MARC has removed its rating of A+ on Radicare Sdn Bhd’s (Radicare) RM50 million MTN facility from MARCWatch Negative and withdrawn the rating following the redemption in full of outstanding notes issued under the facility and cancellation of the facility on August 23, 2011. The A+ rating was placed on MARCWatch Negative on July 28, 2011 together with the rating agency’s MARC-1/A+ ratings on Radicare’s RM100 million CP/MTN facility to highlight increased uncertainty surrounding the renewal of the government’s concession agreement with Radicare to continue to provide non-clinical support services to government hospitals.

The MARCWatch placement in respect of Radicare’s MARC-1/A+ CP/MTN ratings will remain in effect until the expiry of the company’s concession on October 28, 2011 or its renewal, whichever is earlier. The rating agency will resolve the MARCWatch Negative accordingly.

Contacts:
Nisha Fernandez, +603-2082 2269/ nisha@marc.com.my;
Rajan Paramesran, +603-2082 2233/ rajan@marc.com.my.