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...

A rating of A (A flat) has been assigned by MARC to WCT Land Berhad’s (WCTL) Convertible Redeemable Debt Securities (CRDS) of a nominal value of RM132 miliion. The CRDS will be utilised to part refinance existing advances from its major shareholder, WCT. As part of a corporate exercise involving the acquisition of Bescorp Industries Berhad (BIB) (Special Administrators appointed) by WCTL,...

The reaffirmation of Talam Corporation Berhad’s (Talam) rating at A reflects the strong underlying issue structure, in which assignment of sale proceeds from the Saujana Puchong development project forms the source of repayment of the bond issue; the group’s strengthened capital structure; the improving financial profile of the group and its competitive position as one of the larges...

MARC has affirmed the rating of MARC-3ID assigned to Perspektif Perkasa Sdn Bhd’s (PPSB) RM188 million nominal value Murabahah Underwritten Notes Issuance Facility (MUNIF). The rating is reflective of the positioning of Bandar Pinggiran Cyber as an affordable integrated township driven by the competitive pricing of its residential development vis-à-vis other property developments w...

The upgrade of Sunrise Berhad’s (Sunrise) long term rating of AID to A+ID reflects the company’s established position as a renowned and successful condominium developer, evident from its signature development in Mont’Kiara (MK); strong financial position coupled with promising cash flow generation capacity, going forward. The short term rating has been maintained at MARC-2ID. ...

The rating of AID/ MARC-2ID (A flat, Islamic Debt) assigned to Peremba Jaya Holdings Sdn Bhd’s (PJHSB) (a subsidiary of PECD Berhad) RM200 million MUNIF/MMTN facility reflects the strength of the security arrangement, whereby specific assignments of proceeds in respect of the government quarters contracts under Precinct 11 will serve as the funding source for the redemption of the notes is...

MARC has reaffirmed the rating of Europlus Corporation Sdn Bhd’s (ECSB) RM350 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. The rating is, however, moderated by delays in construction works and ultimately progres...

The rating of MK Land Holdings Berhad’s (MK Land) tranche 1 and tranche 2 serial bond ratings have been upgraded to A+ which reflects the company’s excellent business position, its strong financial position and the impressive performance of Damansara Damai (DDamai) and Damansara Perdana (DPerdana) projects, of which the sales proceeds have been assigned for the redemption of the bo...

The rating of AA-ID(double A minus, Islamic Debt) assigned to Guthrie Property Development Holding Berhad’s (GPDH) RM750 million Islamic medium term notes programme reflects the strength of GPDH as a leading property developer in the country and its sound financial profile. Other positive rating factors include GPDH’s vast land holding and its commendable reputation and track recor...

Putrajaya Holdings Sdn Bhd’s (PJH) proposed RM1,500 million Murabahah Notes Issuance Facility comprising Medium Term Notes (MUNIF) has been assigned a long term rating of AAAID. The Islamic debt rating reflects PJH’s issuer rating, based upon its solid capitalization supported by a superior set of shareholders, exceptional financial flexibility and importance of the company in the d...