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 lowered its rating on Perwaja Steel Sdn Bhd’s (Perwaja) RM400.0 million Murabahah Medium Term Notes (MMTN) programme from AID to A-ID. The outlook on the rating is negative. The rating action, which affects RM160 million of outstanding MMTNs under the programme, is premised on the prolonged decline in the steelmaker’s operating performance and the rating agency’s expecta...

MARC has affirmed the rating of Perwaja Steel Sdn Bhd’s (Perwaja) RM400 million Murabahah Medium Term Notes (MMTN) Programme at AID. The rating outlook has been revised to negative from stable. The outlook revision incorporates the recent deterioration in Perwaja’s operating performance, and continuing pressure from lower volumes and rising input costs. Of particular concern to MARC is...

MARC has affirmed the rating of Perwaja Steel Sdn Bhd’s (Perwaja) RM400.0 Million Murabahah Medium Term Notes (MMTN) Programme at AID and revised its rating outlook to stable from developing.The affirmed rating and revised rating outlook reflects MARC’s expectations of restored profitability and cash flow generation with the improving steel price environment. Perwaja’s financial ...

MARC has affirmed the rating of Perwaja Steel Sdn Bhd’s (Perwaja) RM400.0 Million Murabahah Medium Term Notes (MMTN) Programme at AID and revised its outlook to developing from stable. The affirmed rating reflects Perwaja’s competitive strength as a major local producer of direct reduced iron (DRI) and its strategic importance to parent company, Kinsteel Berhad, which has a long term r...

MARC has affirmed the long term rating of Perwaja Steel Sdn Bhd’s (Perwaja) RM400.0 Million Murabahah Medium Term Notes (MMTN) Programme at AID with stable outlook, reflecting its strong position as a domestic direct reduced iron (DRI) producer, expectations for continued improvement in credit quality as the company benefits from higher steel prices and production volumes in addition to effi...

The long term rating of AID assigned to Perwaja Steel Sdn Bhd’s (PSSB) RM400 Million Murabahah Medium Term Notes (MMTN) Programme reflects the company’s near monopoly position in the domestic market for the supply of direct reduced iron (DRI); strong demand for DRI and the proposed acquisition of a 51% controlling stake in the company by Kinsteel Berhad (Kinsteel). Upon completion of...