MARC has affirmed Land & General Berhad’s (L&G) Redeemable Convertible Secured Loan Stocks (RCSLS) of up to RM320,962,637 rating at B- (B minus). The rating reflects the secured nature of the RCSLS against several identified securities under the issue structure. However, the supporting factor is mitigated by the Group’s weak competitive position following the on-going corpora...

MARC has upgraded Sunrise’s short term debt rating from MARC-2ID to MARC-1ID, reflecting the company’s strong cash flow position, affording early redemption of Tranche 1’s Bai’Bithaman Ajil Facility; good financial track record with operating margins averaging 30% in the last four years; low debt leverage position and good financial flexibility with a current ratio of 2.4...

The rating of OSK Property Holdings Bhd (OSKP)’s Class A and B BaIDS has been affirmed at AID and A-ID respectively; reflecting OSKP’s strong presence in Sungai Petani, Kedah with its favourable flagship development – Bandar Puteri Jaya (BPJ) and improving financial performance; tempered by its vulnerability to adverse developments in the property markets. The enhanced AID rati...

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 Putrajaya Holdings Sdn Bhd’s (PJH) issuer and Islamic debt ratings reflects the strength of the issue structures which are secured by specific take out sources in the form of assigned sub-lease rental income streams in respect of Government buildings that form the primary source of repayment for the Islamic debt securities issued by the company; the strategic importanc...

The affirmation of Glomac Berhad’s (“Glomac”) ratings reflects the company’s established position as a reputable property developer in the Klang Valley; its strong financial performance coupled with a promising cashflow generating capacity and the impressive performance of its Aman Suria Damansara (“Aman Suria”) and Saujana Utama projects. The moderating facto...

MARC has reaffirmed the rating of MARC-4ID assigned to Pembangunan Brisdale Sdn Bhd’s (PBSB) RM55 million Murabahah Notes Issuance Facility (MUNIF). The rating reaffirmation is based on PBSB’s request for the notes outstanding under the MUNIF programme expiring on 30 August 2004 to be restructured so as to vary some of the terms under the original principal terms and conditions. The ...

MARC has reaffirmed the rating of KLSSB’s 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. The Tranche 1 BaIDS was fully settled in April 2004.Kuala Lumpur Sentral’s commercial development is divided into four phases. As...

MARC has assigned ratings of A+ID on Intelbest Sdn Bhd’s (“ISB”) RM20 million Series 1 BaIDS, AID on RM35 million Series 2 and RM55 million Series 3 BaIDS and MARC-1ID on its RM50 million MUNIF. The ratings reflect the strength of the issue structure, which includes the assignment of the redemption sum and progress billings of secured sales and future sales for the purpose of t...

MARC has affirmed the long-term ratings of Ambang Sentosa Sdn. Bhd.’s (ASSB) RM372 million and RM226 million of class B and class C Al-Bai Bithaman Ajil Islamic debt (BaIDS) asset-backed securities (ABS) facility. The affirmations are premised on the increase in percentage of class A and B assets post closing, effectively mitigating credit risk; satisfactory construction progress resultin...