MARC has received confirmation from the facility agent, Abrar Discounts Berhad, that Ambang Sentosa Sdn. Bhd. (ASSB) is not able to make payment for the secondary notes of RM272.0 million Class B and RM226.0 million Class C Al-Bai Bithaman Ajil Islamic debt securities (BaIDs) amounting to RM8.84 million and RM7.345 million respectively; and the primary notes of Class B BaIDs which falls due on 28t...

MARC has assigned a rating of A (A flat) to Berjaya Land Berhad’s (‘BLand’) proposed issuance of five-year Secured Exchangeable Bonds with nominal value of up to RM900 million. The rating reflects the strength of its associated company, Berjaya Sports Toto (“BToto”) of which the shares form the exchange property, its competitive position as the sole national lotto ope...

MARC has assigned MARC-1ID for Sunrise’s Islamic Commercial Paper issuance programme and A+ID for Islamic MTN issuance programme with value of up to RM150 million. The ratings reflect Sunrise’s good financial track record with operating margins averaging 23% in the last four years, low debt leverage position and good financial flexibility. The assigned ratings were also underpinned by ...

MARC has downgraded the ratings of Ample Zone Berhad’s (AZB) Sukuk Al-Ijarah comprising of RM50 million Class A Sukuk, RM25 million Class B Sukuk and RM75 million Class C Sukuk (Sukuk) from AAAID, AAID and AID to AA+ID, AID and BBID, respectively. The ratings reflect the deterioration of AZB’s cash flow resulting from the non rental payment from subsidiaries of Talam Corporation Berhad...

MARC has downgraded the long-term ratings of Ambang Sentosa Sdn. Bhd.’s (ASSB) RM272 million and RM226 million of class B and class C Al-Bai Bithaman Ajil Islamic debt (BaIDS) facility from BBB+ID to CID and from BBBID to CID respectively.  The downgrades are based upon the insufficient funds in the designated accounts to meet the primary Class B BaIDs which falls due on 28th July 2006 ...

The long and short term ratings of AAA(bg) and MARC-1(bg) assigned to 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 reflect the unconditional and irrevocable bank guarantee provided by Malayan Banking Berhad (Maybank). MPSB is principally involved in property dev...

MARC has maintained a MARCWatch with negative outlook on the ratings of Peremba Jaya Holdings Sdn Bhd’s (PJHSB) RM200 million Murabahah Underwritten Notes Issuance Facility (MUNIF)/ Murabahah Medium-Term Notes (MMTNs). The rating action reflects PJHSB’s weak financials which remain unchanged since the initial issue of the MARCWatch in February 2006 and the continued uncertainty surroun...

MARC has assigned Islamic debt ratings of MARC-1ID/AAAID to Putrajaya Holdings Sdn Bhd’s (“PJH”) proposed RM1.5 billion Murabahah Commercial Papers and/or Medium-Term Notes (“CP/MTN”) Programme. The Islamic debt ratings reflect PJH’s robust capitalization coupled with a strong set of shareholders, exceptional financial flexibility and the strategic importance of PJH in the development ...

MARC has received confirmation from Abrar Discounts Berhad, the facility agent for Pembangunan Brisdale’s RM55 million Murabahah Underwritten Notes Issuance Facility, that the facility has been fully redeemed and cancelled. As such, MARC no longer has any rating obligation on the facility and the MARC-4 ID rating is hereby withdrawn....

The ratings of Intelbest Corporation Sdn Bhd’s (“ICSB”) RM110.0 million Bai Bithaman Ajil Bonds (“BaIDS”) and RM50.0 million Murabahah Notes Issuance Facility (“MUNIF”) have been downgraded with a Developing Outlook as follows:Facility MUNIF Series 1 BaIDS Series 2 BaIDSSeries 3 BaIDSAmountRM50.0 millionRM20.0 millionRM35.0 millionRM55.0 millionPrevious RatingMARC-1 IDA+IDAIDAIDCurre...