Rating Announcements

MARC Ratings has affirmed its AA+/MARC-1 corporate credit ratings on CIMB Group Holdings Berhad (CIMB Group) and the AA rating on the group’s RM10.0 billion Basel III–compliant Tier 2 Subordinated Debt Programme. The outlook on all ratings is stable. CIMB Group is a non-operating financial holding company overseeing one of Malaysia’s largest banking groups, with […]

MARC Ratings has affirmed its financial institution ratings on CIMB Bank Berhad at AAA/MARC-1. The rating agency has concurrently affirmed its AA+ rating on the bank’s existing RM10.0 billion Basel III–compliant Tier 2 Subordinated Debt Programme. The ratings outlook is stable. CIMB Bank’s ratings reflect its systemic importance to the domestic banking system, underpinned by

MARC Ratings has affirmed its MARC-1IS/AIS ratings on Gabungan AQRS Berhad’s (GBG) RM200 million Islamic Commercial Papers/ Islamic Medium-Term Notes (ICP/IMTN) Programme with a stable outlook. The ratings affirmation reflects GBG’s established construction track record, that supports its ability to secure infrastructure contracts alongside its property development activities. This is moderated by limited near-term earnings

MARC Ratings has assigned preliminary AA-(cg)/MARC-1(cg) ratings with a stable outlook to Moneymax Treasure Sdn Bhd’s (MTSB) proposed RM200.0 million Tranche 1 (including RM50.0 million CP sub-limit) under a proposed RM500.0 million CP/MTN Programme. The facility is jointly and severally, irrevocably and unconditionally guaranteed by Cash Online Sdn Bhd (COSB) and its Singapore-listed parent, MoneyMax

MARC Ratings has affirmed its AA-IS rating on UiTM Solar Power Dua Sdn Bhd’s outstanding RM77.0 million Green Sustainable and Responsible Investment Sukuk with a stable outlook. UiTM Solar Power Dua owns and operates a 25MWac solar power plant in Pasir Gudang, Johor. The plant achieved its commercial operations date on 2 December 2020. The

MARC Ratings has affirmed the AA-IS rating on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (Kesturi) RM2.3 billion Sukuk Musharakah (Senior Sukuk) and the A- rating on Kesturi’s RM180 million Redeemable Secured Junior Bonds, with a stable outlook. The rating differential reflects the Junior Bonds’ subordinated position. Kesturi owns and operates Duta-Ulu Kelang Expressway Phase 1

MARC Ratings has upgraded Sinar Kamiri Sdn Bhd’s outstanding RM155.0 million Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah to AAIS from AA-IS and revised the outlook to stable from positive. The rating upgrade reflects Sinar Kamiri’s consistently strong operating performance and financial metrics that have exceeded expectations. The plant has maintained a high average

MARC Ratings has affirmed its long-term ratings of AAA, AA and A on Kinabalu Capital Sdn Bhd’s Issue 3 of RM113 million Class A, RM21 million Class B and RM11 million Class C Medium-Term Notes (MTN). The ratings outlook is stable. The affirmed ratings reflect loan-to-value (LTV) ratios for the MTN classes that are within

MARC Ratings has assigned a final rating of AAIS to Evyap Sabun Malaysia Sdn Bhd’s RM1.0 billion Islamic Medium-Term Notes (Sukuk Wakalah) Programme 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 material way from the

MARC Ratings has assigned a final rating of AA+IS to TNB Kuala Muda Solar Sdn Bhd’s (TKMS) proposed ASEAN Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah of up to RM1.05 billion with a stable outlook. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions