MARC has downgraded with a negative outlook 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) asset-backed securities (ABS) facility from AID to BBB+ID and from A-ID to BBB ID respectively. The downgrades are based upon the prolonged construction delays experienced at the Taman Puncak Jalil...

We refer to the press announcement on 27 January 2006 on Europlus Corporation Sdn Bhd’s (“ECSB”) RM350.0 million Murabahah Underwritten Notes Issuance Facility (“Munif”), wherein it was announced that the said Munif was downgraded to MARC-4ID.Arising from the downgrading of the Munif to non-investment grade, a Cancellation Event has occurred and Abrar Discount Bhd, the Facility Agent, ...

We refer to the press announcement on 27 January 2006 on Maxisegar Sdn Bhd’s (“MSB”) RM250.0 million Al Bai Bithaman Ajil Islamic Debt Securities (“BaIDS’) wherein it was announced that the said BaIDS were downgraded to BBID.Subsequent to the press announcement, MSB has made the coupon payment of RM4.8 million for the month of February 2006 but was not able to make the principal repaymen...

We refer to the press announcement on 27 January 2006 on Perspektif Perkasa Sdn Bhd’s (“PPSB”) RM188.0 million Murabahah Underwritten Notes Issuance Facility (“Munif”), wherein it was announced that the said Munif was downgraded to MARC-4ID.Arising from the downgrading of the Munif to non-investment grade, a Cancellation Event has occurred and Abrar Discount Bhd, the Facility Agent, ha...

The rating of MK Land Holdings Berhad’s (MK Land) tranche 1 and tranche 2 serial bond ratings have been downgraded to A premised on the the vulnerability of its projects to the developments in the local property market, lower than expected take up rates of its recent launches in Damansara Damai (DDamai) and Damansara Perdana (DPerdana), and the company’s declining profitability and margins. T...

MARC has affirmed the ratings of OSK Property Holdings Bhd (OSKP)’s Class A and B BaIDS at AID and A-ID respectively. The reaffirmation reflects OSKP’s strong presence in Sungai Petani, Kedah through its flagship development – Bandar Puteri Jaya (BPJ); its improving operating profit margins and the potential rental income from its proposed acquisition of Ke-Zan Holdings Bhd (KZH). The rating...

MARC has reaffirmed the rating of Land & General Berhad’s (L&G) Redeemable Convertible Secured Loan Stocks (RCSLS) of up to RM320,962,637 at B- (B minus). The rating reflects the Group’s weak competitive position following the on-going corporate restructuring and de-gearing exercise, weak financial performance, impaired cash generation ability and high debt burden. Following L&G’s restructur...

MARC has reaffirmed Glomac Berhad’s (“Glomac”) rating of RM50.0 million Senior Bai’ Bithaman Ajil Islamic Bonds at A+ID; RM60.0 million Junior Bai’ Bithaman Ajil Islamic Bonds (Junior BaIDS) at AID and RM25.0 million Murabahah Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) at MARC-2ID/AID. The ratings reflect the company’s established position as a reputable property de...

MARC has assigned ratings of MARC-1/AAA, MARC-1/AA, BB and B to Aragorn ABS Berhad’s (Aragorn) RM60.0 million Senior Class A CPs/MTNs, RM10.0 million Senior Class B CPs/MTNs, RM20.0 million Subordinated Class C MTNs and RM25.0 million Subordinated Class D MTNs respectively. Under this transaction, Aragorn, a bankruptcy remote special purpose vehicle, will purchase a designated piece of land toge...

MARC has reaffirmed the MARC-4ID rating of Pembangunan Brisdale Sdn Bhd’s (PBSB) RM55 million Murabahah Notes Issuance Facility (MUNIF). Concurrently, the rating has been placed on MARCWatch with a Developing Outlook. PBSB is a wholly-owned subsidiary of Brisdale Holdings Bhd, the developer of Bandar Armada Putra located in the West Port vicinity. The rating reflects the weak demand for the prop...