RAM Ratings has received confirmation from the facility agent that Prai Power Sdn Bhd had fully redeemed its RM780 million Al-Istisna' Fixed-Rate Serial Bonds (2001/2016) on 26 February 2016. As such, we have withdrawn the AA3 rating of the bonds and no longer have any rating obligation in respect of the facility.
Prai Power owns and operates a 350-MW combined-cycle, gas-turbine power plant in Prai, Penang.
Disclaimer: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.
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
Ong Ju Laine
(603) 7628 1183
© Press Release 2016
