MARC has removed its ratings of BBB_ID and MARC-3_ID/BBB_ID  on Medi Innovation Sdn Bhd’s (MISB) RM100 million Islamic Medium Term Notes Issuance Facility (IMTN facility) and RM50 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium Term Notes Issuance Facility (MUNIF/IMTN) from MARCWatch Negative where they had been placed since June 17, 2009. On September 17, 2009, MARC had expressed concern over the timely completion of the restructuring of the rated facilities by way of conversion into loan stocks after MISB sought further extension for its September 22 profit payment.

MARC has withdrawn the ratings upon confirmation from the facility agent of the cancellation of the facilities on 18 November 2009 pursuant to the completion of its MUNIF/IMTN redemption via conversion into unrated loan stocks.

Contacts:
Elea Nor Zainal, 03-2090 2263/ elea@marc.com.my;
Katherine Hee, 03-2090 2273/ hcmay@marc.com.my