Rating Announcements

MARC Ratings has affirmed its BBIS rating with a negative outlook on YNH Property Berhad’s (YNH) RM700 million Islamic Medium-Term Notes Programme (Sukuk Wakalah). The rating takes into account the challenges faced by YNH, as reflected in its credit profile, notwithstanding recent asset monetisation efforts that helped the company meet certain financial obligations. However, YNH […]

MARC Ratings has assigned a preliminary rating of MARC-1IS to Sunsuria Berhad’s proposed Islamic Commercial Papers (ICP) Programme of up to RM500.0 million. The rating agency has concurrently affirmed the rating of A+IS on the property developer’s RM500.0 million Sukuk Wakalah Programme. The rating outlook is stable. The long-term rating reflects Sunsuria’s conservative approach to

MARC Ratings has affirmed its AAAIS/Stable rating on Celcom Networks Sdn Bhd’s (CNSB) Sukuk Murabahah Programme of RM5.0 billion. CNSB is a wholly-owned subsidiary of Celcom Berhad, which, in turn, is entirely owned by CelcomDigi Berhad. CNSB provides network telecommunication (telco) services to the group. The rating reflects the credit profile of CNSB’s ultimate shareholder,

MARC Ratings has affirmed its AA-IS rating on Malaysia Marine and Heavy Engineering Holdings Berhad’s (MHB) RM1.0 billion Sukuk Murabahah Programme with a stable outlook. There is no outstanding amount under the programme to date. The rating incorporates a one-notch uplift, reflecting MHB’s membership in the Petroliam Nasional Berhad (PETRONAS) group and the expectation of

MARC Ratings has affirmed its AAIS rating on Berapit Mobility Sdn Bhd’s (BMSB) RM1.5 billion Sustainability Islamic Medium-Term Notes (IMTN) Programme with a stable outlook. BMSB is a special-purpose vehicle established by parent SMH Rail Sdn Bhd to undertake sale-and-leaseback transactions with government statutory body Railway Assets Corporation (RAC). Proceeds from the sukuk issuance were

MARC Ratings has assigned a preliminary rating of AA+IS to Pulau Indah Power Plant Sdn Bhd’s (PIPP) proposed Islamic Medium-Term Notes (IMTN) (Sukuk Wakalah) Programme of up to RM3.0 billion. The rating outlook is stable. PIPP owns and operates a 2x600MW combined-cycle gas turbine plant in Pulau Indah, Selangor, under a 21-year power purchase agreement

MARC Ratings has affirmed its MARC-1IS rating on Titijaya Land Berhad’s (Titijaya) RM300 million Islamic Commercial Papers (ICP) Programme. The rating affirmation mainly reflects Titijaya’s healthy balance sheet, characterised by low leverage and a strong liquidity position relative to group borrowings. The group’s credit strength is also underpinned by its established property development track record

MARC Ratings has discontinued independent analytical coverage of Malaysian Industrial Development Finance Berhad (MIDF) and MBSB Investment Bank Berhad (MBSB IB) (formerly known as MIDF Amanah Investment Bank Berhad), at the request of both entities following their acquisition by MBSB Berhad. Accordingly, MARC Ratings has withdrawn its corporate credit rating of A+/MARC-1 on MIDF and

MARC Ratings has affirmed its AA+/MARC-1 financial institution ratings on China Construction Bank (Malaysia) Berhad (CCBM) with a stable outlook. CCBM’s long-term rating is one notch below the AAA rating of its parent, China Construction Bank Corporation (CCB), accorded based on publicly available information. The notching reflects CCBM’s strategic importance to CCB, which has expressed

MARC Ratings has maintained its MARCWatch Developing status on Kuwait Finance House (Malaysia) Berhad (KFH Malaysia), where the bank has been placed under this surveillance since 1 August 2024. The action follows KFH Malaysia’s decision to voluntarily withdraw from the Malaysian market and wind down its banking business in the country, in line with its