Rating Announcements

MARC Ratings has assigned a preliminary rating of AA+IS to TNB Kuala Muda Solar Sdn Bhd’s (TKMS) proposed ASEAN Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah of up to RM1.05 billion with a stable outlook. TKMS is a special-purpose vehicle established to develop, own and operate a 500MWac solar photovoltaic plant in Bukit Selambau, […]

MARC Ratings has maintained the MARCWatch Developing status of Kuwait Finance House (Malaysia) Berhad (KFH Malaysia), which has remained on MARCWatch since 1 August 2024 after KFH Malaysia announced its voluntary withdrawal from the Malaysian market and the planned wind-down of its operations, in line with KFH Group’s strategic reorientation towards the Middle East region.

MARC Ratings has withdrawn its rating of AA-IS/Stable on Lebuhraya DUKE Fasa 3 Sdn Bhd’s (DUKE 3) Sukuk Wakalah Programme (up to RM3.64 billion) following the exchange of the outstanding RM3.63 billion on 23 February 2026 for Sukuk Murabahah A under the new Sukuk Murabahah Programme (up to RM5.5 billion) and the subsequent cancellation of

MARC Ratings has upgraded its rating on Leader Energy Sdn Bhd’s outstanding RM200 million ASEAN Green Sustainable and Responsible Investment Sukuk Wakalah to AAIS from AA-IS and revised the outlook to stable from positive. Leader Energy is the investment holding company of two solar power project companies, Leader Solar Energy Sdn Bhd (LSE I) and

MARC Ratings has assigned a final rating of AA-IS/Stable to Lebuhraya DUKE Fasa 3 Sdn Bhd’s (DUKE 3) Sukuk Murabahah Programme of up to RM5.5 billion. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way from the draft

MARC Ratings has maintained its preliminary AA-IS rating on Lebuhraya DUKE Fasa 3 Sdn Bhd’s (DUKE 3) proposed Sukuk Murabahah Programme (up to RM5.5 billion) and AA-IS rating on DUKE 3’s Sukuk Wakalah Programme (up to RM3.64 billion), both with a stable outlook. The preliminary AA-IS rating was assigned to the Sukuk Murabahah on 14

MARC Ratings has assigned preliminary ratings of A+IS/A-IS to WCT Holdings Berhad’s (WCT) proposed RM5.0 billion Islamic Medium-Term Notes (IMTN)/ Perpetual Sukuk Programmes. Concurrently, the rating agency affirmed the ratings on WCT’s existing programmes: RM1.0 billion Medium-Term Notes Programme at A+ RM1.5 billion Sukuk Murabahah Programme at A+IS Perpetual Subordinated Sukuk Musharakah Programme (Perpetual Sukuk)

MARC Ratings has affirmed its rating on Sime Darby Property Berhad’s (SD Property) RM4.5 billion Islamic Medium-Term Notes (IMTN) Programme (Sukuk Musharakah) at AA+IS with a stable outlook. The outstanding under the rated programme stood at RM2.2 billion as at 2 December 2025. The rating continues to reflect SD Property’s strong sales track record from

MARC Ratings has assigned final ratings of MARC-1IS(cg) /AA-IS(cg) to Sunway Treasury Sukuk Sdn Bhd’s Sukuk Mudharabah Programme of up to RM3.0 billion. The outlook on the long-term rating is stable. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any

MARC Ratings has affirmed its AA/MARC-1 ratings on Pac Lease Berhad’s Medium-Term Notes/ Commercial Papers (MTN/CP) Programmes, which have a combined limit of RM1.5 billion. The long-term rating outlook is stable. The ratings affirmation reflects Pac Lease’s position as a major player in the domestic industrial hire purchase (IHP) segment, with a strong track record