MARC has affirmed its AAIS rating on Diversified Venue Sdn Bhd’s (DVSB) RM200 million Sukuk Al-Ijarah Master Programme (Sukuk). The rating outlook is stable. DVSB, a funding special purpose vehicle wholly-owned by First Impact Sdn Bhd (FISB), acquired a beneficial ownership in the land and building for the construction of Mercu UEM, UEM Group Corporate Headquarters from FISB via the Sukuk pr...

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 government...

MARC has affirmed the A-ID / MARC-2ID ratings on property developer Glomac Berhad’s (Glomac) RM60 million Junior Bai’Bithaman Ajil Islamic Bonds (Junior BaIDS) and its RM25 million Murabahah Notes Issuance Facility / Islamic Medium Term Notes (MUNIF/IMTN) respectively. Glomac’s RM50 million Senior BaIDS was fully redeemed in January 2006. The ratings reflect Glomac’s establ...

MARC has affirmed the AAAID(bg) and MARC-1ID(s) ratings on property developer, Horizon Hills Development Sdn Bhd’s (Horizon Hills) (formerly known as Arapesona Development Sdn Bhd) Islamic Bank Guaranteed Medium-Term Notes (IMTN) Programme of up to RM200 million and Islamic Commercial Papers (ICP) Programme of up to RM70 million respectively. The ratings carry a stable outlook. The affirmed ...

MARC has affirmed the MARC-1ID(cg)/AA-ID(cg) 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. The ratings carry a stable outlook. The ratings and ratings outlook reflect the credit quality of guarantees extended by HISB’s holding company, Gamuda Berhad (Gamuda), a leading construction c...

MARC has affirmed its AAAID /MARC-1ID ratings on Putrajaya Holdings Sdn Bhd’s (PJH) Islamic debt issuances, as follows:-    • RM765 million Bai Bithaman Ajil (BBA) Bonds Issuance Facility (due 2010)    • RM570 million BBA Bonds Issuance Facility (due 2013)    • RM850 million BBA Bonds Issuance Facility (due 2013)    • ...

MARC has affirmed the rating of Land & General Berhad’s (L&G) Redeemable Convertible Secured Loan Stocks (RCSLS) of up to RM320,962,637 at B. The rating carries a stable outlook. The affirmed rating reflects the satisfactory progress made in its ongoing Asset Disposal Programme (ADP), a critical component of a debt restructuring scheme agreed upon in 2003. The ADP is principally prov...

MARC has affirmed its MARC-1(bg) and AAA(bg) ratings on Mega Palm Sdn Bhd’s (MPSB) 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 rating outlook is stable. The ratings reflect the strength of the unconditional and irrevocable bank guarantee provided by Malaysia’s largest bank, M...

MARC has revised its outlook on Sunrise Berhad’s (Sunrise) ratings of MARC-1ID /A+ID on RM70.0 million Murabahah Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) and A+ID on its RM400.0 million IMTN facility to stable from positive. Concurrently, MARC has affirmed the ratings. The outlook revision reflects expectations of moderation in sales momentum mainly due to weak property...

MARC has upgraded the rating of Ample Zone Berhad’s Sukuk Al-Ijarah (Sukuk) Class B of RM13.3 million from AIS to AA+IS and affirmed the rating of the RM75.0 million Class C Sukuk at BB-IS. The rating upgrade of Class B Sukuk reflects improvement in collateral value backing the Sukuk following the recent full redemption of Class A Sukuk as reflected in a significantly lower loan-to-value (LT...