Published on 20 June 2012
RAM Ratings has received confirmation that Bandar Raya Developments Berhad (“BRDB” or “the Group”) has cancelled its RM200 million Nominal Value Commercial Papers/Medium-Term Notes Programme (2007/2014) (“CP/MTN”), with effect on 12 June 2012; there was no outstanding CP or MTN as of the same date. We have also received confirmation that the Group had, on 19 June 2012, transferred sufficient funds to the Facility Agent, OCBC Bank (Malaysia) Berhad (AAA/stable/P1), for the full redemption of the Bonds upon maturity on 17 August 2012, including for payment of interest due.
Following the above and as requested by the issuer, RAM Ratings has withdrawn the respective A1/Negative/P1 and A1/Negative/- ratings on BRDB’s CP/MTN and Bonds. As such, RAM Ratings no longer has any rating obligations on the facilities. To recap, the outlook for the long-term ratings had been revised to negative since June 2011, premised on BRDB’s weakened business and financial profiles due to slower-than-expected property sales and launches.
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