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Kinsteel taken off MARC watch negative list
by hlk Fri 06 Dec 2013, 17:02
Business & Markets 2013
Written by Jonathan Gan of theedgemalaysia.com
Friday, 06 December 2013 16:15
A + A - Reset
KUALA LUMPUR (Dec 6): Malaysian Rating Corporation Berhad (MARC)
released a press statement today, saying it has removed Kinsteel Bhd from the
bond rating agency’s negative watch list.
Despite the removal, MARC indicated there is a substantial risk of default in
Kinsteel by retaining its original CID rating on the RM100 million Murabahah
Medium Term Notes programme.
No reason was provided in the statement but Kinsteel had recently approached
the government's Corporate Debt Restructuring Committee (CDRC) for
assistance to mediate between the company and its lenders for a debt
restructuring plan.
The company had also recently revised their financial year end to 30 June
2014 to allow for more time to restructure.
At 4:00pm today, Kinsteel slipped half a sen to 16.5 sen.
Written by Jonathan Gan of theedgemalaysia.com
Friday, 06 December 2013 16:15
A + A - Reset
KUALA LUMPUR (Dec 6): Malaysian Rating Corporation Berhad (MARC)
released a press statement today, saying it has removed Kinsteel Bhd from the
bond rating agency’s negative watch list.
Despite the removal, MARC indicated there is a substantial risk of default in
Kinsteel by retaining its original CID rating on the RM100 million Murabahah
Medium Term Notes programme.
No reason was provided in the statement but Kinsteel had recently approached
the government's Corporate Debt Restructuring Committee (CDRC) for
assistance to mediate between the company and its lenders for a debt
restructuring plan.
The company had also recently revised their financial year end to 30 June
2014 to allow for more time to restructure.
At 4:00pm today, Kinsteel slipped half a sen to 16.5 sen.
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