KUALA LUMPUR: MISC BHD [] shares fell on Wednesday, Sept 21 after Moody's Investors Service downgraded the issuer and senior unsecured ratings of MISC from A3 to Baa1 with a negative outlook.
At 9.15am, MISC fell 18 sen to RM6.70 with 12,000 shares done.
Moody's on Sept 20 had said the prolonged weakness in MISC's credit metrics, operating losses in its liner, chemical and petroleum segments, and large capital expenditure plans -- amidst a difficult operating environment ' had triggered the review.
The international ratings agency pointed out that MISC's adjusted debt/earnings before interest, tax, depreciation and amortisation (EBITDA) of 6.0 times and EBIT/interest of 1.6 times for FY ended March 31, 2011 remained stretched for its current standalone rating.
Moody's also said MISC was also projected to incur US$1.8 billion of capex -- from FY2011 to FY2012 -- for new vessel deliveries, offshore and heavy engineering projects.
In addition, its liquidity profile has weakened, with maturing debt of RM1.58 billion requiring refinancing as at June 30, 2011.
At 9.15am, MISC fell 18 sen to RM6.70 with 12,000 shares done.
Moody's on Sept 20 had said the prolonged weakness in MISC's credit metrics, operating losses in its liner, chemical and petroleum segments, and large capital expenditure plans -- amidst a difficult operating environment ' had triggered the review.
The international ratings agency pointed out that MISC's adjusted debt/earnings before interest, tax, depreciation and amortisation (EBITDA) of 6.0 times and EBIT/interest of 1.6 times for FY ended March 31, 2011 remained stretched for its current standalone rating.
Moody's also said MISC was also projected to incur US$1.8 billion of capex -- from FY2011 to FY2012 -- for new vessel deliveries, offshore and heavy engineering projects.
In addition, its liquidity profile has weakened, with maturing debt of RM1.58 billion requiring refinancing as at June 30, 2011.
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