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MARC has affirmed its ‘A’ rating on Berjaya Land Berhad’s (BLand) Secured Exchangeable Bonds, of which RM882.0 million remains outstanding currently. Concurrently, the outlook was revised to developing from stable. MARC’s revised outlook for the rating reflects increased uncertainty posed by the exchangeable bonds’ approaching put option date of August 15, 2009 and co...
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In MARC’s last rating update on September 30, 2008, Inverfin Sdn Bhd’s (Inverfin) noteholders had approved the proposed buy-back of the company’s outstanding notes under its RM200.0 million Commercial Papers/Medium-Term Notes (Notes) programme. This was in connection with IOI Corporation Bhd’s (IOI) execution of a conditional sale and purchase agreement to acquire Inverfin ...
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MARC has withdrawn its AID rating on OSK Property Holdings Berhad’s (OSKP) RM50 million Class A BaIDS following the full redemption of the bonds on its maturity date of April 6, 2009. Concurrently, OSKP’s A-ID rating on its outstanding RM25 million Class B BaIDS has been affirmed. MARC has also revised its rating outlook to stable from negative. The affirmation and outlook revision ref...
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MARC has withdrawn its A-ID rating on Glomac Berhad’s (Glomac) RM60.0 million Junior Bai Bithaman Ajil Islamic Bonds with immediate effect, following the full redemption and cancellation of the facility, as confirmed by its facility agent, MIDF Amanah Investment Bank Berhad. MARC continues to maintain MARC-2ID/A-ID ratings on Glomac’s outstanding RM25 million Murabahah Notes Issuance F...
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MARC has affirmed its AAIS rating on Diversified Venue Sdn Bhd’s (DVSB) RM200 million Sukuk Al-Ijarah Master Programme (Sukuk). The rating outlook is stable. DVSB, a funding special purpose vehicle wholly-owned by First Impact Sdn Bhd (FISB), acquired a beneficial ownership in the land and building for the construction of Mercu UEM, UEM Group Corporate Headquarters from FISB via the Sukuk pr...
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MARC continues to maintain MK Land Holdings Bhd’s (MK Land) BBB+ rated RM60.0 million outstanding bonds on MARCWatch Negative. The company was first placed on MARCWatch Negative on May 7, 2008 due to liquidity concerns following the deferment of scheduled payments to build up its sinking fund account. MK Land has since met the timeline to place RM30.0 million into the sinking fund account be...
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MARC has affirmed its ratings on MARC-1/AAA, MARC-1/AA and MARC-1/A to Gandalf Capital Sdn. Bhd.’s (Gandalf Capital) RM118.0 million CPs/MTNs (the Notes) comprising RM87.0 million Class A Notes, RM16.0 million Class B Notes and RM15.0 million Class C Notes, respectively. The ratings carry a stable outlook. The affirmed ratings and stable outlook are premised on the low loan-to-va...
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MARC has affirmed the ratings of MARC-1/AAA and MARC-1/AA on the RM125.0 million Senior Class A Notes and RM50.0 million Senior Class B Notes (Senior Notes) of the special purpose vehicle, Mutual Streams Sdn Bhd’s (MSSB) RM650 million Commercial Papers/Medium Term Notes (CP/MTN) programme. The ratings carry a stable outlook. The affirmation and stable outlook reflect the performance of the c...
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MARC is issuing this rating update in relation to the BBB+ rating of MK Land Holdings Bhd’s (MK Land) RM60.0 million outstanding bonds which is currently under review for possible downgrade. The rating review will consider MK Land’s current weak liquidity, and the challenging prospects for improving its near-term liquidity ahead of its upcoming RM60.0 million debt maturity in September...
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MARC has affirmed the AAAID(bg) and MARC-1ID(s) ratings on property developer, Horizon Hills Development Sdn Bhd’s (Horizon Hills) (formerly known as Arapesona Development Sdn Bhd) Islamic Bank Guaranteed Medium-Term Notes (IMTN) Programme of up to RM200 million and Islamic Commercial Papers (ICP) Programme of up to RM70 million respectively. The ratings carry a stable outlook. The affirmed ...
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