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MARC has withdrawn its BBB+ rating on MK Land Holdings Bhd’s RM300 million Serial Bonds with immediate effect following the full and final redemption of the outstanding RM60 million Serial Bonds, as confirmed by its facility agent, Alliance Investment Bank Berhad. Contacts: Rajaseharan Paramesran, 03-2090 2233/ rajan@marc.com.my; Elea Nor Zainal, 03-2090 2263/ elea@marc.com.my; Katherine Hee...
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MARC has affirmed its BBB+ rating on MK Land Holdings Bhd’s (MK Land) RM60.0 million outstanding bonds. At the same time, the rating was removed from MARCWatch Negative, where they had been placed since May 7, 2008 due to liquidity concerns following the deferment of scheduled payments to build up its sinking fund account (SFA). Concurrently, MARC has assigned a stable outlook to the rating....
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MARC continues to maintain MK Land Holdings Bhd’s (MK Land) BBB+ rated RM60.0 million outstanding bonds on MARCWatch Negative. The company was first placed on MARCWatch Negative on May 7, 2008 due to liquidity concerns following the deferment of scheduled payments to build up its sinking fund account. MK Land has since met the timeline to place RM30.0 million into the sinking fund account be...
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MARC is issuing this rating update in relation to the BBB+ rating of MK Land Holdings Bhd’s (MK Land) RM60.0 million outstanding bonds which is currently under review for possible downgrade. The rating review will consider MK Land’s current weak liquidity, and the challenging prospects for improving its near-term liquidity ahead of its upcoming RM60.0 million debt maturity in September...
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MARC has received confirmation from the facility agent that MK Land Holdings Berhad (MK Land) had on August 29, 2008 redeemed the principal payment of bonds amounting to RM60 million as scheduled. The BBB+ rating on MK Land’s bonds remains under review for possible downgrade based on its continuing weak earnings and cash flow arising from the low take-up rates for its ongoing property develo...
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MARC has extended the MARCWatch Negative on the BBB+ rating of property developer MK Land Holdings Berhad’s (MK Land) RM300 million Serial Bonds which was placed on MARCWatch on 7 May 2008. MK Land had previously sought the indulgence of bondholders to defer original scheduled payments into the sinking fund account (SFA) for the purpose of redeeming the RM120 million outstanding Bonds. ...
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MARC has placed its BBB+ rating on MK Land Holding Berhad’s (MK Land) RM300 million Serial Bonds Tranche 1 and Tranche 2 on MARCWatch Negative. The MARCWatch Negative placement of MK Land’s rating reflects liquidity concerns following MK Land’s announcement on May 2, 2008 that it is seeking the indulgence from bondholders of Tranche 1 and Tranche 2 bonds to defer future scheduled...
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MARC has lowered its rating on MK Land Holdings Berhad’s (MK Land) RM300 million Serial Bonds Tranche 1 and Tranche 2 to BBB+ from A-. The rating downgrade reflects its weakening business and financial risk profile, in particular, its lower take up rate performance in Damansara Perdana and Damansara Damai, MK Land’s weak profitability measures, continued negative operating and free cas...
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The ratings of MK Land Holdings Berhad’s (MK Land) RM300 million Serial Bonds Tranche 1 and 2 have been downgraded to A- with a Negative Outlook. The downgrade is premised on weaker sales from the Group’s Damansara Perdana and Damansara Damai projects which has contributed to declining profits and margins and the soft property market outlook. The Negative Outlook reflects the challenge...
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MARC has placed the long term A (A flat) ratings of MK Land Holdings Berhad’s (MK Land) RM150 million nominal value of 3, 5 and 7 year bonds 2001-2008 (tranche 1) and RM150 million nominal value of 3, 5 and 7 year bonds 2002-2009 (tranche 2) on MARCwatch with a negative outlook. The MARCwatch placement reflects slower take-up rates at MK Land’s flagship projects in Damansara Perdana an...
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