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MARC has downgraded the rating of Persoft Systems Sdn Bhd’s (PSSB) RM50 million Commercial Papers (CPs) programme to D from MARC-3. The rating action reflects PSSB’s failure to redeem its RM3 million CPs due on March 24, 2009, out of the outstanding RM14.0 million CPs, as confirmed by the CPs’ facility agent, MIMB Investment Bank Berhad. Contacts: Azlina Mohamed Noor Beg, 03-2090...
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MARC notes that Persoft Systems Sdn Bhd (PSSB) has rolled over its RM18 million CP issuance under its RM50 million commercial papers (CP) programme today, with the next maturity for the CPs falling on January 23, 2009. PSSB has informed MARC that it is currently in the midst of working out a repayment plan that will result in the full redemption of all of its outstanding CPs amounting to RM20 mill...
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MARC has downgraded its short-term rating on Persoft Systems Sdn Bhd’s (“PSSB”) RM50 million Commercial Papers Programme (“CP Programme”) to MARC-3 from MARC-2 and maintained its MARCWatch Negative on the rating. The lowered rating reflects PSSB’s weak liquidity position exacerbated by long outstanding receivables and declining margins in its core business of so...
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MARC has placed Persoft Systems Sdn Bhd’s (Persoft) RM50.0 million Commercial Paper Programme’s rating of MARC-2 on MARCWatch Negative. The rating action reflects Persoft’s non-compliance of the required Debt Service Cover Ratio of 1.25 times based on its accounts for the financial year ended December 31, 2007. MARC is commencing Persoft’s annual review and will asses...
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MARC has affirmed the rating of MARC-2 to Persoft Systems Sdn Bhd’s (“PSSB”) issuance of Commercial Papers Programme (“CP Programme”) with a nominal value of up to RM50 million. The rating continues to be supported by PSSB’s competitive position as the largest Microsoft software reseller in Malaysia and favorable issue structure under which utilization of CP pro...
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MARC has assigned a rating of MARC-2 to Persoft Systems Sdn Bhd’s (“PSSB”) proposed issuance of Commercial Papers Programme (“CP Programme”) with a nominal value of up to RM50 million. The rating reflects PSSB as a Tier-1 managed licensing services provider for Microsoft Corporation’s (“Microsoft”) applications in Malaysia and has been a reseller of ...
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