RAM Ratings has received confirmation that, as of 16 January 2013, PINS Capital Sdn Bhd ("PINS Capital") had placed sufficient funds with TMF Trustees Malaysia Berhad for the full redemption of its Islamic Commercial Papers/Medium-Term Notes Programme ("ICP/IMTN"), which is scheduled to mature on 9 May 2013.
Following the above and as requested by PINS Capital, RAM has withdrawn the AA3/Negative/P1 ratings of the ICP/IMTN. As such, we no longer have any rating obligations on the said instruments. To recap, the outlook on the long-term ratings had been revised to negative on 23 February 2012, reflecting the declining credit profile of one of PINS Capital's payment counterparties through the last few years.
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