MARC has reaffirmed the rating of Guthrie Property Development Holding Berhad’s (GPDH) RM750 million Islamic Medium Term Notes Programme (IMTN) at AA- ID. The outlook on the rating has been revised to positive from stable. The positive outlook reflects the ongoing rationalisation within the Group’s corporate structure and a possible change in its ownership structure. It also reflects M...

MARC has reaffirmed the ratings of OSK Property Holdings Bhd (OSKP)’s Class A and Class B BaIDS at AID and A- ID respectively. The ratings outlook is negative. The ratings reflect OSKP’s strong presence in Sungai Petani, Kedah through its development in Bandar Puteri Jaya (BPJ), strong shareholders support, moderate level of cash flow diversification and financial flexibility. However,...

MARC has reaffirmed the rating of Petronas Assets Sdn Bhd’s (PAssets) RM282 million Bai Al-Dayn Notes Issuance Facility (NIF) at AAAID. The rating outlook is stable. PAssets is the owner and lessor of certain systems, equipment, machinery and other fixed assets and chattels located at PETROSAINS Discovery Centre (Petrosains Assets) and Tower 1 of the PETRONAS Twin Towers. The reaffirmed rati...

MARC has affirmed its ratings of Glomac Berhad’s (Glomac) RM60 million Junior Bai’Bithaman Ajil Islamic Bonds (Junior BaIDS) and RM25 million Murabahah Notes Issuance Facility / Islamic Medium Term Notes (MUNIF/IMTN) at A-ID /MARC-2ID respectively. The ratings outlook is stable. The affirmed ratings reflect the Group’s good market position, backed by the strategic location of Glo...

MARC has reaffirmed the ratings of MARC-2/A- to Equine Capital Berhad’s (ECB) Commercial Papers/Medium Term Notes Programme (CP/MTN Programme) of up to RM95 million with a developing outlook. The rating affirmation reflects MARC’s expectations of improvements in ECB’s operating and financial performance, supported by generally positive broad housing market trends and ECB’s ...

MARC has reaffirmed Sunrise Berhad’s (Sunrise) short-term and long-term debt ratings of MARC-1ID and A+ID respectively. The outlook on the ratings is positive. The ratings reflect Sunrise’s track record as a reputable and established high-end developer, the high take-up rates for its projects, strong operating margins and cash flow generation capacity, and good financial flexibility. T...

WCT Land Berhad’s (“WCTL”) RM132 million Convertible Redeemable Debt Securities (“CRDS”) is affirmed at A+ (cg) with stable outlook. The rating reflects the credit support extended by its holding company, WCT Engineering Bhd (“WCTE”), which has sizeable construction order book, and improving business and financial risk profile. WCTL’s stand-alone cre...

MARC has reaffirmed the MARC-1ID(cg)/AA- ID(cg) of Harum Intisari Sdn Bhd’s (HISB) Al-Murabahah Commercial Papers (MCP) and Medium Term Notes (MMTN) with a nominal value of up to RM300.0 million. The ratings outlook is stable. The ratings are based on an unconditional and irrevocable corporate guarantee extended by HISB’s ultimate holding company, Gamuda Berhad (Gamuda). The ratings re...

Major Rating FactorsStrengthsA reputable and an established high-end developer with excellent track records i.e. high take-up rates for all its projects as well as able to complete its project ahead of schedule; andStrong operating margin, good financial flexibility as well as cash flow generation capacity. Challenges/RisksCyclical nature of the property market; andHigher expected debt levera...

Under this transaction, Inverfin Sdn Bhd (Inverfin), the owner of Menara Citibank will issue up to RM200.0 million Commercial Papers/ Medium Term Notes (Notes) comprising RM160.0 million Class A and RM40.0 million of Class B Notes. MARC has assigned ratings of MARC-1/AAA and MARC-1/AA to Inverfin’s RM160.0 million Class A and RM40.0 million Class B Notes respectively. The ratings reflect the...