Published on 13 August 2014
RAM Ratings has withdrawn the rating of Royal Selangor
International Sdn Bhd’s (RSI or the Company) RM30 million Redeemable Unsecured
Bonds (2001/2014) (the Bonds), and ceases to have any rating obligation in
respect of the facility. This follows the Company’s request to have the
A3/Stable rating of the Bonds withdrawn, subsequent to which the Bonds will be
non-transferable and non-tradeable.
On another note, RSI’s bondholders have also approved the
extension of the maturity date of the Bonds by 6 months to 13 February 2015, at
the same fixed rate of 8% per annum. While RAM typically regards any extension
of debt maturity in the event of a distressed exchange as a default by the
issuer, an assessment of RSI’s financials and business fundamentals does not point
to the Company being in a state of financial distress. Furthermore, we note
that the bondholders are also shareholders of the Company.
Media contact
Juliana Koay
(603) 7628 1169
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