The rating affirmation of Maxisegar Sdn Bhd‘s (Maxisegar) RM300 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) is supported by the strength of the underlying issue structure, in which, secured sales from specific property development projects have been earmarked for the redemption of the BaIDS issue. Positive features of the issue structure include security coverage of 1.28 tim...

The rating of Maxisegar’s BaIDS reflects a tight underlying issue structure, where the progress billings from secured sales of specific property development projects have been earmarked for the redemption of the BaIDS issue.  Positive features of the issue structure include a security coverage of 1.43 times of the amount of BaIDS outstanding, the maintenance of minimum balances in a Sin...

The rating reflects the strength of the underlying issue structure, in which, secured sales from specific property development projects have been earmarked for the redemption of the BaIDS issue.  Positive features of the issue structure include security coverage of 1.28 times the total BaIDS outstanding, maintenance of minimum balances in a sinking fund account (SFA) and a six-month debt serv...