MARC has assigned ratings of AAAID, AAID and AID to AZB’s RM50 million Class A Sukuk, RM25 million Class B Sukuk and RM75 million Class C Sukuk. Under this Ijarah sale and lease back transaction, Ample Zone Berhad (AZB), a special purpose vehicle with certain bankruptcy remoteness features, incorporated solely to undertake this securitisation exercise, will acquire four buildings (Assets) from t...

MARC has reaffirmed the short-term rating at MARC-2 and concurrently upgraded the long-term rating from A- to A of Hong Leong Credit’s (HLC) commercial papers and Medium-Term Notes programme respectively. This reflects the improved fundamentals of HLC’s key subsidiaries as well as the improved capital structure of the company. The rating is moderated by the competitive banking and finance envi...

MARC has affirmed Land & General Berhad’s (L&G) Redeemable Convertible Secured Loan Stocks (RCSLS) of up to RM320,962,637 rating 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. However, the RCSLS is backed by an as...

MARC has affirmed the ratings of OSK Property Holdings Bhd (OSKP)’s Class A and B BaIDS at AID and A-ID respectively; reflecting OSKP’s strong presence in Sungai Petani, Kedah with its favourable flagship development – Bandar Puteri Jaya (BPJ) and improving financial performance; tempered by its vulnerability to adverse development in the property markets. The enhanced AID rating reflects se...

MARC has reaffirmed 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. This is premised on the reaffirmation of the weighted average rating of Aegis One’s portfolio of corporate loans at A- / BBB+; comfortable overcollateralization and interest coverage ratios; the adequacy of supe...

MARC has received confirmation that the second redemption of KFC Holdings (Malaysia) Berhad’s RM300 million Al-Bai’Bithaman Ajil Facility (ABBA) amounting to RM30.0 million was made on 19 January 2005. Hence, effective 20 January 2005, the facility limit has been reduced to RM240.0 million, taking into consideration the abovementioned redemption and the earlier redemption of RM30.0 million in ...

MARC has upgraded the ratings of ARL Tenaga Sdn Bhd’s (ARLT) RM177.0 million Bai’ Bithaman Ajil Islamic Secured Serial Bonds (ABBA) and RM50.0 million Islamic Medium-Term Notes (IMTN) to A+ID (A Plus, Islamic Debt). The upgrade is backed by ARLT’s commendable ability to service its obligation under the ABBA and IMTN in a timely manner backed by the stable and predictable cash flow of the com...

MARC has reaffirmed the rating of Europlus Corporation Sdn Bhd’s (ECSB) RM350.0 million Murabahah Underwritten Notes Issuance Facility (MUNIF) at MARC-3ID. The reaffirmation reflects the substantial locked-in sales from developments secured under the MUNIF which essentially acts to mitigate market risk, normalization in construction works in the last nine months and ECSB’s timeliness in remitt...

MARC has affirmed Malaysian AE Models Holdings Berhad (MAE)’s RM80 million Nominal Value Fixed Rate Serial Bonds rating at A-. The affirmation is a testament of the company’s competitiveness in the industry by virtue of its position as the country’s leading manufacturer and distributor of factory automation and material handling systems and the strategic decision by MAE to broaden its revenu...

MARC has received confirmation from the Lead Arranger and Trustee that a portion of Europlus Corporation Sdn Bhd’s RM350 million Murabahah Underwritten Notes Issuance Facility (MUNIF) amounting to RM19.0 million has been fully redeemed on 25 January 2005. Hence, effective 25 January 2005, the facility limit has been reduced to RM196.0 million, taking into consideration the abovementioned redempt...