MARC has lifted the MARC Watch (with a negative outlook) placed on MNI’s RM923 million Bai’ Bi Al-Taqsit Nominal Value Fixed Rate Serial Bonds Programme (Islamic Bonds) following the successful completion of MNI’s Bond Restructuring Exercise on 11 June 2004 and compliance on reinstatement of the Standby Credit facility as at 30 June 2004. The approved restructuring entails a 3-year repayment moratorium on the bonds’ principal sum until June 2006. Principal repayments will recommence in December 2006. Meanwhile, newsprint prices have improved from USD575/MT in the first quarter of 2004 to USD605/MT recently. MARC will continue to monitor future developments to assess the impact on the rating, going forward.