Rating Announcements

MARC Ratings has affirmed its rating of AA-IS on Guan Chong Berhad’s (GCB) RM800.0 million Sukuk Wakalah Programme. The rating outlook remains negative. The rating outlook reflects GCB’s continued high reliance on short-term borrowings to fund working capital requirements amid a high cocoa bean price that has led to an elevated leverage ratio. This notwithstanding,

MARC Ratings has affirmed its MARC-1IS and A+IS ratings on George Kent (Malaysia) Berhad’s RM100.0 million Islamic Commercial Papers (ICP) and RM500.0 million Islamic Medium-Term Notes (IMTN), which have a combined programme limit of RM500.0 million. The long-term rating outlook is stable. As of end-May 2025, RM132.0 million was outstanding under the IMTN, while there

MARC Ratings has affirmed its AA-IS rating on Konsortium KAJV Sdn Bhd’s (KAJV) RM1.0 billion Sukuk Wakalah Programme with a stable outlook. The rating reflects Terengganu’s sub-sovereign AA-/Stable rating and the state government’s creditworthiness in meeting its payment obligations on the Facility Payment Certificates (FPC) issued for work completed by KAJV on the Kuala Terengganu

MARC Ratings has affirmed its AA-IS rating on UiTM Solar Power Dua Sdn Bhd’s outstanding RM82.0 million Green Sustainable and Responsible Investment (SRI) Sukuk with a stable outlook. UiTM Solar Power Dua owns and operates a 25MWac solar power plant in Pasir Gudang, Johor. The rating reflects the strength of the 21-year power purchase agreement

MARC Ratings has affirmed its ratings of MARC-1IS /AIS on Gabungan AQRS Berhad’s (GBG) RM200 million Islamic Commercial Papers (ICP)/ Islamic Medium-Term Notes (IMTN) Programme. The long-term rating outlook is stable. The ratings affirmation incorporates GBG’s established construction track record that would enable the group to secure new infrastructure contracts, and the company’s improving liquidity

MARC Ratings has affirmed its rating of AA-IS(cg) on Eco World Capital Berhad’s RM3.0 billion Islamic Medium-Term Notes (Sukuk Wakalah) Programme. Concurrently, MARC Ratings has assigned a preliminary rating of AIS(cg) to Eco World Perpetual Capital Berhad’s proposed RM2.0 billion Perpetual Sukuk Wakalah (Perpetual Sukuk) Programme. All ratings carry a stable outlook. Eco World Capital

MARC Ratings has withdrawn its AAAIS rating on Putrajaya Holdings Sdn Bhd’s (PJH) RM1.5 billion Sukuk Musharakah Medium-Term Notes (MTN) Programme. The rating withdrawal follows the full redemption of the outstanding RM230.0 million on 11 April 2025 and subsequent cancellation of the programme, as confirmed by the facility agent. MARC Ratings will continue to provide

MARC Ratings has withdrawn its AA- rating on Central Impression Sdn Bhd’s (CISB) RM120.0 million Fixed Rate Serial Bonds. The rating withdrawal follows the early redemption of the outstanding RM15.0 million on 3 April 2025 and subsequent cancellation of the programme, as confirmed by the facility agent. Accordingly, MARC Ratings will no longer provide analytical

MARC Ratings has withdrawn its rating of AAAIS on MBSB Bank Berhad’s Tranche 3 under the RM2.295 billion Structured Covered Sukuk Murabahah facility. The rating withdrawal follows the full redemption of the outstanding RM90.0 million on 29 May 2025, as confirmed by the facility agent. MARC Ratings’ analytical coverage on the Structured Covered Sukuk Murabahah