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Marac's first-ranking debenture stock rated

Wednesday 11th June 2008

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Marac Finance's first-ranking secured debenture stock has been rated BBB- in its long-term rating and A-3 in its short-term rating by Standard & Poor's rating service.

The rating applies to all long and short-term debt securities covered by the first-ranking debenture stock prospectus.

The securities issued under the debenture prospectus are covered by a trust deed and retain a charge over all of the non-securitized assets of Marac. All the securities are senior secured obligations of Marac and is highly unlikely that any change to the issuer credit ratings on Marac will affect the ratings assigned to the securities issued under the debenture prospectus, S&P said.

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