MARC DOWNGRADES SUKUK RATINGS ON AMPLE ZONE BERHAD TO D

Feb 3, 2012 -
MARC has downgraded its ratings on Ample Zone Berhad’s (Ample Zone) RM9.65 million Class B Sukuk Ijarah (sukuk) and RM75 million Class C sukuk to D from BB+IS and B-IS respectively. The downgrades reflect missed principal payments of RM84.65 million on January 27, 2012. MARC has received confirmation from the facility agent and trustee that no payments were made on the date. Ample Zone had earlier proposed to defer the principal repayments for three years to January 27, 2015. Sukukholders have not given their consent to the proposal yet and no event of default has been declared as of the date of this press announcement. Ample Zone is the special purpose vehicle that was established to issue the sukuk backed by four real estate properties.

Following the downgrades, MARC will accordingly cease to provide analytical coverage on Ample Zone.

Contacts:
Ruben Khoo Sheng Luen, +603-2082 2265/ rubenkhoo@marc.com.my;
Sandeep Bhattacharya, +603-2082 2247/ sandeep@marc.com.my.