MARC has voluntarily withdrawn Haisan Resources Bhd's (Haisan) rating on the basis that the rating agency is no longer in a position to conduct a meaningful surveillance of the bonds. We have reason to believe that we will not receive the requisite cooperation from the issuer to provide continued independent rating coverage. MARC has been informed that Haisan has obtained the approval from its bondholders to defer RM3 million of the total RM9 million outstanding on the bonds due on December 31, 2009 to January 15, 2010. MARC considers the above deferment as tantamount to debt restructuring under financial distress as per its rating guidelines.

MARC will no longer provide rating surveillance on the rating with immediate effect.

Contacts:
Rajan Paramesran, 03-2090 2233/ rajan@marc.com.my;
Elea Nor Zainal, 03-2090 2263/ elea@marc.com.my