MAA Holdings redeems RM140 million bank-guaranteed MTN; outlook on CP/MTN Programme revised from negative to stable

Published on 30 September 2011
RAM Ratings has received confirmation from the facility agent that MAA Holdings Berhad (MAA Holdings) has fully redeemed the outstanding RM140 million of medium-term notes (MTN) under its first RM200 million bank-guaranteed MTN issue (2007/2012) (the First Issue); this had been facilitated by the proceeds from the disposal of Malaysian Assurance Alliance Berhad and 4 other subsidiaries (the Identified Subsidiaries). We note that the early redemption had taken place before the scheduled maturity date of 6 January 2012. As such, RAM Ratings has withdrawn the AAA(bg) rating of the First Issue and no longer has any rating obligation on the debt facility.

Meanwhile, RAM Ratings has reaffirmed the respective long- and short-term ratings of MAA Holdings’ RM200 million Commercial Papers/Medium-Term Notes Programme (2007/2014), at B1 and NP. The outlook on the long-term rating has been revised from negative to stable following the completion of the sale of the Identified Subsidiaries.

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