Rating Announcements

MARC Ratings has affirmed its AAIS(cg) rating on VS Capital Management Sdn Bhd’s Islamic Medium-Term Notes programme of up to RM1.0 billion, with a stable outlook. The rating reflects the credit strength of parent company VS Industry Berhad (VSI), which provides an unconditional and irrevocable guarantee on the programme. VSI’s established track record, strong cash […]

MARC Ratings has affirmed its A+IS(s) and AAAIS(bg) ratings on Projek Lintasan Sungai Besi-Ulu Klang Sdn Bhd’s (PLSUKE) Sukuk Wakalah Programme of up to RM2.0 billion and bank-guaranteed Facilities of up to RM500.0 million. The latter is guaranteed by Bank Pembangunan Malaysia Berhad (BPMB) which carries a financial institution rating of AAA from MARC Ratings.

MARC Ratings has affirmed its AAIS rating on Berapit Mobility Sdn Bhd’s (BMSB) RM1.5 billion Sustainability Islamic Medium-Term Notes Programme with a stable outlook. BMSB is a special-purpose vehicle established by its parent, SMH Rail Sdn Bhd, to undertake sale-and-leaseback transactions with Railway Assets Corporation (RAC). Sukuk proceeds were utilised to partially finance the acquisition

MARC Ratings has affirmed its AAAIS rating on TNB Western Energy Berhad’s (TNB Western) outstanding RM3.2 billion sukuk with a stable outlook. TNB Western serves as the funding vehicle for TNB Manjung Five Sdn Bhd, an indirect wholly-owned subsidiary of Tenaga Nasional Berhad (TNB). TNB Manjung Five operates a 1,000MW coal-fired power plant in Manjung,

MARC Ratings has withdrawn its AAAIS(bg) rating on Ranhill Sabah Energy II Sdn Bhd’s (RSEII) RM710.0 million Islamic Medium-Term Notes (IMTN) Programme following the early redemption of the outstanding RM200.0 million under Tranche 2 on 16 June 2026 and the subsequent cancellation of the programme, as confirmed by the facility agent. Accordingly, MARC Ratings will

MARC Ratings has affirmed its AAIS rating on Grand Sepadu (NK) Sdn Bhd’s RM210.0 million Sukuk Murabahah with a stable outlook. The sukuk has an outstanding balance of RM15.0 million, which is due for repayment on 11 June 2027. The rating affirmation reflects Grand Sepadu’s low leverage and strong coverage metrics, supported by ongoing debt

MARC Ratings has affirmed its ratings of AAA, AA and A on Trusmadi Capital Sdn Bhd’s Issue 2 Class A (RM220 million), Class B (RM40.0 million) and Class C (RM40.0 million) Medium-Term Notes (MTN). The ratings outlook is stable. As of 24 June 2026, RM220.0 million of Class A MTN and RM40.0 million of Class

MARC Ratings has affirmed its AA-IS rating on Konsortium KAJV Sdn Bhd’s (KAJV) RM1.0 billion Sukuk Wakalah Programme with a stable outlook. The rating is anchored by Terengganu’s sub-sovereign AA-/Stable rating and its capacity to meet payment obligations on Facility Payment Certificates (FPC) issued to KAJV for completed works on the Kuala Terengganu Utara water