Moody’s Places MISC Berhad’s Baa2 Issuer Ratings on Review

Friday, December 13, 2002
Moody's Investors Service has placed the Baa2 foreign and local currency issuer ratings of Malaysia International Shipping Corporation Berhad (MISC) on review for possible downgrade. This follows reports that MISC may incur additional debt of about USD820MM to fund its capital expenditure requirements.

Moody's is concerned that the additional debt may be incurred at the subsidiary level and that it may increase significantly the level of secured debt. This may lead to legal and structural subordination for creditors at the MISC level. The review will focus on details of the proposed additional borrowing, its terms, the borrowing entities within the group and whether, if incurred, it will in fact lead to structural and/or legal subordination for unsecured creditors at the MISC level. Moody's will take a close look at the structure of the new financing and assess the impact of such on the financial profile of MISC.

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