MARC has affirmed its A rating on Berjaya Land Berhad's (BLand) Secured Exchangeable bonds due 2011. Concurrently, MARC has revised the rating outlook from developing to stable to reflect reduced liquidity concerns with the expiry of bond put options substantially unexercised. The current outstanding principal amount is RM711 million, reduced from RM882.0 million since MARC's last rating action in...

MARC has affirmed WCT Berhad’s (WCT) issue ratings as follows:• RM300 million Redeemable Sukuk with Warrants at AA-IS• RM300 million Islamic Commercial Papers/Medium Term Notes (CP/MTN) at MARC-1ID/AA-ID• RM100 million Islamic Fixed Rate Serial Bonds at AA-ID• RM100 million Islamic CP/MTN at MARC-1ID/AA-IDThe outlook on the ratings is revised to develo...

MARC has affirmed its ratings of AA-IS and MARC-1IS / AA-IS on Offshoreworks Capital Sdn Bhd’s (OWC) RM200 million Sukuk Musyarakah (Sukuk Musyarakah) and up to RM150 million Musyarakah Commercial Papers/Medium Term Notes Programme (MCP/MMTN) respectively (collectively referred as the Sukuk). At the same time, the outlook on the ratings has been revised to negative from developing. The revis...

MARC has affirmed its long-term rating on Assar Chemicals Sdn Bhd’s (ACSB) RM150 million Serial Sukuk Musyarakah (Sukuk) at AAAIS. The outlook on the rating is maintained at stable. MARC notes the significant transfers of cash to ACSB’s related companies in the past two financial years which predisposes ACSB to higher liquidity risk and has reduced headroom with respect to its FSCR cov...

MARC has affirmed its A-ID rating on OSK Property Holdings Berhad’s (OSKP) outstanding RM17.5 million Class B BaIDS. The rating carries a stable outlook. The rating affirmation and outlook reflect the company’s stable revenue generation from its ongoing developments, its sizeable land bank and its strong liquidity position relative to its near-term debt repayments. OSKP has continued t...

MARC has affirmed the AAAID rating of Cagamas MBS Berhad’s (Cagamas MBS) asset-backed Sukuk Musyarakah issuance (CMBS 2005-1) of RM2,050.0 million. CMBS 2005-1 represents the second residential mortgage-backed securitisation issuance by Cagamas MBS, a portfolio of government staff Islamic home financings (GSIHFs). The affirmed rating reflects the satisfactory performance of the securitised m...

MARC has affirmed the AAA rating of Cagamas MBS Berhad’s (Cagamas MBS) asset-backed fixed rate serial bonds (CMBS 2007-2) of RM2,410.0 million. The affirmed rating reflects the satisfactory performance of the securitised mortgage portfolio to date, particularly its stable delinquency and low cumulative default rates. As of August 2009, CMBS 2007-2 benefited from a slightly higher credit enha...

MARC has affirmed the ratings of special purpose company Serrisa Sinar Berhad’s (Serrisa Sinar) RM200 million ICP/IMTN notes (Senior Notes) and RM20 million Junior IMTN (Junior Notes) at MARC-1ID /AAID and A+ID respectively. The outlook on the ratings is stable. The ratings reflect the credit quality of the rental payment stream from creditworthy telecommunication companies as the source of ...

MARC has affirmed the ratings of special purpose company DHTI Capital Sdn Bhd’s (DHTI Capital) RM110 million Islamic Commercial Papers/Islamic Medium Term Notes (Senior Notes) and RM10 million Junior Islamic Medium Term Notes (Junior Notes) at MARC-1ID/AAID and A+ID respectively. The outlook on the ratings is stable. The ratings reflect the credit quality of the rental payment stream from cr...

MARC has affirmed its rating on Sunrise Berhad’s RM400.0 million Islamic Medium Term Notes (IMTN) facility at A+ID. The rating outlook is maintained at stable. The affirmed rating reflects Sunrise’s sustained financial performance supported by strong operating margins and huge unbilled sales, its fairly sizeable land bank to sustain developments in the medium term and its low leverage ...