Following the full redemption of Gulf Investment Corporation GSC's ("GIC") RM600 million Senior Unsecured Bonds on 5 February 2013, RAM Ratings no longer has any rating obligation on the said debt facility, and the AAA rating on the instrument is no longer applicable.
In the meantime, RAM will maintain surveillance on GIC's AAA/P1 financial institution ratings as well as the AAA ratings of its RM400 million Senior Unsecured Bonds (2008/2023) and the securities issued under its RM3.5 billion Sukuk Wakalah bi Istithmar Programme (2011/2031). All the long-term ratings have a stable outlook.
-Ends-
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.
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
Joanne Kek
(603) 7628 1163
joanne@ram.com.my
Published by RAM Rating Services Berhad
© Copyright 2013 by RAM Rating Services Berhad
© Press Release 2013
