MARC has withdrawn its MARC-1ID/AAAID rating on UMW Holdings Berhad’s (UMW) RM500 million Islamic Medium Term Notes (IMTN) programme, which is one of the two Islamic debt programmes of the investment holding company that are rated by MARC. The withdrawal follows the full redemption of the outstanding RM500 million notes under the IMTN programme on May 9, 2013 from part proceeds of a new issuance of a RM2.0 billion Musharakah IMTN programme as confirmed by the facility agent.

MARC’s analytical coverage on UMW is therefore limited to the RM300 million Islamic Commercial Papers/IMTN programme rated MARC-1ID/AAAID with a stable outlook.

Contacts:
Se Tho Mun Yi, +603-2082 2263/ munyi@marc.com.my;
Rajan Paramesran, +603-2082 2233/ rajan@marc.com.my