Credit Analysis Reports - Category: Property
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MARC has affirmed its AA- rating on Central Impression Sdn Bhd’s (CISB) outstanding RM75 million Fixed Rate Serial Bonds. The rating outlook remains negative. Rationale     The negative outlook is premised on our concern over the CISB’s liquidity position if an ongoing plan to clear its tax arrears of RM10 million is not realised. Under the plan, CISB will issue new shares ...


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Rating action     MARC has affirmed its rating of A+IS on Sunsuria Berhad’s RM500.0 million Sukuk Wakalah Programme. The rating outlook is stable.Rationale          The affirmed rating is primarily driven by Sunsuria’s healthy profit margin, net low leverage and strong liquidity position. These factors have placed the group in a better position rela...


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Rating action     MARC has affirmed its ratings on Putrajaya Holdings Sdn Bhd’s (PJH) issuances under the following programmes:RM1.0 billion 20-year Sukuk Wakalah Programme (due 2041) at AAAIS;RM370.0 million Sukuk Musharakah Programme (due 2030) at AAAIS;RM3.0 billion Sukuk Musharakah Programme (due 2032) at AAAIS; andRM1.5 billion Sukuk Musharakah Medium-Term Notes (MTN) Program...


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Rating action     MARC has affirmed its AAAIS rating on Putrajaya Bina Sdn Bhd’s (PBSB) RM1.58 billion Islamic Medium-Term Notes (Sukuk Wakalah) Programme. The rating outlook is stable.Rationale         The affirmed rating is mainly driven by the steady and sizable payment stream in the form of availability charges (AC) from the Malaysian government, ...


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Rating action     MARC has assigned a rating of AIS to Tropicana Corporation Berhad’s (Tropicana) RM2.0 billion existing Perpetual Sukuk programme with a stable outlook. The Perpetual Sukuk is rated one notch lower than Tropicana’s corporate credit rating of A+/stable to reflect its features and is in line with MARC’s methodology on subordinated instruments. No equity credit h...


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Rating action     MARC has assigned a final rating of AAIS to S P Setia Berhad’s (S P Setia) proposed RM3.0 billion Islamic Medium-Term Notes Programme. The rating outlook is stable. Proceeds from the proposed issuance will largely be used to fund capital injections into the group’s joint-venture Battersea Power Station, United Kingdom (Battersea Project) and to refinance earlie...


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Rating action     MARC has affirmed its rating of AAA on Inverfin Sdn Bhd’s Tranche A notes under its maximum limit of RM160 million of the Medium-Term Notes (MTN) programme. The rating outlook has been revised to negative from stable.Rationale     The affirmed rating reflects the acceptable loan-to-value (LTV) ratio of Tranche A notes within the benchmark that MARC...


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Rating action    MARC has affirmed its long-term ratings of AAA, AA and A on Kinabalu Capital Sdn Bhd’s Issue 2 Medium-Term Notes (MTN) of RM130 million Class A, RM25 million Class B and RM15 million Class C. Concurrently, the rating agency has also affirmed its rating of MARC-1 on Kinabalu Capital’s Issue 2 of up to RM170 million Commercial Papers (CP). The ratings outlook is s...


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Rating action     MARC has affirmed its ratings of AAA, AA and B- on special purpose vehicle Special Coral Sdn Bhd’s RM250.0 million Senior Class A Medium-Term Notes (MTN), RM50.0 million Senior Class B MTN and RM800.0 million Subordinated Class MTN under the existing RM1.1 billion MTN programme. The ratings outlook is stable.Rationale     The affirmed ratings refle...


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Rating action     MARC has assigned a rating of AAAIS with a stable outlook on Putrajaya Holdings Sdn Bhd (PJH)’s proposed RM1.0 billion 20-year Sukuk Wakalah Programme. Concurrently, the rating agency has affirmed its existing ratings on PJH’s issuances. The outlook for all ratings is stable.The ratings and outlook are premised on the predictable and sizeable rental income from...


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