the company’s long operating track record and financial performance,...

The affirmation of PETRONAS Fertilizer (Kedah) Sdn Bhd’s (PFK) BaIDS rating reflects the strength of the support provided by its holding company, Petroliam Nasional Berhad (PETRONAS) in ensuring timely and full redemption of the BaIDS, either through equity, loan facilities, grants or other means. PFK, a wholly-owned subsidiary of PETRONAS, benefits from PETRONAS’ expertise and exp...