RAM Ratings has been informed that Hong Leong Industries Berhad ("HLI") has redeemed the RM50 million of outstanding sukuk under its RM500 million Islamic Commercial Papers/Medium-Term Notes Programme (2008/2015). At the same time, the debt facility has been cancelled. Following this, RAM Ratings no longer has any rating obligation on the facility, which had previously carried AA3/Stable/P1 ratings.
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The credit rating is not a recommendation to purchase, sell or hold a security, inasmuch as it does not comment on the security's market price or its suitability for a particular investor, nor does it involve any audit by RAM Ratings. The credit rating also does not reflect the legality and enforceability of financial obligations, transfer and convertibility risks, repatriation risk, currency risk or any other risk apart from credit risk.
RAM Ratings receives compensation for its rating services, normally paid by the issuers of such securities or the rated entity, and sometimes third parties participating in marketing the securities, insurers, guarantors, other obligors, underwriters, etc. The receipt of this compensation has no influence on RAM Ratings' credit opinions or other analytical processes. In all instances, RAM Ratings is committed to preserving the objectivity, integrity and independence of its ratings. Rating fees are communicated to clients prior to the issuance of rating opinions. While RAM Ratings reserves the right to disseminate the ratings, it receives no payment for doing so, except for subscriptions to its publications.
Similarly, the disclaimers above also apply to RAM Ratings' credit-related analyses and commentaries, where relevant.
Media contact
Woon Tien Ern
(603) 7628 1040
tienern@ram.com.my
Published by RAM Rating Services Berhad
© Copyright 2012 by RAM Ratings
© Press Release 2012
