MARC has issued this rating update in connection with the recent decision of Bintang Bulk Mover Sdn Bhd’s (BBM) sole bondholder - Alliance Merchant Bank Berhad by way of circular resolution to grant an extension on the final maturity of BBM’s outstanding bonds totalling RM6.1 million to April 2, 2010, from its original maturity date of April 2, 2009. Pursuant to the passing of the circular resolution, the bonds will become non-transferable and will no longer require any rating.

MARC expects to withdraw its last assigned rating of BB on BBM’s bonds upon confirmation from the Trustee or Facility Agents that all pre-conditions for the rescheduling of the bonds have been met.

Contacts:
Hafizan Haron 03-2090 2238/ hafizan@marc.com.my;
Lee Mei Lin 03-2090 2259/ meilin@marc.com.my;
Eric Chua 03-2090 2245/ cheekiong@marc.com.my