Rating Announcements

MARC Ratings has affirmed its AA/Stable non-bank financial institution rating on CGS International Securities Malaysia Sdn Bhd (CGS MY) and the MARC-1 rating on CGS MY’s Commercial Papers Programme of up to RM1.0 billion in nominal value. The ratings reflect CGS MY’s strong franchise and market position in Malaysia’s stockbroking industry, having consistently ranked among […]

MARC Ratings has affirmed its AAIS rating on Tadau Energy Sdn Bhd’s outstanding RM215.0 million ASEAN Green Sustainable and Responsible Investment Sukuk Wakalah with a stable outlook. Tadau Energy owns and operates two solar photovoltaic plants in Kudat, Sabah. The rating is underpinned by the 21-year power purchase agreements with Sabah Electricity Sdn Bhd (AAA/Stable),

MARC Ratings has affirmed its AAAIS/Stable rating on Celcom Networks Sdn Bhd’s (CNSB) RM5.0 billion Sukuk Murabahah Programme. CNSB is wholly owned by Celcom Berhad, which, in turn, is a wholly-owned subsidiary of CelcomDigi, and provides telecommunications network services across the group. The rating reflects the credit profile of CNSB’s ultimate shareholder, CelcomDigi, given the

MARC Ratings has affirmed its AAAIS /MARC-1IS ratings on Gas Malaysia Distribution Sdn Bhd’s (GMD) Islamic Medium-Term Notes (IMTN)/ Islamic Commercial Papers (ICP) Programmes with a combined limit of up to RM1.0 billion. The rating outlook is stable. As at end-June 2026, the amounts outstanding under the IMTN/ICP programmes stood at RM530.0 million and RM210.0

MARC Ratings has revised the rating outlook on JB Cocoa Sdn Bhd’s RM500.0 million Islamic Medium-Term Notes (Sukuk Wakalah) Programme to positive from stable. The rating on the Sukuk Wakalah programme has been affirmed at A+IS. JB Cocoa is a key wholly-owned manufacturing subsidiary of Singapore-based JB Foods Limited. The parent company has provided a

MARC Ratings has assigned a preliminary rating of AIS/Stable to Winstar Capital Berhad’s (Winstar) proposed Islamic Medium-Term Notes (IMTN) Programme of up to RM300.0 million. The rating reflects Winstar’s established track record of over two decades in aluminium extrusion, supported by ongoing product diversification, and a broad customer base that supports revenue growth. These strengths

MARC Ratings has placed its AA-IS rating on Zetrix AI Berhad’s Islamic Medium-Term Notes (IMTN) Programme of up to RM2.0 billion on MARCWatch Developing. The rating is placed on MARCWatch Developing amid concerns over a substantial reduction in shareholding of founder Wong Thean Soon (TS Wong) in Zetrix AI to 12.1% (direct: 6.5%; indirect: 5.6%)

MARC Ratings has assigned a final rating of AA+IS with a stable outlook to TH Properties Sdn Bhd’s Islamic Medium-Term Notes (IMTN) Programme. The IMTN Programme, together with a proposed Islamic Commercial Papers Programme, will have a combined aggregate limit of up to RM750 million. The rating agency has reviewed the final documentation for the