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MARC Revises Northport's Ratings Outlook to Positive
25 Nov 2021 | Thursday Source: MARC
MARC has affirmed its MARC-1IS and AA-IS ratings on Northport (Malaysia) Bhd's (Northport) Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme. The ratings outlook has been revised to positive.
The outlook revision incorporates the continued improvement in Northport's credit metrics on the back of substantial growth in its throughput volume. Its stable group borrowing levels and strong liquidity position have also translated to a stronger credit profile. The rating would be upgraded over the next 12-18 months if Northport sustains its earnings growth while maintaining a debt-to-equity ratio of about 0.5x and a cash flow from operations debt coverage of more than 0.5x.
