Thursday, October 27, 2011

MARC DOWNGRADES DAWAMA SDN BHD'S SENIOR SUKUK RATING TO 'D'





Oct 3, 2011 -
MARC has lowered its rating on Dawama Sdn Bhd's (Dawama) RM120.0 million Sukuk Musyarakah Medium Term Notes Programme (Senior Sukuk) to 'D' from 'CIS' to reflect the missed principal repayment of RM20.0 million on September 27, 2011. MARC understands from the trustee that no payment was made on the date. The RM20.0 million principal repayment had been rescheduled from April 27, 2011 after Senior Sukukholders consented to a deferment of the same.

MARC had earlier downgraded the RM20.0 million Junior Sukuk to ‘D’ on April 29, 2011 following a missed profit payment due on April 27,2011. Following its current rating action, MARC will accordingly cease to provide analytical coverage on Dawama.

Contacts:
Darrell Lim, +603-2082 2261/ darrell@marc.com.my;
Rajan Paramesran, +603-2082 2233/ rajan@marc.com.my.

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