MALAYSIA: MOODY'S AFFIRMS STATE OF SARAWAK RATING.

From: IPR Strategic Business Information Database | Date: July 26, 2006 | Copyright information

Moody's Investors Service today affirmed the Malaysian State of Sarawak's Baa1 issuer rating following receipt of further information regarding the merger (announced March 2006) of 1st Silicon, an unprofitable state-owned semiconductor manufacturer, with X-FAB Semiconductor Foundries AG, a German company. The rating affirmation recognizes the state's high debt burden and related debt servicing requirements that are tied both to the debt obligations it will assume in connecti...

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