MARC has withdrawn its ratings of AAA and AA on Special Coral Sdn Bhd’s (Special Coral) RM300.0 million Senior Class Medium-Term Notes (MTN) under the RM1.1 billion MTN Programme. The rating withdrawal follows the completion of the refinancing exercise and full redemption of outstanding RM160.0 million Class A MTN and RM40.0 million Class B MTN. There were no issuances for Senior Class C through Senior Class F MTNs.

MARC’s analytical coverage on the RM1.1 billion MTN Programme is now limited to the RM250.0 million Senior Class A MTN, RM50.0 million Senior Class B MTN and RM800.0 million Subordinated Class MTN which are currently rated AAA, AA and B-. The outlook on the ratings is stable. As at May 25, 2018, Special Coral has outstanding Senior Class A MTN of RM200.0 million and Subordinated Class MTN of RM506.3 million. There is no current issuance under Senior Class B MTN.

Contacts:
Lim Chi Ching, +603-2717 2963/ chiching@marc.com.my;
David Lee, +603-2717 2955/ david@marc.com.my.