Monday, Jun 13, 2016
MARC has withdrawn its rating of DID on Malaysian Merchant Marine Berhad’s (MMM) RM120.0 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS). The rating withdrawal follows the cancellation of the BaIDS programme on June 10, 2016, as confirmed by the facility agent.
In MARC’s last rating action on April 2, 2010, the rating was downgraded to DID following MMM’s failure to meet an accelerated repayment of the BaIDS which became immediately due and payable subsequent to the declaration of an event of default and notice of the same by the trustee and security trustee on March 29, 2010.
Contacts:
Afeeq Amiri, +603-2082 2256/ afeeqamiri@marc.com.my;
Sharidan Salleh, +603-2082 2254/ sharidan@marc.com.my.