MARC has withdrawn its AAAID(bg) and BB+ID ratings on Viable Chip (M) Sdn Bhd's (VCSB) RM50.0 million nominal value Bank Guaranteed Bai' Bithaman Ajil Islamic Debt Securities (BaIDS A) and RM150.0 million nominal value of Bai' Bithaman Ajil Islamic Debt Securities (BaIDS B) respectively at the request of the sole BaIDS holder, Acqua SPV Bhd (ASPV). The ratings withdrawal affects RM200 million of outstanding BaIDS issued under the aforementioned facilities.
ASPV, a wholly-owned subsidiary of Pengurusan Aset Air Berhad (PAAB), has acquired all of VCSB's outstanding BaIDS under the rated debt facilities. ASPV has approved and consented via resolution to the removal of the rating requirements for the BaIDS and conversion of the BaIDS from publicly traded obligations to non-transferable and non-traded obligations.
VCSB's ratings were last downgraded on April 6, 2011 to reflect the rating agency's concerns over the continuing deterioration in the investment holding company's liquidity position. The stalled restructuring of the Selangor water sector had adversely affected the dividend paying capacity of SPLASH Holdings in which VCSB holds a 30% equity stake and consequently, VCSB's finances.
Upon the withdrawal of the ratings, MARC will no longer carry out rating surveillance obligation on the BaiDS.
Contacts: David Lee, +603-2082 2255/ david@marc.com.my;
Sandeep Bhattacharya, +603-2082 2247/ sandeep@marc.com.my.
August 26, 2011
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