Press Releases - Category: Hotels
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Thursday, Nov 25, 2004
MARC has received confirmation from Faber Group Bhd that its outstanding Redeemable Convertible Zero Coupon Secured Bonds (RCSB) amounting to RM929.46 million had been novated to a Special Purpose Vehicle, Jeram Bintang Sdn Bhd (JBSB). JBSB had on the same day, cancelled the RCSB. As such, MARC no longer has any rating obligation on the RCSB and the rating is hereby withdrawn....

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Friday, Mar 14, 2003
MARC has placed the BB- (Double B Minus) rating of Faber’s Redeemable Convertible Bonds (RCB) on MARCWatch with developing outlook on 14 March 2003. This is premised on the current negotiations for the restructuring of the RCB....

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Thursday, Apr 04, 2002
Malaysian Rating Corporation Berhad (MARC) has lowered the long-term rating of Faber Group Berhad’s (Faber) RM1,561,652,149 nominal value of zero coupon redeemable convertible bonds to BB- (double B minus) from BB (double B flat) previously. The downgrade reflects the negative outlook for the tourism industry following slumping travel demand post September 11. This is expected to further weake...

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Thursday, Feb 03, 2000
Malaysian Rating Corporation Berhad (MARC) has assigned a stand-alone long-term rating of BB (double B flat) to Faber Group Bhd’s proposed Redeemable Secured Convertible Bonds of up to RM1.23 billion nominal value (before accumulation of interests). Faber Group Berhad’s (Faber) rating reflects the group’s ill-timed expansion into the over-built hotel sector, its high debt leverage position a...

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