MALAYSIA: RAM Ratings has received confirmation from Malaysian Trustee that White Horse’s RM180 million (US$50 million) Murabahah commercial papers/medium-term notes (CP/MTN) program had lapsed upon its maturity on the 5th December 2008. Therefore, RAM no longer has any rating obligations on White Horse’s CP/MTN, and the ‘A1/P1’ ratings it assigned to the program are no longer valid, the rating agency said.