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MARC has affirmed the A-ID /MARC-2ID ratings on property developer Glomac Berhad’s (Glomac) RM60 million Junior Bai’Bithaman Ajil Islamic Bonds (Junior BaIDS) and its RM25 million Murabahah Notes Issuance Facility / Islamic Medium Term Notes (MUNIF/IMTN) respectively. Glomac’s RM50 million Senior BaIDS was fully redeemed in January 2006. The ratings reflect Glomac’s establi...
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MARC has affirmed the rating of Land & General Berhad’s (L&G) Redeemable Convertible Secured Loan Stocks (RCSLS) of up to RM320,962,637 at B. The rating carries a stable outlook. The affirmed rating reflects the satisfactory progress made in its ongoing Asset Disposal Programme (ADP), a critical component of a debt restructuring scheme agreed upon in 2003. The ADP is principally prov...
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MARC has received confirmation from Inverfin Sdn Bhd (Inverfin) that noteholders’ approval has been obtained for the proposed buy-back of the company’s outstanding notes under its RM200.0 million Commercial Papers/Medium-Term Notes (CP/MTN) programme. To date, Inverfin’s total obligation under the CP/MTN programme stands at RM160.0 million Class A CP/MTN notes, currently rated at...
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MARC has affirmed its MARC-1(bg) and AAA(bg) ratings on Mega Palm Sdn Bhd’s (MPSB) 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 rating outlook is stable. The ratings reflect the strength of the unconditional and irrevocable bank guarantee provided by Malaysia’s largest bank, M...
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MARC has received confirmation from the facility agent that MK Land Holdings Berhad (MK Land) had on August 29, 2008 redeemed the principal payment of bonds amounting to RM60 million as scheduled. The BBB+ rating on MK Land’s bonds remains under review for possible downgrade based on its continuing weak earnings and cash flow arising from the low take-up rates for its ongoing property develo...
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MARC has extended the MARCWatch Negative on the BBB+ rating of property developer MK Land Holdings Berhad’s (MK Land) RM300 million Serial Bonds which was placed on MARCWatch on 7 May 2008. MK Land had previously sought the indulgence of bondholders to defer original scheduled payments into the sinking fund account (SFA) for the purpose of redeeming the RM120 million outstanding Bonds. ...
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MARC has revised its outlook on Sunrise Berhad’s (Sunrise) ratings of MARC-1ID /A+ID on RM70.0 million Murabahah Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) and A+ID on its RM400.0 million IMTN facility to stable from positive. Concurrently, MARC has affirmed the ratings. The outlook revision to stable reflects expectations of moderation in sales momentum and potential mar...
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MARC has withdrawn the A+ID rating assigned to Sunrise Berhad’s (Sunrise) RM100.0 million Bai’ Bithaman Ajil Notes Issuance Facility (BBA) with immediate effect following the full redemption of the BBA.With the redemption of the BBA, MARC’s rating obligations are now limited to Sunrise’s RM70.0 million Murabahah Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN)...
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MARC has withdrawn the AA- (cg) rating assigned to WCT Land Berhad’s (WCT Land) RM132.0 million Convertible Redeemable Debt Securities (CRDS) with immediate effect following the full redemption and cancellation of the facility....
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Vast Winners Sdn Bhd (VWSB) is a bankruptcy remote special purpose vehicle established for the purpose of issuing up to RM650.0 million Medium-Term Notes (MTNs). The proceeds of the issuance will be used to finance the purchase of 510,418 sq ft of strata floor area within shopping centre, Sungei Wang Plaza (SWP or property), together with 1,310 parking bays and rights under all tenancy agreements ...
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