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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...
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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...
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MARC today has downgraded its Islamic debt ratings on Kinsteel Berhad’s (Kinsteel) RM100 million Murabahah Commercial Papers/Medium Term Notes (CP/MTN) Programme to DID from MARC-4ID/CID. Concurrently, the agency has withdrawn its ratings on the CP/MTN at the request of the issuer, with the consent of the sole outstanding Murabahah CP holder. Kinsteel’s CID rating on RM100 million Mura...
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MARC has downgraded its Islamic debt ratings on the medium-term notes issued by Kinsteel Berhad (Kinsteel) under its RM100 million Murabahah Commercial Papers/Medium Term Notes (CP/MTN) Programme and RM100 million Murabahah Medium Term Notes (MTN) Programme to CID from BB+ID respectively. Its short-term rating on commercial papers issued under the CP/MTN Programme remains at MARC-4ID. All ratings ...
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MARC has downgraded its ratings on Kinsteel Berhad’s (Kinsteel) RM100.0 million Murabahah Commercial Papers/Medium Term Notes (CP/MTN) Programme and RM100.0 million Murabahah Medium Term Notes (MTN) Programme to MARC-4ID/BB+ID and BB+ID from MARC-3ID/BBBID and BBBID respectively. Concurrently, the ratings have been placed on MARCWatch Negative. The rating downgrades and MARCWatch placement r...
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MARC has downgraded its ratings on Kinsteel Berhad’s (Kinsteel) RM100.0 million Murabahah Commercial Papers/Medium Term Notes (CP/MTN) Programme and RM100.0 million Murabahah Medium Term Notes (MTN) Programme to MARC-3ID/BBBID and BBBID from MARC-2ID/A-ID and A-ID respectively. Concurrently, MARC has removed the ratings from MARCWatch Negative where it had been placed on April 17, 2013. The ...
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MARC has placed its ratings of MARC-2ID/A-ID and A-ID on Kinsteel Berhad’s (Kinsteel) RM100.0 million Murabahah Commercial Papers/Medium Term Notes Programme (CP/MTN) and RM100.0 million Murabahah Medium Term Notes (MTN) Programme respectively on MARCWatch Negative. The rating action reflects MARC’s concerns on the group’s weak operating performance which would exert pressure on ...
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MARC has lowered its ratings on Kinsteel Berhad’s (Kinsteel) RM100 million Murabahah Commercial Papers/Medium Term Notes Programme (CP/MTN) and RM100 million Murabahah Medium Term Notes (MTN) Programme to MARC-2ID/A-ID and A-ID from MARC-2ID/AID and AID respectively. The outlook for the ratings is negative. Concurrently, the rating agency has removed Kinsteel’s ratings from MARCWatch N...
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MARC has placed Kinsteel Berhad’s (Kinsteel) RM100 million Murabahah Commercial Papers/Medium Term Notes Programme (CP/MTN) and RM100 million Murabahah Medium Term Notes (MTN) Programme rated MARC-2ID /AID and AID respectively on MARCWatch Negative. The rating actions reflect Kinsteel group’s weakening financial measures that are likely to be exacerbated by part-debt funding of the ful...
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MARC has affirmed its ratings of MARC-2ID/AID and AID on Kinsteel Bhd’s (Kinsteel) RM100 million Murabahah Commercial Papers/Medium Term Notes Programme (CP/MTN) and RM100 million Murabahah Medium Term Notes (MTN) Programme. The rating outlook is maintained at stable. The affirmed ratings and stable outlook incorporate Kinsteel’s strong competitive position in several steel product seg...
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