Press Releases MARC PLACES ALIRAN IHSAN RESOURCES BERHAD ON MARCWATCH WITH DEVELOPING OUTLOOK

Friday, Jan 06, 2006

MARC has placed the rating of Aliran Ihsan Resources Berhad’s (AIRB) RM56.9 million Redeemable Convertible Unsecured Loan Stocks (RCULS) (rated A) on MARCWatch with Developing Outlook.

It has been made known to us that there is a proposal by the Johor State Government (JSG) to restructure the water supply services in the state of Johor. In our discussion with the management of AIRB, we have been informed that the concessionaires have not received any explicit official notification from JSG in respect of the proposal. In view of this, MARC has placed the rating of AIRB’s RM56.9 million RCULS on Developing Outlook until the details of the proposal becomes clearer.

Until then, MARC will continue to monitor developments with regards to the proposed scheme and assess the potential impact on AIRB and disseminate subsequent rating implications, if any.