MARC has reaffirmed the ratings of Perak-Hanjoong Simen Sdn Bhd’s (PHS) RM698.0 million Al Bai’ Bithaman Ajil Secured Serial Bonds Facility at AAAID (Triple A, Islamic Debt) for Tranche I, AID (Single A, Islamic Debt) for Tranche II, A+ID (Single A Plus, Islamic Debt) for Tranches III and IV and BBB-ID for Tranche V. The affirmation of the ratings for Tranche I to Tranche IV reflects the stren...

The ratings assigned reflect Premium Nutrients Group’s competitive position as an integrated producer of specialty fats; and the structural features in the issue structure. The rating, however, is moderated by the Group’s thin operating profit margin, limiting its ability to leverage on its balance sheet.A KLSE Second-Board listed entity, Premium Nutrients Group is principally involved in the ...

MARC has assigned the ratings of MARC-2ID/AID to EP Manufacturing Bhd’s (EPMB) proposed RM150.0 million private debt securities (PDS). The ratings reflects the Group’s position as a Tier-1 parts vendor for the national carmaker, PROTON, via its subsidiary; PEPS-JV (M) Sdn Bhd (PEPS-JV). Moderating factors include the inherent risks of the automotive industry as well as its dependence on the sa...

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...