MARC notes that Persoft Systems Sdn Bhd (PSSB) has rolled over its RM18 million CP issuance under its RM50 million commercial papers (CP) programme today, with the next maturity for the CPs falling on January 23, 2009. PSSB has informed MARC that it is currently in the midst of working out a repayment plan that will result in the full redemption of all of its outstanding CPs amounting to RM20 million by April 2009. Resolution of the MARCWatch Negative will be dependent on tangible progress made by PSSB in respect of its planned full redemption of the CPs in 2009.

MARC will continue to monitor developments and assess the impact on the current rating. 

Contacts:
Azlina Mohamed Noor Beg, 03-2090 2254/ azlina@marc.com.my;
Afidah Shahbudin, 03-2090 2269/ afidah@marc.com.my