Fitch affirms Ranhill

Fitch Ratings said it affirmed Ranhill Bhd.'s long-term foreign-currency issuer default rating at B and the senior unsecured rating on its $220 million notes at B-.

The outlook is stable.

The action follows news that the company has made an unconditional joint offer with LOSB Cayman Ltd. to acquire the remaining shares of the company's 70% listed subsidiary, Ranhill Utilities Bhd. for about 305 million in Malaysian ringgits.

The offer does not result in incremental indebtedness at Ranhill, Fitch said, and its involvement is merely to facilitate the take-over.

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