MARC has affirmed the ratings on Harum Intisari Sdn Bhd’s (HISB) Al-Murabahah Commercial Papers (MCP)/Medium Term Notes (MMTN) with a nominal value of up to RM300 million at  MARC-1ID(cg)/AA-ID(cg). The ratings carry a stable outlook. The ratings are based on the support provided by a corporate guarantee extended by Gamuda Berhad (Gamuda) for the MCP/MMTN programme issued by its indirec...

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 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 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 ...

MARC has affirmed its ratings on Horizon Hills Development Sdn Bhd’s (Horizon Hills) Islamic Bank Guaranteed Medium-Term Notes (IMTN) Programme of up to RM200 million and Islamic Commercial Papers (ICP) Programme of up to RM70 million at AAAID(bg) and MARC-1ID(s) respectively. The ratings carry a stable outlook. The IMTN benefits from an unconditional and irrevocable guarantee by Public Bank...

MARC has affirmed its AAAID /MARC-1ID and AAAIS ratings on Putrajaya Holdings Sdn Bhd’s (PJH) Islamic debt issuances as follows:- RM570 million BBA Bonds Issuance Facility (due 2013) RM850 million BBA Bonds Issuance Facility (due 2013) RM850 million BBA Serial Bonds Issuance Facility (due 2015) RM1.5 billion Murabahah Notes Issuance (MUNIF) Facility (due 2015)RM2.2 billion Murabahah Medium T...

MARC has affirmed the AAAID rating on Midciti Resources Sdn Bhd’s (Midciti) 8- to 12-year Secured Bai Al-Dayn Bonds with a nominal value of up to RM1,605 million (Serial Bonds) and the AAA(s) rating on its 13-year bonds with a nominal value of up to RM1,315 million. The ratings carry a stable outlook.The affirmed ratings and the stable ratings outlook reflect the credit strength of Petroliam...

MARC has upgraded Glomac Berhad’s (Glomac) long-term rating to AID from A-ID and concurrently affirmed the short-term rating at MARC-2ID under the RM25 million Murabahah Notes Issuance Facility / Islamic Medium Term Notes (MUNIF/IMTN). The ratings carry a stable outlook. The upgrade reflects Glomac’s improved financial leverage and the turnaround in Glomac’s cash flow generation,...

MARC has affirmed its AAA, AA and A+ ratings on Vast Winners Sdn Bhd’s (Vast Winners) RM650.0 million Medium Term Notes Programme’s (MTN Programme) senior classes of RM190.0 million Class A, RM40.0 million Class B and RM20.0 million Class C, respectively. The outlook on the ratings is stable. The ratings mainly reflect the satisfactory performance of the securitised property, which has...

MARC has affirmed its AAA(bg) and MARC-1(bg) ratings on property developer Mega Palm Sdn Bhd’s Bank Guaranteed Medium Term Notes (BG MTN) of up to RM70.0 million and Bank Guaranteed Commercial Papers (BG CP) of up to RM80.0 million, respectively. The outlook for the ratings is stable. The rating action is underpinned by MARC’s affirmation of its AAA/MARC-1 public information ratings on...