The long term Islamic debt rating of AAAID assigned to Putrajaya Holdings Sdn Bhd’s (“PJH”) proposed RM2.2 billion Islamic Medium Term Notes (“IMTN”) Programme reflects its solid capitalization backed by the strong set of shareholders; exceptionally strong financial flexibility; and the strategic importance of PJH in the development of Putrajaya as the nation’...

MARC has reaffirmed Sunrise’s short term and long term debt rating at MARC-1ID, and A+ID respectively, reflecting Sunrise’s good financial track record with operating margins averaging 25% in the last four years; low debt leverage position and good financial flexibility.The rating was also underpinned by the company’s established position as a renowned and successful high-end c...

MARC has reaffirmed the rating of Kuala Lumpur Sentral Sdn Bhd’s (KLSSB) tranches 2A, 2B, 3, 4A & 4B BaIDS totaling RM800 million at AID(s), reflecting the support provided by Bank Pembangunan & Infrastruktur Malaysia Berhad (BPIMB) by way of a standby revolving credit facility. Kuala Lumpur Sentral’s commercial development is divided into four phases. As at May 2005, the agg...

The affirmed rating of AA-ID (double A minus, Islamic Debt) assigned to Guthrie Property Development Holding Berhad’s (GPDH) RM750 million Islamic Medium Term Notes (MTN) programme reflects GPDH’s reputable position as a leading property developer in the country and its sound financial profile. In addition, other positive factors are GPDH’s vast land holding and its commendabl...

The affirmation of WCT Land Berhad’s (WCTL) RM132 million Convertible Redeemable Debt Securities (CRDS) rating of A (A flat) reflects the Group’s reputable position as a property developer coupled with its strong financial performance and promising cashflow generating capabilites. The moderating factor continues to be the vulnerability of the projects to the adverse development in th...

MARC has assigned a rating of MARC-1ID (cg) and AA-ID (cg) to 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 million. The rating reflects the unconditional and irrevocable corporate guarantee given by Gamuda Bhd (Gamuda), a leading construction company in Malaysia with...

Under this Ijarah sale and lease back transaction, Ample Zone Berhad (AZB), a special purpose vehicle with certain bankruptcy remoteness features, incorporated solely to undertake this securitisation exercise, will acquire four buildings (Assets) from three subsidiaries of Talam Corporation Berhad (TCB) and one private company (Sellers). AZB will lease the Assets back to the Sellers under Ijarah...

The ratings of MARC-2/A- assigned to Equine Capital Berhad’s (ECB or Issuer) Commercial Papers /Medium Term Notes Programme of up to RM95 million (CP/MTN Programme) reflect the ECB group’s strong competitive position through its flagship developments in Seri Kembangan and its credible track record of timely completion of quality projects. Mitigating the ratings is the inherent cycli...

MARC affirms the rating of AID (A flat, Islamic Debt) assigned to Maxisegar Sdn Bhd (MSB)’s RM250.0 million Al Bai Bithaman Ajil Islamic Debt Securities on the back of its strong competitive position and good location of its property development; tempered by any adverse development in the property markets. MSB, a wholly owned subsidiary of Talam Corporation Berhad (TCB), one of the largest...

MARC has reaffirmed the rating of Europlus Corporation Sdn Bhd’s (ECSB) RM350.0 million Murabahah Underwritten Notes Issuance Facility (MUNIF) at MARC-3ID. The reaffirmation reflects the substantial locked-in sales from developments secured under the MUNIF which essentially acts to mitigate market risk, normalization of construction works in the last nine months and ECSB’s timeliness...