MARC has assigned the ratings of MARC-1(fg)/AAA(fg) to property developer Syarikat Kapasi Sdn Bhd’s (SKSB) RM200 million Commercial Papers/Medium Term Notes (CP/MTN) Programme. The ratings carry a stable outlook. The assigned ratings and outlook are underpinned by the unconditional and irrevocable financial guarantee insurance policy provided by Danajamin Nasional Berhad (Danajamin) in relat...

MARC has affirmed the ratings of MARC-1/AAA on the RM125 million Class A notes and MARC-1/AA on the RM50 million Class B notes of Mutual Streams Sdn Bhd’s (Mutual Streams) RM650 million Commercial Papers/Medium Term Notes (CP/MTN) programme. The outlook on the ratings is stable. The ratings mainly reflect the satisfactory performance of the securitised property which has generated better-tha...

The affirmed ratings of MARC-1/AAA and MARC-1/AA to Inverfin’s Notes comprising RM160.0 million Class A and RM40.0 million Class B Notes respectively are supported by the quality and strategic location of the collateral property, reasonably low loan-to-value ratios (LTVs) for the respective notes, consistently high occupancy levels and structural features incorporated into the transaction. T...

MARC has affirmed its ratings of MARC-1/AAA, MARC-1/AA and MARC-1/A on Gandalf Capital Sdn Bhd’s (Gandalf Capital) RM118.0 million Commercial Papers/Medium Term Notes Programme (the notes) comprising RM87 million Class A, RM16 million Class B  and RM15 million  Class C notes respectively. The ratings carry a stable outlook. The affirmed ratings are premised on the low loan-to-value...

MARC has affirmed its AAIS rating on special purpose vehicle Diversified Venue Sdn Bhd’s (DVSB) RM200 million Sukuk Al-Ijarah Master Programme, with the rating outlook maintained at stable. The proceeds from the issue were used to fund the purchase of Mercu UEM, UEM Group Berhad’s (UEM) corporate headquarters, from First Impact Sdn Bhd (FISB). The affirmed rating reflects the credit st...

MARC has affirmed the ratings on Harum Intisari Sdn Bhd’s (HISB) Al-Murabahah Commercial Papers (MCP)/Medium Term Notes (MMTN) with a nominal value of up to RM300 million at  MARC-1ID(cg)/AA-ID(cg). The ratings carry a stable outlook. The ratings are based on the support provided by a corporate guarantee extended by Gamuda Berhad (Gamuda) for the MCP/MMTN programme issued by its indirec...

MARC has affirmed its A rating on Berjaya Land Berhad's (BLand) Secured Exchangeable bonds due 2011. Concurrently, MARC has revised the rating outlook from developing to stable to reflect reduced liquidity concerns with the expiry of bond put options substantially unexercised. The current outstanding principal amount is RM711 million, reduced from RM882.0 million since MARC's last rating action in...

MARC has affirmed its A-ID rating on OSK Property Holdings Berhad’s (OSKP) outstanding RM17.5 million Class B BaIDS. The rating carries a stable outlook. The rating affirmation and outlook reflect the company’s stable revenue generation from its ongoing developments, its sizeable land bank and its strong liquidity position relative to its near-term debt repayments. OSKP has continued t...

MARC has affirmed its rating on Sunrise Berhad’s RM400.0 million Islamic Medium Term Notes (IMTN) facility at A+ID. The rating outlook is maintained at stable. The affirmed rating reflects Sunrise’s sustained financial performance supported by strong operating margins and huge unbilled sales, its fairly sizeable land bank to sustain developments in the medium term and its low leverage ...

MARC has affirmed its ratings on Horizon Hills Development Sdn Bhd’s (Horizon Hills) Islamic Bank Guaranteed Medium-Term Notes (IMTN) Programme of up to RM200 million and Islamic Commercial Papers (ICP) Programme of up to RM70 million at AAAID(bg) and MARC-1ID(s) respectively. The ratings carry a stable outlook. The IMTN benefits from an unconditional and irrevocable guarantee by Public Bank...