MARC has withdrawn the ratings of the bank-guaranteed tranches (Tranche I, II, III and IV) as the bondholders were fully repaid by the bank guarantors on 9 December 2004 following a call for default by the bondholders on 30 November 2004. The bondholders called for a default as Perak-Hanjoong Simen Sdn Bhd (PHS) missed the payment of the profit and repayment of the principal on 17 November 2004....

The affirmation of the ratings reflects the strength of the irrevocable unconditional guarantees provided by a consortium of banks based upon the weak link approach. The affirmation of the non-guaranteed Tranche V reflects the issuer’s stand-alone rating, recognising Perak-Hanjoong Simen Sdn Bhd’s (PHS) vulnerability to industry and economic cycles. Positive rating factors include...