KUALA LUMPUR (Feb 27): Malaysian Rating Corp (MARC) has suspended its B+ID rating on Trinity Corporation Bhd's (formerly TALAM CORPORATION BHD []) settlement Bithaman Ajil Islamic Debt Securities.
The rating agency said on Monday Trinity had failed to provide important information for the rating agency to carry out its rating surveillance. The outstanding amount of the settlement BaIDS was RM98.2 million as of Feb 24, 2012.
“MARC is unable to carry out its rating surveillance in the absence of Trinity’s business plans, in particular its asset divestment plans, proceeds from which are expected to fund its payment obligations for the settlement BaIDS.
“The rating agency may reinstate the suspended rating if the information required becomes available. Alternatively, MARC will likely withdraw the rating within the next 90 days if the requested information is not forthcoming,” MARC said.
The rating agency said on Monday Trinity had failed to provide important information for the rating agency to carry out its rating surveillance. The outstanding amount of the settlement BaIDS was RM98.2 million as of Feb 24, 2012.
“MARC is unable to carry out its rating surveillance in the absence of Trinity’s business plans, in particular its asset divestment plans, proceeds from which are expected to fund its payment obligations for the settlement BaIDS.
“The rating agency may reinstate the suspended rating if the information required becomes available. Alternatively, MARC will likely withdraw the rating within the next 90 days if the requested information is not forthcoming,” MARC said.
