The assigned rating of AID and A-ID to Class A and B of the proposed BaIDS respectively reflects OSK Property Holdings Berhad (OSKP)’s favourable flagship development – Bandar Puteri Jaya (BPJ) located in Sungai Petani, Kedah and its strong presence in that area; tempered by its vulnerability to adverse development in the property markets. The enhanced AID rating assigned reflects s...

MARC has reaffirmed the rating of KLSSB’s Tranche 1 BaIDS of RM91 million. On 21 October 2003, UDA Holdings Berhad (UDA) had entered into a Subscription Agreement with Harmonic Fairway Sdn Bhd, Malaysian Resources Corporation Berhad (MRCB) and PQSB to subscribe for the issuance of new 15,000,000 ordinary shares of RM1.00 each of PQSB for RM15.0 million, representing approximately 100% of ...

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, sig...

The assigned rating of AID (flat) reflects Maxisegar Sdn Bhd’s (MSB) strong competitive position and good location of its property development; tempered by its vulnerability to adverse development in the property markets. MSB, a wholly owned subsidiary of Talam Corporation Berhad (TCB), one of the largest property developers in the country, is principally involved in property development ...

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The rating affirmation of Maxisegar Sdn Bhd‘s (Maxisegar) RM300 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) is supported by the strength of the underlying issue structure, in which, secured sales from specific property development projects have been earmarked for the redemption of the BaIDS issue. Positive features of the issue structure include security coverage of 1.28 tim...

The rating of Maxisegar’s BaIDS reflects a tight underlying issue structure, where the progress billings from secured sales of specific property development projects have been earmarked for the redemption of the BaIDS issue.  Positive features of the issue structure include a security coverage of 1.43 times of the amount of BaIDS outstanding, the maintenance of minimum balances in a Sin...

The rating reflects the strength of the underlying issue structure, in which, secured sales from specific property development projects have been earmarked for the redemption of the BaIDS issue.  Positive features of the issue structure include security coverage of 1.28 times the total BaIDS outstanding, maintenance of minimum balances in a sinking fund account (SFA) and a six-month debt serv...