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MARC has affirmed its ratings of B and B- on Talam Corporation Berhad's (Talam) RM356.25 million Redeemable Convertible Secured Loan Stocks (RCSLS) and RM257.40 million Redeemable Convertible Preference Shares (RCPS) respectively. The outlook on the ratings has been revised to negative from stable. MARC is also withdrawing both ratings with immediate effect at the request of the issuer and will no...
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MARC has affirmed its AAAID /MARC-1ID and AAAIS ratings on Putrajaya Holdings Sdn Bhd’s (PJH) Islamic debt issuances as follows:- RM570 million Bai Bithaman Ajil (BBA) Bonds Issuance Facility (due 2013) RM850 million BBA Bonds Issuance Facility (due 2013) RM850 million BBA Serial Bonds Issuance Facility (due 2015) RM1.5 billion Murabahah Notes Issuance (MUNIF) Facility (due 2015)RM2.2 billio...
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MARC is placing the following ratings on Sunrise Berhad (Sunrise) and Horizon Hills Development Sdn Bhd (Horizon Hills) on MARCWatch Developing following a conditional takeover bid for Sunrise by UEM Land Holdings Berhad (UEM Land):Sunrise's A+ID rating on its RM400 million Islamic Medium Term Notes (IMTN) Programme; andHorizon Hills' MARC-1ID(s) rating on its RM70 million Islamic Commercial Paper...
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MARC is placing the following ratings on Sunrise Berhad (Sunrise) and Horizon Hills Development Sdn Bhd (Horizon Hills) on MARCWatch Developing following a conditional takeover bid for Sunrise by UEM Land Holdings Berhad (UEM Land):Sunrise's A+ID rating on its RM400 million Islamic Medium Term Notes (IMTN) Programme; andHorizon Hills' MARC-1ID(s) rating on its RM70 million Islamic Commercial Paper...
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MARC has affirmed the AAAID rating on Midciti Resources Sdn Bhd’s (Midciti) 8- to 12-year Secured Bai Al-Dayn Bonds (serial bonds) and the AAA(s) rating on its 13-year bonds (conventional bonds). The ratings carry a stable outlook. Midciti is the owner of the PETRONAS Twin Towers which houses the corporate headquarters of Petroliam Nasional Bhd (PETRONAS). The affirmed ratings primarily refl...
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MARC has lowered its ratings on Ample Zone Berhad’s (Ample Zone) RM10.9 million Class B Sukuk Ijarah (Sukuk) to A-IS from AA+IS, and affirmed RM75 million Class C at B+IS. The outlook on the ratings remains negative. The rating downgrade on the Class B Sukuk reflects severe stress on the property-backed transaction caused by continued non-payment of rentals from entities related to Talam Cor...
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MARC has affirmed its AAA(bg) and MARC-1(bg) ratings on property developer 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 affirmed ratings and stable outlook are based on MARC’s public information ratings of A...
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MARC has withdrawn its ratings on the following debt facilities following the early redemption of the outstanding notes in full and cancellation of the facilities on July 14, 2010, as confirmed by the facility agent, Hong Leong Investment Bank Berhad:Short-term/long-term ratings of MARC-1/AAA and MARC-1/AA on Mutual Streams Sdn Bhd’s RM125 million Class A and RM50 million Class B CPs/MTNs re...
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MARC has withdrawn its ratings on the following debt facilities following the early redemption of the outstanding notes in full and cancellation of the facilities on July 14, 2010, as confirmed by the facility agent, Hong Leong Investment Bank Berhad:Short-term/long-term ratings of MARC-1/AAA and MARC-1/AA on Mutual Streams Sdn Bhd’s RM125 million Class A and RM50 million Class B CPs/MTNs re...
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MARC has withdrawn its rating of MARC-2ID/AID on Glomac Berhad’s (Glomac) RM25 million Murabahah Notes Issuance Facility/Islamic Medium Term Facilities (MUNIF/IMTN). The rating withdrawal follows the final redemption of Glomac’s outstanding amount and early cancellation of the facility on July 30, 2010, as confirmed by its facility agent, MIDF Amanah Investment Bank Berhad. Contacts: N...
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