MARC has affirmed its rating of AAAIS(fg) on Antara Steel Mills Sdn Bhd’s (Antara) RM300.0 million Sukuk Mudharabah Programme with a stable outlook. The affirmed rating and outlook are underpinned by the unconditional and irrevocable financial guarantee provided by Danajamin Nasional Berhad (Danajamin) which carries a financial insurer strength rating of AAA/stable from MARC.  Antar...

MARC has affirmed its rating of AAAIS(fg) on Antara Steel Mills Sdn Bhd’s (Antara) RM300.0 million Sukuk Mudharabah Programme with a stable outlook. The affirmed rating and outlook are underpinned by the unconditional and irrevocable financial guarantee provided by Danajamin Nasional Berhad (Danajamin) which carries MARC’s financial strength rating of AAA with a stable outlook. Antara’...

MARC has withdrawn its BBB rating on Press Metal Berhad’s outstanding 2011/2019 Redeemable Convertible Secured Loan Stocks (RCSLS). Press Metal had issued RM320.5 million RCSLS in 2011 and as at February 12, 2015, the outstanding amount stood at RM2.2 million. The rating withdrawal follows the early redemption of the outstanding amount and cancellation of the same on March 18, 2015.  U...

MARC has affirmed the rating of AAAIS(fg) on Antara Steel Mills Sdn Bhd’s (Antara) RM300.0 million Sukuk Mudharabah Programme with a stable outlook based on the irrevocable and unconditional guarantee from Danajamin Nasional Berhad (Danajamin) on the rated sukuk. MARC has AAA/Stable rating on Danjamin reflecting, among other factors, the financial insurer’s status as a government-spons...

MARC has affirmed the rating of BBB on integrated aluminium producer Press Metal Berhad’s (Press Metal) RM320.5 million Redeemable Convertible Secured Loan Stocks (RCSLS). The rating outlook is maintained at negative. The rating action reflects the difficult operating environment for aluminium manufacturers, the group’s continued weak liquidity position and its significant leverage pos...

MARC has issued this update to highlight that the recent two-month shutdown of Antara Steel Mills Sdn Bhd’s (Antara) Labuan based Hot Briquetted Iron (HBI) plant will have no impact on the AAAIS(fg)/stable rating on the steelmaker’s RM300.0 million Sukuk Mudharabah Programme which is guaranteed by Danajamin Nasional Berhad (Danajamin). However, the rating agency notes the steelmaker&rs...

MARC has downgraded the rating on Kinsteel Berhad’s (Kinsteel) RM100.0 million Murabahah Medium Term Notes (MMTN) programme to DID from CID. The rating action follows the missed profit payment of RM2.4 million due on March 7, 2014 on the outstanding RM50.0 million MMTN. Kinsteel is currently in the midst of finalising a debt restructuring proposal with the assistance of Corporate Debt Restru...

MARC has removed the MARCWatch Negative placement on the rating of Press Metal Berhad’s (Press Metal) Redeemable Convertible Secured Loan Stock (RCSLS) and concurrently affirmed RCSLS’ rating at BBB with a negative outlook. The rating was placed on MARCWatch Negative on July 3, 2013 to enable the rating agency to assess the impact of the damage on Press Metal’s aluminium smelting...

MARC has withdrawn its AAAIS, AAIS and AAAIS(bg) ratings on ABS Logistics Berhad’s (ALB) Senior Sukuk Ijarah comprising RM100.0 million of Class A, RM20.0 million of Class B and RM40.0 million of Class C sukuk respectively. The withdrawal follows the early redemption of all outstanding amounts under the aforementioned sukuk ijarah on November 12, 2013. ALB is a special purpose vehicle of Tio...

MARC has removed Kinsteel Berhad’s (Kinsteel) CID rating on the RM100 million Murabahah Medium Term Notes (MMTN) programme from MARCWatch Negative where it had been placed since July 15, 2013. The CID rating on the MMTN programme is maintained. The outstanding amount under the MMTN programme is RM50 million, with the next payment of RM10 million due on September 5, 2014. The CID rating denot...