MARC has affirmed the short-term and long-term ratings of MRCB Sentral Properties Sdn Bhd’s (MRCB Sentral) RM400 million Commercial Papers/Medium Term Notes (CP/MTN) Programme at MARC-1(fg)/AAA(fg) with a stable outlook. The rating action affects RM400 million of outstanding notes issued under the programme. The affirmed ratings and outlook are underpinned by an unconditional and irrevocable...

MARC has affirmed its MARC-1/AAA rating of Inverfin Sdn Bhd’s (Inverfin) RM160.0 million Class A Notes issued under its RM200.0 million commercial papers/medium term notes (CP/MTN) programme. The programme allows for the issuance of junior Class B notes which would carry a rating of MARC-1/AA. However, Inverfin currently has no outstanding Class B notes issued under this programme. The ratin...

MARC has lowered its ratings on Ample Zone Berhad’s (Ample Zone) RM9.65 million Class B Sukuk Ijarah (sukuk) and RM75 million Class C sukuk to BB+IS and B-IS from A-IS and B+IS respectively. The outlook on the ratings remains negative. The downgrades reflect a heightened risk that upcoming payment obligations in January 2012 will be missed, based on the unsatisfactory progress to date in col...

MARC affirmed its short-term and long-term ratings on LBS Bina Group Bhd’s (LBS Bina) RM135 million Islamic Commercial Papers/Islamic Medium Term Notes (ICP/IMTN) Programme at MARC-1IS(fg)/AAAIS(fg) and maintained its stable outlook on the ratings. The rating action affects RM115 million of notes issued under the programme. The ratings and outlook are underpinned by an unconditional and irre...

MARC has withdrawn its AAAID rating on Midciti Resources Sdn Bhd’s (Midciti) 8- to 12-year Secured Bai Al-Dayn Bonds (serial bonds) as well as the rating agency’s AAA(s) rating on the company’s 13-year bonds (conventional bonds) with immediate effect following the early redemption of all outstanding amounts for both the issues as confirmed by the facility agent, Maybank Investmen...

MARC has affirmed its AAA(bg) and MARC-1(bg) ratings on Mega Palm Sdn Bhd’s (Mega Palm) Bank Guaranteed Medium Term Notes (BG MTN) of up to RM70.0 million and Bank Guaranteed Commercial Papers (BG CP) of up to RM80.0 million respectively. The outlook for the ratings is stable. The rating action affects outstanding BG MTN of RM10.0 million and BG CP of RM46.8 million. The affirmed ratings and...

MARC has assigned a AAAIS rating to Midciti Resources Sdn Bhd’s (Midciti) proposed 10-year RM880.0 million Sukuk Musharakah Islamic Medium Term Notes programme (IMTN). The Sukuk proceeds will be primarily used to purchase the company’s existing rated debt securities and cancel the same. The Sukuk issuance will extend Midciti’s debt maturity profile and adequately address the refi...

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 ratings are premised on the financial guarantee insurance policy provided by Danajamin Nasional Berhad (Danajamin) for the CP/MTN Programme. MARC’s current rating of AAA/stable on Danajamin is based on ...

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 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, ...