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Schaffer sees the granting of the license for the MMTN as part of the evolution of broadcasting in Canada, explaining that each new network created in the country came into being because of the shortcomings of its predecessors.
"The rating withdrawals follow the early redemption of the outstanding MYR 315.0 million Senior MMTNs and MYR 35.0 million Junior MMTNs on November 19, 2013 as confirmed by the facility agent, Bank Muamalat Malaysia Berhad," said MARC.
BANKING AND CREDIT NEWS-February 11, 2011--MARC afffirms Perwaja Steel's MMTNs at AID(C)2011 M2 COMMUNICATIONS
"MARC considers the structural enhancements of the proposed Sukuk Musharakah programme vis-a-vis the existing MMTN programme to be adequate to mitigate concerns on Alpha Circle's increased debt level.
"The rating actions follow Perwaja's failure to meet its repayment of RM50.0 million MMTN due on September 25, 2013.
MARC also notes that the MMTN programme has benefited from additional assignments of sublease rentals which had earlier been assigned to other facilities that were redeemed during the year.
Perwaja is expected to seek an indulgence from its noteholders for a deferment on the upcoming MMTN payment.
MARC believes there is an identifiable risk of default in the near term associated with the steelmaker's upcoming MYR 50 million repayment on its outstanding MYR 110 million MMTN.
The confirmed ratings on the MYR100m (USD29.3m/EUR21m) Murabahah commercial papers/medium-term notes (Murabahah CP/MTN) and MYR100m Murabahah medium-term notes (MMTN) programmes mirror Kinsteel's competitive business profile and established distribution network.
In addition, its subsidiary Perwaja has a scheduled repayment of RM50.0 million of the RM110.0 million outstanding under its Murabahah Medium Term Notes (MMTN) programme on September 25, 2013.
MARC has lowered its rating on Perwaja Steel's (Perwaja) MYR 400.0 million Murabahah Medium Term Notes (MMTN) programme to BBB-ID from A-ID, and placed the rating on MARCWatch Negative.
MARC has affirmed its -ID and AID ratings on Alpha Circle Sdn Bhd's (Alpha Circle) MYR 345.0 million Senior Musharakah Medium Term Notes (MMTN) programme and MYR 35.0 million Junior MMTNs respectively.