The rating of OSK Property Holdings Bhd (OSKP)’s Class A and Class B BaIDS has been reaffirmed at A ID and A- ID respectively with a negative outlook. The reaffirmation reflects OSKP’s strong presence in Sungai Petani, Kedah through its flagship development – Bandar Puteri Jaya (BPJ) and its stable operating profit margins. Moderating factors however include the soft property mar...

The ratings of Petronas Assets Sdn Bhd’s (PAssets) RM282 million Bai Al-Dayn Notes Issuance Facility (NIF) and RM500 million Al-Murabahah Commercial Papers/Medium-Term Notes (CP/MTN) have been reaffirmed at AAAID and MARC-1ID/AAAID, respectively with a Stable Outlook. The reaffirmation of the ratings reflect the strong issue structure governing the NIF and CP/MTN facilities, a record of time...

MARC has reaffirmed Putrajaya Holdings Sdn Bhd’s (PJH) ratings at AAAID for its RM765 million Nominal Value of Bai Bithaman Ajil (BBA) Bonds Issuance Facility (Parcels A, B & Public Facilities Precinct 10) (2000-2010); RM570 million Nominal Value of BBA Bonds Issuance Facility (Parcel C) (2001-2013); RM850 million Nominal Value of BBA Bonds Issuance Facility (Parcel D) (2001-2013); RM850...

MARC has uplifted the MARCWatch Developing on Sunrise Berhad’s (“Sunrise”) RM70 million MUNIF/IMTN and RM100 million BBA placed on 10 November 2006 following an announcement of the appointment of the voluntary administrator on Broadfields II Pty. Ltd. (“BII”), a foreign subsidiary of Sunrise; which triggered a technical event of default.The upliftment is based on the ...

MARC had on 29 December 2006 placed Intelbest Corporation Sdn Bhd’s (“Intelbest”) RM50.0 million MUNIF on MARCWatch with developing outlook with regards to Abrar Discount Berhad’s (“Abrar”) announcement on Bank Negara Malaysia’s (“BNM”) instruction to Abrar to cease operations. However, MARC understands that the cessation of Abrar would not hav...

The long-term ratings of Glomac Berhad’s (Glomac) RM60 million Junior Bai’Bithaman Ajil Islamic Bonds (Junior BaIDS) and RM25 million Murabahah Notes Issuance Facility / Islamic Medium Term Notes (MUNIF/IMTN) have been downgraded to A- ID while the short term rating for the MUNIF/IMTN has been reaffirmed at MARC-2ID. The ratings have been accorded a Stable Outlook. The ratings downgrad...

The rating of Guthrie Property Development Holding Berhad’s (GPDH) RM750 Million Islamic Medium-Term Notes Programme has been reaffirmed at AA- ID with a stable outlook, reflecting the Group’s strong financial position and commendable competitive position evident from the range of development products offered, its track record and the sizeable landbank that the group possesses. The sof...

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) have been downgraded to C ID (C, Islamic Debt) and MARC-4ID,  respectively. The ratings remain on MARCWatch with negative implications. MARC was made to understand that the termination notices served on Arif ...

The ratings of MK Land Holdings Berhad’s (MK Land) RM300 million Serial Bonds Tranche 1 and 2 have been downgraded to A- with a Negative Outlook. The downgrade is premised on weaker sales from the Group’s Damansara Perdana and Damansara Damai projects which has contributed to declining profits and margins and the soft property market outlook. The Negative Outlook reflects the challenge...

MARC, with immediate effect, is revising Ample Zone Berhad’s (AZB) RM150 million Sukuk Al-Ijarah (Sukuk) from MARCWatch developing to MARCWatch negative. AZB’s Sukuk is currently rated at AA+ID for RM50 million Class A; AID for RM25 million Class B; and BBID for Class C. The MARCWatch negative is premised on the continued non rental payment from Talam Corporation Berhad’s (TCB) s...