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MARC has received confirmation from Kenanga Wangsa Sdn Bhd that its RM128 million Al-Bai Bithaman Ajil Islamic Debt Securities has been fully redeemed and it has arranged for the discharge of all securities related to the facility. As such, MARC no longer has any rating obligation on the facility and the A-ID rating is hereby withdrawn....
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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...
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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...
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Malaysian Rating Corporation Berhad (MARC) has assigned a long-term Islamic debt rating of A-ID (A minus, Islamic Debt) to Kenanga Wangsa Sdn Bhd’s (Kenanga) RM128 million Al-Bai Bithaman Ajil with Islamic Debt Securities (BaIDS) facility. The rating reflects the strength of the underlying issue structure, in which, secured sales from specific property development projects have been earmarked...
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