MARC has withdrawn the AAAID rating assigned to Petronas Assets Sdn Bhd’s (Petronas Assets) RM282.0 million Bai’ Al-Dayn Notes Issuance Facility with immediate effect following the full redemption of the facility on May 9, 2008 as confirmed by the facility agent, CIMB Investment Bank Bhd.12 May 2008 ...

MARC has placed its BBB+ rating on MK Land Holding Berhad’s (MK Land) RM300 million Serial Bonds Tranche 1 and Tranche 2 on MARCWatch Negative. The MARCWatch Negative placement of MK Land’s rating reflects liquidity concerns following MK Land’s announcement on May 2, 2008 that it is seeking the indulgence from bondholders of Tranche 1 and Tranche 2 bonds to defer future scheduled...

MARC has withdrawn the MARC-2/A- ratings assigned to Equine Capital Berhad’s RM95 million CP/MTN programme with immediate effect following the full redemption of the facility on April 30, 2008 as confirmed by the facility agent, Alliance Investment Bank Berhad....

MARC has assigned a rating of AAAIS for Putrajaya Holdings Sdn Bhd’s (PjH) up to RM1.5 billion Nominal Value Sukuk Musyarakah Medium-Term Notes Programme. The rating carries a Stable Outlook. The proceeds of the sukuk will be used mainly for Syariah compliant general working capital requirements of PjH, and to pay the balance of contract works in Parcel E subject to a ceiling of RM35 million...

MARC has upgraded the rating of Ample Zone Berhad’s Sukuk Al-Ijarah (Sukuk) Class B of RM13.3 million from AIS to AA+IS and affirmed the rating of the RM75.0 million Class C Sukuk at BB-IS. The rating upgrade of Class B Sukuk reflects improvement in collateral value backing the Sukuk following the recent full redemption of Class A Sukuk as reflected in a significantly lower loan-to-value (LT...

MARC has affirmed its AAIS rating on Diversified Venue Sdn Bhd’s (DVSB) RM200 million Sukuk Al-Ijarah Master Programme (Sukuk). The rating outlook is stable. The Sukuk programme is a structured transaction involving DVSB acquiring the beneficial ownership in the land and building designated as the UEM Group Berhad (UEM Group) Headquarters’ Building (the Building) from First Impact Sdn ...

MARC has affirmed the A rating of Berjaya Land Berhad’s (BLand) five-year Secured Exchangeable Bonds (EB) with nominal value of up to RM900 million which are exchangeable into shares of leading domestic Numbers Forecast Operator (NFO), Berjaya Sports Toto Berhad (BToto). The rating outlook is stable. The rating on the EB reflects the resilient financial performance of BToto, the collateral c...

MARC has affirmed its ratings on Gandalf Capital Sdn. Bhd.’s (Gandalf Capital) RM118.0 million CPs/MTNs (the Notes) comprising RM87.0 million Class A Notes, RM16.0 million Class B Notes  and RM15.0 million Class C Notes. The Class A Notes are rated MARC-1/AAA; the Class B Notes are rated MARC-1/AA; and the Class C Notes are rated MARC-1/A. The affirmed ratings reflect the stable loan-to...

MARC has downgraded Intelbest Corporation Sdn Bhd’s (ICSB) RM110.0 million Bai Bithaman Ajil Bonds (BaIDS) and RM50.0 million Murabahah Notes Issuance Facility (MUNIF) (collectively known as Islamic Debt Facilities) ratings to D from B+ID/MARC-4ID as a result of a missed profit payment for the BaIDS on February 28, 2008. ICSB is principally an investment holding company and property develope...

MARC has reaffirmed the ratings of OSK Property Holdings Bhd (OSKP)’s Class A and Class B BaIDS at AID and A- ID respectively. The ratings outlook is negative. The ratings reflect OSKP’s satisfactory performance of its development projects, in particular, Bandar Puteri Jaya (BPJ), strong shareholders support, moderate level of cash flow diversification and financial flexibility. Howeve...