FW: MARC REMOVES TOLL CONCESSIONAIRE RELATED RATINGS FROM MARCWATCH DEVELOPING AND REVISES OUTLOOK TO NEGATIVE

 

 

 

P R E S S  A N N O U N C E M E N T

                       

FOR IMMEDIATE RELEASE

 

MARC REMOVES TOLL CONCESSIONAIRE RELATED RATINGS FROM MARCWATCH DEVELOPING AND REVISES OUTLOOK TO NEGATIVE

 

MARC has removed the issue ratings of all toll road concessionaires in its universe from MARCWatch Developing where they had been placed since May 30, 2018 due to heightened uncertainty on the toll road sector pending clarity on the abolishment of toll road charges. The removal of the ratings from MARCWatch Developing reflects that the imminent risk to the toll road sector arising from any resolution on tolling issue has been substantially reduced after the government indicated that any plan to abolish toll road charges has now been put on hold.

 

Nonetheless, MARC remains concerned that the prevailing uncertainty on the toll road sector could linger as the government considers various options to resolve the tolling issue. Coupled with the concern on the outcome of the looming toll hikes rescheduled in 2019/2020, where any toll hike deferrals without timely government compensation could impact the cashflows of toll road concessionaires, MARC has attached a negative outlook on the ratings of the toll road concessionaires in its universe. 

 

The rating agency will continue to monitor developments in the toll road sector, assessing the impact to take appropriate rating actions on the toll road concessionaires. The list of MARC-rated toll concessionaires is shown below:

 

 

Toll concessionaire	Issue	Rating
Grand Sepadu (NK) Sdn Bhd	RM210.0 million Sukuk Murabahah	AA-IS
Cerah Sama Sdn Bhd	RM750.0 million in nominal value IMTN (Sukuk) Programme	AA-IS
Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd	RM2.3 billion IMTN Programme (Sukuk Musharakah)   RM180.0 million Redeemable Secured Junior Bonds	AA-IS   A-
Sistem Penyuraian Trafik KL Barat Sdn Bhd	RM510.0 million BaIDS	A+ID
ANIH Berhad	RM2.5 billion Senior Sukuk Musharakah Programme	AAIS
Senai-Desaru Expressway Bhd	RM1.89 billion IMTN Programme	BBB-IS
Projek Lebuhraya Usahasama Bhd	RM23.35 billion Sukuk Musharakah Programme	AAAIS
MEX II Sdn Bhd	RM1.30 billion Sukuk Murabahah Programme   RM150.0 million Junior Bonds	AA-IS   A-
Lebuhraya Duke Fasa 3 Sdn Bhd	RM3.64 billion in nominal value Sukuk Wakalah	AA-IS
Projek Lintasan Sungai Besi - Ulu Klang Sdn Bhd	RM2.0 billion Sukuk Wakalah Programme   RM500.0 million Danajamin-Guaranteed Facilities	A+IS(s)   AAAIS(fg)

 

 

Contacts: Lim Chi Ching, +603-2717 2963 / chiching@marc.com.my; David Lee, +603-2717 2955/ david@marc.com.my

 

 

August 30, 2018

 

 

 

[This announcement is available on the MARC corporate homepage www.marc.com.my]

--- DISCLAIMER ---

This communication is provided by Malaysian Rating Corporation Berhad (MARC) on the basis of information believed by MARC to be accurate and reliable as derived from publicly available sources or provided by the rated entity or its agents. MARC, however, has not independently verified such information and makes no representation as to the accuracy or completeness of such information. Any assignment of a credit rating by MARC is solely to be construed as a statement of its opinion and not a statement of fact. A credit rating is not a recommendation to buy, sell, or hold any security.

 

 

© 2018 Malaysian Rating Corporation Berhad

 

IMPORTANT NOTICE:
The information contained in this email and/or any attachment hereto is strictly confidential and privileged. If you are not the intended recipient, and/or have received this email in error, you must not copy, disseminate or disclose the contents of this message and/or any attachment to any other person. Please notify the sender and delete this message and any attachment from your system. Malaysian Rating Corporation Berhad (“MARC”) accepts no liability in respect of prohibited and unauthorised use by an unintended addressee or recipient. Any opinion, view or other information in this message and/or any attachment hereto which does not relate to the official business of MARC is that of the individual sender. Although this email and/or any attachment is believed to be free of any virus or other defect which may affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure that it is virus-free and MARC accepts no responsibility for any loss or damage arising in any way from the use thereof.

 

FW: AAM News: Singapore’s Temasek, Korea’s KVIC to set up US$213.2 million fund, report says

 

 

 

If you cannot view this mail please click here.   Latest News  |  Magazine  |  Events  |  Best of the Best Awards  |  E-Magazine   Latest News 29 August 2018 Singapore's Temasek, Korea's KVIC to set up US$213.2 million fund, report says Government Funds: The fund is said to invest in start-ups in South Korea and Singapore   Private lender Bank of Singapore appoints new chief investment officer Going Places: Rajeev De Mello succeeds Johan Jooste, who is now head of rates at the bank Read More Singapore central bank, four others partner to harness blockchain technology Market Access: The partnership will allow financial institutions to carry out simultaneous exchange and final settlement of tokenised digital currencies Read More Baidu gets China fund distribution licence Market Access: Baidu Baiying has to apply for securities and futures licences before launching the business Read More Monthly Top Ten Southeast Asia is powerhouse for impact investing, study says Australia's Healthscope sells Asian lab business to TPG Capital Asia PIMCO gets licence to distribute funds in Taiwan, opens local office China's Ping An Insurance mulls acquiring Prudential's Asia business, report says Schroders launches global target return fund in Singapore Heitman raises US$338 million for Asia Pacific fund Brunei Investment Agency names acting managing director Korea Post Insurance seeks managers for global tactical asset strategy Fintech, infrastructure financing key topics at Brunei roundtable SGX eyes Hong Kong and China for its bond platform growth   Coming Up         As per the Guidance on Direct Marketing issued by the Office of the Privacy Commissioner for Personal Data in Hong Kong which took effect on April 1, 2013, we would like to inform you that we intend to continue sending you promotional emails such as newsletters, new promotions and product updates. If you do not wish to receive such emails, please contact us at news@asiaasset.com. For enquiries please contact us at (852) 2547-7331.     Unsubscribe to this mailing list COPYRIGHT © 2018 ASIA ASSET MANAGEMENT. ALL RIGHTS RESERVED. 1701 Singga Commercial Centre, 148 Connaught Road West, Hong Kong   Tel: (852) 2547-7331   E-mail: enquiries@asiaasset.com

 

 

FW: MARC AFFIRMS ISLAMIC DEVELOPMENT BANK’S RATINGS WITH STABLE OUTLOOK

 

 

 

P R E S S  A N N O U N C E M E N T

 

FOR IMMEDIATE RELEASE

 

MARC AFFIRMS ISLAMIC DEVELOPMENT BANK'S RATINGS WITH STABLE OUTLOOK

 

MARC has affirmed its financial institution (FI) ratings of AAA/MARC-1 on Islamic Development Bank (IsDB). Concurrently, the rating agency affirmed its rating of AAAIS on the Sukuk Wakalah programme of up to RM400 million issued by Tadamun Services Berhad (Tadamun), a trust established by IsDB. The outlook on the ratings is stable. 

 

IsDB's status as a multilateral development bank (MDB), its strong capitalisation and liquidity position remain key drivers of the ratings. As a MDB, the bank is tasked to provide financial support for projects to facilitate economic development of its member countries and Islamic communities in non-member countries. The stable rating outlook reflects MARC's expectations that IsDB will maintain its strong capitalisation and liquidity profile, and that the bank's member countries will continue to extend strong support.

 

Established in 1975 by the Organisation of Islamic Cooperation (OIC) member countries, IsDB has steadily grown its portfolio, registering an 8.8% y-o-y growth of gross financings to Islamic Dinar (ID)13.1 billion in 2017 (ID1.00 = US$1.42), of which 67.5% is in the infrastructure sector, 13.6% in social services and 10.4% in the agriculture sector. As with other MDBs, IsDB is exposed to the credit risk of sovereigns with weak credit profiles; as at end-2017, 85.2% of the bank's top 20 sovereign exposures are to unrated and non-investment grade countries with the three largest exposures to Turkey (11.0%), Pakistan (8.4%) and Morocco (6.3%).

 

IsDB's capital metrics remain strong. As at end-2017, the bank's equity-to-assets ratio stood at 43.4% (2016: 45.9%) against its peers of below 30.0% in the same period. For 2017, the bank's shareholders provided a capital contribution of ID150.6 million which supported a 2.2% y-o-y growth in the bank's equity base to ID8.5 billion. MARC views IsDB's policy of restricting earnings distribution until general reserves attain 25% of subscribed capital as prudent; as at end-2017, this stood at 5.4%. The subscribed capital largely comprised callable capital of ID40.8 billion, of which 47.0% is from member countries rated at A- and above on the global rating scale. IsDB benefits from its preferred creditor status which provides the bank with a priority of claim over other creditors in the event of a sovereign default. 

 

As at end-2017, IsDB's overdue instalment declined to 0.9% of total financing from 1.1% as at end-2016 largely due to an impairment write-off. The bank maintains a policy to make full provisions against instalments overdue by six months or more. As at end-2017, impairment provisions increased to ID264.3 million from ID226.4 million in 2016.

 

IsDB has a sound liquidity position as reflected by liquid assets-to-total borrowings ratio of 50.7%, higher than many of its peers. Its liquid assets, which stood at ID5.3 billion as at end-2017, comprised deposits with banks, cash balances and sukuk investment. MARC observes that IsDB also has an off-balance sheet liquidity buffer in the form of the Waqf Fund, a trust fund with ID922.5 million in total assets. 

 

MARC notes that IsDB has sourced deposits of ID380.6 million from the bank's related parties in 2017, which provides some diversification to the bank's funding base that comprised solely of borrowings in the past. As at end-2017, the bank's debt-to-equity (DE) ratio rose to 122.8% (2016: 114.2%). As asset growth is expected to continue to outpace equity growth, the bank has revised its leverage limit to 175.0% from 125.0% during the year. Despite the revised limit, the bank's leverage ratio is expected to remain lower compared to its peers which registered DE ratios of between 174.0% and 528.0% as at end-2017.

 

 

Contacts: Joan Leong, +603-2717 2934/ joan@marc.com.my; Sharidan Salleh, +603-2717 2954/ sharidan@marc.com.my.

 

August 28, 2018

 

[This announcement is available in MARC'S corporate homepage at http://www.marc.com.my]

----   DISCLAIMER    ----

This communication is provided by Malaysian Rating Corporation Berhad ("MARC") on the basis of information believed by MARC to be accurate and reliable as derived from publicly available sources or provided by the rated entity or its agents. MARC, however, has not independently verified such information and makes no representation as to the accuracy or completeness of such information. Any assignment of a credit rating by MARC is solely to be construed as a statement of opinion and not a statement of fact. A credit rating is not a recommendation to buy, sell, or hold any security.

 

© 2018 Malaysian Rating Corporation Berhad

 

IMPORTANT NOTICE:
The information contained in this email and/or any attachment hereto is strictly confidential and privileged. If you are not the intended recipient, and/or have received this email in error, you must not copy, disseminate or disclose the contents of this message and/or any attachment to any other person. Please notify the sender and delete this message and any attachment from your system. Malaysian Rating Corporation Berhad ("MARC") accepts no liability in respect of prohibited and unauthorised use by an unintended addressee or recipient. Any opinion, view or other information in this message and/or any attachment hereto which does not relate to the official business of MARC is that of the individual sender. Although this email and/or any attachment is believed to be free of any virus or other defect which may affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure that it is virus-free and MARC accepts no responsibility for any loss or damage arising in any way from the use thereof.

 

FW: RAM Ratings reaffirms AFFIN Bank’s AA3/Stable/P1 ratings

Published on 28 Aug 2018.

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RAM Ratings has reaffirmed the AA3/Stable/P1 financial institution ratings of AFFIN Bank Berhad (the Group). At the same time, we have reaffirmed the respective AA3 and A1 ratings of the senior and subordinated notes under the Group's RM6.0 billion MTN Programme as well the A3 rating of its RM3.0 billion Additional Tier-1 Capital Securities Programme. The issue ratings also have a stable outlook. 

The reaffirmation of the ratings reflects expected parental support from AFFIN Bank's majority shareholder, Lembaga Tabung Angkatan Tentera, a government statutory body established to provide retirement and welfare benefits to the Malaysian armed forces. The ratings consider the Group's strong loss absorption buffers, in the form of its capitalisation and loan loss coverage ratio (including regulatory reserves). The ratings are, however, still moderated by the Group's position as one of the smallest banks in Malaysia as well as its weak profitability. 

AFFIN Bank became the apex operating holding company of the AFFIN banking group after its acquisition of its former holding company AFFIN Holdings Berhad's (AHB) equity interest in AHB's subsidiaries on 16 October 2017. Notably, AFFIN Bank's non-interest income has improved greatly on account of the inclusion of AFFIN Hwang Investment Bank Berhad's healthy fee income after the Group's reorganisation. 

The Group's loan book expanded by a quicker 4.3% y-o-y in FY Dec 2017, subsequent to flattish growth the previous year as the Group exited some lower-yielding corporate loans. Growth had primarily stemmed from residential mortgages, hire-purchase loans and loans for the purchase of securities. 

As at end-March 2018, AFFIN Bank's gross impaired-loan (GIL) ratio stood at an elevated 2.5% (end-December 2016: 1.6%) due to the impairment of several lumpy accounts. Nevertheless, we derive comfort from its still healthy GIL coverage ratio (including regulatory reserves) of 100.4% as well as its strong capitalisation. The Group's common equity tier-1 and total capital ratios clocked in at a respective 12.0% and 17.3% as at the same date.  

AFFIN Bank's pre-tax profit, which shrank by about 6% to RM697.7 million in FY Dec 2017, continues to be weighed down by higher personnel costs and impairment charges, in addition to the Group's thin margins by virtue of a smaller proportion of low-cost current and savings account deposits (16%; industry: 27%). Thus, the Group's profitability remains relatively weak, with an annualised return on risk-weighted assets of 1.55% in 1Q FY Dec 2018. 

 

Analytical contact
Liang Huey Jean
(603) 7628 1124
jean@ram.com.my

Media contact
Padthma Subbiah
(603) 7628 1162
padthma@ram.com.my

 

 

 

FW: RAM Ratings reaffirms OCBC Malaysia’s AAA rating

Published on 28 Aug 2018.

RAM Ratings has reaffirmed OCBC Bank (Malaysia) Berhad's (OCBC Malaysia or the Bank) AAA/Stable/P1 financial institution ratings (FIRs) and the AA2/Stable rating of its RM400 million Innovative Tier-1 Capital Securities (2009/2039). The two-notch difference between the issue rating and the Bank's long-term FIR is indicative of the instrument's deeply subordinated nature and embedded interest deferral feature.

The ratings reflect OCBC Malaysia's healthy credit metrics and good franchise among mid-sized corporates and SMEs as well as in property mortgages. The ratings also incorporate our expectation that the Bank will remain highly strategic to its parent, Oversea-Chinese Banking Corporation Limited (the Group), and that the Group will provide ready support if needed. 

OCBC's loan book was relatively unchanged (-0.1%) in 2017 as the Bank has been more selective on new residential mortgages – its largest portfolio (42% of total loans as at end-March 2018). In 1Q 2018, lumpy repayments from corporate borrowers and a continued contraction in residential mortgages led to a further decline in total loans.

With a gross impaired loan (GIL) ratio of 2.2% as at end-March 2018 (end-December 2017: 2.1%; end-December 2016: 2.2%), OCBC Malaysia's asset quality stayed sound. The GIL uptick in 1Q 2018 was attributable to the real estate sector and residential mortgages. Although further slippage cannot be ruled out amid uncertainties among businesses, we expect any impact to be manageable. The Bank's credit-cost ratio fell to a respective 14 bps and 4 bps (annualised) in 2017 and 1Q 2018 (2016: 30 bps) amid write-backs of collective provisions. Its GIL coverage ratio (inclusive of regulatory reserves) of 96% as at end-March 2018 is deemed sound. Only 15% of GILs were clean loans as at end-December 2017.

OCBC Malaysia's pre-tax profit climbed 19% to RM1.3 billion in fiscal 2017, translating into a healthy return on risk-weighted assets (RORWA) of 2.8% (fiscal 2016: RM1.1 billion and 2.2%). The improvement was mainly driven by a decline in impairment charges (due to write-backs of collective provisions) and better fee income. The Bank maintained its RORWA at an annualised 2.8% in 1Q fiscal 2018. 

Given the contraction of its loan book and an expansion of its deposit base, OCBC Malaysia's loans-to-funds ratio had improved to 85% as at end-March 2018 (end-December 2016: 91%). Its liquidity coverage ratio and net stable funding ratio are sound. The Bank's capitalisation was also stronger, with its common equity tier-1 capital ratio standing at a higher 13.5% as at end-March 2018 (end-December 2016: 11.9%), thanks to a better profit and a reduced dividend payout in fiscal 2017 as well as a smaller loan book. We expect the Bank to preserve its capital strength as loan growth, if any, is likely to be slow.

 

Analytical contact
Lim Yu Cheng, CFA, FRM
(603) 7628 1188
yucheng@ram.com.my

Media contact
Padthma Subbiah
(603) 7628 1162
padthma@ram.com.my

 

FW: MARC WITHDRAWS RATINGS ON PREMIER MERCHANDISE’S RM600.0 MILLION MTN PROGRAMME

 

 

 

P R E S S  A N N O U N C E M E N T

 

FOR IMMEDIATE RELEASE

 

MARC WITHDRAWS RATINGs ON PREMIER MERCHANDISE's RM600.0 Million MTN PROGRAMME

 

MARC has withdrawn its ratings of AAA_(bg) and AAA_(fg)  on Premier Merchandise Sdn Bhd's RM300.0 million bank-guaranteed Medium-Term Notes (MTN) Programme and RM300.0 million Danajamin-guaranteed MTN Programme.

 

The outstanding amount of RM100.0 million under the Danajamin-guaranteed Programme and RM75.0 million under the bank-guaranteed MTN Programme were fully redeemed on July 11, 2018 and August 13, 2018. The ratings withdrawal follows the subsequent cancellation of both programmes on August 15, 2018.

 

Upon the withdrawal, MARC will no longer provide analytical coverage on Premier Merchandise.

 

Contacts: Sim Jun Da, +603-2717 2948/ simjunda@marc.com.my; Taufiq Kamal, +603-2717 2951/ taufiq@marc.com.my

 

August 28, 2018

 

 

 

 [This announcement is available in MARC's corporate homepage at http://www.marc.com.my]

--- DISCLAIMER ---

This communication is provided by Malaysian Rating Corporation Berhad (MARC) on the basis of information believed by MARC to be accurate and reliable as derived from publicly available sources or provided by the rated entity or its agents. MARC, however, has not independently verified such information and makes no representation as to the accuracy or completeness of such information. Any assignment of a credit rating by MARC is solely to be construed as a statement of its opinion and not a statement of fact. A credit rating is not a recommendation to buy, sell, or hold any security.

 

© 2018 Malaysian Rating Corporation Berhad

 

IMPORTANT NOTICE:
The information contained in this email and/or any attachment hereto is strictly confidential and privileged. If you are not the intended recipient, and/or have received this email in error, you must not copy, disseminate or disclose the contents of this message and/or any attachment to any other person. Please notify the sender and delete this message and any attachment from your system. Malaysian Rating Corporation Berhad ("MARC") accepts no liability in respect of prohibited and unauthorised use by an unintended addressee or recipient. Any opinion, view or other information in this message and/or any attachment hereto which does not relate to the official business of MARC is that of the individual sender. Although this email and/or any attachment is believed to be free of any virus or other defect which may affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure that it is virus-free and MARC accepts no responsibility for any loss or damage arising in any way from the use thereof.

 

FW: MARC AFFIRMS ITS AA+ RATING ON INTERNATIONAL GENERAL INSURANCE CO. LTD.

 

 

 

P R E S S  A N N O U N C E M E N T

 

FOR IMMEDIATE RELEASE

 

MARC AFFIRMS ITS AA+ RATING ON INTERNATIONAL GENERAL INSURANCE CO. LTD.

 

MARC has affirmed its insurer financial strength rating of AA+ with a stable outlook on International General Insurance Co Ltd (IGI).

 

The rating affirmation reflects IGI’s strong capitalisation level and prudent reserving policy as well as proactive underwriting approach that have enabled the insurer to withstand the impact from periodic catastrophic events. Moderating the rating are the insurer’s moderate size and concern over the increase in investment risk.

 

The stable outlook reflects MARC’s expectations that IGI will continue to balance its prudent underwriting policies with business growth and earnings generation. Downward rating pressure could develop if IGI’s capital position weakens in the event of any unexpected large claim losses that are not adequately covered by reinsurance.

 

IGI is a mid-sized specialty insurer with total assets of US$900 million as at end-2017 and whose insurance portfolio is well-diversified across geographies and business lines. As a specialty insurer, IGI is exposed to low frequency-high severity loss events. In 3Q2017, several large natural catastrophes namely hurricane Maria in the US and hurricane Irma in the Caribbean as well as two earthquakes in Mexico had impacted IGI’s performance for the year. While IGI recorded gross written premium (GWP) of US$275 million, net profit declined 70.0% y-o-y to US$10.4 million in 2017. Net combined ratio rose to 101.2% from 85.4% in the previous year.

 

The rating agency notes that because of an effective reinsurance policy, IGI was able to pass on a significant portion of claims to reinsurer; total claims was only US$93.5 million net of reinsurance in 2017 (2016: US$71.5 million). In managing its underwriting risks through reinsurance protection, IGI has increased its reinsurance rate to 38.7% in 2017 (2016: 35.8%) through proportional (70%) and non-proportional (30%) reinsurance.

                                                                                         

MARC also observes that IGI manages exposures by reducing net exposures in softening markets in premium rates (energy and property lines) and by increasing net exposures in strengthening markets (casualty). This has been evident in the decline in the proportion of energy and property lines to net written premiums (NWP) to 23% and 17% in 2017 (2013: 38%; 19%) whereas, as premium rates rose in the casualty business line, this proportion increased to 21% (2013: 3%). IGI continues to adhere to a prudent reserving policy; its incurred but not reported (IBNR) provision which stood at US$72.0 million remained sufficient against an independent actuary’s estimate of US$70.4 million in 2017.

 

In 2017, IGI’s fixed income securities portfolio saw an increase in the composition of lower-rated bonds; A and BBB-rated bonds made up 73.8% (2016: 59.1%) while AAA and AA-rated bonds made up 23.2% (2016: 36.8%). However, the absolute amount of A and BBB-rated bonds of US$33.5 million is relatively small compared to total investment assets of US$487.5 million, of which a sizeable 43.0% is in cash and short-term deposits. As at end-2017, liquid assets-to-net technical reserves ratio remained strong, although it had declined to 141.8% (2016: 153.4%) due to higher provisions following the recent natural catastrophes.

 

IGI’s strong capital position as reflected by a solvency ratio of 304.0% as at end-2017 moderates concern on financial flexibility given its shareholding structure that remains majority-owned by individuals. IGI maintains a strong pool of underwriting talent; its management and operational functions are carried out by its sister company based in Amman, Jordan.

 

Contacts: Douglas De Alwis, +603-2717 2965/ douglas@marc.com.my; Sharidan Salleh, +603-2717 2954/ sharidan@marc.com.my.

 

August 28, 2018

 

[This announcement is available in MARC’s corporate homepage at http://www.marc.com.my]

----   DISCLAIMER    ----

This communication is provided by Malaysian Rating Corporation Berhad (“MARC”) on the basis of information believed by MARC to be accurate and reliable as derived from publicly available sources or provided by the rated entity or its agents. MARC, however, has not independently verified such information and makes no representation as to the accuracy or completeness of such information. Any assignment of a credit rating by MARC is solely to be construed as a statement of opinion and not a statement of fact. A credit rating is not a recommendation to buy, sell, or hold any security.

 

© 2018 Malaysian Rating Corporation Berhad

 

IMPORTANT NOTICE:
The information contained in this email and/or any attachment hereto is strictly confidential and privileged. If you are not the intended recipient, and/or have received this email in error, you must not copy, disseminate or disclose the contents of this message and/or any attachment to any other person. Please notify the sender and delete this message and any attachment from your system. Malaysian Rating Corporation Berhad (“MARC”) accepts no liability in respect of prohibited and unauthorised use by an unintended addressee or recipient. Any opinion, view or other information in this message and/or any attachment hereto which does not relate to the official business of MARC is that of the individual sender. Although this email and/or any attachment is believed to be free of any virus or other defect which may affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure that it is virus-free and MARC accepts no responsibility for any loss or damage arising in any way from the use thereof.