Thursday, Jun 19, 2003
Further to our meeting with PNSB’s management, the outcome of the privatization of the water distribution in Selangor is expected to be known in the third quarter of year 2003. Latest developments indicate that the resolution of the issue pertaining to the outstanding receivables due from Perbadanan Urus Air Selangor Bhd (PUAS) is one of the integral factors of the exercise.
Consequently, MARC maintains the negative outlook on PNSB’s Al-Bai Bithaman Ajil bonds (rated AAID), Murabahah Commercial Papers/Murabahah Medium Term Notes (rated MARC-1ID/AAID) and Junior Notes A (rated A) and PNHB’s Redeemable Unconvertible Junior Notes with RM109.375 million detachable warrants (rated A).
In view of the urgency of reducing the outstanding receivables, MARC will continue to monitor developments arising from the outcome of the privatization and disseminate subsequent rating implications, if any.
Consequently, MARC maintains the negative outlook on PNSB’s Al-Bai Bithaman Ajil bonds (rated AAID), Murabahah Commercial Papers/Murabahah Medium Term Notes (rated MARC-1ID/AAID) and Junior Notes A (rated A) and PNHB’s Redeemable Unconvertible Junior Notes with RM109.375 million detachable warrants (rated A).
In view of the urgency of reducing the outstanding receivables, MARC will continue to monitor developments arising from the outcome of the privatization and disseminate subsequent rating implications, if any.