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MARC has downgraded the rating on Jana Niaga Sdn Bhd’s (JNSB) RM100.0 million Murabahah Underwritten Notes Issuance Facility (MUNIF) from MARC-4ID to DID. The rating of “DID” reflects JNSB’s failure to make scheduled payment on the RM100.0 million MUNIF due on November 7, 2007 following verbal confirmation from the sole note holder and Facility Agent, Abrar Discounts Berhad...
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MARC has reaffirmed the short term rating of MARC-4ID for Jana Niaga Sdn Bhd’s (JNSB) RM100.0 million Murabahah Underwritten Notes Issuance Facility (MUNIF). The rating continues to reflect JNSB’s significant near-term refinancing risk and diminished credit measures compounded by continuing delays in payment by University Industri Selangor (UNISEL), its sole obligor under its concessio...
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MARC has lifted its MARCWatch Negative placement on Jana Niaga Sdn Bhd’s (JNSB) RM100.0 million Murabahah Underwritten Notes Issuance Facility (MUNIF) and has reaffirmed its MARC-4 ID rating. The rating carries a negative outlook.JNSB was placed on MARCWatch Negative in February 2007 due to continued cash flow problems stemming from delays in the receipt of UNISEL’s payments of guarant...
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MARC has downgraded Jana Niaga Sdn Bhd’s (“JNSB”) RM100.0 million Murabahah Underwritten Notes Issuance Facility (“MUNIF”) from MARC-3 ID to MARC-4 ID following the failure of University Industri Selangor (“UNISEL”) to make good outstanding guaranteed rental payments amounting to RM8.7 million (as at October 2006) by 31 January 2007. In Decembe...
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MARC has placed Jana Niaga Sdn Bhd’s (“JNSB”) RM100.0 million Murabahah Underwritten Notes Issuance Facility (“MUNIF”) on MARCWatch with developing implications. The MUNIF had been downgraded earlier in May 2006 from MARC-2ID to MARC-3ID following JNSB’s deteriorating cash flow position arising from the failure of University Industri Selangor (“UNISEL&rdqu...
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Jana Niaga Sdn Bhd (“JNSB”) RM100 million Murabahah Underwritten Notes Issuance Facility’s (“MUNIF”) rating has been downgraded to MARC-3 ID from MARC-2 ID (2004). The rating action stems from the failure by Universiti Industri Selangor (“UNISEL”) to meet the minimum rental payments guaranteed (based on guaranteed student numbers and full occupancy of staf...
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MARC has placed Jana Niaga Sdn Bhd (JNSB)’s RM100.0 million Murabahah Underwritten Notes Issuance Facility’s (MUNIF) on MARCWatch with a Negative Outlook. The initial ratings at MARC-2 ID for short term and A- ID for long term were assigned in August 2004. The action is based upon the deteriorating cash flow position of JNSB arising from the failure of Universiti Industri Selangor (UNISEL) to...
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MARC has assigned a rating of MARC-2 ID /A-ID to Jana Niaga Sdn Bhd’s (JNSB) RM100.0 million Murabahah Underwritten Notes Issuance Facility. Supporting the rating is the guaranteed minimum rental payments to be made by Universiti Industri Selangor (UNISEL). Moderating factors, on the other hand, include construction and completion risks of the university’s main campus, student and staff accom...
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