Tuesday, May 06, 2003
MARC has placed the A- rating for Reliance Pacific Berhad (RPB) RM100 million Redeemable Secured Bonds on MARCWatch, with a negative outlook.
The MARCWatch, with a negative outlook reflects the heightened threat of Severe Acute Respiratory Syndrome (SARS) on the travel and hotel industry, the principal activity of RPB. The travel warnings issued by the World Health Organisation (WHO) to discourage non-essential travels led to significant reduction in tourists arrivals. The acute fear of SARS is reflected in the drop of hotel occupancy and airline bookings in recent months. Until SARS is effectively contained, a gloomy atmosphere continues to envelop the Malaysian tourism industry.
Currently, MARC is performing its annual review on RPB. MARC will reassess the MARCWatch once the review is completed.
The MARCWatch, with a negative outlook reflects the heightened threat of Severe Acute Respiratory Syndrome (SARS) on the travel and hotel industry, the principal activity of RPB. The travel warnings issued by the World Health Organisation (WHO) to discourage non-essential travels led to significant reduction in tourists arrivals. The acute fear of SARS is reflected in the drop of hotel occupancy and airline bookings in recent months. Until SARS is effectively contained, a gloomy atmosphere continues to envelop the Malaysian tourism industry.
Currently, MARC is performing its annual review on RPB. MARC will reassess the MARCWatch once the review is completed.