MARC DOWNGRADES RATING ON KINSTEEL BERHAD’S RM100.0 MILLION MMTN TO DID

Mar 11, 2014 -

MARC has downgraded the rating on Kinsteel Berhad’s (Kinsteel) RM100.0 million Murabahah Medium Term Notes (MMTN) programme to DID from CID. The rating action follows the missed profit payment of RM2.4 million due on March 7, 2014 on the outstanding RM50.0 million MMTN.

Kinsteel is currently in the midst of finalising a debt restructuring proposal with the assistance of Corporate Debt Restructuring Committee. Kinsteel has entered into an informal standstill agreement with its creditors. Pending the completion of the debt restructuring, Kinsteel has placed the March profit payment with the facility trustee.

Following the downgrade, MARC will no longer conduct rating surveillance on the MMTN programme.

Contacts:

Ngiam Tee Wei, +603-2082 2268 begin_of_the_skype_highlighting +603-2082 2268 FREE  end_of_the_skype_highlighting / teewei@marc.com.my;

Yap Lai Ken, +603-2082 2247 begin_of_the_skype_highlighting +603-2082 2247 FREE  end_of_the_skype_highlighting / laiken@marc.com.my.