MARC has downgraded its rating on Straight A’s Portfolio Sdn Bhd’s (Straight A’s) RM200 million Murabahah Underwritten Notes Issuance Facility (MUNIF) to DID from MARC-4ID. The rating action reflects Straight A’s failure to redeem or rollover its RM24 million of Islamic commercial papers (ICP) which were due on December 10, 2009.

The facility agent, MIDF Amanah Investment Bank Berhad announced that the ICP due was not redeemed or rolled over pending approval from the bondholders on the proposed restructuring of the MUNIF facility. The outstanding notes under the rated facility amount to RM80 million.

Concurrently, MARC has resolved its MARCWatch Negative and is discontinuing its rating surveillance on the facility.

Contacts:
Eric Chua 03-20902245/ cheekiong@marc.com.my;
Anandakumar Jegarasasingam 03-20902250/ kumar@marc.com.my;