Wednesday, May 18, 2011

RAM Ratings keeps Special Power Vehicle's RM800m debt notes at A1

KUALA LUMPUR: RAM Rating Services Bhd is maintaining the rating of Special Power Vehicle Bhd's (SPV) RM800 million Class A Islamic medium-term notes (MTN) facility (2005/2022) at A1, with a stable outlook.

The ratings agency said on Wednesday, May 18 that SPV was set up as a funding conduit to raise the funds required to develop Jimah Energy Ventures Sdn Bhd's coal-fired power plant in Port Dickson, Negri Sembilan.

RAM Ratings also said it had received confirmation that the bondholders of SPV's RM215 million Class B Islamic MTN facility (2005/2034) (Class B IMTN) had approved the resolution to withdraw its rating.

'As such, RAM Ratings has ' at the request of SPV - withdrawn the C1 rating of the Class B IMTN and no longer has any rating obligation on the debt facility,' it said.

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