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-MARC confirms BaID ratings on Optimal Chemicals, Optimal Glycols.

BANKING AND CREDIT NEWS-March 18, 2011--MARC confirms BaID ratings on Optimal Chemicals, Optimal Glycols(C)2011 M2 COMMUNICATIONS http://www.m2.com

18 March 2011 - MARC today maintained its AAAID(S) ratings with a "stable" outlook on the respective Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDs) issues of Optimal Glycols (Malaysia) Sdn Bhd and Optimal Chemicals (Malaysia) Sdn Bhd.

The rating action concerns MYR155m (USD50.8m/EUR36m) of outstanding BaIDS issued by Optimal Glycols and MYR185m of outstanding BaIDS issued by Optimal Chemicals.

The service attributed the affirmation to the partial credit support provided by the two companies' ultimate majority owner, state-owned oil and gas major Petroliam Nasional Berhad (Petronas).

The latter has consolidated its petrochemical operations into Petronas Chemicals Group Berhad (KUL:PCHEM), which owns 100% in the above two firms.

The agency also believes the organisational changes would not affect Petronas' commitment to Optimal Glycols and Optimal Chemicals.

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Publication:M2 Banking & Credit News (BCN)
Date:Mar 18, 2011
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