MARC has affirmed the ratings of AAA(bg) and MARC-1(bg) to 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 with stable outlook. The ratings reflect the strength of the unconditional and irrevocable bank guarantee provided by Malayan Banking Berhad (Maybank). Mayban...

MARC has downgraded the ratings of Intelbest Corporation Sdn Bhd’s (ICSB) RM110.0 million Bai Bithaman Ajil Bonds (BaIDS) and RM50.0 million Murabahah Notes Issuance Facility (MUNIF). The ratings on ICSB’s Series 1 BaiDS of RM20.0 million, Series 2 BaIDS of RM35.0 million and Series 3 BaIDS of RM55.0 million have been downgraded to B+ID from BBB+ID and BBBID respectively; whilst the ra...

MARC has assigned the ratings of AAAID(bg) and MARC-1ID(s) to the proposed issuance of Arapesona Development Sdn Bhd’s (Arapesona) Islamic Bank Guaranteed Medium-Term Notes (IMTN) Programme of up to RM200.0 million and Islamic Commercial Papers (ICP) Programme of up to RM70.0 million respectively. The outlook of the ratings is stable. Arapesona is a 50:50 joint venture formed by UEM Land Sdn...

MARC has affirmed the ratings of Aragorn ABS Berhad’s (Aragorn) RM60.0 million Senior Class A CPs/MTNs, RM10.0 million Senior Class B CPs/MTNs (Senior Class CPs/MTNs), RM20.0 million Subordinated Class C MTNs and RM25.0 million Subordinated Class D MTNs (Subordinated Class MTNs) at MARC-1/AAA, MARC-1/AA, BB and B, respectively. The ratings reflect the quality of the property; the strong c...

MARC has reaffirmed the ratings of Ample Zone Berhad’s Sukuk Al-Ijarah (Sukuk) Class A of RM50 million and Class B of RM25 million at AA+ID and AID respectively. However, the RM75.0 million Class C Sukuk has been downgraded to BB-ID from BBID. The ratings of Class A and Class B Sukuk reflects the collateral backing the Sukuk; loan-to-values (LTV) which were within MARC’s acceptable ...

The long term 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) have been downgraded to A-ID while the short term rating for the MUNIF/IMTN has been reaffirmed at MARC-2ID. The ratings have been accorded a stable outlook. The ratings downgra...

The ratings of Petronas Assets Sdn Bhd’s (PAssets) RM282 million Bai Al-Dayn Notes Issuance Facility (NIF) and RM500 million Al-Murabahah Commercial Papers/Medium Term Notes (CP/MTN) have been reaffirmed at AAAID and MARC-1ID/AAAID, respectively with a Stable Outlook. The reaffirmation of the ratings reflect the strong issue structure governing the NIF and CP/MTN facilities, a record of ti...

The ratings of Midciti Resources Sdn Bhd’s (Midciti) Bai Al-Dayn Bonds and 13-year Bonds have been reaffirmed at AAAID and AAA(s) respectively, with a stable outlook. The Secured Bai Al-Dayn Commercial Paper/Medium Term Notes Financing Programme was fully redeemed in November 2006. The reaffirmation of the ratings reflect the strong issue structure of the Bai Al-Dayn Bonds and 13-year Bond...

The ratings of MK Land Holdings Berhad’s (MK Land) RM300 million Serial Bonds Tranche 1 and 2 have been downgraded to A- with a negative outlook. The downgrade is premised on weaker sales from the Group’s Damansara Perdana and Damansara Damai projects which have contributed to declining profits and margins and the soft property market outlook. The Negative Outlook reflects the challe...

MARC has affirmed the rating for Land & General Berhad’s (L&G) Redeemable Convertible Secured Loan Stocks (RCSLS) of up to RM320,962,637 at B- with negative outlook. The rating reflects the Group’s weak competitive position, lack of financial flexibility and high debt burden owing to its current involvement in the debt restructuring scheme. The negative outlook is premised ...