Precision Capital Pte. Ltd. Assigned 'B+' Rating With Stable Outlook; MMI International's Proposed Notes Rated 'B+' Feb 12
- Language: English
- Published: February 2012
- Region: Global
The rating on Precision Capital Pte. Ltd. (PCPL) reflects the credit profile of MMI Technologies group (MMI), which has an aggressive financial profile characterized by high debt leverage, and high customer and product concentration in a niche industry. PCPL is wholly owned by Singapore-based MMI Technologies Pte. Ltd., which is a major manufacturer of hard disk drives (HDD) components globally. MMI's established market position globally, steady free cash flows, and large-scale operations temper the above weaknesses. For the four months ended October 2011, about 75% of the group's sales were from one key customer: Seagate Technology PLC (BB+/Stable/--). The group's position as a tier-1 supplier for Seagate in a stabilizing operating environment offsets the above weaknesses. MMI's financial risk profile...
Companies mentioned in this report are: Precision Capital Pte. Ltd.
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Precision Capital Pte. Ltd.