Wednesday, Jun 13, 2012
| Issues | Current Ratings | Outstanding Amount (RM million) | |
| 1) | RM1.02 billion Bai Bithaman Ajil Islamic Debt Securities (BaIDS) | BBBID | 1,020.0 |
| 2) | RM546.88 million Junior Notes A (A Notes) | BB+ | 328.1 |
| 3) | RM435.0 million Redeemable Unsecured Bonds (RUB) | BB+ | 435.0 |
Acqua SPV Bhd (ASPV), a wholly-owned subsidiary of Pengurusan Aset Air Berhad (PAAB), has acquired all of PNSB’s outstanding debt under the rated facilities. ASPV has approved and consented via resolution to the removal of the rating requirements for the aforementioned issuances. At the same time, ASPV has approved and consented to the conversion of BaIDS and RUB from publicly traded obligations to non-transferable and non-tradeable obligations and the conversion of A Notes to non-transferable obligations.
MARC's last rating action was on April 6, 2011 when the rating agency lowered PNSB’s ratings while maintaining the negative outlook on the ratings.
PNSB’s parent company, Puncak Niaga Holdings Bhd (PNHB), had earlier completed the sale of the PNSB’s A Notes to ASPV for RM328.1 million, the proceeds of which were used to redeem PNHB’s outstanding RM328.1 million Redeemable Unconvertible Junior Notes (RUN) on November 18, 2011.
Upon the withdrawal of the rating, MARC will no longer carry out rating surveillance on PNSB’s debt obligations.
Contacts:
David Lee, +603-2082 2255/ david@marc.com.my.