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MARC has received confirmation from the facility agent, Abrar Discounts Berhad, that Ambang Sentosa Sdn. Bhd. (ASSB) is not able to make payment for the secondary notes of RM272.0 million Class B and RM226.0 million Class C Al-Bai Bithaman Ajil Islamic debt securities (BaIDs) amounting to RM8.84 million and RM7.345 million respectively; and the primary notes of Class B BaIDs which falls due on 28t...
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MARC has downgraded the long-term ratings of Ambang Sentosa Sdn. Bhd.’s (ASSB) RM272 million and RM226 million of class B and class C Al-Bai Bithaman Ajil Islamic debt (BaIDS) facility from BBB+ID to CID and from BBBID to CID respectively. The downgrades are based upon the insufficient funds in the designated accounts to meet the primary Class B BaIDs which falls due on 28th July 2006 ...
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MARC has downgraded with a negative outlook the long-term ratings of Ambang Sentosa Sdn. Bhd.’s (ASSB) RM272 million and RM226 million of class B and class C Al-Bai Bithaman Ajil Islamic debt (BaIDS) asset-backed securities (ABS) facility from AID to BBB+ID and from A-ID to BBB ID respectively. The downgrades are based upon the prolonged construction delays experienced at the Taman Puncak Jalil...
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MARC has lifted the MARC Watch (with developing outlook) placed on Ambang Sentosa Sdn Bhd’s (ASSB) RM372 million and RM226 million Class C BaIDS/ABS Facility following the approval by bondholders to restructure the Class B and Class C BaIDS. MARC has on 8th June 2005 announced the downgrades (with a developing outlook) on ASSB’s Class B and Class C BaIDS from A+ID to AID and AID to A-ID resp...
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MARC has downgraded the long-term ratings of Ambang Sentosa Sdn. Bhd.’s (ASSB) RM372 million and RM226 million of class B and class C Al-Bai Bithaman Ajil Islamic debt (BaIDS) asset-backed securities (ABS) facility with a developing outlook. The downgrades are premised on the construction delays experienced on the Taman Puncak Jalil development brought about by the repatriation of illegal forei...
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MARC has received confirmation from the facility agent, Abrar Discounts Berhad, that Ambang Sentosa Sdn. Bhd.’s (ASSB) RM388.0 million Class A Al-Bai Bithaman Ajil Islamic Debt / Asset Backed Securities (BaIDS/ABS) has been redeemed and cancelled on 28 July 2004. As such, MARC no longer has any rating obligation on the Class A BaIDS and the AA- ID rating is hereby withdrawn. We are currently u...
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