MARC has placed MNI’s RM923 million Bai’ Bi Al-Taqsit nominal value fixed rate serial bonds programme (Islamic Bonds) rated at BBB+ID(s) on MARC Watch with a Negative Outlook; reflecting the company’s weak financials stemming from depressed newsprint prices. MNI will be seeking bondholders’ approval for its proposed restructuring of the debt, which includes a 3-year repayment moratorium from December 2003 until June 2006 with principal repayments recommencing in December 2006. The repayment moratorium will provide MNI the opportunity to accumulate funds with expectation of improvement in newsprint prices. MARC will continue to monitor future developments to assess the impact on the rating, going forward.