MARC has affirmed the ratings of MARC-1/AAA and MARC-1/AA on the RM125.0 million Senior Class A Notes and RM50.0 million Senior Class B Notes (Senior Notes) of the special purpose vehicle, Mutual Streams Sdn Bhd’s (MSSB) RM650 million Commercial Papers/Medium Term Notes (CP/MTN) programme. The ratings carry a stable outlook. The affirmation and stable outlook reflect the performance of the c...

In MARC’s last rating update on September 30, 2008, Inverfin Sdn Bhd’s (Inverfin) noteholders had approved the proposed buy-back of the company’s outstanding notes under its RM200.0 million Commercial Papers/Medium Term Notes (Notes) programme. This was in connection with IOI Corporation Bhd’s (IOI) execution of a conditional sale and purchase agreement to acquire Inverfin ...

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

MARC continues to maintain MK Land Holdings Bhd’s (MK Land) BBB+ rated RM60.0 million outstanding bonds on MARCWatch Negative. The company was first placed on MARCWatch Negative on May 7, 2008 due to liquidity concerns following the deferment of scheduled payments to build up its sinking fund account. MK Land has since met the timeline to place RM30.0 million into the sinking fund account be...

MARC has affirmed its AID and A-ID ratings on OSK Property Holdings Berhad’s (OSKP) RM50 million Class A BaIDS and RM50 million Class B BaIDS respectively; and revised the outlook to stable from negative. The affirmation and outlook revision reflect OSKP’s improved debt protection measures with respect to both Classes of BaIDS as a result of its partial redemption of Class A BaIDS in A...

MARC has affirmed its AAIS rating on Diversified Venue Sdn Bhd’s (DVSB) RM200 million Sukuk Al-Ijarah Master Programme (Sukuk). The rating outlook is stable. DVSB, a funding special purpose vehicle wholly-owned by First Impact Sdn Bhd (FISB), acquired a beneficial ownership in the land and building for the construction of Mercu UEM, UEM Group Corporate Headquarters from FISB via the Sukuk pr...

MARC has affirmed the AAAID rating on Midciti Resources Sdn Bhd’s (Midciti) 8 to 12-year Secured Bai Al-Dayn Bonds with a nominal value of up to RM1,605 million (Serial Bonds) and the AAA(s) rating on its 13-year bonds with a nominal value of up to RM1,315 million. The ratings carry a stable outlook.The affirmed ratings and the stable ratings outlook reflect the credit strength of government...

MARC has affirmed the A-ID / MARC-2ID ratings on property developer Glomac Berhad’s (Glomac) RM60 million Junior Bai’Bithaman Ajil Islamic Bonds (Junior BaIDS) and its RM25 million Murabahah Notes Issuance Facility / Islamic Medium Term Notes (MUNIF/IMTN) respectively. Glomac’s RM50 million Senior BaIDS was fully redeemed in January 2006. The ratings reflect Glomac’s establ...

MARC has affirmed the AAAID(bg) and MARC-1ID(s) ratings on property developer, Horizon Hills Development Sdn Bhd’s (Horizon Hills) (formerly known as Arapesona Development Sdn Bhd) Islamic Bank Guaranteed Medium-Term Notes (IMTN) Programme of up to RM200 million and Islamic Commercial Papers (ICP) Programme of up to RM70 million respectively. The ratings carry a stable outlook. The affirmed ...

MARC has affirmed the MARC-1ID(cg)/AA-ID(cg) 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. The ratings carry a stable outlook. The ratings and ratings outlook reflect the credit quality of guarantees extended by HISB’s holding company, Gamuda Berhad (Gamuda), a leading construction c...