MARC has assigned a rating of AAAIS for Putrajaya Holdings Sdn Bhd’s (PjH) up to RM1.5 billion Nominal Value Sukuk Musyarakah Medium Term Notes Programme. The rating carries a stable outlook. The proceeds of the sukuk will be used mainly for Syariah compliant general working capital requirements of PjH, and to pay the balance of contract works in Parcel E subject to a ceiling of RM35 million...

Vast Winners Sdn Bhd (VWSB) is a bankruptcy remote special purpose vehicle established for the purpose of issuing up to RM650.0 million Medium Term Notes (MTNs). The proceeds of the issuance will be used to finance the purchase of 510,418 sq ft of strata floor area within shopping centre, Sungei Wang Plaza (SWP or property), together with 1,310 parking bays and rights under all tenancy agreements ...

MK Land Holdings Berhad’s (MK Land) RM300 million Serial Bonds Tranche 1 and 2 rating has been downgraded from A- to BBB+. The rating outlook is developing. The rating downgrade reflects its weakening business and financial risk profile, in particular of its lower take up rate in its Damansara Perdana and Damansara Damai developments, MK Land’s weak profitability measures, as well as c...

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. The Sukuk programme is a structured transaction involving DVSB acquiring the beneficial ownership in the land and building designated as the UEM Group Berhad (UEM Group) Headquarters’ Building (the Building) from First Impact Sdn ...

MARC has affirmed its ratings on Gandalf Capital Sdn. Bhd.’s (Gandalf Capital) RM118.0 million CPs/MTNs (the Notes) comprising RM87.0 million Class A Notes, RM16.0 million Class B Notes  and RM15.0 million  Class C Notes. The Class A Notes are rated MARC-1/AAA; the Class B Notes are rated MARC-1/AA; and the Class C Notes are rated MARC-1/A. The affirmed ratings reflect the stable l...

MARC has upgraded Land & General Berhad’s (L&G) Redeemable Convertible Secured Loan Stocks (RCSLS) of up to RM320,962,637 to B from B-. The outlook for the rating is Developing. The upgrade reflects the Group’s improved credit profile and liquidity position which is mainly attributed to significant debt reduction during the past year. Using proceeds from asset sales under its o...

MARC has assigned ratings of MARC-1/AAA to RM125.0 million Senior Class A Notes and MARC-1/AA to RM50.0 million Senior Class B Notes (Senior Notes) of Mutual Streams Sdn Bhd (MSSB). MSSB is a bankruptcy remote special purpose vehicle that will be issuing up to RM650.0 million Commercial Papers/Medium Term Notes (Notes) to purchase a designated piece of land together with its building, Mines Shoppi...

MARC has affirmed the A rating of Berjaya Land Berhad’s (BLand) five-year Secured Exchangeable Bonds (EB) with nominal value of up to RM900 million which are exchangeable into shares of leading domestic Numbers Forecast Operator (NFO), Berjaya Sports Toto Berhad (BToto). The rating outlook is stable. The rating on the EB reflects the resilient financial performance of BToto, the collateral c...

MARC has reaffirmed its AAAID /MARC-1ID ratings on Putrajaya Holdings Sdn Bhd’s (PJH) Islamic debt issuances. The facilities affected by this rating action are: 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)RM850 million BBA Serial Bonds Issuance Facility (due 201...

MARC has reaffirmed the AAAID rating on Midciti’s 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 reaffirmed ratings and the stable ratings outlook reflect the credit strength of PETRONAS, the head lessee of the PETRONAS Twin Towers (Tower 1 and Tow...