MARC has assigned a long-term rating of A ID (Single A Flat Islamic Debt) on Merbok Hilir Berhad’s (Merbok) proposed RM150 million Al-Bai’ Bithaman Ajil Serial Bonds (BBA Bonds). Factors underpinning the rating include Merbok Group’s proven track record in the highly competitive MDF industry, the favourable outlook of the international Medium Density Board (MDF) industry, as well as its wel...

MARC has assigned long term and short term ratings of A ID (Single A Flat Islamic Debt) and MARC-2 ID respectively on Evermaster Group Berhad’s (EGB) proposed RM90 million Islamic Debt Securities (comprising RM50 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) and RM40 million Murabahah Multi-Option Notes Issuance (MONI) Facilities). The rating reflects EGB’s expanding activi...

MARC has placed MNI’s RM923 million Bai’ Bi Al-Taqsit nominal value fixed rate serial bonds programme (Islamic Bonds) rated at BBB+ID(s) on MARC Watch with a Negative Outlook; reflecting the company’s weak financials stemming from depressed newsprint prices. MNI will be seeking bondholders’ approval for its proposed restructuring of the debt, which includes a 3-year repayment moratorium fr...

MARC has assigned a BBB rating to Mithril Bhd’s (Mithril) Redeemable Convertible Secured Loan Stockc (RCSLS).The rating of BBB assigned 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, constrained by Mithril’s exposure to the manufacturing industr...

The rating assigned reflects Stenta Films (Malaysia) Sendirian Berhad’s (Stenta) leading position in manufacturing quality Biaxially Oriented Polypropylene (BOPP) films, the most commonly used flexible packaging material for customers involved in the food and tobacco industries; and Stenta’s improving financial profile. Offsetting these positive factors are concerns over Stenta’s ability to...

MARC has assigned the rating of AID (Single A flat, Islamic Debt) to ABI Malaysia Sdn Bhd’s (ABI) RM80.0 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS). The rating reflects ABI’s leading position in the manufacture of automotive batteries in Malaysia; existing manufacturing contracts that ensure sustainable demand for its batteries; positive outlook for vehicle sales in Malays...

MARC has assigned an Islamic corporate debt rating of MARC-2ID (Islamic Debt) to PEPS-JV (M) Sdn Bhd’s (PEPS) RM40 million Murabahah Underwritten Notes Issuance Facility (MUNIF). The rating reflects PEPS position as one of the tier-1 vendors for the national car manufacturers, Proton and Perodua, a tight underlying bond issue structure and moderate proforma debt leverage upon the finalizatio...

The AAA(s)ID (triple A, support, Islamic debt) rating assigned to PETRONAS Fertilizer (Kedah) Sdn Bhd (PFK)’s BaIDS reflects the strength of the support provided by the holding company, Petroliam Nasional Berhad (PETRONAS), in ensuring the timely and full redemption of the BaIDS, either through equity, loan facilities, grants or other means. PFK, a wholly-owned subsidiary of PETRONAS, benefits ...

MARC has upgraded the rating for Tranche I of Perak-Hanjoong Simen Sdn Bhd’s (PHSSB) RM698 million Al-Bai’ Bithaman Ajil Secured Serial Bonds Facility (ABBA) from AA+ID(bg) (Triple A, Islamic Debt, bank guaranteed) to AAAID(bg) reflecting the strength of the irrevocable unconditional guarantee provided by the said tranche’s bank guarantor. At the same time, the ratings for tranches II, III a...

MARC has assigned long term and short term ratings of A- ID (Single A minus Islamic Debt) and MARC-2 ID respectively on Priceworth Wood Products Berhad’s (PWP) proposed RM60 million Murabahah Multi-Option Notes Issuance Facility. The rating mainly reflects the PWP Group’s high operational integration and expanding activities into palm oil plantations, and the fairly stringent requirements...