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MARC has assigned a preliminary rating of AAIS with a stable outlook to S P Setia Berhad’s proposed RM3.0 billion Islamic Medium-Term Notes Programme. Proceeds from the proposed issuance will largely be used to fund capital injection into the group’s joint-venture Battersea Power Station project (Battersea Project) and refinance earlier borrowings undertaken to fund this project. The key ...
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MARC has affirmed its ratings of AAA, AA and B- on special purpose vehicle Special Coral Sdn Bhd’s RM250.0 million Senior Class A Medium-Term Notes (MTN), RM50.0 million Senior Class B MTN and RM800.0 million Subordinated Class MTN under the existing RM1.1 billion MTN programme. The ratings outlook is stable. Special Coral owns about 91.6% of the strata area in Queensbay Mall, an eight-storey sh...
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MARC has assigned a rating of AAAIS with a stable outlook on Putrajaya Holdings Sdn Bhd (PJH)’s proposed RM1.0 billion 20-year Sukuk Wakalah Programme. Concurrently, the rating agency has affirmed its existing ratings on PJH’s other issuances, the list of which is provided at end of this announcement. The ratings outlook is stable. Proceeds from the new programme will be used for the cons...
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MARC has affirmed its A+IS rating on Tropicana Corporation Berhad’s (Tropicana) RM1.5 billion Islamic Medium-Term Notes Programme (Sukuk Wakalah) with a stable outlook. Tropicana’s established position in the domestic property industry and its moderate financial risks remain key rating drivers. The tough property market conditions have continued to weigh on the group’s sales performance...
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MARC has affirmed its ratings on Berjaya Land Berhad’s (BLand) RM500.0 million Medium-Term Notes (MTN) Programme guaranteed by Danajamin Nasional Berhad (Danajamin) at AAA(fg) and RM150.0 million MTN Programme guaranteed by OCBC Bank (Malaysia) Berhad (OCBC Malaysia) at AAA(bg). The ratings outlook is stable. The affirmed ratings reflect the unconditional and irrevocable guarantees provided by D...
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MARC has withdrawn its rating of AAA on Special Coral Sdn Bhd’s RM250.0 million Senior Class A Medium-Term Notes (MTN) under the RM1.1 billion MTN Programme. The rating withdrawal follows completion of the refinancing exercise and full redemption of the outstanding RM200.0 million Senior Class A MTN. MARC’s analytical coverage on the RM1.1 billion MTN Programme is now limited to the RM250...
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MARC has withdrawn its ratings of MARC-1/AA- on Sunway Berhad’s RM2.0 billion Commercial Papers/Medium-Term Notes (CP/MTN) programme. The rating withdrawal follows completion of the refinancing exercise and full redemption of the programme upon its expiry on November 27, 2020. The programme was refinanced with a new equivalent CP/MTN programme issued by Sunway in July 2020, which is rated M...
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MARC has affirmed its MARC-1IS /AA-IS ratings on UEM Sunrise Berhad’s two Islamic Commercial Papers and Islamic Medium-Term Notes programmes (ICP/IMTN-1 and ICP/IMTN-2) with a stable outlook. Each of the ICP/IMTN programmes has a limit of RM2.0 billion with a sublimit of RM500.0 million on the ICP issuances. The affirmed rating action does not factor in the credit implications on UEM Sunris...
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MARC has affirmed its AAIS rating on funding vehicle Fortune Premiere Sdn Bhd’s RM3.0 billion Multi-Currency Islamic Medium-Term Notes Programme (Sukuk Murabahah). The rating outlook is stable.Fortune Premiere’s rating reflects the credit strength of its parent company IOI Properties Group Berhad (IOI Properties) which has provided an unconditional and irrevocable corporate guarantee on the is...
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MARC ASSIGNS FINAL RATING OF AA+IS TO SIME DARBY PROPERTY’S RM4.5 BILLION SUKUK MUSHARAKAH PROGRAMME
MARC has assigned a final rating of AA+IS with a stable outlook to Sime Darby Property Berhad’s (SD Property) RM4.5 billion Sukuk Musharakah Programme. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way from the draft documentation on which the preliminary rating was based.For full deta...
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