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MALAYSIAN Rating Agency Corp Bhd (MARC) has downgraded its rating on Haisan Resources Bhd's outstanding RM12 million bonds to BBB- from A-, with a negative outlook.
This followed the company's announcement of its second-quarter earnings for the three months ended June 30 2009, its fourth consecutive quarterly loss.
"Although Haisan's quarterly loss shows signs of narrowing, the continued weak performance has resulted in a faster-than-anticipated decline in the company's available liquidity," said MARC in a statement last Friday.
"The lowered rating reflects our expectation that Haisan will be challenged to meet its scheduled minimum principal redemption of …