We refer to the press announcement on 27 January 2006 on Maxisegar Sdn Bhd’s (“MSB”) RM250.0 million Al Bai Bithaman Ajil Islamic Debt Securities (“BaIDS’) wherein it was announced that the said BaIDS were downgraded to BBID.Subsequent to the press announcement, MSB has made the coupon payment of RM4.8 million for the month of February 2006 but was not able to make the principal repaymen...

We refer to the press announcement on 27 January 2006 on Perspektif Perkasa Sdn Bhd’s (“PPSB”) RM188.0 million Murabahah Underwritten Notes Issuance Facility (“Munif”), wherein it was announced that the said Munif was downgraded to MARC-4ID.Arising from the downgrading of the Munif to non-investment grade, a Cancellation Event has occurred and Abrar Discount Bhd, the Facility Agent, ha...

The rating of MK Land Holdings Berhad’s (MK Land) tranche 1 and tranche 2 serial bond ratings have been downgraded to A premised on the the vulnerability of its projects to the developments in the local property market, lower than expected take up rates of its recent launches in Damansara Damai (DDamai) and Damansara Perdana (DPerdana), and the company’s declining profitability and margins. T...

MARC has downgraded Malaysian Merchant Marine Bhd’s (MMM) RM120.0 million Al-Bai’ Bithaman Ajil Serial Bonds (BaIDS) rating from AAID to AA–ID; reflecting its weakened operating cash flow protection measures due to the combined effects of significantly lower operating cash flows and higher operating cost. Future operating cash flow required to meet its operating expenses may further impair i...

MARC has affirmed the ratings of OSK Property Holdings Bhd (OSKP)’s Class A and B BaIDS at AID and A-ID respectively. The reaffirmation reflects OSKP’s strong presence in Sungai Petani, Kedah through its flagship development – Bandar Puteri Jaya (BPJ); its improving operating profit margins and the potential rental income from its proposed acquisition of Ke-Zan Holdings Bhd (KZH). The rating...

The MARC-2ID rating on the RM70.0 Million Murabahah Commercial Papers (MCP) Programme is underpinned by MM Vitaoils Sdn Bhd’s (MMV) proven business model which is primarily supported by the research and development (R&D) activities carried out by the Malaysian Palm Oil Board (MPOB). Moderating factors to the rating include MMV’s limited track record; working capital constraints that limited th...

MARC has assigned ratings of MARC-2ID/ A-ID to Prinsiptek Corporation Berhad’s (“Prinsiptek”) Murabahah Commercial Papers (“MCPs”) Programme and Murabahah Medium-Term Notes (“MMTNs”) Programme. The ratings reflect Prinsiptek’s improved financial and capitalised position; its track record in the construction arena and its foray into property development to diversify its income base....

MARC has reaffirmed with negative outlook the long-term ratings of Aegis One Bhd’s (Aegis One) RM900.0 million senior secured bonds and RM100.0 million subordinated secured bonds at AAA and BB respectively. The reaffirmation is based upon the weighted average rating of Aegis One’s portfolio of corporate loans at A-/BBB+; comfortable overcollateralization and interest coverage ratios; the adequ...

MARC has reaffirmed the rating of Land & General Berhad’s (L&G) Redeemable Convertible Secured Loan Stocks (RCSLS) of up to RM320,962,637 at B- (B minus). The rating reflects the Group’s weak competitive position following the on-going corporate restructuring and de-gearing exercise, weak financial performance, impaired cash generation ability and high debt burden. Following L&G’s restructur...

MARC has reaffirmed Glomac Berhad’s (“Glomac”) rating of RM50.0 million Senior Bai’ Bithaman Ajil Islamic Bonds at A+ID; RM60.0 million Junior Bai’ Bithaman Ajil Islamic Bonds (Junior BaIDS) at AID and RM25.0 million Murabahah Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) at MARC-2ID/AID. The ratings reflect the company’s established position as a reputable property de...