MARC has reaffirmed the ratings of Petronas Assets Sdn Bhd’s Bai Al-Dayn Notes Issuance Facility with a nominal value of RM282 million at AAAID (Triple AAA, Islamic Debt) and Al-Murabahah Commercial Papers/Medium Term Notes (CP/MTN) Programme with a nominal value of up to RM500 million at MARC-1ID/AAAID. The reaffirmation of the ratings reflects the credit strength of Petroliam Nasional Berhad (...

MARC has assigned a rating of AID (A flat, Islamic debt) to Maxisegar Sdn Bhd’s (MSB) Al Bai Bithaman Ajil Islamic debt securities (BAIDS) with a nominal value of RM250 million. The assigned rating reflects MSB’s strong competitive position and good location of its property developments; tempered by its vulnerability to adverse developments in the property market.MSB, a wholly owned subsidiary...

Puncak Alam Housing Sdn Bhd’s (PAH) rating has been upgraded to AID (single A, Islamic Debt), in view of the strength of the underlying issue structure, the advanced stage of completion for Phase II and Phase III of the Bandar Baru Puncak Alam project which have been earmarked for the redemption of the issue, and the remaining billings to date which more than covers the balance of funds to be ac...

MARC has reaffirmed Putrajaya Holdings Sdn Bhd’s (PJH) long term and short term issuer rating of AAA and MARC-1, respectively and its Islamic corporate debt ratings of AAAID/MARC-1ID in respect of its Bai’ Bithaman Ajil Bonds Issuance Facilities for Parcels A, B, C, D & Public Facilities Precinct 10 and its Murabahah Commercial Papers/Medium Term Notes Programme for Parcel E. The reaffirmation...

MARC has received confirmation from the Lead Arranger and Trustee that Europlus Corporation Sdn Bhd’s RM250 million Al-Bai Bithaman Ajil Islamic Debt Securities (2000-2003) have been fully redeemed on 29 September 2003. Hence, MARC no longer has any rating obligation on the debt securities and the A-ID rating is hereby withdrawn....

MARC has withdrawn the corporate debt rating of Maxisegar Sdn Bhd RM300 million and RM600 million Al-Bai Bithaman Ajil Islamic Debt Securities (Baids) following the full redemption of the Baids on the 28th of July 2003....

MARC has assigned a B- (B minus) rating to Land & General Berhad’s (L&G) redeemable convertible secured loan stocks (RCSLS) of RM320,962,637. The rating reflects the secured nature of the RCSLS and the relatively sustaining demand for L&G’s property development in Bandar Sri Damansara. These factors are offset by the weak composite competitiveness of L&G’s diverse business activities, its un...

MARC assigned a MARC-3ID rating to Perspektif Perkasa Sdn Bhd’s (PPSB) Murabahah Underwritten Notes Issuance Facility (MUNIF) with a nominal value of RM188 million. The rating reflects the competitive position of the proposed development, Bandar Pinggiran Cyber, in terms of location, infrastructural accessibility and pricing. Despite the potentially high take-up for this proposed development, c...

MARC has affirmed the long-term Islamic corporate debt rating of AID (Single A, Islamic Debt Securities) and short-term Islamic corporate debt rating of MARC-2ID assigned to Sunrise Berhad’s RM70 million Islamic Medium Term Notes and Murabahah Notes Issuance Facility and RM100 million Bai’ Bithaman Ajil Notes Issuance Facility respectively. The affirmed ratings reflect the commendable positi...

M K Land Holdings Berhad’s (M K Land) tranche 1 and tranche 2 serial bonds ratings have been affirmed at A (single A flat)reflecting the relatively strong financial profile and the strength of the underlying issue structure in which secured sales have been earmarked for the redemption of the bond issues. The take-up rates of Damansara Damai (DDamai) and Damansara Perdana (DPerdana) projects, of...