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Article: MARC cuts to MARC-3ID/BBB-ID ratings on Boon Koon's notes.
- Article from:
- ADP Debt News
- Article date:
- September 7, 2009
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(ADPnews) - Sep 7, 2009 - Malaysian Rating Corp (MARC) said today it cut to MARC-3ID/BBB-ID from MARC-2ID/A-ID the rating on the notes of local commercial vehicles maker Boon Koon Group Bhd.
Additionally, the agency removed the ratings from watch and placed them under "negative" outlook.
The cut on the company's MYR 100 million (USD 28.5m/EUR 19.8m) Islamic commercial papers (ICP)/Islamic medium-term notes (IMTN) mirrors the company's weakened financial profile due to the current industry conditions, limited financial flexibility and low gearing. The "negative" outlook factors in the uncertainties surrounding Boon Koon's planned business and debt ...