Rating Announcements

MARC Ratings has downgraded its rating on Zetrix AI Berhad’s Islamic Medium-Term Notes (IMTN) Programme of up to RM2.0 billion to BB+IS from AA-IS and maintains the rating on MARCWatch Negative. The rating downgrade reflects the material deterioration in Zetrix AI’s overall credit profile since the previous rating review on 31 October 2025, particularly the […]

MARC Ratings has affirmed its AAAIS rating on Amanat Lebuhraya Rakyat Berhad’s (ALR) RM5.5 billion Sukuk Programme, with a stable outlook. The rating is supported by ALR’s portfolio of mature toll road assets, which have demonstrated stable and predictable traffic performance over more than two decades. MARC Ratings views traffic volume risk as low, given

MARC Ratings has affirmed its rating of AIS on HCK Cap Access Berhad’s RM2.0 billion Islamic Medium-Term Notes (IMTN) Programme. HCK Cap Access is a wholly-owned funding vehicle of HCK Capital Group Berhad (HCK). The rating outlook is stable. HCK’s credit profile is characterised by the group’s track record, property developments catalysed by nearby or

MARC Ratings has assigned a final rating of MARC-1IS to TH Properties Sdn Bhd’s Islamic Commercial Paper (ICP) Programme. The ICP Programme, together with TH Properties’ Islamic Medium-Term Notes Programme, have a combined aggregate limit of up to RM750 million. The rating agency has reviewed the final documentation for the ICP Programme and is satisfied

MARC Ratings has revised the MARCWatch status on Zetrix AI Berhad to Negative from Developing, reflecting heightened concerns regarding the issuer’s transparency and governance, as well as the continued unavailability of material information required for an informed assessment of its credit profile. Despite repeated requests, key information remains outstanding, including details on the substantial increase

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