MARC has removed CNLT (Far East) Berhad’s (CNLT) MARC-1(bg)/A(bg)  ratings from MARCWatch Negative and revised the ratings to “not meaningful”. Subsequently, MARC has withdrawn the ratings. The rating actions follow an announcement by CNLT to Bursa Malaysia on 10 October 2007 that the Company failed to service the interest payment on the RM60.0 million CP/MTN programme. Cons...

MARC has placed CNLT (FAR EAST) Berhad’s (CNLT) RM60 million Bank Guaranteed Commercial Papers/Medium Term Notes ratings of MARC-1(bg)/A(bg) respectively on MARCWatch Negative. The MARCWatch placement follows the announcements by CNLT’s Board of Directors to Bursa Malaysia on 12 September 2007 and 13 September 2007 that Provisional Liquidators have been appointed upon application by a ...

Following the announcement by CNLT (Far East) Berhad’s (CNLT) Board of Directors to Bursa Malaysia dated 11 June 2007 that CNLT is an affected listed issuer under the Listing Requirements of Bursa Malaysia Securities Berhad ("Bursa Securities") and Practice Note 17/2005 ("Amended PN17") and after considering the obligations the company is required to fulfil to avoid a tra...

MARC has lifted CNLT (Far East) Berhad’s (CNLT) RM60.0 million bank guaranteed Commercial Papers/Medium Term Notes Issuance Programme (CP/MTN) MARCWatch developing placement and reaffirmed its ratings at  MARC-1(bg)/A(bg). CNLT’s ratings had been placed on MARCWatch Developing on 27 April 2007 following a revision in repayment terms of the said programme. Detailed discussions with...

MARC has placed its MARC-1(bg)/A(bg)  rating on CNLT (FAR EAST) Berhad’s RM60 million Bank Guaranteed Commercial Papers/Medium Term Notes on MARCWatch Developing. The MARCWatch placement follows CNLT’s confirmation that it failed to honour its first scheduled repayment of RM15 million under its bank guaranteed CP/MTN programme, which was due on 10 April 2007.Notwithstanding the re...

The ratings of CNLT (Far East) Berhad’s (CNLT) RM60 million Bank Guaranteed CP/MTN have been affirmed at A(bg)/ MARC-1(bg) with Stable Outlook. The reaffirmation reflects the weakest link rating of the unconditional and irrevocable bank guarantees provided by a consortium of financial institutions. The bank guarantors consist of Aseambankers, Malayan Banking Berhad, CIMB Bank Berhad and EON ...

MARC has affirmed the ratings of CNLT (Far East) Berhad’s (CNLT) RM60 million Bank Guaranteed CP/MTN at A(bg)/ MARC-1(bg). This reflects the weakest link rating within the unconditional and irrevocable bank guarantees provided by a consortium of financial institutions. The bank guarantors consist of Aseambankers, Malayan Banking Berhad, Bumiputra Commerce Bank Berhad and EON Bank Berhad. CNLT is...

MARC has upgraded the rating of CNLT (Far East) Berhad’s (CNLT) RM60 million Bank Guaranteed CP/MTN to A(bg)/ MARC-1(bg), reflecting the weakest link rating of the unconditional and irrevocable bank guarantees provided by a consortium of financial institutions. CNLT, a medium sized manufacturer of yarn, faced a challenging year in 2003. Demand in the international textile market, particularly fr...

MARC has received the confirmation from the Facility Agent that CNLT’s GRUNIF Notes have been refinanced by the RM60.0 million Bank Guaranteed Al Murabahah Commercial Papers/ Medium Term Notes Issuance Programme on the 10th April 2003. Hence, MARC no longer has any rating obligation on CNLTS’s GRUNIF Facility and the MARC -1 (bg) rating is hereby withdrawn. ...

The rating of MARC-1(bg)/ A- (bg) assigned to CNLT (Far East) Bhd’s RM60 million Proposed Bank Guaranteed CP/ MTN reflects the strength of the unconditional and irrevocable bank guarantees provided by a consortium of financial institutions which consist of Aseambankers, Malayan Banking Berhad, Bumiputra Commerce Berhad and EON Bank Berhad to guarantee the nominal value of the BG CP/MTN. The rati...