The ratings of Premium Nutrients Berhad’s (Premium Nutrients) RM85 million Murabahah Underwritten Notes Issuance Facility / Islamic Medium-Term Notes (MUNIF/IMTN) have been affirmed at MARC-2ID/AID reflecting its competitive position as an integrated producer of specialty fats; and the fairly tight issue structure. Nonetheless, a moderating factor to the ratings is the Group’s thin operating p...

MARC has reaffirmed the ratings of Perak-Hanjoong Simen Sdn Bhd’s (PHS) RM698 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) Tranche I (RM370 million) at AAAID(bg) (Triple A, Islamic Debt, Bank Guaranteed), Tranche II (RM50 million) AID(bg) (Single A, Islamic Debt, Bank Guaranteed) and Tranche IV (RM168 million) at A+ID(bg) (Single A Plus, Islamic Debt, Bank Guaranteed) and upgrade...

The short- and long-term ratings of MARC-2ID and A ID for LEADER’s proposed private debt securities reflects the Group’s position in the cables and wires manufacturing industry as well as the stable revenue arising from its power generation business in Cambodia. Moderating factors include the low margins of its cable and wire products, and the Group’s relatively high debt-leverage at present...

The assignment of AAAID and AAAID(s) to Optimal Olefins (Malaysia) Sdn Bhd’s (“Olefins”) and 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, strong...

MARC has assigned a rating of AID (A Flat, Islamic Debt) to Ace Polymers (M) Sdn Bhd’s (Ace) proposed RM70.0 million Bai’ Bithaman Ajil Islamic Debt Securities. The assigned rating reflects Ace’s status as one of the Tier-1 suppliers to the local automotive industry; strong financial results characterized by its favourable operating profit margin and sufficient cash flow coverage and an issu...

MARC has affirmed the rating of MARC-3ID assigned to Stenta Films (Malaysia) Sdn Bhd’s (Stenta) RM90 million Murabahah Notes Issuance Facility (MUNIF). The rating affirmation reflects the company’s leading position in manufacturing quality Biaxially Oriented Polypropylene (BOPP) films and improving financial profiles of both Stenta and its parent company - P.T. Argha Karya Prima Industry of In...

MARC has placed the ratings in respect of PHSSB’s RM698 million BaIDS on rating watch as PHSSB has breached its covenanted debt-to-equity ratio of 1.85 times based on its audited accounts for financial year ended 31 December 2003. The RM698 million BaIDS is made up of five tranches of which four tranches are bank guaranteed. The bank guaranteed tranches carry ratings of AAAID(bg) (Triple A, Isla...

Malaysian Rating Corporation Berhad (MARC) has affirmed the rating of Petronas Fertilizer (Kedah) Sdn Bhd’s (PFK) RM750 million BaIDS facility at AAA (s)ID. The affirmation reflects the strength of the support provided by the holding company, Petroliam Nasional Berhad (PETRONAS) in ensuring timely and full redemption of the BaIDS. PFK, a wholly-owned subsidiary of PETRONAS, benefits from PETRON...

MARC has lifted the MARC Watch (with a negative outlook) placed on MNI’s RM923 million Bai’ Bi Al-Taqsit Nominal Value Fixed Rate Serial Bonds Programme (Islamic Bonds) following the successful completion of MNI’s Bond Restructuring Exercise on 11 June 2004 and compliance on reinstatement of the Standby Credit facility as at 30 June 2004. The approved restructuring entails a 3-year repayment...

MARC has assigned short and long-term ratings of MARC-2ID and A-ID (A minus, Islamic Debt) to Paradym Resources Industries Sdn Bhd (PRI)’s Islamic Commercial Paper/Medium-Term Note Issuance Programme (CP/MTN Programme), reflecting PRI’s position as a reputable manufacturer of superior quality copper products; moderated by PRI’s relatively high debt leverage coupled with the industry’s fair...