MARC has withdrawn its MARC-3ID/BBBID ratings on Syarikat Bekalan Air Selangor Sdn Bhd’s (SYABAS or Issuer) RM3.0 billion Bai Bithaman Ajil Commercial Papers/Medium Term Notes Programme (BBA CP/MTN) at the request of the Issuer. The ratings withdrawal affects RM2.125 billion of outstanding MTN issued under the aforementioned programme.

SYABAS’ ratings were last downgraded on April 6, 2011 to reflect the rating agency’s concerns over the continuing weakening in SYABAS’ liquidity position and cash flow generation arising from the stalled restructuring of the Selangor water sector.

Upon the withdrawal of the rating, MARC will no longer carry out rating surveillance on the BBA CP/MTN.

Contacts:
David Lee, +603-2082 2255/ david@marc.com.my;
Sandeep Bhattacharya, +603-2082 2247/ sandeep@marc.com.my.