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MARC Ratings affirms AAA/MARC-1 ratings on F&N Capital's sukuk programmes

06/07/2022 06:56 PM

KUALA LUMPUR, July 6 (Bernama) -- MARC Ratings Bhd has affirmed its AAA IS(cg)/MARC-1 IS(cg) ratings for F&N Capital Sdn Bhd’s Islamic Medium-Term Notes (IMTN) and Islamic Commercial Papers (ICP) programmes, which have a combined limit of up to RM3.0 billion.

The ratings outlook is stable.

F&N Capital is the wholly owned treasury company of Fraser & Neave Holdings Bhd (F&N).

F&N said in a statement the affirmed ratings are a reflection of the group’s strong revenue generation from its well-established dairy and beverage lines in Malaysia and Thailand as well as its very low leverage and high liquidity positions, with very low borrowing levels of only RM1.0 million outstanding versus cash holdings of RM319.9 million.

“Additionally, the rating takes into consideration that group revenue increased by 1.8 per cent year-on-year to RM2.2 billion in the first half of the financial year ending Sept 30, 2022, despite a volatile global environment with sharp increases in raw material prices and packaging costs,” the group said.

F&N chief executive officer Lim Yew Hoe said the affirmation of the ratings is indicative of the group’s strong financial position and prudent management policies.

Importantly, it not only recognises the group’s healthy operational cash flow management but also its ability to remain focused on growing its business under highly challenging market conditions.

“Moving forward, we will intensify efforts on upholding our leadership positions in the market and executing the upcoming initiatives that will enable us to boldly take strategic steps toward new product offerings, integrated farming and potential partnership development,” he added.




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