MARC has received confirmation from Abrar Discounts Berhad, the facility agent for Pembangunan Brisdale’s RM55 million Murabahah Underwritten Notes Issuance Facility, that the facility has been fully redeemed and cancelled. As such, MARC no longer has any rating obligation on the facility and the MARC-4 ID rating is hereby withdrawn....

MARC has reaffirmed the MARC-4ID rating of Pembangunan Brisdale Sdn Bhd’s (PBSB) RM55 million Murabahah Notes Issuance Facility (MUNIF). Concurrently, the rating has been placed on MARCWatch with a Developing Outlook. PBSB is a wholly-owned subsidiary of Brisdale Holdings Bhd, the developer of Bandar Armada Putra located in the West Port vicinity. The rating reflects the weak demand for the prop...

MARC has received notification from the Facility Agent - Abrar Discounts Berhad that PBSB had obtained the approval of the bondholder on 26 August 2004 to extend the MUNIF tenure by nineteen months from 30 August 2004 to 31 March 2006, plus some variation to the security and sinking fund structure of the MUNIF (the Extension Exercise). This Exercise is pending submission to the Securities Commissi...

MARC has downgraded the rating of Brisdale’s Murabahah Underwritten Notes Issuance Facility (MUNIF) with an outstanding amount of RM46 million to MARC-4ID from MARC-3ID. The downgrade reflects the unsatisfactory progress of its existing Bandar Armada Putra (formerly known as West Port Tech Zone) housing development, which forms the main source of repayment of the facility. This has negatively af...

Malaysian Rating Corporation Berhad (MARC) has assigned a short-term rating of MARC-3ID to Pembangunan Brisdale Sdn Bhd’s (PBSB) RM55 million Murabahah Underwritten Notes Issuance Facility (MUNIF). The rating reflects the strength of the issue structure under which secured sales from the West Port Tech Zone housing project have been earmarked for the redemption of the MUNIF. Positive features ...