In February 2004, MARC had placed the rating of KLSSB’s Tranche 1 BaIDS of RM91 million (original limit: RM120 million) of A-ID on MARCWatch with developing implications, reflecting MARC’s concerns over KLSSB’s ability to collect the remaining billings of RM125 million from Promising Quality Sdn Bhd (PQSB) for Lot G at KL Sentral, which would be the main source of repayment for the Tranche 1...

MARC has received confirmation from Putrajaya Holdings Sdn Bhd that its RM300 million Murabahah Commercial Papers/ Medium-Term Notes Facility has been terminated. As such, MARC no longer has any rating obligation on the Facility and the respective MARC-1ID and AAA ID ratings are hereby withdrawn. ...

MARC has assigned a rating of AA-ID(double A minus, Islamic Debt) to Guthrie Property Development Holding Berhad’s (GPDH) RM750 million Islamic Medium-Term Notes programme. The rating reflects the strength of GPDH as a leading property developer in the country and its sound financial profile. Other positive rating factors include GPDH’s vast land holding and its commendable reputation and trac...

MARC has placed the rating of KLSSB’s Tranche 1 BaIDS of RM91 million (original limit: RM120 million) of A-ID on MARCWarch with developing implications, reflecting MARC’s concerns over KLSSB’s ability to collect the remaining billings of RM125 million from Promising Quality Sdn Bhd (PQSB) for Lot G at KL Sentral, which would be crucial for the repayment of the Tranche 1 BaIDS. On 21 October ...

MARC has assigned the ratings of A+ID to Glomac Berhad’s (Glomac) RM50.0 million Senior Bai’ Bithaman Ajil Islamic Bonds (Senior BaIDS); AID to RM60.0 million Junior Bai’ Bithaman Ajil Islamic Bonds (Junior BaIDS); and MARC-2/AID to RM25.0 million Murabahah Notes Issuance Facility/Islamic Medium Term Notes (MUNIF/IMTN). The ratings are supported by Glomac’s position as one of the reputable...

The reaffirmation of Kenanga Wangsa Sdn Bhd (KWSB)’s corporate debt rating at A-ID (A minus Islamic debt) reflects the strength of the underlying issue structure whereby secured sales from specific property development projects have been assigned for the redemption of the BaIDS issue. KWSB, a wholly owned subsidiary of Intelbest Sdn Bhd, is principally involved in property development. Two...

MARC has reaffirmed the rating of Talam Corporation Berhad’s (Talam) RM150 million principal amount of 7-year 5.0% secured bonds with 107.6 million detachable warrants (2000/2007) at A (A flat). The rating reflects its strong underlying issue structure, in which assignment of sale proceeds from the Saujana Puchong development project forms the source of repayment of the bond issue; and the impro...

MARC has reaffirmed the ratings of Midciti Resources Sdn Bhd’s (“Midciti Resources”) 7-year Secured Bai Al-Dayn Commercial Paper/Medium Term Notes Financing Programme with nominal value of up to RM1,000 million at MARC-1ID /AAAID, 8 to 12-year Secured Bai Al-Dayn Bonds with a nominal value of up to RM1,605 million at AAAID and the 13-year Bonds with a nominal value of up to RM1,315 million a...

MARC has reaffirmed the ratings of Petronas Assets Sdn Bhd’s Bai Al-Dayn Notes Issuance Facility with a nominal value of RM282 million at AAAID (Triple AAA, Islamic Debt) and Al-Murabahah Commercial Papers/Medium Term Notes (CP/MTN) Programme with a nominal value of up to RM500 million at MARC-1ID/AAAID. The reaffirmation of the ratings reflects the credit strength of Petroliam Nasional Berhad (...

MARC has assigned a rating of AID (A flat, Islamic debt) to Maxisegar Sdn Bhd’s (MSB) Al Bai Bithaman Ajil Islamic debt securities (BAIDS) with a nominal value of RM250 million. The assigned rating reflects MSB’s strong competitive position and good location of its property developments; tempered by its vulnerability to adverse developments in the property market.MSB, a wholly owned subsidiary...