MARC has received confirmation from the facility agent that Series A under Tranche I of Maxisegar Sdn Bhd’s RM250 million Al Bai Bithaman Ajil Islamic Debt Securities (BaIDS) amounting to RM10.0 million was redeemed on 25 February 2005. Hence, effective 26 February 2005, the facility limit has been reduced to RM240.0 million, taking into consideration the abovementioned redemption.Todate, only T...

MARC has received confirmation from the facility agent that Talam’s RM150.0 Million 7-Year Secured Bonds with 107.6 Million of Detachable Warrants has been fully redeemed. As such, MARC no longer has any rating obligation on the Facility and the assinged A rating is hereby withdrawn....

MARC has assigned ratings of A+ID on Intelbest Sdn Bhd’s (“ISB”) RM20 million Series 1 BaIDS, AID on RM35 million Series 2 and RM55 million Series 3 BaIDS and MARC-1ID on its RM50 million MUNIF. The ratings reflect the strength of the issue structure, which includes the assignment of the redemption sum and progress billings of locked in sales and future sales for the purpose of the redemptio...

MARC has reaffirmed the rating of KLSSB’s tranches 2A, 2B, 3, 4A & 4B BaIDS totaling RM800 million at AID(s), reflecting the support provided by Bank Pembangunan & Infrastruktur Malaysia Berhad (BPIMB) by way of a standby revolving credit facility. The Tranche 1 BaIDS was fully settled in April 2004.Kuala Lumpur Sentral’s commercial development is divided into four phases. As at October 2004, ...

MARC has upgraded Sunrise’s short term debt rating from MARC-2ID to MARC-1ID, reflecting the company’s strong cash position, affording early redemption of the Bai’Bithaman Ajil Facility Tranche1; good financial track record with operating margins averaging 30% in the last four years; low debt leverage position and good financial flexibility with a current ratio of 0.32x and unencumbered asse...

MARC has assigned ratings of AAAID, AAID and AID to AZB’s RM50 million Class A Sukuk, RM25 million Class B Sukuk and RM75 million Class C Sukuk. Under this Ijarah sale and lease back transaction, Ample Zone Berhad (AZB), a special purpose vehicle with certain bankruptcy remoteness features, incorporated solely to undertake this securitisation exercise, will acquire four buildings (Assets) from t...

MARC has affirmed Land & General Berhad’s (L&G) Redeemable Convertible Secured Loan Stocks (RCSLS) of up to RM320,962,637 rating at B- (B minus). The rating reflects the Group’s weak competitive position following the on-going corporate restructuring and de-gearing exercise, weak financial performance, impaired cash generation ability and high debt burden. However, the RCSLS is backed by an as...

MARC has affirmed the ratings of OSK Property Holdings Bhd (OSKP)’s Class A and B BaIDS at AID and A-ID respectively; reflecting OSKP’s strong presence in Sungai Petani, Kedah with its favourable flagship development – Bandar Puteri Jaya (BPJ) and improving financial performance; tempered by its vulnerability to adverse development in the property markets. The enhanced AID rating reflects se...

MARC has reaffirmed the rating of Europlus Corporation Sdn Bhd’s (ECSB) RM350.0 million Murabahah Underwritten Notes Issuance Facility (MUNIF) at MARC-3ID. The reaffirmation reflects the substantial locked-in sales from developments secured under the MUNIF which essentially acts to mitigate market risk, normalization in construction works in the last nine months and ECSB’s timeliness in remitt...

MARC has received confirmation from the Lead Arranger and Trustee that a portion of Europlus Corporation Sdn Bhd’s RM350 million Murabahah Underwritten Notes Issuance Facility (MUNIF) amounting to RM19.0 million has been fully redeemed on 25 January 2005. Hence, effective 25 January 2005, the facility limit has been reduced to RM196.0 million, taking into consideration the abovementioned redempt...