BPMBBahrain Promotions and Marketing Board
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The rating of the unguaranteed MYR 160 million IMTN reflects the credit profile of Borcos, benefiting from a multiple-notch uplift, in view of the high likelihood of extraordinary support from BPMB. Besides a strongly-worded letter of support in respect of the MYR 160 million IMTN, we note that a cross-default clause under the MYR 160 million IMTN and the Bank-Guaranteed Issues enhances the incentive for BPMB to provide financial support.
Meanwhile, the enhanced ratings of the Bank-Guaranteed Issues reflect BPMB's unconditional and irrevocable guarantee, which enhances the credit profile of the debt issues beyond Borcos' stand-alone credit strength.
(2005) [Mnm(salen)]6[Fem(bpmb)(CN)2]6-7H2O: A cyanidebridged nanosized molecular wheel.
The Middle East is a potentially large market, said Ausamah al-Absi, a senior international business development executive with BPMB, adding that it hopes to increase awareness about Bahrain as an IT market base in the Middle East.
p(BotS[+ or -] = p(BotS)p(1 \ BotS) \ p(BotS)p(1\ BotS) + p(BPMA)p(1\BPMA)p(BPAM)p(BPMB)p(1\BPMA)
Similarly, p(BPAM\1)= p, p(BPMB\1 = 0, p(BotS \2) = 1- p, p(BPMA\2) = 0, and P(BPMB 12) = p.
+ p(BPMA\1)p(2,4 BPMA)[u.sub.1](AA\BPMA) + p(BPMB\1)p(2,4 BPMB)[u.sub.1](AA\BPMB) = (1 - p)1/2(a) + p(1)(a) + (0)(0)(1) = 112a(1 + p) [u.sub.1](B\1) =p(BotS\1p(2B\BotS)[u.sub.1](BB\BotS)
GMV Borcos is wholly-owned by Global Maritime Ventures Berhad (GMV), which in turn is a 90 per cent-owned subsidiary of BPMB.
RAM opines that Borcos derives financial flexibility from its new parent (BPMB) as part of GMV's flagship listed entity.
BPMB is owned by the ministry of finance and provides medium and long-term financing.
"The ratings reflect BPMB's status as a strategically important entity to the Federal Government of Malaysia (the Government), based on the Bank's socio-economic role and track record of exceptionally strong support from the Government", said Promod Dass, RAM Ratings' head of Financial Institution Ratings.
As a development financial institution (DFI) and wholly owned subsidiary of the Government, BPMB acts as the Government's key funding conduit to develop and support the infrastructure, maritime and high-technology sectors.