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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...
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MARC has downgraded Maxisegar Sdn Bhd (MSB)’s RM250.0 million Al Bai Bithaman Ajil Islamic Debt Securities (BaIDS) from the rating of AID (A flat, Islamic Debt) to BBID (BB flat, Islamic Debt). Concurrently, we have also placed the rating on a MARCWatch with a Negative Outlook. The severe downgrade of the BaIDS to non-investment grade securities was based upon the rapid deterioration of MSB’s ...
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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...
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MARC has affirmed the rating of AID (A flat, Islamic Debt) assigned to Maxisegar Sdn Bhd (MSB)’s RM250.0 million Al Bai Bithaman Ajil Islamic Debt Securities on the back of its strong competitive position and good location of its property development; tempered by any adverse development in the property markets. MSB, a wholly owned subsidiary of Talam Corporation Berhad (TCB), one of the largest ...
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MARC has assigned a rating of AID (A flat, Islamic debt) to Maxisegar Sdn Bhd’s (MSB) Al Bai Bithaman Ajil Islamic debt securities (BAIDS) with a nominal value of RM250 million. The assigned rating reflects MSB’s strong competitive position and good location of its property developments; tempered by its vulnerability to adverse developments in the property market.MSB, a wholly owned subsidiary...
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MARC has withdrawn the corporate debt rating of Maxisegar Sdn Bhd RM300 million and RM600 million Al-Bai Bithaman Ajil Islamic Debt Securities (Baids) following the full redemption of the Baids on the 28th of July 2003....
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The rating affirmation of Maxisegar Sdn Bhd‘s (Maxisegar) RM300 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) at A-ID is supported by the strength of the underlying issue structure, in which, secured sales from specific property development projects have been earmarked for the redemption of the BaIDS issue. Positive features of the issue structure include security coverage of 1.28...
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Malaysian Rating Corporation Berhad (MARC) has assigned a long-term Islamic corporate debt rating of A-ID (A minus, Islamic Debt Securities) to Maxisegar Sdn Bhd’s (Maxisegar) RM600 million Al-Bai Bithaman Ajil with Islamic Debt Securities (BaIDS) facility. The rating of Maxisegar’s BaIDS reflects a tight underlying issue structure, where the progress billings from secured sales of specif...
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Malaysian Rating Corporation Berhad (MARC) has assigned a long-term Islamic debt rating of A-ID (A minus, Islamic Debt Security) to Maxisegar Sdn Bhd’s (Maxisegar) RM300 million Al-Bai Bithaman Ajil with Islamic Debt Securities (BaIDS) facility. The rating reflects the strength of the underlying issue structure, in which, secured sales from specific property development projects have been ear...
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