PETALING JAYA: Padiberas Nasional Bhd’s (Bernas) RM750mil Islamic commercial papers/medium-term notes programme (ICP/MTN) has been downgraded to reflect the unexpected deterioration in the company’s financial profile, a report by RAM Ratings showed.
The rating agency, which downgraded the company’s ICP/MTN to A3/negative/P2 from AA3/negative/P1, said the downgrade was also due to the extension of financial support to its parent, Tradewinds (M) Bhd (TWM), as well as several adverse industry developments.
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