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...

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...

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 ...

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...