• Business
  • Saturday, 27 Nov 2004

  • RATING Agency Malaysia Bhd (RAM) has reaffirmed AMFINANCE BHD’s general bank ratings at A2 and P1, with a stable outlook. 

    RAM said the long-term rating for AmFinance’s RM200mil subordinated bonds had been also reaffirmed at A3, with a stable outlook. 

    It said AmFinance’s ratings had always been moderated by its weak asset quality. 

    Non-performing loans (NPLs) rose up to RM1.60bil from RM1.35bil last year, some of which emanated from old loans that turned bad during the period. 

    Despite writing off large chunks of NPLs, as at end March 31, absolute gross NPLs and gross NPL ratio remained above RM3.1bil and 11%, respectively, while net NPL ratio went up slightly to 9.17%, RAM said. 

    The agency noted that efforts were being put in place to improve the asset quality, such as implementation of the debt management system. – Bernama 

  • Malaysian Rating Corp Bhd (MARC) has reaffirmed the rating of AAID and A+ID on MHS AVIATION BHD’s (MHSA) AlBai Bithaman Ajil Islamic Debt Securities (BaIDs) and RM140mil Nominal Junior Notes, respectively. 

    The reaffirmation reflected the company’s continued dominant position in the provision of aviation services to the oil and gas industry as well as favourable outlook prevailing in the industry, MARC said.  

    The rating agency said its reaffirmation also reflected the company’s strong cash flow protection to bondholders derived from the high proportion of contractual revenue and monies deposited in the designated accounts. 

    MARC said MHSA had a competitive edge in the provision of helicopter services to the oil and gas industry, evidenced by its established business relationship with multinational companies such as Exxon-Mobil Exploration and Production Malaysia Inc, Petronas Carigali Sdn Bhd and Sarawak Shell Bhd. – Bernama  

  • Article type: metered
    User Type: anonymous web
    User Status:
    Campaign ID: 1
    Cxense type: free
    User access status: 3

    Next In Business News

    TM awarded best companies to work for in Asia 2020, HR Award
    Teladan Setia expands landbank in Melaka
    SC imposes penalty on E&Y partner for failure to comply with auditing standard
    FBM KLCI ends the day almost flat
    LVMH shares hit record high after strong sales figures
    Tesco reports 2 bln pounds profit after 'exceptionally strong' sales
    MIDF partners MIDA to promote smart automation grant to SMEs, MTCs
    Oil maintains upward momentum but virus concerns cap gains
    Reservoir Link unit appointed Petronas panel contractor
    KLCI slightly lower as investors wait on the sidelines

    Stories You'll Enjoy