MARC has affirmed Sacofa Sdn Bhd’s (SACOFA) and its special purpose subsidiary, Sarawak Gateway Sdn Bhd’s (Sarawak Gateway) RM160.0 million Sukuk Istisna’ and RM240.0 million Sukuk Ijarah at AAAIS respectively with a negative outlook. The strong ratings reflect, amongst others, majority state-owned Sacofa’s strategic position as sole developer, owner and manager of telecomm...

The long-term ratings of Glomac Berhad’s (Glomac) RM60 million Junior Bai’Bithaman Ajil Islamic Bonds (Junior BaIDS) and RM25 million Murabahah Notes Issuance Facility / Islamic Medium Term Notes (MUNIF/IMTN) have been downgraded to A- ID while the short term rating for the MUNIF/IMTN has been reaffirmed at MARC-2ID. The ratings have been accorded a Stable Outlook. The ratings downgrad...

The rating of Guthrie Property Development Holding Berhad’s (GPDH) RM750 Million Islamic Medium-Term Notes Programme has been reaffirmed at AA- ID with a stable outlook, reflecting the Group’s strong financial position and commendable competitive position evident from the range of development products offered, its track record and the sizeable landbank that the group possesses. The sof...

The long and short term ratings of Peremba Jaya Holdings Sdn Bhd’s (PJHSB) RM200 million Murabahah Underwritten Notes Issuance Facility (MUNIF)/ Murabahah Medium-Term Notes (MMTNs) have been downgraded to C ID (C, Islamic Debt) and MARC-4ID,  respectively. The ratings remain on MARCWatch with negative implications. MARC was made to understand that the termination notices served on Arif ...

The rating of Petronas Fertilizer (Kedah) Sdn Bhd’s (PFK) RM750 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) has been reaffirmed at AAAID(s) with a Stable Outlook. The rating reflects the support rendered by its holding company, Petroliam Nasional Berhad (PETRONAS) in ensuring PFK’s ability to meet its BaIDS obligation at all times. On a stand alone basis, PFK has perfo...

MARC has placed the ratings of PRI’s RM40.0 million Islamic Commercial Paper/Medium Term Note Issuance Programme on MARCWatch Developing with immediate effect. The rating action follows from PRI’s recent acquisition of the Royal Mint of Malaysia Sdn Bhd (RMM), and information that RMM’s RM46 million Murabahah Multi Option Notes issuance facility (the facility), which is not rated...

The ratings of MK Land Holdings Berhad’s (MK Land) RM300 million Serial Bonds Tranche 1 and 2 have been downgraded to A- with a Negative Outlook. The downgrade is premised on weaker sales from the Group’s Damansara Perdana and Damansara Damai projects which has contributed to declining profits and margins and the soft property market outlook. The Negative Outlook reflects the challenge...

MARC places the rating of Bumiputera-Commerce Holdings Bhd.’s (“BCHB”) RM250 million Redeemable Unsecured Bonds (2001/2008) on MARCWatch with positive outlook pursuant to BCHB’s disposals of equity interests in Commerce Life Assurance Bhd. (“CLAB”), Commerce Takaful Bhd. (“CTB”) and Commerce Assurance Bhd. (CAB”).BCHB announced on 4 January 200...

MARC has affirmed the long term ratings of ABS Plantation Assets Berhad’s (ABSP) RM50.0 million Class A and RM45.0 million Class B Bai Bithaman Ajil debt securities (Notes) at AAAID and AAID respectively. The ratings reflect the economics of underlying plantation assets; and the structural features of the sale and leaseback transaction which include low loan-to-value (LTV) ratios at maturity...

MARC has affirmed the ratings of Premium Nutrients Berhad’s (PNB) RM85 million Murabahah Underwritten Notes Issuance Facility/Islamic Medium-Term Notes (MUNIF/IMTN) at MARC-2 ID / A ID with a stable outlook. The affirmation mainly reflects PNB Group’s competitive position as an integrated producer of speciality fats, its business strategy focusing on niche markets but with a well diver...