Under this transaction, a special purpose vehicle, Gandalf Capital Sdn. Bhd. (formerly known as Icon Lagoon Sdn Bhd) (Gandalf Capital) is incorporated to raise up to RM118.0 million of CPs/MTNs comprising of RM87.0 million Class A, RM16.0 million Class B and RM15.0 million Class C CPs/MTNs (Notes), which will be on-lent to its parent, a real estate investment trust, to part finance the acquisition...

The rating of Kuala Lumpur Sentral Sdn Bhd’s (KLSSB) RM720.0 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) comprising Tranches 2B, 3, 4A & 4B has been upgraded to A+ID(s)  with a stable outlook reflecting the support provided by Bank Pembangunan Malaysia Berhad (BPMB) (formerly known as Bank Pembangunan dan Infrastruktur Malaysia Berhad or “BPIMB”) by way ...

MARC has placed Sunrise Berhad’s (“Sunrise”) RM70 million MUNIF/IMTN and RM100 million BBA on MARCWatch with a developing outlook following an announcement of the appointment of the voluntary administrator on Broadfields II Pty. Ltd. (“BII”), a foreign subsidiary of Sunrise; which has triggered a technical event of default.BII is involved in the provision of education...

The ratings of Harum Intisari Sdn Bhd’s (HISB) Al-Murabahah Commercial Papers (MCP) and Medium-Term Notes (MMTN) (collectively known as the Programme) of up to a nominal value of RM300.0 million have been affirmed at MARC-1ID (cg)/AA-ID (cg) with stable outlook. The ratings reflect the unconditional and irrevocable corporate guarantee extended by its ultimate holding company, Gamuda Berhad (...

MARC has placed the long term A (A flat) ratings of MK Land Holdings Berhad’s (MK Land) RM150 million nominal value of 3, 5 and 7 year bonds 2001-2008 (tranche 1) and RM150 million nominal value of 3, 5 and 7 year bonds 2002-2009 (tranche 2) on MARCwatch with a negative outlook. The MARCwatch placement reflects slower take-up rates at MK Land’s flagship projects in Damansara Perdana an...

MARC has maintained a MARCWatch with a Negative Outlook on the ratings of Peremba Jaya Holdings Sdn Bhd’s (PJHSB) RM200 million Murabahah Underwritten Notes Issuance Facility (MUNIF)/ Murabahah Medium-Term Notes (MMTNs). The rating action reflects PJHSB’s weak financials as at July 2006 and the continued uncertainty surrounding the finalisation of Contract D with Putrajaya Holdings Sdn...

WCT Land Berhad’s (“WCTL”) RM132 million Convertible Redeemable Debt Securities (CRDS) is upgraded from A to A+ (cg) with a stable outlook to reflect the strength of the corporate guarantee provided by its holding company, WCT Engineering Bhd (“WCTE”). WCTE’s RM100 million Islamic Fixed Rate Serial Bonds initial A+ rating assigned by MARC in June 2005 has been a...

MARC, with immediate effect, is placing Ample Zone Berhad’s (AZB) RM150 million Sukuk Al-Ijarah (Sukuk) on MARCWatch with a developing outlook. Talam Corporation Berhad (TCB) had announced on 1 September 2006 that an event of default in payment of various bonds and banking facilites by TCB and its subsidiaries except for AZB had occurred. This has triggered a cross default as under AZB&rsquo...

MARC has affirmed the rating of MARC-2/A- with stable outlook to Equine Capital Berhad’s (ECB or Issuer) Commercial Papers/Medium Term Notes Programme (CP/MTN Programme) of up to RM95 million.  The rating reflects ECB’s high competitive position through its flagship developments in Seri Kembangan, credible track record of timely completion of its projects and low debt leverage pos...

MARC has reaffirmed Sunrise’s short term and long term debt rating at MARC-1ID, and A+ID respectively, reflecting Sunrise’s strong financial track record with operating margins averaging 23% in the last four years, low debt leverage position and high financial flexibility. The ratings were also underpinned by the company’s established position as a high-end developer, with severa...