Rating Announcements

MARC Ratings has affirmed its AA-IS/Stable rating on Zetrix AI Berhad’s Islamic Medium-Term Notes (IMTN) Programme, which has been upsized to RM2.0 billion from RM1.0 billion. The rating reflects Zetrix AI’s strong non-concession revenue, high operating margins, and healthy cash flow generation. These strengths are tempered by growth challenges for its blockchain platform, rising debt […]

MARC Ratings notes the recent fire incident at Tanjung Bin Energy Sdn Bhd (TBE), one of Malakoff Corporation Berhad’s (Malakoff) independent power producers, which has resulted in the plant’s full shutdown to allow for investigation and rectification. The extent of the loss and the restart timeline have yet to be determined. The rating agency is

MARC Ratings has upgraded MBSB Bank Berhad’s Structured Covered Sukuk Murabahah Tranche 4 rating to AAAIS from AA+IS, with a stable outlook. The rating upgrade reflects Tranche 4’s full cash collateralisation. As of end-June 2025, RM293.2 million was held in the designated account to cover RM285.0 million in outstanding obligations, representing 102.9% overcollateralisation. MBSB Bank

MARC Ratings has assigned a preliminary rating of MARC-1IS to Khazanah Nasional Berhad’s (Khazanah) proposed Islamic Commercial Papers (ICP) Programme of up to RM1.0 billion in nominal value. The rating is based on the rating agency’s assessment of Khazanah’s corporate credit rating at AAA/Stable. The rating reflects Khazanah’s status as a government-related entity established to

MARC Ratings has affirmed its AA-IS rating on Orkim Berhad’s Islamic Medium-Term Notes (IMTN) Programme of up to RM1.0 billion and revised the outlook to positive from stable. The outlook revision is premised on the company’s proposed initial public offering (IPO), which will result in Permodalan Nasional Berhad (PNB) and Unit Trust Funds under its

MARC Ratings has affirmed Evyap Sabun Malaysia Sdn Bhd’s (Evyap Malaysia) RM500.0 million Sukuk Wakalah Programme rating at AAIS. The rating outlook remains stable. The rating continues to be supported by Evyap Malaysia’s vertically integrated and sizeable oleochemical operations, diversified customer base, and healthy operating performance. These strengths are moderated by exposure to feedstock price

MARC Ratings has affirmed its ratings on Cagamas Berhad’s bond and sukuk issuances as follows: AAA/AAAIS on Conventional and Islamic Medium-Term Notes (MTN/IMTN) Programmes of up to RM80.0 billion MARC-1/MARC-1IS on Conventional and Islamic Commercial Papers (CP/ICP) Programmes with a combined aggregate limit of RM20.0 billion AAA/AAAIS on Conventional and Islamic Medium-Term Notes (MTN/IMTN) Programmes

MARC Ratings has affirmed its AAAIS rating on Pengerang LNG (Two) Sdn Bhd’s (PLNG2) Islamic Medium-Term Notes (IMTN) Programme of up to RM3.0 billion. The rating outlook is stable. PLNG2, 65%-owned by PETRONAS Gas Berhad, owns a regasification terminal with a capacity of 3.5 million tonnes per annum and has been supplying natural gas to

MARC Ratings has affirmed its AAAIS rating on TTM Sukuk Berhad’s (TTM SPV) RM600.0 million Sukuk Murabahah with a stable outlook. The rating reflects the rating agency’s assessment of strong support for the Trans Thailand-Malaysia project, a strategic joint venture between national oil companies Petroliam Nasional Berhad (PETRONAS, Malaysia) and PTT Public Company Limited (PTT,

MARC Ratings has affirmed its AA-IS rating on Southern Power Generation Sdn Bhd’s (Southern Power) outstanding RM2.9 billion Sukuk Wakalah with a stable outlook. Southern Power owns a 2x720MW combined-cycle gas-fired power plant in Pasir Gudang, Johor. Tenaga Nasional Berhad (TNB, AAA/Stable) indirectly owns 70% of Southern Power through its wholly-owned subsidiary TNB Power Generation