Rating Announcements

MARC Ratings affirms Bank Muamalat’s ratings

MARC Ratings has affirmed its financial institution ratings of A+/MARC-1/Stable on Bank Muamalat Malaysia Berhad (BMMB). The rating agency has concurrently affirmed its ratings on the bank’s 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 […]

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MARC Ratings affirms Alam Flora’s MARC-1IS/AAIS ratings

MARC Ratings has affirmed its MARC-1IS/AAIS ratings on Alam Flora Sdn Bhd’s RM700 million Islamic Commercial Papers/ Islamic Medium-Term Notes (ICP/IMTN) Programmes with a stable outlook. The affirmation reflects Alam Flora’s stable cash flows under its 22-year waste collection and public cleansing concession agreement with the government (ending 31 August 2033), strong liquidity, and proven

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MARC Ratings assigns final ratings to Northport’s RM1.0 billion Sukuk Wakalah Programmes

MARC Ratings has assigned final ratings of MARC-1IS/AAIS to Northport (Malaysia) Bhd’s RM1.0 billion Islamic Commercial Papers (ICP) Programme/ Islamic Medium-Term Notes (IMTN) Programme (Sukuk Wakalah Programmes). The ICP programme has a sublimit of RM500 million. The long-term rating outlook is stable. The rating agency has reviewed the final documentation for the programmes and is

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MARC Ratings affirms ratings on Sunway Group’s issuances

MARC Ratings has affirmed its ratings on Sunway Group’s issuances as follows: Sunway Berhad’s RM2.0 billion Commercial Papers/ Medium-Term Notes (CP/MTN) Programme at MARC-1/AA- Sunway Berhad’s RM5.0 billion Perpetual Sukuk Programme at AIS Sunway Treasury Sukuk Sdn Bhd’s RM10.0 billion Islamic Medium-Term Notes (IMTN) Programme at AA-IS; and Sunway Treasury Sukuk Sdn Bhd’s RM10.0 billion

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MARC Ratings affirms rating of AIS on HCK’s RM2.0 billion sukuk programme

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 has completed several mixed-development projects with educational establishments being a catalyst for sales. Completed projects

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MARC Ratings affirms AAAIS(cg)/MARC-1IS(cg) ratings on F&N Capital’s IMTN and ICP Programmes

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

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MARC Ratings assigns sub-sovereign rating of AAA to Selangor

MARC Ratings has assigned an unsolicited sub-sovereign credit rating of AAA with a stable outlook to the state of Selangor. The rating reflects the state’s robust and sizeable economy, low debt burden, healthy reserves, and strong socioeconomic fundamentals, all of which underpin its long-term development trajectory. Selangor contributed RM406.1 billion, or 25.9%, to Malaysia’s real

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MARC Ratings publishes revised rating methodology on debt securities/sukuk issued by M-REITs

MARC Ratings has revised its rating methodology on debt securities/sukuk issued by Malaysian Real Estate Investment Trusts (M-REITs). The revision does not represent fundamental shifts in MARC Ratings’ approach on the rating methodology applied to M-REITs but is intended to provide enhanced clarity and in-depth guidance on the rating agency’s assessment. MARC Ratings has provided

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MARC Ratings assigns sub-sovereign rating of AA+ to Perak

MARC Ratings has assigned a sub-sovereign credit rating of AA+ with a stable outlook to the state of Perak, based on the rating agency’s sub-sovereign rating scale. The rating is unsolicited. This rating reflects Perak’s prudent fiscal management, its commitment to strategic, development-oriented spending, and a commendable low debt burden, all of which are significantly

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MARC Ratings assigns sub-sovereign rating of AAA to Johor

MARC Ratings has assigned an unsolicited sub-sovereign credit rating of AAA with a stable outlook to the state of Johor. This rating reflects Johor’s resilient and expanding economy, persistent fiscal surpluses, exceptionally low debt levels, and stable political environment that underpins its long-term development trajectory. Johor holds a significant position in Malaysia’s economy, contributing RM148.2

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