MARC Assigns Ratings to Fraser & Neave Holdings Subsidiary’s MYR 3 Billion ICP/IMTN Programmes 

Malaysian Rating Corporation (MARC) has assigned AAAIS(CG)/MARC-1IS(CG) ratings to F&N Capital’s Islamic Medium-Term Notes (IMTN) and Islamic Commercial Papers (ICP) programmes with a combined limit of up to MYR 3 billion, with a Stable Outlook. F&N Capital is a wholly-owned subsidiary of Fraser & Neave Holdings Bhd (F&NHB), which is a Malaysian-based investment holding company engaged in dairy and beverage lines.

Ratings Rationale

The ratings are indicative of F&NHB’s robust and consistent financial performance from its dairy and beverage lines in Malaysia and Thailand, low borrowings and high liquidity position. However, the group is constrained by competition in the fragmented food and beverage (F&B) segment, whi...