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MARC has assigned final ratings of MARC-1IS/AA-IS with a stable outlook to UEM Land Holdings Berhad’s (ULHB) RM2.0 billion Islamic Commercial Paper (ICP) and Islamic Medium Term Notes (IMTN) programmes with a combined nominal value of RM2.0 billion and a sub-limit of RM500 million for the ICP programme. Upon MARC’s review of the final documentation for its forthcoming notes issuance, M...
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MARC has affirmed its AAAIS rating on the RM30 million outstanding sukuk issued under IJN Capital Sdn Bhd’s (IJN Capital) Sukuk Musyarakah Programme with a stable outlook. IJN Capital is a wholly-owned special-purpose company of IJN Holdings Sdn Bhd (IJN Holdings). The affirmed rating and stable outlook incorporates the favourable competitive position of IJN Holding’s main operating en...
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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...
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MARC has affirmed its A+IS rating on MNRB Holdings Berhad’s (MNRB Holdings) RM200 million Islamic Medium Term Notes (IMTN) with stable outlook pending the completion of the refinancing of all outstanding notes into a revolving bank credit facility. The proposed refinancing will allow the investment holding company to extend its debt maturity profile, alleviating refinancing risk. At the same...
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MARC said today that there will be no immediate rating impact on WCT Berhad’s (WCT) and its subsidiary Segi Astana Sdn Bhd’s rated facilities as a result of WCT’s proposed internal reorganisation exercise. The exercise is being undertaken to segregate WCT’s property development and investment operations from its construction business by forming a newly incorporated in...
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MARC has assigned preliminary ratings to Premier Merchandise Sdn Bhd’s (PMSB) issuance of up to RM300 million 7-year Medium-Term Notes (MTN) (Tranche 1) of AAA(bg) and RM300 million 10-year MTN (Tranche 2) of AAA(fg). The outlook for both ratings is stable. The assigned ratings reflect the credit strength of the unconditional and irrevocable guarantees provided by Malayan Banking Berhad (May...
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MARC has removed its rating on Trinity Corporation Berhad’s (Trinity) outstanding RM93.9 million Settlement Bithaman Ajil Debt Securities (Settlement BaIDS) from MARCWatch Negative and concurrently downgraded the rating to B-ID from B+ID. The lowering of the rating reflects continuing uncertainty related to unresolved cross-default issues at the property developer which places the Settlement...
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MARC has withdrawn its ratings of MARC-1/A+ on Radicare (M) Sdn Bhd’s RM100 million CP/MTN Programme. The rating withdrawal follows the early redemption of the outstanding notes on August 30, 2012 and cancellation of the facility on November 28, 2012 as confirmed by its facility agent, MIDF Amanah Investment Bank Berhad.Contact: Nisha Fernandez. +603-2082 2269/ nisha@marc.com.my...
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MARC has affirmed the ratings of MARC-1(fg)/AAA(fg) on Syarikat Kapasi Sdn Bhd’s (Kapasi) RM200 million Commercial Papers/Medium Term Notes (CP/MTN) Programme with a stable outlook. The rating action is premised on the financial guarantee insurance policy provided by Danajamin Nasional Berhad (Danajamin) for the CP/MTN Programme. MARC has a current rating of AAA/stable on Danajamin, which is...
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MARC has affirmed the ratings of DHTI Capital Sdn Bhd’s (DHTI Capital) RM110 million Islamic Commercial Papers (ICP)/Islamic Medium Term Notes (IMTN) (collectively referred to as Senior Notes) and RM10 million Junior IMTNs (Junior Notes) at MARC-1ID/AAID and A+ID respectively. The ratings outlook is stable. The rating action affects RM33 million of outstanding notes, comprising RM30 million ...
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