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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 ...
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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...
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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...
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Malaysian Rating Corporation Berhad (MARC) has affirmed the rating of Malaysian Newsprint Industries Sdn Bhd’s (MNI) RM923 million Bai’ Bi Al-Taqsit Fixed Rate Serial Bonds at BBB+(s)ID. The affirmation of the rating reflects MNI’s continued competitive strength as the sole newsprint producer in Malaysia; secured offtake commitments through newsprint offtake agreements; its low operational ...
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MARC has lowered its rating on Malaysian Newsprint Industries Sdn Bhd’s (MNI) RM923 million Bai’ Bi Al-Taqsit Fixed Rate Serial Bonds Programme from A-(s)ID to BBB+(s)ID. The rating action reflects the impact of the decline in newsprint prices on the company’s financials. Global newsprint prices have fallen to a new historical low due to the economic slowdown and oversupply problem in North ...
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The ratings of AA+ ID for Tranche I (RM370 million), A ID for Tranche II (RM50 million) and A+ ID for Tranches III (RM80 million) and IV (RM168 million) reflect the strength of irrevocable unconditional guarantees provided by a consortium of banks evaluated using the weak link approach. The BBB- rating of the non-guaranteed RM30 million Tranche V reflects the issuer’s stand-alone rating, recogn...
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Malaysian Rating Corporation Berhad (MARC) has assigned an Islamic debt rating of A-ID(S) (A minus, Islamic Debt Security) to Malaysian Newsprint Industries Sdn Bhd’s (MNI) RM923 million Bai’ Bi Al-Taqsit nominal value fixed rate serial bonds programme. The rating reflects Malaysian Newsprint Industries Sdn Bhd’s (MNI) strong competitive position in the local newsprint industry, offtake ag...
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