MARC MAINTAINS TRINITY CORPORATION BERHAD’S (FORMERLY KNOWN AS TALAM CORPORATION BERHAD) RATING ON MARCWATCH NEGATIVE

Aug 27, 2012 -

MARC continues to maintain the rating of B+ID on Trinity Corporation Berhad’s (Trinity) outstanding RM93.9 million Settlement Bithaman Ajil Debt Securities (Settlement BaIDS) on MARCWatch Negative where it was first placed on May 25, 2012. MARC’s rating action is based on the potential cross-default risk on the Settlement BaIDS following the default of Trinity’s wholly-owned subsidiary Ample Zone Bhd (Ample Zone) on its RM84.65 million Sukuk Ijarah obligation due on January 27, 2012.

MARC notes that Ample Zone’s sukukholders have granted indulgence until March 31, 2013 but have imposed several conditions to be met by the issuer by September 30, 2012, failing which the extension will be revoked and an event of default will be triggered. Among the conditions imposed on Ample Zone are the assignment of proceeds from disposal of, and the creation of security over, a number of properties (land and buildings). MARC observes that Ample Zone is at the tail-end of fulfilling these conditions and will continue to monitor the progress in this regard to resolve the MARCWatch placement.

Contacts:

Taufiq Kamal, +603-2082 2251, taufiq@marc.com.my

Rajan Paramesran, +603-2082 2233, rajan@marc.com.my