Sep 26, 2012 -
MARC has withdrawn its BB+ rating on Scomi Group Bhd’s
(Scomi, or the issuer) RM500.0 million Medium Term Notes (MTN) programme at the
request of the issuer. The rating withdrawal affects RM142 million of
outstanding notes due on September 28, 2012.
The noteholders have approved and consented via resolution
to the removal of the rating requirement for the notes and conversion of the
notes to be non-transferable and non-tradable. Approval has also been given for
an extension of the maturity date of the notes to October 12, 2012.
Scomi’s rating was last downgraded on September 12, 2012 to
reflect the heightened repayment uncertainty as a result of Scomi’s delay in
addressing the remaining contingencies to the closing of the earlier announced
disposal of equity stakes in Scomi Nigeria Pte Ltd and Oiltools Africa Ltd.
Upon the withdrawal of the rating, MARC will no longer carry
out rating surveillance on the MTN programme.
Contacts:
Se Tho Mun Yi, +603-2082 2263/ munyi@marc.com.my;
Sharidan Salleh, +603-2082 2254/ sharidan@marc.com.my.
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