MARC has downgraded with a negative outlook the long-term ratings of Ambang Sentosa Sdn. Bhd.’s (ASSB) RM272 million class B and RM226 million class C Al-Bai Bithaman Ajil Islamic debt (BaIDS) asset-backed securities (ABS) facility from AID to BBB+ID and from A-ID to BBBID respectively. The downgrades reflect the prolonged construction delays experienced at the Taman Puncak Jalil developm...

The Islamic debt ratings of MARC-1ID/AAAID assigned to Putrajaya Holdings Sdn Bhd’s (“PJH”) proposed RM1.5 billion Murabahah Commercial Papers/Medium Term Notes (“CP/MTN”) Programme reflects PJH’s solid capitalization underlined by the strong set of shareholders, exceptionally strong financial flexibility and the strategic importance of PJH in the development ...

MARC has downgraded the ratings of Intelbest Corporation Sdn Bhd’s (“ICSB”) RM110.0 million Bai Bithaman Ajil Bonds (“BaIDS”) and RM50.0 million Murabahah Notes Issuance Facility (“MUNIF”) with Developing Outlook. ICSB’s Series 1 BaIDS of RM20.0 million has been downgraded to BBB+ID from A+ID; Series 2 BaIDS of RM35.0 million and Series 3 BaIDS of ...

MARC has downgraded the rating of Perspektif Perkasa Sdn Bhd’s (“PPSB”) RM188 million Murabahah Underwritten Notes Issuance Facility (“MUNIF”) from MARC-3ID to MARC-4ID. Concurrently, the rating has also been placed on MARCWatch with a Negative Outlook. PPSB is the developer of Bandar Pinggiran Cyber, an 800-acre township to be located at the fringe of Cyberjaya.MAR...

MARC has reaffirmed the MARC-4ID rating of Pembangunan Brisdale Sdn Bhd’s (PBSB) RM55 million Murabahah Notes Issuance Facility (MUNIF). Concurrently, the rating has been placed on MARCWatch with a Developing Outlook. The rating reflects the weak sentiment towards the property development at Bandar Armada Putra which consequently resulted in the company’s weak financial position. The...

The rating of Europlus Corporation Sdn Bhd’s (ECSB) RM350.0 million Murabahah Underwritten Notes Issuance Facility (MUNIF) has been downgraded to MARC-4ID and placed on MARCWatch with negative implications. The downgrade reflects substantial deterioration in ECSB’s internal cash flow generation, making it unlikely, in MARC’s opinion, that ECSB will be able to meet its financial...

Peremba Jaya Holdings Sdn Bhd’s (PJHSB) RM200 million Murabahah Underwritten Notes Issuance Facility (MUNIF)/ Murabahah Medium Term Notes (MMTNs) facility’s long term rating has been downgraded to A-ID from AID whilst the short term rating is affirmed atMARC-2ID. The ratings have also been placed on MARCWatch with a Negative Outlook. The rating actions reflect the group&r...

The rating of OSK Property Holdings Bhd (OSKP)’s Class A and Class B BaIDS has been reaffirmed at AID and A-ID respectively. The reaffirmation reflects OSKP’s strong presence in Sungai Petani, Kedah through its flagship development – Bandar Puteri Jaya (BPJ); its improving operating profit margins and the potential rental income from its proposed acquisition of Ke-Zan Holdings ...

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...

The rating of MK Land Holdings Berhad’s (MK Land) tranche 1 and tranche 2 serial bond ratings have been downgraded to A reflecting the the vulnerability of the projects to developments in the local property market ; lower than expected take up rates of its recent launches in Damansara Damai (DDamai) and Damansara Perdana (DPerdana) projects, (from which the sales proceeds have been assign...