Rating Announcements

MARC Ratings has assigned a final rating of AA+IS to Pulau Indah Power Plant Sdn Bhd’s (PIPP) Islamic Medium-Term Notes (IMTN) (Sukuk Wakalah) Programme of up to RM3.0 billion. The rating outlook is stable. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not […]

MARC Ratings has withdrawn its rating of AAAIS/Stable on TTM Sukuk Berhad’s (TTM SPV) RM600.0 million Sukuk Murabahah following the full redemption of the final RM60.0 million on 14 November 2025, as confirmed by the facility agent. Accordingly, MARC Ratings will no longer provide analytical coverage of TTM SPV.

MARC Ratings has affirmed its AAAIS rating on Amanat Lebuhraya Rakyat Berhad’s (ALR) RM5.5 billion Sukuk Programme, with a stable outlook. The rating reflects ALR’s strong operating cash flow from its mature and resilient toll road portfolio in the Klang Valley, and its robust debt service capacity. Solid liquidity and a zero-dividend policy under the

MARC Ratings has affirmed its ratings of AAIS /AA on funding vehicle OSK Rated Bond Sdn Bhd’s (OSKRB) Sukuk Murabahah/ Multi-Currency Medium-Term Notes (Sukuk/MCMTN) Programmes with a combined limit of up to RM3.5 billion. The ratings’ outlook is stable. The ratings apply only to ringgit-denominated sukuk/notes under the programmes. The programmes carry an unconditional and

MARC Ratings has assigned a final rating of AAIS to Tadau Energy Sdn Bhd’s ASEAN Green Sustainable and Responsible Investment Sukuk Wakalah of up to RM215 million with a stable outlook. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any

MARC Ratings has assigned preliminary ratings of MARC-1IS(cg)/AA-IS(cg) to Sunway Treasury Sukuk Sdn Bhd’s proposed RM3.0 billion Islamic Commercial Papers (ICP)/ Islamic Medium-Term Notes (IMTN) Programme (Sukuk Mudharabah Programme). The rating outlook is stable. Proceeds from issuances under the proposed programme will mainly be used to fund working capital and refinance existing debt and intercompany

MARC Ratings has affirmed its rating of AA-IS on Power Root Berhad’s RM500.0 million Islamic Medium-Term Notes (Sukuk Wakalah) Programme. The rating outlook is stable. The affirmation reflects Power Root’s established position in the instant beverage sector, supported by an extensive sales network and stable financial performance, characterised by consistent cash flow and a healthy

MARC Ratings has assigned final ratings of AAAIS to SD Guthrie Berhad’s Senior Islamic Medium-Term Notes (Senior Sukuk Wakalah) and AAIS to the Subordinated Perpetual Islamic Notes (Perpetual Sukuk Wakalah) under a Sukuk Wakalah Programme with a combined limit of RM5.0 billion. The outlook on the ratings is stable. The rating agency has reviewed the

MARC Ratings has revised its outlook on cocoa grinder Guan Chong Berhad’s (GCB) sukuk programme rating to stable from negative. The rating remains at AA-IS. The outlook revision is premised on the prospect of a more accommodative cocoa bean price environment that would ease GCB’s working capital requirements, hence, leverage over the near-to-medium term. Cocoa

MARC Ratings has assigned a preliminary rating of A+IS to Yinson Holdings Berhad’s (YHB) proposed RM2.0 billion Islamic Medium-Term Notes (IMTN) (Sukuk Wakalah II) as well as affirmed its ratings of A+IS on the RM1.0 billion IMTN Programme (Sukuk Wakalah I) and A-IS on the RM1.0 billion Subordinated Perpetual Islamic Notes Programme (perpetual sukuk). The