Rating Announcements

MARC Ratings has assigned ratings of MARC-1IS and AAAIS to Pantai Holdings Sdn Bhd’s existing Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme (collectively Sukuk Programmes) with a combined aggregate limit of up to RM15 billion. The long-term rating outlook is stable. Pantai Holdings is a wholly-owned subsidiary of IHH Healthcare Berhad

MARC Ratings has affirmed its corporate credit rating on SD Guthrie Berhad at AAA. In addition, the rating on SD Guthrie’s existing Perpetual Subordinated Sukuk Programme has been affirmed at AAIS. Concurrently, the rating agency has assigned preliminary ratings of AAAIS to SD Guthrie’s proposed Senior Islamic Medium-Term Notes (Senior Sukuk Wakalah), and AAIS to

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