The MARC Group of Companies comprises MARC Ratings, MARC Solutions, MARC Data and MARC Learning.
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MARC Ratings has upgraded the ratings of Southern Power Generation Sdn Bhd (Southern Power) and Jimah East Power Sdn Bhd (JEP) following a reassessment of the likelihood of parental support from their ultimate holding company, Tenaga Nasional Berhad (TNB). The rating upgrades reflect MARC Ratings’ view that there is now a high likelihood of parental […]
MARC Ratings has affirmed its AA-IS rating on special purpose funding vehicle WM Senibong Capital Berhad’s (WMSC) Islamic Medium-Term Notes (Sukuk Wakalah) Programme of up to RM1.0 billion. The rating outlook is stable. WMSC is wholly owned by WM Senibong Berhad. The rating reflects the credit strength of property developer WM Senibong as the obligor
MARC Ratings has affirmed its AAAIS rating on MBSB Bank Berhad’s Structured Covered Sukuk Murabahah Tranche 4, with a stable outlook. The rating affirmation reflects Tranche 4’s substantial credit enhancement, underpinned by its fully cash-collateralised position. As at end-June 2026, designated account balances of RM348.5 million were sufficient to cover the RM215.0 million outstanding sukuk
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 downgrades Zetrix AI’s rating; maintains MARCWatch Negative Read More »
MARC Ratings has affirmed the state of Perak’s sub-sovereign credit rating at AA+ with a stable outlook. This is an unsolicited rating based on public information. The affirmed rating reflects Perak’s sound fiscal position, relatively high development expenditure, low debt burden and healthy consolidated funds position. Perak demonstrates fiscal discipline, maintaining a broadly balanced fiscal
MARC Ratings affirms sub-sovereign rating of AA+ on Perak Read More »
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 affirms Amanat Lebuhraya Rakyat’s AAAIS rating Read More »
MARC Ratings has affirmed the state of Johor’s sub-sovereign credit rating at AAA with a stable outlook. This is an unsolicited rating based on public information. The rating reflects the state’s disciplined fiscal management, sizeable economy that is broadening into higher value–added activities, and stable political environment. Johor is one of Malaysia’s largest state economies,
MARC Ratings affirms sub-sovereign rating of AAA on Johor Read More »
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 affirms rating of AIS on HCK’s RM2.0 billion sukuk programme Read More »
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 assigns final rating of MARC-1IS to TH Properties’ ICP Programme Read More »
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 revises Zetrix AI’s MARCWatch status to Negative from Developing Read More »