MARC has withdrawn its MARC-3ID/BBB-ID ratings on Syarikat Pengeluar Air Sungai Selangor Sdn Bhd’s (SPLASH) RM435 million Islamic Notes Issuance Master Programme (Notes) comprising RM50 million Murabahah Commercial Papers and RM385 million Murabahah Medium Term Notes at the request of the issuer. The ratings withdrawal affects RM265 million of outstanding notes issued under the aforementioned facilities.

Acqua SPV Bhd (ASPV), a wholly-owned subsidiary of Pengurusan Aset Air Berhad (PAAB), has acquired all of SPLASH’s outstanding notes under the rated programme. ASPV has approved and consented via resolution to the removal of the rating requirements for the notes and conversion of the notes from publicly traded obligations to non-transferable and non-traded obligations.

MARC's last rating action was on April 6, 2011 when the rating agency lowered SPLASH’s ratings while maintaining the negative outlook on the ratings.

Upon the withdrawal of the ratings, MARC no longer carry out rating surveillance obligation on the Notes.

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