MARC has affirmed its rating of AA-ID on Sunrise Berhad’s (Sunrise) RM400 million Islamic Medium-Term Notes (IMTN) Programme with a stable outlook. The rating affects the outstanding RM100.0 million IMTNs issued under the programme. The rating reflects the equalisation of Sunrise’s rating to its parent UEM Sunrise Berhad’s (UEM Sunrise) rating of AA-/Stable. MARC’s approach takes int...

MARC has affirmed its rating of AA-ID on Sunrise Berhad’s (Sunrise) RM400 million Islamic Medium-Term Notes (IMTN) Programme with a stable outlook. Sunrise’s rating is equalised to that of its parent, UEM Sunrise Berhad (UEM Sunrise), premised on MARC’s assessment of Sunrise’s position as a core subsidiary of UEM Sunrise. This is evidenced by the high degree of operational...

MARC has affirmed its rating of AA-ID on Sunrise Berhad’s (Sunrise) RM400 million Islamic Medium Term Notes (IMTN) Programme with a stable outlook. Sunrise’s rating is equalised to that of its parent, UEM Sunrise Berhad (UEM Sunrise), as MARC views Sunrise as a core subsidiary of UEM Sunrise on the basis of the high degree of operational integration between them, the strong strategic f...

MARC has upgraded the rating on property developer Sunrise Berhad’s (Sunrise) RM400 million Islamic Medium Term Notes (IMTN) Programme to AA-ID from A+ID. The rating outlook is stable. The rating action affects the outstanding RM200 million IMTNs under the rated programme. The rating upgrade equalises Sunrise’s rating to that of its parent UEM Land Holdings Berhad (ULHB), premised on M...

MARC has affirmed its rating on property developer Sunrise Berhad’s (Sunrise) RM400 million Islamic Medium Term Notes (IMTN) facility at A+ID and maintained the issue’s stable rating outlook. Sunrise continues to exist as a separate corporate entity after its acquisition by UEM Land Holdings Berhad (UEM Land) without major changes to its business strategy. The rating action reflects MA...

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, large future expected billings from contracted sales (unbilled sales), fairly sizeable land bank to sustain developmen...

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 revised its outlook on Sunrise Berhad’s (Sunrise) ratings of MARC-1ID /A+ID on RM70.0 million Murabahah Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) and A+ID on its RM400.0 million IMTN facility to stable from positive. Concurrently, MARC has affirmed the ratings. The outlook revision reflects expectations of moderation in sales momentum mainly due to weak property...

MARC has reaffirmed Sunrise Berhad’s (Sunrise) short-term and long-term debt ratings of MARC-1ID and A+ID respectively. The outlook on the ratings is positive. The ratings reflect Sunrise’s track record as a reputable and established high-end developer, the high take-up rates for its projects, strong operating margins and cash flow generation capacity, and good financial flexibility. T...

Major Rating FactorsStrengthsA reputable and an established high-end developer with excellent track records i.e. high take-up rates for all its projects as well as able to complete its project ahead of schedule; andStrong operating margin, good financial flexibility as well as cash flow generation capacity. Challenges/RisksCyclical nature of the property market; andHigher expected debt levera...