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MARC has received written confirmation on 29 November 2005 from Malaysian Trustees Berhad, the Trustee of PHS’ BaIDS; that the Tranche V BaIDS was fully redeemed on 17 November 2005.Accordingly, MARC has lifted the rating watch and simultaneously withdrew the rating of the Tranche V BaIDS....
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MARC has received confirmation in October 2005 from Malaysian Trustees Berhad, the Trustee of Perak-Hanjoong Simen Sdn Bhd’s (“PHS”) RM30 million Tranche V Al-Bai’ Bithaman Ajil Islamic Debt Securities (“BaIDS”) on the following:The BaIDS’ Holders had agreed to grant further indulgence of 6 months ending 17 November 2005 for the repayment of all amounts outstanding under the Tranche ...
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MARC has received confirmation from Malaysian Trustees Berhad, the Trustee of Perak-Hanjoong Simen Sdn Bhd’s RM698.0 million Al-Bai’ Bithaman Ajil Secured Serial Bonds, that the bondholders of the bank-guaranteed tranches (TrancheS I – IV) have been paid in full by the bank guarantors. As such, MARC no longer has any rating obligation on the said tranches and the ratings are hereby withdrawn...
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MARC has received confirmation from Malaysian Trustees Berhad, the trustee of Perak-Hanjoong Simen Sdn Bhd’s (PHSSB) RM698.0 million Bai’ Bithaman Ajil Islamic Debt Securities (ABBA), that PHSSB had missed its profit payment and principal redemption on 17 November 2004. Under the terms of the Trust Deed, this constitutes an event of default; consequently triggering the bank guarantees backing ...
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MARC has reaffirmed the ratings of Perak-Hanjoong Simen Sdn Bhd’s (PHS) RM698 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) Tranche I (RM370 million) at AAAID(bg) (Triple A, Islamic Debt, Bank Guaranteed), Tranche II (RM50 million) AID(bg) (Single A, Islamic Debt, Bank Guaranteed) and Tranche IV (RM168 million) at A+ID(bg) (Single A Plus, Islamic Debt, Bank Guaranteed) and upgrade...
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MARC has placed the ratings in respect of PHSSB’s RM698 million BaIDS on rating watch as PHSSB has breached its covenanted debt-to-equity ratio of 1.85 times based on its audited accounts for financial year ended 31 December 2003. The RM698 million BaIDS is made up of five tranches of which four tranches are bank guaranteed. The bank guaranteed tranches carry ratings of AAAID(bg) (Triple A, Isla...
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MARC has reaffirmed the ratings of Perak-Hanjoong Simen Sdn Bhd’s (PHS) RM698.0 million Al Bai’ Bithaman Ajil Secured Serial Bonds Facility at AAAID (Triple A, Islamic Debt) for Tranche I, AID (Single A, Islamic Debt) for Tranche II, A+ID (Single A Plus, Islamic Debt) for Tranches III and IV and BBB-ID for Tranche V. The affirmation of the ratings for Tranche I to Tranche IV reflects the stren...
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MARC has upgraded the rating for Tranche I of Perak-Hanjoong Simen Sdn Bhd’s (PHSSB) RM698 million Al-Bai’ Bithaman Ajil Secured Serial Bonds Facility (ABBA) from AA+ID(bg) (Triple A, Islamic Debt, bank guaranteed) to AAAID(bg) reflecting the strength of the irrevocable unconditional guarantee provided by the said tranche’s bank guarantor. At the same time, the ratings for tranches II, III a...
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The ratings of AA+ ID for Tranche I (RM370 million), A ID for Tranche II (RM50 million) and A+ ID for Tranches III (RM80 million) and IV (RM168 million) reflect the strength of irrevocable unconditional guarantees provided by a consortium of banks evaluated using the weak link approach. The BBB- rating of the non-guaranteed RM30 million Tranche V reflects the issuer’s stand-alone rating, recogn...
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