Moody’s rates Press Metal, notes Ba3

Moody's Investors Service said it assigned a Ba3 corporate family rating to Press Metal Aluminium Holdings Bhd. and assigned a Ba3 rating to its proposed senior notes due 2022.

The notes will be issued by Press Metal's wholly owned subsidiary Press Metal (Labuan) Ltd.

The outlook is stable.

“The Ba3 CFR reflects Press Metal's low-cost aluminum smelting capabilities, supported by a long-term power purchase agreement with Sarawak Energy, solid EBITDA margins, conservative financial policies, and low financial leverage with debt/EBITDA, expected to be around 2.0x in 2017," Brian Grieser, Moody's vice president and senior credit officer, said in a news release.

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