The rating of Europlus Corporation Sdn Bhd’s (ECSB) RM350.0 million Murabahah Underwritten Notes Issuance Facility (MUNIF) has been downgraded to MARC-4ID and placed on MARCWatch with negative implications. The downgrade reflects substantial deterioration in ECSB’s internal cash flow generation, making it unlikely, in MARC’s opinion, that ECSB will be able to meet its financial...

Peremba Jaya Holdings Sdn Bhd’s (PJHSB) RM200 million Murabahah Underwritten Notes Issuance Facility (MUNIF)/ Murabahah Medium Term Notes (MMTNs) facility’s long term rating has been downgraded to A-ID from AID whilst the short term rating is affirmed atMARC-2ID. The ratings have also been placed on MARCWatch with a Negative Outlook. The rating actions reflect the group&r...

The rating of OSK Property Holdings Bhd (OSKP)’s Class A and Class B BaIDS has been reaffirmed at AID and A-ID respectively. The reaffirmation reflects OSKP’s strong presence in Sungai Petani, Kedah through its flagship development – Bandar Puteri Jaya (BPJ); its improving operating profit margins and the potential rental income from its proposed acquisition of Ke-Zan Holdings ...

MARC has downgraded Maxisegar Sdn Bhd (MSB)’s RM250.0 million Al Bai Bithaman Ajil Islamic Debt Securities (BaIDS) from the rating of AID (A flat, Islamic Debt) to BBID (BB flat, Islamic Debt). Concurrently, MARC has also placed the rating on a MARCWatch with a Negative Outlook. The severe downgrade of the BaIDS to non-investment grade securities was based upon the rapid deterioration of M...

The rating of MK Land Holdings Berhad’s (MK Land) tranche 1 and tranche 2 serial bond ratings have been downgraded to A reflecting the the vulnerability of the projects to developments in the local property market ; lower than expected take up rates of its recent launches in Damansara Damai (DDamai) and Damansara Perdana (DPerdana) projects, (from which the sales proceeds have been assign...

The reaffirmation of Putrajaya Holdings Sdn Bhd’s (PJH) issuer and Islamic debt ratings are based on the solid capitalization underlined by the formidable set of shareholders and the exceptionally strong financial flexibility. Notwithstanding, it is complemented by the strength of the issue structures where repayment of the corporate debt securities are secured by specific take out sources...

Glomac Berhad’s (“Glomac”) ratings have been reaffirmed, a reflection of the company’s established position as a reputable property developer in the Klang Valley and its strong financial performance coupled with an adequate cashflow generating capacity. The moderating factor continues to be the vulnerability of the projects to adverse developments in the property market.G...

The reaffirmation of the ratings reflects the credit strength of Petroliam Nasional Berhad (PETRONAS); the user of specific assets belonging to Petronas Assets Sdn Bhd (PAssets) and the obligor of the Promissory Notes (PNs) and Asset Utilisation Fee (AUF). Payments arising from the PNs and AUF form the primary source of repayment of the Bai Al-Dayn Notes Issuance Facility (NIF) and Al-Murabahah ...

The reaffirmation of the ratings reflects the credit strength of PETRONAS, the principal tenant of the PETRONAS Twin Towers (Tower 1 and Tower 2), which bears the rental payments for both towers. The rental stream forms the primary source of repayment of the debt securities. PETRONAS’ superior credit strength is drawn from its strong financial position, favourable production profile, sign...

MARC has downgraded the long-term ratings of Ambang Sentosa Sdn. Bhd.’s (ASSB) RM272 million and RM226 million of class B and class C Al-Bai Bithaman Ajil Islamic debt (BaIDS) asset-backed securities (ABS) facility. The downgrades are premised on the construction delays experienced at the Taman Puncak Jalil development brought about by the repatriation of illegal foreign workers in the la...