MARC has assigned a rating of A to Berjaya Land Berhad’s (‘BLand’) proposed issuance of five-year Secured Exchangeable Bonds with nominal value of up to RM900 million. The rating reflects the strength of its associated company, Berjaya Sports Toto (“BToto”) of which the shares form the exchange property, its competitive position as the sole national lotto operator wit...

MARC has affirmed the rating of MARC-2/A- with stable outlook to Equine Capital Berhad’s (ECB or Issuer) Commercial Papers/Medium Term Notes Programme (CP/MTN Programme) of up to RM95 million. The rating reflects ECB’s high competitive position through its flagship developments in Seri Kembangan, credible track record of timely completion of its projects and low debt leverage position....

MARC has downgraded the ratings of Ample Zone Berhad’s (AZB) Sukuk Al-Ijarah comprising of RM50 million Class A Sukuk, RM25 million Class B Sukuk and RM75 million Class C Sukuk (Sukuk) from AAAID, AAID and AID to AA+ID, AID and BBID, respectively. The ratings reflect the deterioration of AZB’s cash flow resulting from the non rental payment from subsidiaries of Talam Corporation Berhad...

The long and short term ratings of AAA(bg) and MARC-1(bg) assigned 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 reflect the unconditional and irrevocable bank guarantee provided by Malayan Banking Berhad (Maybank). MPSB is principally involved in propert...

Under this transaction, a bankruptcy remote special purpose vehicle, Aragorn ABS Berhad (Aragorn), will purchase a designated piece of land together with its building, Wisma Technip, by issuing up to RM115.0 million CPs/MTNs; renting the property to tenants for the benefit of the senior noteholders; and utilising rental collections towards making coupon payments. Monthly rental payments into th...

MARC has downgraded with a negative outlook the long-term ratings of Ambang Sentosa Sdn. Bhd.’s (ASSB) RM272 million class B and RM226 million class C Al-Bai Bithaman Ajil Islamic debt (BaIDS) asset-backed securities (ABS) facility from AID to BBB+ID and from A-ID to BBBID respectively. The downgrades reflect the prolonged construction delays experienced at the Taman Puncak Jalil developm...

The Islamic debt ratings of MARC-1ID/AAAID assigned to Putrajaya Holdings Sdn Bhd’s (“PJH”) proposed RM1.5 billion Murabahah Commercial Papers/Medium Term Notes (“CP/MTN”) Programme reflects PJH’s solid capitalization underlined by the strong set of shareholders, exceptionally strong financial flexibility and the strategic importance of PJH in the development ...

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”) with Developing Outlook. ICSB’s Series 1 BaIDS of RM20.0 million has been downgraded to BBB+ID from A+ID; Series 2 BaIDS of RM35.0 million and Series 3 BaIDS of ...

MARC has downgraded the rating of Perspektif Perkasa Sdn Bhd’s (“PPSB”) RM188 million Murabahah Underwritten Notes Issuance Facility (“MUNIF”) from MARC-3ID to MARC-4ID. Concurrently, the rating has also been placed on MARCWatch with a Negative Outlook. PPSB is the developer of Bandar Pinggiran Cyber, an 800-acre township to be located at the fringe of Cyberjaya.MAR...

MARC has reaffirmed the MARC-4ID rating of Pembangunan Brisdale Sdn Bhd’s (PBSB) RM55 million Murabahah Notes Issuance Facility (MUNIF). Concurrently, the rating has been placed on MARCWatch with a Developing Outlook. The rating reflects the weak sentiment towards the property development at Bandar Armada Putra which consequently resulted in the company’s weak financial position. The...