Rating Announcements

MARC Ratings has assigned preliminary ratings of MARC-1IS(cg)/AA-IS(cg) to Sunway Treasury Sukuk Sdn Bhd’s proposed RM3.0 billion Islamic Commercial Papers (ICP)/ Islamic Medium-Term Notes (IMTN) Programme (Sukuk Mudharabah Programme). The rating outlook is stable. Proceeds from issuances under the proposed programme will mainly be used to fund working capital and refinance existing debt and intercompany …

MARC Ratings assigns preliminary ratings to Sunway Treasury Sukuk’s proposed RM3.0 billion Sukuk Mudharabah Programme Read More »

MARC Ratings has affirmed its rating of AA-IS on Power Root Berhad’s RM500.0 million Islamic Medium-Term Notes (Sukuk Wakalah) Programme. The rating outlook is stable. The affirmation reflects Power Root’s established position in the instant beverage sector, supported by an extensive sales network and stable financial performance, characterised by consistent cash flow and a healthy …

MARC Ratings affirms Power Root’s AA-_IS rating Read More »

MARC Ratings has assigned final ratings of AAAIS to SD Guthrie Berhad’s Senior Islamic Medium-Term Notes (Senior Sukuk Wakalah) and AAIS to the Subordinated Perpetual Islamic Notes (Perpetual Sukuk Wakalah) under a Sukuk Wakalah Programme with a combined limit of RM5.0 billion. The outlook on the ratings is stable. The rating agency has reviewed the …

MARC Ratings assigns final ratings to SD Guthrie’s Sukuk Wakalah Programme of up to RM5.0 billion Read More »

MARC Ratings has revised its outlook on cocoa grinder Guan Chong Berhad’s (GCB) sukuk programme rating to stable from negative. The rating remains at AA-IS. The outlook revision is premised on the prospect of a more accommodative cocoa bean price environment that would ease GCB’s working capital requirements, hence, leverage over the near-to-medium term. Cocoa …

MARC Ratings revises rating outlook on cocoa grinder Guan Chong’s sukuk programme to stable Read More »

MARC Ratings has assigned a preliminary rating of A+IS to Yinson Holdings Berhad’s (YHB) proposed RM2.0 billion Islamic Medium-Term Notes (IMTN) (Sukuk Wakalah II) as well as affirmed its ratings of A+IS on the RM1.0 billion IMTN Programme (Sukuk Wakalah I) and A-IS on the RM1.0 billion Subordinated Perpetual Islamic Notes Programme (perpetual sukuk). The …

MARC Ratings assigns preliminary A+_IS rating to Yinson’s proposed sukuk programme Read More »

MARC Ratings has affirmed Bank Pertanian Malaysia Berhad’s (Agrobank) financial institution rating at AAA and the bank’s Islamic Medium-Term Notes Programme rating at AAAIS. The ratings outlook is stable. The affirmation reflects MARC Ratings’ view of a very high likelihood of government support for the development financial institution, given the government’s full ownership and Agrobank’s …

MARC Ratings affirms Agrobank’s ratings with stable outlook Read More »

MARC Ratings has affirmed its AAAIS(s) rating on Projek Lebuhraya Usahasama Berhad’s (PLUS) RM25.2 billion Islamic Medium-Term Notes Programme (sukuk programme) with a stable outlook. The rating incorporates a two-notch uplift from PLUS’ standalone rating, reflecting the government’s irrevocable and unconditional Letter of Undertaking (LoU) to cover any shortfall in the LoU finance service cover …

MARC Ratings affirms PLUS’ AAA_IS(s) rating Read More »

MARC Ratings has assigned a final rating of AAAIS to PNB Merdeka Ventures Sdn. Berhad’s (PNBMV) Merdeka Sukuk Wakalah Programme of up to RM6.0 billion with a stable outlook. 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 …

MARC Ratings assigns final rating of AAA_IS to PNB Merdeka Ventures’ Sukuk Wakalah Programme of up to RM6.0 billion Read More »

MARC Ratings has affirmed Tenaga Nasional Berhad’s (TNB) corporate credit rating at AAA with a stable outlook. TNB’s strong credit profile is underpinned by its monopoly over electricity transmission in Peninsular Malaysia and Sabah, as well as its status as the largest domestic electricity producer, distributor and retailer. A supportive Incentive-Based Regulation framework enables TNB …

MARC Ratings affirms Tenaga Nasional’s AAA rating Read More »

MARC Ratings has affirmed its financial institution ratings of AA-/MARC-1 on KAF Investment Bank Berhad (KAF IB) with a stable outlook. KAF IB’s consistent earnings record, strong capitalisation and liquidity, and conservative, low-risk investment strategy remain key rating drivers, moderated by its sensitivity to sudden interest rate changes. KAF IB primarily earns from capital gains …

MARC Ratings affirms KAF Investment Bank’s ratings with stable outlook Read More »