MARC has assigned a rating of MARC-1ID (cg) and AA-ID (cg) to Harum Intisari Sdn Bhd’s (HISB) Al-Murabahah Commercial Papers (MCP) and Medium Term Notes (MMTN) (collectively known as the Programme) of up to a nominal value of RM300 million. The rating reflects the unconditional and irrevocable corporate guarantee given by Gamuda Bhd (Gamuda), a leading construction company in Malaysia with...

Under this Ijarah sale and lease back transaction, Ample Zone Berhad (AZB), a special purpose vehicle with certain bankruptcy remoteness features, incorporated solely to undertake this securitisation exercise, will acquire four buildings (Assets) from three subsidiaries of Talam Corporation Berhad (TCB) and one private company (Sellers). AZB will lease the Assets back to the Sellers under Ijarah...

The ratings of MARC-2/A- assigned to Equine Capital Berhad’s (ECB or Issuer) Commercial Papers /Medium Term Notes Programme of up to RM95 million (CP/MTN Programme) reflect the ECB group’s strong competitive position through its flagship developments in Seri Kembangan and its credible track record of timely completion of quality projects. Mitigating the ratings is the inherent cycli...

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...

MARC has reaffirmed the rating of Europlus Corporation Sdn Bhd’s (ECSB) RM350.0 million Murabahah Underwritten Notes Issuance Facility (MUNIF) at MARC-3ID. The reaffirmation reflects the substantial locked-in sales from developments secured under the MUNIF which essentially acts to mitigate market risk, normalization of construction works in the last nine months and ECSB’s timeliness...

MARC has affirmed Land & General Berhad’s (L&G) Redeemable Convertible Secured Loan Stocks (RCSLS) of up to RM320,962,637 rating at B- (B minus). The rating reflects the secured nature of the RCSLS against several identified securities under the issue structure. However, the supporting factor is mitigated by the Group’s weak competitive position following the on-going corpora...

MARC has upgraded Sunrise’s short term debt rating from MARC-2ID to MARC-1ID, reflecting the company’s strong cash flow position, affording early redemption of Tranche 1’s Bai’Bithaman Ajil Facility; good financial track record with operating margins averaging 30% in the last four years; low debt leverage position and good financial flexibility with a current ratio of 2.4...

The rating of OSK Property Holdings Bhd (OSKP)’s Class A and B BaIDS has been affirmed at AID and A-ID respectively; reflecting OSKP’s strong presence in Sungai Petani, Kedah with its favourable flagship development – Bandar Puteri Jaya (BPJ) and improving financial performance; tempered by its vulnerability to adverse developments in the property markets. The enhanced AID rati...

The reaffirmation of the ratings reflects the credit strength of Petroliam Nasional Berhad (PETRONAS); the user of specific assets belonging to Petronas Assets Sdn Bhd (PAssets) and the obligor of the Promissory Notes (PNs) and Asset Utilisation Fee (AUF). Payments arising from the PNs and AUF form the primary source of repayment of the Bai Al-Dayn Notes Issuance Facility (NIF) and Al-Murabahah ...

The reaffirmation of Putrajaya Holdings Sdn Bhd’s (PJH) issuer and Islamic debt ratings reflects the strength of the issue structures which are secured by specific take out sources in the form of assigned sub-lease rental income streams in respect of Government buildings that form the primary source of repayment for the Islamic debt securities issued by the company; the strategic importanc...