The rating affirmation reflects the strength of the underlying issue structure in which secured sales from the specific property development projects have been assigned for the redemption of the BaIDS issue. Under the issue structure, Kenanga is to maintain a minimum security coverage of 1.5 times the total BaIDS outstanding, a Sinking Fund Account (SFA) with scheduled minimum balances and a six-m...

Malaysian Rating Corporation Berhad (MARC) has affirmed the long-term Islamic corporate debt rating of A-ID (A minus, Islamic Debt Securities) of Puncak Alam Housing Sdn Bhd’s (PAH) RM75 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) facility. The rating affirmation reflects the strength of the underlying issue structure, with the BaIDS issue backed by secured sales from speci...

Malaysian Rating Corporation Berhad (MARC) has affirmed long-term ratings of A-ID (A minus, Islamic debt) to tranche 1 of Kuala Lumpur Sentral Sdn Bhd’s (KLSSB) Al-Bai Bithaman Ajil Islamic debt securities (BaIDS) facility of RM120 million, and AID(s) (A, Islamic debt with liquidity support) to tranches 2A, 2B, 3, 4A and 4B of its BaIDS facility totalling RM800 million. The rating affirma...

Melombong dan Perumahan Sdn Bhd’s (MDP) rating of MARC-2ID is reaffirmed, reflecting the strength of the issue structure which captures the sales proceeds of the Ultima I and II condominiums and low cost apartments to form the primary source of repayment of the debt issue. This is further strengthened by the good sales performance of both the Ultima condominiums and low cost units. The specific...

Malaysian Rating Corporation Berhad (MARC) has reaffirmed Syarikat Perumahan Negara Berhad’s (SPN) RM1 billion 3% Fixed Rate Bonds (1998/2003) at AAA(s). The reaffirmation of the rating is primarily based on the external enhancement or support in the form of a ‘put option’, provided irrevocably and unconditionally by Petroliam Nasional Bhd (PETRONAS) to the bondholders. The option requir...

MARC has raised the ratings on MK Land Berhad’s (MK Land) tranche 1 and tranche 2 serial bonds to A from A-. The upgrades reflect the group’s ability to improve its financial profile and the strength of the underlying issue structure in which secured sales have been earmarked for the redemption of the bond issues. Positive features of the issue structure include a minimum security coverage of ...

Malaysian Rating Corporation Berhad (MARC) has assigned Islamic corporate debt ratings of MARC-1ID/AAAID (Islamic Debt) to Putrajaya Holdings Sdn Bhd’s (‘PJH’) proposed Murabahah Commercial Papers / Medium Term Notes Programme (2002/2006) with nominal value of up to RM910 million. The Islamic debt ratings reflect PJH’s issuer ratings, based upon its solid capitalization supported by a supe...

Malaysian Rating Corporation Berhad (MARC) has affirmed the long-term Islamic corporate debt rating of A-ID (A minus, Islamic Debt) and short-term Islamic corporate debt rating of MARC-3ID to Europlus Corporation Sdn Bhd’s (ECSB) RM250 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) and RM350 million Murabahah Underwritten Notes Issuance Facility (MUNIF) respectively.ECSB’s affi...

The rating affirmation of Maxisegar Sdn Bhd‘s (Maxisegar) RM300 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) at A-ID is supported by the strength of the underlying issue structure, in which, secured sales from specific property development projects have been earmarked for the redemption of the BaIDS issue. Positive features of the issue structure include security coverage of 1.28...

Malaysian Rating Corporation Berhad (MARC) has assigned a rating of AID (single A flat, Islamic Debt) to Sunrise Berhad’s (Sunrise) RM100.0 million Bai’ Bithaman Ajil Notes Issuance Facility and AID / MARC-2ID ratings to the RM70.0 million Islamic Medium Term Notes and Murabahah Notes Issuance Facility respectively. The rating reflects the commendable position of Sunrise as a reputable and aw...