MARC has affirmed its A rating on Berjaya Land Berhad's (BLand) Secured Exchangeable Bonds due 2011 with the rating outlook maintained at stable. The rating action is premised on the strong collateral coverage afforded under the bond issue structure in which BLand has to maintain at least 130% collateral coverage in the form of pledged shares in its gaming subsidiary, Berjaya Sports Toto Berhad (B...

MARC has affirmed the rating of DutaLand Berhad’s (DutaLand) outstanding RM26.3 million Redeemable Unsecured Loan Stocks (RULS) at B. The outlook is revised from negative to stable. The affirmed rating and outlook revision incorporates DutaLand’s improved operating performance, although earnings remain vulnerable to the company’s ability to execute the later phases of its high-en...

MARC has affirmed the rating of Olympia Industries Berhad’s (Olympia) outstanding RM72,981,306 nominal value Redeemable Unsecured Loan Stocks (RULS) at BB-. The outlook on the rating is maintained at negative. The rating action incorporates continued concern on the group’s weak profitability measures and earnings sustainability for its property and gaming divisions. MARC notes the slow...

MARC has affirmed its ratings on Tesco Stores (Malaysia) Sdn Bhd’s (Tesco Malaysia) RM3.5 billion Conventional Commercial Papers/Medium Term Notes (CP/MTN) Facility and Islamic Commercial Papers/Medium Term Notes (ICP/IMTN) Facility at MARC-1(cg)/AAA(cg) and MARC-1ID(cg)/AAAID(cg) respectively. The outlook for the ratings is stable. The ratings reflect the credit strength of the corporate gu...

MARC has placed Horizon Hills Development Sdn Bhd’s (Horizon Hills) MARC-1ID(s) rating on its RM70 million Islamic Commercial Paper (ICP) Programme on MARCWatch Developing following a conditional takeover bid for Sunrise Berhad (Sunrise) by UEM Land Holdings Berhad (ULHB). Horizon Hills is a 50:50 joint venture between Gamuda Berhad (Gamuda) and ULHB’s 100%-owned subsidiary, UEM Land B...

MARC has upgraded the long-term Islamic debt rating of Bayu Padu Sdn Bhd (Bayu Padu) to AA-ID from A+ID and affirmed the company's short-term Islamic debt rating at MARC-1ID. The outlook for the ratings is stable. The rating action affects RM250 million of outstanding Istisna' Serial Bonds (Istisna' Bonds) maturing from 2012 through 2015, and RM100 million Murabahah CPs issued under Bayu Padu's Mu...

MARC has affirmed the ratings of Dura Palms Sdn Bhd’s (Dura Palms) RM100 million Series A, RM90 million Series B and RM10 million Series C Sukuk Ijarah at AAAIS, AAIS and AIS respectively. The ratings carry a stable outlook. The rating action affects RM150.0 million of outstanding Sukuk. Dura Palms is a special purpose company and wholly-owned subsidiary of Teck Guan Holdings Sdn Bhd (Teck G...

MARC has affirmed its AA- rating on Scomi Group Bhd's (Scomi) RM500 million Medium Term Notes Programme (MTN) and revised its rating outlook to negative from stable. The outlook revision incorporates some weakening in Scomi's business and financial profile as a result of current negative industry fundamentals.The affirmed rating, meanwhile, incorporates steps taken by Scomi to bolster its liquidit...

MARC has affirmed its AA-ID(CG) rating on KMCOB Capital Berhad's (KMCOB) RM630 million Murabahah Medium Term Notes and revised its rating outlook to negative from stable. KMCOB is ultimately held by Scomi Group Bhd (Scomi) through 76%-owned subsidiary Scomi Oilfield Limited (SOL). SOL has guaranteed the obligations of KMCOB under the rated facility. The rating action is concurrent with MARC's affi...

MARC has affirmed the rating of Gerbang Perdana CIQ Sdn Bhd’s (GPCIQ) RM1.7 billion Medium Term Notes (MTN) Programme at AAA. The rating carries a stable outlook. The MTNs are fully secured by Facility Payment Certificates (FPC) issued by the government in lieu of payment of construction receivables relating to the construction of the new integrated Customs, Immigration and Quarantine (CIQ) ...