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-MARC ends bond ratings on Free Zone Capital, Valid Venture.

BANKING AND CREDIT NEWS-December 7, 2010--MARC ends bond ratings on Free Zone Capital, Valid Venture(C)2010 M2 COMMUNICATIONS

7 December 2010 - MARC on Monday pulled its AAA ratings on construction sector players Free Zone Capital Berhad's and Valid Venture Berhad's fixed-rate serial bonds of MYR410m (USD131m/EUR98m) and MYR510m respectively.

The facilities have been fully redeemed and cancelled on 26 November 2010 and 30 November 2010, respectively, as confirmed by the facility agent, OSK Investment Bank Berhad, the rater said explaining the withdrawal.

The agency said it will no longer provide analytical coverage of Free Zone Capital but will continue rating surveillance on Valid Venture's outstanding MYR85m Commercial Papers/Medium Term Notes programme which is rated MARC-1/ AAA/Negative.

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Publication:M2 Banking & Credit News (BCN)
Date:Dec 7, 2010
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