Special Power Vehicle's bondholders waive rating requirement

RAM Ratings (18 May 2011): RAM Ratings has received confirmation that the bondholders of Special Power Vehicle Berhad’s (SPV or the Company) RM215 million Class B Islamic Medium-Term Notes Facility (2005/2034) (Class B IMTN) have approved the resolution to withdraw its rating. As such, RAM Ratings has – at the request of SPV - withdrawn the C1 rating of the Class B IMTN and no longer has any rating obligation on the debt facility.

Meanwhile, the rating of SPV’s RM800 million Class A Islamic Medium-Term Notes Facility (2005/2022) remains at A1, with a stable outlook. SPV is a special-purpose vehicle set up as a funding conduit to raise the funds required for the development of Jimah Energy Ventures Sdn Bhd’s coal-fired power plant in Port Dickson, Negri Sembilan.

Full report: www.ram.com.my