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MARC has affirmed the MARC-1ID(cg)/ AA-ID(cg) ratings on Harum Intisari Sdn Bhd’s (HISB) Al-Murabahah Commercial Papers (MCP)/Medium Term Notes (MMTN) with a nominal value of up to RM300 million. The ratings carry a stable outlook. The ratings and ratings outlook reflect the credit quality of guarantees extended by HISB’s holding company, Gamuda Berhad (Gamuda), a leading construction ...
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MARC has affirmed the AAAID rating on Midciti Resources Sdn Bhd’s (Midciti) 8 to 12-year Secured Bai Al-Dayn Bonds with a nominal value of up to RM1,605 million (Serial Bonds) and the AAA(s) rating on its 13-year bonds with a nominal value of up to RM1,315 million. The ratings carry a stable outlook.The affirmed ratings and the stable ratings outlook reflect the credit strength of government...
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MARC has affirmed its AAAID /MARC-1ID ratings on Putrajaya Holdings Sdn Bhd’s (PJH) Islamic debt issuances. The facilities affected by this rating action are: RM765 million Bai Bithaman Ajil (BBA) Bonds Issuance Facility (due 2010) RM570 million BBA Bonds Issuance Facility (due 2013) RM850 million BBA Bonds Issuance Facility (due 2013) RM850 million BBA Serial Bonds Issuance Facility (due 20...
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MARC has affirmed the A-ID /MARC-2ID ratings on property developer Glomac Berhad’s (Glomac) RM60 million Junior Bai’Bithaman Ajil Islamic Bonds (Junior BaIDS) and its RM25 million Murabahah Notes Issuance Facility / Islamic Medium Term Notes (MUNIF/IMTN) respectively. Glomac’s RM50 million Senior BaIDS was fully redeemed in January 2006. The ratings reflect Glomac’s establi...
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MARC has affirmed the rating of Land & General Berhad’s (L&G) Redeemable Convertible Secured Loan Stocks (RCSLS) of up to RM320,962,637 at B. The rating carries a stable outlook. The affirmed rating reflects the satisfactory progress made in its ongoing Asset Disposal Programme (ADP), a critical component of a debt restructuring scheme agreed upon in 2003. The ADP is principally prov...
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MARC has received confirmation from Inverfin Sdn Bhd (Inverfin) that noteholders’ approval has been obtained for the proposed buy-back of the company’s outstanding notes under its RM200.0 million Commercial Papers/Medium-Term Notes (CP/MTN) programme. To date, Inverfin’s total obligation under the CP/MTN programme stands at RM160.0 million Class A CP/MTN notes, currently rated at...
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MARC has affirmed its MARC-1(bg) and AAA(bg) ratings on Mega Palm Sdn Bhd’s (MPSB) Bank Guaranteed Medium-Term Notes (BG MTN) of up to RM70.0 million and Bank Guaranteed Commercial Papers (BG CP) of up to RM80.0 million, respectively. The rating outlook is stable. The ratings reflect the strength of the unconditional and irrevocable bank guarantee provided by Malaysia’s largest bank, M...
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MARC has received confirmation from the facility agent that MK Land Holdings Berhad (MK Land) had on August 29, 2008 redeemed the principal payment of bonds amounting to RM60 million as scheduled. The BBB+ rating on MK Land’s bonds remains under review for possible downgrade based on its continuing weak earnings and cash flow arising from the low take-up rates for its ongoing property develo...
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MARC has extended the MARCWatch Negative on the BBB+ rating of property developer MK Land Holdings Berhad’s (MK Land) RM300 million Serial Bonds which was placed on MARCWatch on 7 May 2008. MK Land had previously sought the indulgence of bondholders to defer original scheduled payments into the sinking fund account (SFA) for the purpose of redeeming the RM120 million outstanding Bonds. ...
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MARC has revised its outlook on Sunrise Berhad’s (Sunrise) ratings of MARC-1ID /A+ID on RM70.0 million Murabahah Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN) and A+ID on its RM400.0 million IMTN facility to stable from positive. Concurrently, MARC has affirmed the ratings. The outlook revision to stable reflects expectations of moderation in sales momentum and potential mar...
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