MARC has reaffirmed the ratings of Ample Zone Berhad’s Sukuk Al-Ijarah (Sukuk) Class A of RM50 million and Class B of RM25 million at AA+ID  and AID respectively. However, the RM75.0 million Class C Sukuk has been downgraded to BB- ID from BBID. The ratings of Class A and Class B Sukuk reflects the collateral backing the Sukuk; loan-to-values (LTV) which were within MARC’s accepta...

MARC has placed its A- / MARC-2 ratings on Equine Capital Berhad’s (“ECB”) Commercial Papers / Medium Term Notes Programme on MARCWatch Developing. The MARCWatch placement follows a recent confirmation from the issue’s trustee that a breach in the Debt Service Coverage Ratio (“DSCR”) had occurred as at March 31, 2006. This confirmation from the trustee comes a y...

On 23 January 2007, MARC placed the following ratings of Intelbest Corporation Sdn Bhd’s (“Intelbest”) on MARCWatch Negative:RM20.0 million Series 1 BaIDS  BBB+IDRM35.0 million Series 2 BaIDS  BBBIDRM55.0 million Series 3 BaIDS  BBBIDRM50.0 million MUNIF  MARC-3 IDThe MARCWatch placement was premised on a shortfall in the amount in the Redemptio...

MARC has lifted the MARCWatch Negative and downgraded the long and short term ratings of Peremba Jaya Holdings Sdn Bhd’s (PJHSB) RM200 million Murabahah Underwritten Notes Issuance Facility (MUNIF)/ Murabahah Medium-Term Notes (MMTNs) to DID (D, Islamic Debt) following its failure to meet repayment obligations on its RM153 million Commercial Papers on 15 February 2007.MARC had downgraded the...

MARC has received confirmation from MIDF Amanah Investment Bank Berhad ("MIDF Investment"), the facility agent for Kuala Lumpur Sentral Sdn Bhd’s RM720.0 million Al-Bai Bithaman Ajil Debt Islamic Debt Securities (BaIDS), that the facility has been fully redeemed and cancelled effective 6 April 2007. As such, MARC no longer has any rating obligation on the facility, and has accordin...

The Redeemable Convertible Secured Loan Stocks (RCSLS) holders of Land & General Berhad (L&G) had, at an Extraordinary Meeting held on 15 February 2007, approved a prepayment of 14,785,526 RCSLS with a nominal value of RM1 each.  The prepayment represents 7% of the current outstanding of 214,728,955 RCSLS.  The prepayment is by a cash settlement of RM10,649,851 and waiver of the ...

Pursuant to MARC’s announcement dated 12 February 2007, a bondholders’ meeting was held on 16 February 2007. MARC was made to understand from the issuer and the trustee that the bondholders have agreed to extend the repayment dates for the Primary BaIDS as follows:-Series 1 BaIDS – 30 September 2009;Series 2 BaIDS – 31 March 2010; and Series 3 BaIDS – 31 December 2010...

MARC has affirmed the rating for Land & General Berhad’s (L&G) Redeemable Convertible Secured Loan Stocks (RCSLS) of up to RM320,962,637 at B- with negative outlook.  The rating reflects the Group’s weak competitive position, lack of financial flexibility and high debt burden owing to its current involvement in the debt restructuring scheme.  The negative outlook is p...

On 23 January 2007, MARC had placed Intelbest Corporation Sdn Bhd’s (“Intelbest”) RM110.0 million BaIDS and RM50.0 million MUNIF on MARCWatch Negative. Based on the trustee’s letters dated 29 January 2007 and 5 February 2007, the total amount to be maintained in the Redemption Account (“RA”) by 28 January 2007 is RM47.9 million for the redemption of the Series 1...

MARC has reaffirmed the ratings of Midciti Resources Sdn Bhd’s (Midciti) Private Debt Securities (PDS) Facilities as follows:IssueRating8 to 12-year Secured Bai Al-Dayn Bonds with a nominal value of up to RM1,605 million (Serial Bonds)AAAID13-year Bonds with a nominal value of up to RM1,315 million (13-year Bonds)AAA(s)The reaffirmation of the ratings which carries a stable outlook, reflects...