MARC has withdrawn its ‘CID‘ rating on Tracoma Holdings Berhad’s (Tracoma) proposed RM100 million Restructured Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) programme and reinstated its ‘DID‘ rating on Tracoma’s defaulted BaIDS. The rating agency notes that since the assignment of the preliminary rating to the restructured debt instrument in November 2009, Tracoma has proposed further changes to the structure of the BaIDS, which have yet to be finalised. MARC has taken the decision to discontinue analytical coverage on the BaIDS until the conclusion of Tracoma’s debt restructuring. The rating agency will not be performing ongoing surveillance on the BaIDS with immediate effect.

Contacts:
Francis Xaviour Joe, 03-2090 2279 / fxjoe@marc.com.my;
Ryan Lee Ju Vern, 03-2090 2230 / juvern@marc.com.my