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MARC has affirmed its ratings on 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. The Class A Notes are rated MARC-1/AAA; the Class B Notes are rated MARC-1/AA; and the Class C Notes are rated MARC-1/A. The affirmed ratings reflect the stable loan-to...
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MARC has downgraded Intelbest Corporation Sdn Bhd’s (ICSB) RM110.0 million Bai Bithaman Ajil Bonds (BaIDS) and RM50.0 million Murabahah Notes Issuance Facility (MUNIF) (collectively known as Islamic Debt Facilities) ratings to D from B+ID/MARC-4ID as a result of a missed profit payment for the BaIDS on February 28, 2008. ICSB is principally an investment holding company and property develope...
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MARC has reaffirmed the ratings of OSK Property Holdings Bhd (OSKP)’s Class A and Class B BaIDS at AID and A- ID respectively. The ratings outlook is negative. The ratings reflect OSKP’s satisfactory performance of its development projects, in particular, Bandar Puteri Jaya (BPJ), strong shareholders support, moderate level of cash flow diversification and financial flexibility. Howeve...
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MARC has assigned a rating of A+ID to Sunrise Berhad’s (Sunrise) restated Islamic MTN facility, which was upsized to RM400.0 million from RM150.0 million. Additionally, MARC has reaffirmed Sunrise’s short term and long term debt ratings of MARC-1ID / A+ID on RM70.0 million Murabahah Notes Issuance Facility/Islamic Medium Term Notes and RM100.0 million Bai’ Bithaman Ajil Notes Iss...
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MARC has reaffirmed 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 B...
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MARC has upgraded Land & General Berhad’s (L&G) Redeemable Convertible Secured Loan Stocks (RCSLS) of up to RM320,962,637 to B from B-. The outlook for the rating is Developing. The upgrade reflects the Group’s improved credit profile and liquidity position which is mainly attributed to significant debt reduction during the past year. Using proceeds from asset sales under its o...
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MARC has withdrawn its AA+ID rating on Ample Zone’s RM50.0 million Class A Sukuk Al-Ijarah (Sukuk) with immediate effect following its full redemption on 18th January 2008. Approximately RM9.52 million of Class B Sukuk was also redeemed on the same date. The early redemption for Class A and a portion of Class B Sukuk follows completion of the disposal of Wisma Talam, one of four securitized ...
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MARC has reaffirmed the AAAID rating on Midciti’s 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 reaffirmed ratings and the stable ratings outlook reflect the credit strength of PETRONAS, the head lessee of the PETRONAS Twin Towers (Tower 1 and Tow...
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MARC has lowered its rating on MK Land Holdings Berhad’s (MK Land) RM300 million Serial Bonds Tranche 1 and Tranche 2 to BBB+ from A-. The rating downgrade reflects its weakening business and financial risk profile, in particular, its lower take up rate performance in Damansara Perdana and Damansara Damai, MK Land’s weak profitability measures, continued negative operating and free cas...
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MARC has reaffirmed the rating of Petronas Assets Sdn Bhd’s (PAssets) RM282 million Bai Al-Dayn Notes Issuance Facility (NIF) at AAAID. The rating outlook is stable. PAssets is the owner and lessor of certain systems, equipment, machinery and other fixed assets and chattels located at PETROSAINS Discovery Centre (Petrosains Assets) and Tower 1 of the PETRONAS Twin Towers. The reaffirmed rati...
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