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MARC WITHDRAWS ALIRAN IHSAN RESOURCES BERHAD’S DEBT RATING UPON FULL REDEMPTION OF OUTSTANDING RCULS
MARC has withdrawn its rating of A on Aliran Ihsan Resources Berhad’s (AIRB) RM56.9 million Redeemable Convertible Unsecured Loan Stocks (RCULS) and ceased analytical coverage on the issue with immediate effect following a request by the issuer received by MARC on January 26, 2012. The outstanding RCULS were fully redeemed on November 29, 2011. Contacts: David Lee, +603-2082 2255/ davi...
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MARC has affirmed its A rating on Aliran Ihsan Resources Berhad’s (AIRB) RM28.5 million outstanding Redeemable Convertible Unsecured Loan Stocks (RCULS) with a stable outlook. The rating continues to reflect the strength and stability of the income stream of wholly-owned subsidiary Southern Water Corporation Bhd (SWC) and 49% associate company Equiventures Sdn Bhd (ESB), as well as AIRB&rsqu...
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MARC has affirmed its A rating on Aliran Ihsan Resources Berhad’s (AIRB) RM56.924 million Redeemable Convertible Unsecured Loan Stocks (RCULS). The rating outlook has been revised to stable from developing to reflect the satisfactory build up of its sinking fund account (SFA) ahead of the November 2011 redemption of the RCULS and improved clarity regarding the status of the bulk water conces...
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MARC has affirmed its A rating on Aliran Ihsan Resources Berhad’s (AIRB) RM56.924 million Redeemable Convertible Unsecured Loan Stocks (RCULS). The rating outlook remains developing to reflect uncertainties arising from the current ongoing industry-wide restructuring that involves among others migration of concessions to a new licensing regime or the option for existing water operators to co...
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MARC has reaffirmed its A rating on Aliran Ihsan Resources Berhad’s (AIRB) RM56.9 million Redeemable Convertible Unsecured Loan Stocks (RCULS). The rating carries a developing outlook.The rating is reaffirmed based on strong water demand in the state of Johor, and the predictable income streams of its wholly-owned subsidiary, Southern Water Corporation Sdn Bhd (SWC) and 49% owned associated ...
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MARC has reaffirmed Aliran Ihsan Resources Berhad’s (AIRB) RM56.9 million Redeemable Convertible Unsecured Loan Stocks (RCULS) rating of A with a Developing Outlook. The rating was reaffirmed based on the strong operational and consolidated financial performance as well as strong growth in water demand in the state of Johor. AIRB was the vehicle established to undertake the restructuring sch...
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MARC has lifted the MARCWatch placed on the rating of Aliran Ihsan Resources Berhad’s (AIRB) RM56.9 million Redeemable Convertible Unsecured Loan Stocks (RCULS), whilst maintaining a Developing Outlook. The lifting of the MARCWatch is due to developments with regards to the discussions between AIRB and the Johor State Government (JSG) concerning the proposed restructuring of the water supply...
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MARC has placed the rating of Aliran Ihsan Resources Berhad’s (AIRB) RM56.9 million Redeemable Convertible Unsecured Loan Stocks (RCULS) (rated A) on MARCWatch with Developing Outlook. It has been made known to us that there is a proposal by the Johor State Government (JSG) to restructure the water supply services in the state of Johor. In our discussion with the management of AIRB, we have been...
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MARC has assigned a rating of A (A flat) to Aliran Ihsan Resources Berhad’s (AIRB) redeemable convertible unsecured loan stocks (RCULS). AIRB was set up as the corporate vehicle to undertake the various corporate and debt restructuring schemes and to assume the listing status of RNC Corporation Berhad (Special Administrators Appointed) (RNC), an affected listed issuer under the Securities Commis...
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