Rating Announcements

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MARC Ratings has withdrawn its AAAIS(bg) rating on Ranhill Sabah Energy II Sdn Bhd’s (RSEII) RM710.0 million Islamic Medium-Term Notes (IMTN) Programme following the early redemption of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

MARC Ratings has assigned final ratings of AA-(cg)/MARC-1(cg) to Moneymax Treasure Sdn Bhd’s (MTSB) RM200.0 million Tranche 1 (including RM50.0 million Commercial Papers sub-limit) under its RM500.0 million Commercial Papers/ Medium-Term Notes (CP/MTN) Programme. The rating outlook is stable. The facility is jointly and severally, irrevocably and unconditionally guaranteed by Cash Online Sdn Bhd and