MARC has withdrawn its ratings of MARC-1IS/AAA-IS on Gas Malaysia Berhad’s (Gas Malaysia) RM700 million Islamic Commercial Papers/Islamic Medium-Term Notes (ICP/IMTN) programmes. The ratings withdrawal follows early termination of the programmes, as confirmed by the facility agent. The ratings carried a stable outlook.
The programmes were terminated following an exchange of outstanding RM281 million IMTN with an equivalent amount of new IMTN issued by Gas Malaysia Distribution Sdn Bhd (GMD), a wholly owned subsidiary of Gas Malaysia, in August 2020. GMD has established ICP/IMTN programmes with a combined limited of up to RM1.0 billion which are rated by MARC at MARC-1IS/AAA-IS. The exercises were undertaken following Gas Malaysia’s group-wide reorganisation which had resulted in the transfer of its natural gas distribution system (NGDS) to GMD and it becoming a non-operating holding company.