MARC has withdrawn its AAAID rating on Midciti Resources Sdn Bhd’s (Midciti) 8- to 12-year Secured Bai Al-Dayn Bonds (serial bonds) as well as the rating agency’s AAA(s) rating on the company’s 13-year bonds (conventional bonds) with immediate effect following the early redemption of all outstanding amounts for both the issues as confirmed by the facility agent, Maybank Investment Bank Berhad.

The proceeds from Midciti’s issue of 10-year RM880.0 million notes under the Sukuk Musharakah Islamic Medium Term Notes (IMTN) programme for which MARC assigned a AAAIS rating on September 26, 2011 were used to redeem the bond issuances. With the full redemption of the serial and conventional bond issuances, MARC’s analytical coverage on Midciti is limited to its Sukuk Musharakah IMTNs.

Contacts:
Darrell Lim, +603-2082 2261/ darrell@marc.com.my;
Rajan Paramesran, +603-2082 2233/ rajan@marc.com.my.