MARC places Europlus Sdn Bhd (Europlus) on MARCWatch with negative outlook premised upon its current weak cash flow position resulting from the delays in development projects and its reliance on the disposal of 25% equity interest in Kumpulan Europlus Berhad (KEB) shares to IJM Corporation, with which the related Share Purchase Agreement has been extended to 30 November 2005.Europlus has not been ...

MARC has assigned a rating of MARC-1ID (cg) and AA-ID (cg) to Harum Intisari Sdn Bhd’s (HISB) Al-Murabahah Commercial Papers (MCP) and Medium-Term Notes (MMTN) respectively (collectively known as the Programme) of up to a nominal value of RM300 million. The ratings reflect the unconditional and irrevocable corporate guarantee given by Gamuda Bhd (Gamuda), a leading construction company in Malays...

MARC has reaffirmed the rating of KLSSB’s tranches 2A, 2B, 3, 4A & 4B BaIDS totaling RM800 million at AID(s), reflecting the support provided by Bank Pembangunan & Infrastruktur Malaysia Berhad (BPIMB) by way of a standby revolving credit facility. As at May 2005, the aggregate confirmed sales stood at RM854.5 million, of which RM91.9 million remained uncollected. For the first five month period...

MARC has affirmed Guthrie Property Development Holding Berhad’s (GPDH) rating of RM750 million Islamic Medium-Term Notes programme at AA-ID (double A minus, Islamic Debt). The rating reflects GPDH’s reputable position as a leading property developer in the country and its sound financial profile. Other positive rating factors include GPDH’s vast land holding and its commendable track record ...

MARC has lifted the MARC Watch (with developing outlook) placed on Ambang Sentosa Sdn Bhd’s (ASSB) RM372 million and RM226 million Class C BaIDS/ABS Facility following the approval by bondholders to restructure the Class B and Class C BaIDS. MARC has on 8th June 2005 announced the downgrades (with a developing outlook) on ASSB’s Class B and Class C BaIDS from A+ID to AID and AID to A-ID resp...

MARC has affirmed WCT Land Bhd’s (WCTL) long-term rating at AID in respect of the RM132 million Convertible Redeemable Debt Securities (CRDS) reflecting the Group’s reputable position as a property developer coupled with its strong financial performance and promising cashflow generating capabilites. The moderating factor continues to be the vulnerability of the projects to adverse developments...

MARC has received confirmation from the trustee that the Tranche No. 4 of OSKP’s BaIDS amounting to RM25.0 million had been redeemed on 20 May 2005, prior to its maturity date of 6 April 2011. The trustee had also confirmed that the early redemption is in order and complies with the trust deed. After the aforementioned redemption, the current outstanding BaIDS stands at RM75.0 million....

MARC has downgraded the long-term ratings of Ambang Sentosa Sdn. Bhd.’s (ASSB) RM372 million and RM226 million of class B and class C Al-Bai Bithaman Ajil Islamic debt (BaIDS) asset-backed securities (ABS) facility with a developing outlook. The downgrades are premised on the construction delays experienced on the Taman Puncak Jalil development brought about by the repatriation of illegal forei...

The ratings of MARC-2/A- assigned to Equine Capital Berhad’s (ECB) Commercial Papers /Medium-Term Notes Programme of up to RM95 million (CP/MTN Programme) reflects the ECB group’s strong competitive position through its flagship developments in Seri Kembangan and its credible track record of timely completion of quality projects. Mitigating the ratings are the inherent cyclicality of the prop...

MARC has received confirmation from the facility agent that Series A under Tranche I of Maxisegar Sdn Bhd’s RM250 million Al Bai Bithaman Ajil Islamic Debt Securities (BaIDS) amounting to RM10.0 million was redeemed on 25 February 2005. Hence, effective 26 February 2005, the facility limit has been reduced to RM240.0 million, taking into consideration the abovementioned redemption.Todate, only T...