MARC has affirmed the rating of Malaysian Newsprint Industries Sdn Bhd’s (MNI) RM923 million Bai’ Bi Al-Taqsit nominal value fixed rate serial bonds programme (BBAT) at BBB+ID(s). The affirmation reflects the company’s dominant position as the sole newsprint producer in Malaysia; improvement in newsprint price since mid-2003; and the protection derived from the anti-dumping duties imposed by...

The affirmation of Leader Universal Holdings Berhad’s (LEADER) rating of AID reflects the Group’s leading position in the cable and wire manufacturing industry as well as the stable revenue contribution from its power generation business in Cambodia. The rating, however, is moderated by thin margins from its cable and wire products; the large number of players relative to major consumers in th...

The affirmation of AAAID and AAAID(s) assigned to Optimal Olefins (Malaysia) Sdn Bhd’s (“Olefins”), 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-scale vertical operational integration;...

The rating reaffirmation of Merbok Hilir Berhad’s (Merbok) RM150.0 million Al-Bai’ Bithaman Ajil Serial Bonds (BBA Bonds) at AID is reflective of Merbok Group’s proven track record in the MDF industry and its fairly robust financial position. Moderating factors, however, include the inherent risks of such commodity-based industry, high capital requirements driven by rapidly evolving technolo...

MARC has affirmed the ratings of Premium Nutrients Berhad’s (Premium Nutrients) RM85 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium-Term Notes (MUNIF/IMTN) at MARC-2ID / AID. The affirmation reflects the Group’s competitive position as an integrated producer of specialty fats; its diversified customer base and the structural features in the issue structure. The ratings a...

The reaffirmation of Negeri Sembilan Cement Industries Sdn Bhd’s (NSCI) RM200 million Bai Bithaman Ajil Islamic Debt Securities (BaIDS) rating at A+ID(bg) reflects the security provided by AmMerchant and Bumiputra-Commerce Banks’ respective Bank Guarantees; whilst the reaffirmation of the rating MARC-2 ID /A-ID accorded for NSCI’s RM130 million Murabahah Notes Issuance Facilities (MUNIF) ref...

MARC has affirmed the short and long-term ratings of MARC-2ID and A-ID (A minus, Islamic Debt) in respect of Paradym Resources Industries Sdn Bhd’s (PRI) Islamic Commercial Paper/Medium Term Notes Issuance Programme (Islamic CP/MTN). The affirmation of the ratings reflects PRI’s commendable improvement in its financial position and PRI’s status as a reputable manufacturer of superior quality...

MARC has affirmed the rating of Ace Polymers (M) Sdn Bhd’s (Ace) RM70 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) at AID. The affirmation reflects Ace’s status as a Tier-1 supplier to the local automotive industry; its improving financials and an issue structure that prioritizes payments relating to the BaIDS over operating expenses. The rating is, however, moderated by the co...

MARC has reaffirmed the long term rating of PETRONAS Fertilizer (Kedah) Sdn Bhd’s (PFK) RM750.0 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) at AAAID(s). The reaffirmation of the long term rating is based upon the strength of the support provided by the holding company, Petroliam Nasional Berhad (PETRONAS) in ensuring timely and full redemption of the BaIDS, either through equity...

In respect of Evermaster Group Berhad’s (EGB) RM50 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) and RM40 million Murabahah Multi-Option Notes Issuance Facilities (MONIF), MARC has downgraded EGB’s long-term rating to A-ID whilst reaffirming the short term rating at MARC-2ID. The rating actions reflect on the Group’s continued deteriorating profitability over the last two fina...