MARC has withdrawn its BBB+ rating on MK Land Holdings Bhd’s RM300 million Serial Bonds with immediate effect following the full and final redemption of the outstanding RM60 million Serial Bonds, as confirmed by its facility agent, Alliance Investment Bank Berhad. Contacts: Rajaseharan Paramesran, 03-2090 2233/ rajan@marc.com.my; Elea Nor Zainal, 03-2090 2263/ elea@marc.com.my; Katherine Hee...

MARC has affirmed its AA+IS rating on Ample Zone Berhad’s (AZB) Sukuk Al-Ijarah (Sukuk) RM12.1 million Class B and lowered its rating on the RM75.0 million Class C Sukuk to B+IS from BB-IS. Additionally, MARC has assigned negative outlooks to both classes of Sukuk to reflect the downward pressure on the ratings arising from the continuing failure of entities related to AZB to pay rent for sp...

MARC has withdrawn its B rating on Land & General Berhad’s RM320,962,637 million Redeemable Convertible Secured Loan Stocks (RCSLS) with immediate effect following the full redemption of the RCSLS on June 30, 2009 as confirmed by the facility agent, CIMB Investment Bank Berhad. Contacts: Elea Nor Zainal, 03-2090 2263/ elea@marc.com.my; Katherine Hee, 03-2090 2273/ hcmay@marc.com.my...

MARC has assigned ratings of B+ID, B and B- to Talam Corporation Berhad's (Talam) RM134.21 million Settlement Bithaman Ajil Islamic Debt Securities (Settlement BaIDS), RM356.25 million Redeemable Convertible Secured Loan Stocks (RCSLS) and RM257.40 million Redeemable Convertible Preference Shares (RCPS), respectively. The Settlement BaIDS, RCSLS and RCPS will be issued in connection with Talam's f...

MARC has withdrawn the MARC-1ID / A+ID ratings assigned to Sunrise Berhad’s (Sunrise) RM70 million Murabahah Notes Issuance Facility / Islamic Medium-Term Notes (MUNIF/IMTN) with immediate effect following the full redemption and cancellation of the MUNIF/IMTN.With the redemption of the MUNIF/IMTN, MARC’s rating obligation is now limited to Sunrise’s existing RM400 million IMTN, ...

MARC has issued this rating update in connection with Sime Darby Property Berhad’s (SDPB) (formerly known as Guthrie Property Development Holding Berhad) proposed early redemption of the outstanding Islamic Medium-Term Notes Programme (IMTN) totalling RM100 million which matures in March 2011. SDPB is currently seeking bondholders’ approval for the proposed early redemption and subsequ...

MARC has affirmed its BBB+ rating on MK Land Holdings Bhd’s (MK Land) RM60.0 million outstanding bonds. At the same time, the rating was removed from MARCWatch Negative, where they had been placed since May 7, 2008 due to liquidity concerns following the deferment of scheduled payments to build up its sinking fund account (SFA). Concurrently, MARC has assigned a stable outlook to the rating....

MARC has affirmed its ‘A’ rating on Berjaya Land Berhad’s (BLand) Secured Exchangeable Bonds, of which RM882.0 million remains outstanding currently. Concurrently, the outlook was revised to developing from stable. MARC’s revised outlook for the rating reflects increased uncertainty posed by the exchangeable bonds’ approaching put option date of August 15, 2009 and co...

In MARC’s last rating update on September 30, 2008, Inverfin Sdn Bhd’s (Inverfin) noteholders had approved the proposed buy-back of the company’s outstanding notes under its RM200.0 million Commercial Papers/Medium-Term Notes (Notes) programme. This was in connection with IOI Corporation Bhd’s (IOI) execution of a conditional sale and purchase agreement to acquire Inverfin ...

MARC has withdrawn its AID rating on OSK Property Holdings Berhad’s (OSKP) RM50 million Class A BaIDS following the full redemption of the bonds on its maturity date of April 6, 2009. Concurrently, OSKP’s A-ID rating on its outstanding RM25 million Class B BaIDS has been affirmed. MARC has also revised its rating outlook to stable from negative. The affirmation and outlook revision ref...