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MARC has withdrawn its AAAID(bg) and BB+ID  ratings on Viable Chip (M) Sdn Bhd’s (VCSB) RM50.0 million nominal value Bank Guaranteed Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS A) and RM150.0 million nominal value of Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS B) respectively at the request of the sole BaIDS holder, Acqua SPV Bhd (ASPV). The ratings withdrawal af...

MARC has withdrawn its A+ID rating on Makro Utama Sdn Bhd’s (Makro) RM100.0 million Al-Istisna’ Bonds with immediate effect following the early redemption of all outstanding bonds under its bond facility and cancellation of the facility on August 25, 2011 as confirmed by the facility agent, Kenanga Investment Bank Berhad. Following the rating withdrawal, MARC would cease to provide ana...

MARC has removed its rating of A+ on Radicare Sdn Bhd’s (Radicare) RM50 million MTN facility from MARCWatch Negative and withdrawn the rating following the redemption in full of outstanding notes issued under the facility and cancellation of the facility on August 23, 2011. The A+ rating was placed on MARCWatch Negative on July 28, 2011 together with the rating agency’s MARC-1/A+ ratin...

MARC has placed its AAID long-term rating on MTD InfraPerdana Bhd’s (MTD InfraPerdana) RM700.0 million Islamic Medium-Term Notes (IMTN) Programme on MARCWatch Developing. The MARCWatch placement follows recent developments pertaining to the group’s toll road concessions, the proposed sale of the concession assets to related parties and retirement of its existing debt. MTD InfraPerdana,...

MARC has placed its rating of AAIS on Alloy Properties Sdn Bhd’s (formerly known as Haluan Gigih Sdn Bhd) (APSB) Sukuk Musyarakah Medium Term Note (IMTN) Programme of up to RM240.0 million on MARCWatch Negative. The rating action reflects MARC’s concerns over the announced freeze on toll rate increases for toll road concessions of related entities and the early termination of the East ...

MARC has withdrawn its rating of AAAIS on Assar Chemicals Sdn Bhd’s (ACSB) RM150.0 million Serial Sukuk Musyarakah (Sukuk) with immediate effect. The rating withdrawal follows the full redemption of outstanding Sukuk on August 2, 2011 and cancellation of the facility, as confirmed by the facility agent, RHB Investment Bank Berhad. Contacts: David Lee, +603-2082 2255/ david@marc.com.my; Sande...

MARC has downgraded its ratings on Tanjung Langsat Port Sdn Bhd’s (TLP) RM250 million Sukuk Musyarakah Bonds (Sukuk Musyarakah) and RM135 million Musyarakah Commercial Papers/Medium Term Notes Programme (MCP/MMTN) to A-IS and MARC-2ID/A-ID from AA-IS and MARC-1ID/AA-ID  respectively. The outlook on the ratings remains negative.The downgrades reflect further erosion of TLP’s credit...

MARC has withdrawn its rating of A on Berjaya Land Berhad’s (BLand) Secured Exchangeable Bonds with immediate effect. The rating withdrawal follows the full redemption of the outstanding RM711.0 million bonds upon maturity on August 15, 2011 as confirmed by the trustee, HSBC (Malaysia) Trustee Berhad. MARC will accordingly cease to provide analytical coverage on BLand.Contacts: Darrell Lim, ...

MARC has withdrawn its rating of MARC-2ID on Prinsiptek Corporation Berhad’s (Prinsiptek) RM30.0 million Nominal Value Murabahah Commercial Papers Programme (MCP) with immediate effect. The rating withdrawal follows the full redemption of the issuance amounting to RM21.0 million under the rated facility on August 8, 2011 and concurrently the termination of the programme as confirmed by the f...