The ratings of OSK Property Holdings Bhd (OSKP)’s Class A and Class B BaIDS have been reaffirmed at AID and A-ID respectively with a negative outlook. The reaffirmation reflects OSKP’s strong presence in Sungai Petani, Kedah through its flagship development, Bandar Puteri Jaya (BPJ), its adequate, albeit declining liquidity position and moderate debt leverages. Difficult property mar...

Under this transaction, a special purpose vehicle, Gandalf Capital Sdn. Bhd. (formerly known as Icon Lagoon Sdn. Bhd.) (Gandalf Capital) is incorporated to raise up to RM118.0 million of CPs/MTNs comprising of RM87.0 million Class A, RM16.0 million Class B and RM15.0 million Class C CPs/MTNs (Notes), which will be on-lent to its parent, Quill Capita Trust (QCT), a real estate investment trust (R...

The rating of Guthrie Property Development Holding Berhad’s (GPDH) RM750 Million Islamic Medium Term Notes Programme has been reaffirmed at AA-ID with a stable outlook, reflecting the Group’s strong financial position and commendable competitive position evident from the range of mix development offered, its track record and the sizeable land bank that the group possesses. The soft p...

Putrajaya Holdings Sdn Bhd’s (PJH) Islamic debts’ ratings have been maintained at AAAID /MARC-1ID with a stable outlook premised on the strength of PJH’s financials and robust cash flows from consistent sub-lease rental collection from a strong off taker i.e. The Government of Malaysia (GOM).PJH is the concessionaire and developer of Putrajaya on a privatised basis. Under a Con...

MARC has reaffirmed Sunrise’s short term and long term debt rating at MARC-1ID, and A+ID respectively, reflecting Sunrise’s strong financial track record with operating margins averaging 23% in the last four years, low debt leverage position and high financial flexibility. The ratings were also underpinned by the company’s established position as a high-end developer, with seve...

The rating of Kuala Lumpur Sentral Sdn Bhd’s (KLSSB) RM720.0 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) comprising Tranches 2B, 3, 4A & 4B has been upgraded to A+ID(s) with a stable outlook reflecting the support provided by Bank Pembangunan Malaysia Berhad (BPMB) (formerly known as Bank Pembangunan dan Infrastruktur Malaysia Berhad or “BPIMB”) by way of ...

WCT Land Berhad’s (“WCTL”) RM132 million Convertible Redeemable Debt Securities (“CRDS”) is upgraded from A to A+ (cg) with a stable outlook to reflect the strength of the corporate guarantee provided by its holding company, WCT Engineering Bhd (“WCTE”). WCTE’s RM100 million Islamic Fixed Rate Serial Bonds initial A+ rating assigned by MARC in June...

MARC has assigned AAIS to Diversified Venue Sdn Bhd’s (“DVSB”) RM200 million Sukuk Al-Ijarah Master Program. The rating reflects the quality of the Assets and the strength of the Liquidity Support Provider and Purchase Undertaking Provider, United Engineers (Malaysia) Berhad (“UEM”). UEM is a well diversified conglomerate with its principal activities spanning const...

The ratings of Harum Intisari Sdn Bhd’s (HISB) Al-Murabahah Commercial Papers (MCP) and Medium Term Notes (MMTN) (collectively known as the Programme) of up to a nominal value of RM300.0 million have been affirmed at MARC-1ID (cg)/AA-ID (cg) with stable outlook. The ratings reflect the unconditional and irrevocable corporate guarantee extended by its ultimate holding company, Gamuda Berhad (...

MARC has assigned MARC-1ID for Sunrise’s Islamic Commercial Paper issuance programme and A+ID for Islamic MTN issuance programme with value of up to RM150 million. The ratings reflect Sunrise’s good financial track with operating margins averaging 23% in the last four years, low debt leverage position and good financial flexibility. The assigned ratings were also underpinned by the com...