Rating Announcements

MARC Ratings has upgraded its rating on FGV Holdings Berhad’s Sukuk Murabahah Programme of up to RM3.0 billion to AAAIS from AA-IS. The outlook on the rating is stable. The current outstanding under the programme stood at RM1.45 billion as at end-July 2026. The rating upgrade is premised on MARC Ratings’ reassessment of the likelihood […]

MARC Ratings has affirmed Bank Muamalat Malaysia Berhad’s (BMMB) financial institution (FI) ratings of A+/MARC-1/Stable and the ratings on instruments under the bank’s existing Sukuk Wakalah Programme of up to RM5.0 billion, as follows: Senior Sukuk Wakalah at A+IS/Stable Tier-2 Subordinated Sukuk Wakalah at AIS/Stable Additional Tier-1 (AT-1) Sukuk Wakalah at BBB+IS/Stable The ratings reflect

MARC Ratings has affirmed its ratings on S P Setia Berhad’s sukuk programmes as follows: RM3.5 billion Senior and Subordinated Perpetual Sukuk Wakalah Programme (with a sublimit of RM1.5 billion on the Perpetual Sukuk) at AAIS/A+IS RM500.0 million Islamic Commercial Papers Programme at MARC-1IS RM3.0 billion IMTN Programme at AAIS The outlook on the long-term

MARC Ratings has upgraded its rating on SHC Capital Sdn Bhd’s RM80 million issuance under the company’s RM200 million Islamic Medium-Term Notes (Sukuk Wakalah) Programme to AAIS from AA-IS, with a stable outlook. The outstanding sukuk balance is RM60 million. SHC Capital is a wholly-owned funding vehicle of Tunas Cool Energy Sdn Bhd (TUNAS), a

MARC Ratings has affirmed its AAAIS rating on TNB Northern Energy Berhad’s (TNB Northern) outstanding RM1.045 billion sukuk with a stable outlook. TNB Northern is the funding vehicle for TNB Prai Sdn Bhd, the operator of a combined-cycle gas turbine power plant in Seberang Perai Tengah, Penang. The plant comprises two generating units (Unit 10

MARC Ratings has withdrawn its AA+IS/Stable rating on Kapar Energy Ventures Sdn Bhd’s RM2.0 billion Sukuk Ijarah following the sukuk’s full redemption upon the final repayment of RM160.0 million on 3 July 2026 and the subsequent cancellation of the programme, as confirmed by the facility agent. Accordingly, MARC Ratings will no longer provide analytical coverage

MARC Ratings has affirmed its AA-IS(cg) rating on Eco World Capital Berhad’s RM3.0 billion Sukuk Wakalah Programme and its AIS(cg) rating on Eco World Perpetual Capital Berhad’s RM2.0 billion Perpetual Sukuk Programme. The outlook on both ratings remains stable. Eco World Capital and Eco World Perpetual Capital are wholly owned funding vehicles of Eco World

MARC Ratings has upgraded its rating on SAJ Capital Sdn Bhd’s Sukuk Murabahah Programme of up to RM650 million to AAIS from AA-IS, with a stable outlook. SAJ Capital is a wholly-owned funding vehicle of Ranhill Capital Sdn Bhd, which holds an 80% stake in Ranhill SAJ Sdn Bhd, Johor’s sole source-to-tap water services provider.

MARC Ratings has affirmed its AAAIS(cg)/MARC-1IS(cg) ratings on F&N Capital Sdn Bhd’s Islamic Medium-Term Notes/ Islamic Commercial Papers (IMTN/ICP) Programmes with a combined limit of up to RM3.0 billion. The rating outlook is stable. As F&N Capital is a wholly-owned funding vehicle of Fraser & Neave Holdings Bhd (F&NHB), and the programmes are backed by