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MARC has affirmed the rating of Antara Steel Mills Sdn Bhd’s (Antara) RM500 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) at AID. The rating outlook is revised to positive from stable. The affirmed rating and outlook revision incorporates Antara’s overall operating profile and recent financial performance which have supported improvements in its liquidity and debt se...
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MARC has affirmed the AID rating on Antara Steel Mills Sdn Bhd’s (Antara) RM500.0 Million Bai’ Bithaman Ajil Islamic Debt Securities and concurrently removed the rating from MARCWatch Negative where it had been since February 3, 2009 over concerns on the financial impact of a three-month shutdown of its Labuan-based Hot Briquetted Iron (HBI) plant in late last year. The rating outlook ...
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MARC continues to maintain its AID rating on Antara Steel Mills Sdn Bhd’s (Antara) RM500 million Bai’ Bithaman Ajil Islamic Debt Securities (BAIDS) Programme on MARCWatch Negative pending the conclusion of our ongoing review of its rating for possible downgrade. The BaIDS was initially placed on MARCWatch Negative on February 3, 2009 to highlight concerns over the financial impact of a...
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MARC’s AID rating on Antara Steel Mills Sdn Bhd’s (Antara) RM500 million Bai’ Bithaman Ajil Islamic Debt Securities (BAIDS) Programme remains on MARCWatch Negative pending finalisation of our ongoing rating review. The BaIDS had been placed on MARCWatch Negative on February 3, 2009 due to concerns over the financial impact of the shutdown of Antara’s Labuan-based Hot Brique...
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MARC has placed its AID ratings on Antara Steel Mills Sdn Bhd’s (Antara) RM500 million Bai’ Bithaman Ajil Islamic Debt Securities (BAIDS) Programme on MARCWatch Negative. The rating action follows recent confirmation from Antara that its Labuan-based Hot Briquetted Iron (HBI) plant had remained shut down since the completion of its scheduled maintenance in October 2008. The MARCWatch N...
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MARC has affirmed the rating of Antara Steel Mills Sdn Bhd’s (Antara) Islamic debt at AID and revised the outlook to positive from stable. The rating affirmation reflects the strong recovery of Antara’s HBI operations in Labuan, which contributed substantially to the group’s bottom line following the setback from a prolonged unplanned plant shutdown in 2006. The positive ou...
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MARC has downgraded the rating of Antara Steel Mill Sdn Bhd’s (“Antara”) Islamic debt from A+ID to AID with a stable outlook. The rating reflects the deterioration in the financial profile of the company arising from the under performance in FY2006 of its billets and bars operations and the unscheduled plant shutdown at its hot briquetted iron (“HBI”) operations...
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MARC has placed Antara Steel Mills Sdn Bhd’s (“Antara”) RM500 million Bai’ Bithaman Ajil Islamic debt securities (BaIDS) on MARCWatch with Negative Outlook. Antara’s initial rating of A+ ID was assigned in August 2005. This action is based on Antara’s disclosure to MARC on 3 April 2006 on the shutdown of the groups HBI plant in Labuan since 31 October 2005 and the failure on the part o...
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MARC has assigned a rating of A+ID (A Plus, Islamic Debt) to Antara Steel Mill Sdn Bhd’s (Antara) proposed RM500 million Bai’ Bithaman Ajil Islamic Debt Securities. The rating is supported by Antara’s association with one of the largest steel players in Malaysia, the Lion Group; good operating track record; strong overseas demand for its hot briquetted iron (HBI); tight issue structure and s...
This article has been viewed 1012 times.
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