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MARC has downgraded its ratings on Ample Zone Berhad’s (Ample Zone) RM9.65 million Class B Sukuk Ijarah (sukuk) and RM75 million Class C sukuk to D from BB+IS and B-IS respectively. The downgrades reflect missed principal payments of RM84.65 million on January 27, 2012. MARC has received confirmation from the facility agent and trustee that no payments were made on the date. Ample Zone had e...
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MARC has lowered its ratings on Ample Zone Berhad’s (Ample Zone) RM9.65 million Class B Sukuk Ijarah (sukuk) and RM75 million Class C sukuk to BB+IS and B-IS from A-IS and B+IS respectively. The outlook on the ratings remains negative. The downgrades reflect a heightened risk that upcoming payment obligations in January 2012 will be missed, based on the unsatisfactory progress to date in col...
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MARC has lowered its ratings on Ample Zone Berhad’s (Ample Zone) RM10.9 million Class B Sukuk Ijarah (Sukuk) to A-IS from AA+IS, and affirmed RM75 million Class C at B+IS. The outlook on the ratings remains negative. The rating downgrade on the Class B Sukuk reflects severe stress on the property-backed transaction caused by continued non-payment of rentals from entities related to Talam Cor...
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MARC has affirmed its AA+IS rating on Ample Zone Berhad’s (AZB) Sukuk Al-Ijarah (Sukuk) RM12.1 million Class B and lowered its rating on the RM75.0 million Class C Sukuk to B+IS from BB-IS. Additionally, MARC has assigned negative outlooks to both classes of Sukuk to reflect the downward pressure on the ratings arising from the continuing failure of entities related to AZB to pay rent for sp...
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MARC has upgraded the rating of Ample Zone Berhad’s Sukuk Al-Ijarah (Sukuk) Class B of RM13.3 million from AIS to AA+IS and affirmed the rating of the RM75.0 million Class C Sukuk at BB-IS. The rating upgrade of Class B Sukuk reflects improvement in collateral value backing the Sukuk following the recent full redemption of Class A Sukuk as reflected in a significantly lower loan-to-value (LT...
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MARC has withdrawn its AA+ID rating on Ample Zone’s RM50.0 million Class A Sukuk Al-Ijarah (Sukuk) with immediate effect following its full redemption on 18th January 2008. Approximately RM9.52 million of Class B Sukuk was also redeemed on the same date. The early redemption for Class A and a portion of Class B Sukuk follows completion of the disposal of Wisma Talam, one of four securitized ...
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MARC has reaffirmed the ratings of Ample Zone Berhad’s Sukuk Al-Ijarah (Sukuk) Class A of RM50 million and Class B of RM25 million at AA+ID and AID respectively. However, the RM75.0 million Class C Sukuk has been downgraded to BB- ID from BBID. The ratings of Class A and Class B Sukuk reflects the collateral backing the Sukuk; loan-to-values (LTV) which were within MARC’s accepta...
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MARC, with immediate effect, is revising Ample Zone Berhad’s (AZB) RM150 million Sukuk Al-Ijarah (Sukuk) from MARCWatch developing to MARCWatch negative. AZB’s Sukuk is currently rated at AA+ID for RM50 million Class A; AID for RM25 million Class B; and BBID for Class C. The MARCWatch negative is premised on the continued non rental payment from Talam Corporation Berhad’s (TCB) s...
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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...
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MARC has downgraded the ratings of Ample Zone Berhad’s (AZB) Sukuk Al-Ijarah comprising of RM50 million Class A Sukuk, RM25 million Class B Sukuk and RM75 million Class C Sukuk (Sukuk) from AAAID, AAID and AID to AA+ID, AID and BBID, respectively. The ratings reflect the deterioration of AZB’s cash flow resulting from the non rental payment from subsidiaries of Talam Corporation Berhad...
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