Rating Announcements

MARC Ratings has assigned a final rating of AA+IS with a stable outlook to TH Properties Sdn Bhd’s Islamic Medium-Term Notes (IMTN) Programme. The IMTN Programme, together with a proposed Islamic Commercial Papers Programme, will have a combined aggregate limit of up to RM750 million. The rating agency has reviewed the final documentation for the […]

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 stable. The rating affirmation reflects GCB’s established market position as the world’s fourth-largest cocoa grinder, supported by its geographically diversified customer base and longstanding relationships with major multinational confectionery companies. The group serves

MARC Ratings has assigned a rating of AA-IS to Mah Sing Group Berhad’s Islamic Medium-Term Notes (IMTN) Programme (Sukuk Murabahah Programme) of up to RM2.0 billion in nominal value with a stable outlook. The Sukuk Murabahah Programme was previously unrated. As at end-August 2026, RM1.15 billion was outstanding under the programme, which remains unrated. The

MARC Ratings has upgraded China Construction Bank (Malaysia) Berhad’s (CCBM) long-term financial institution (FI) rating to AAA from AA+ with a stable outlook, and affirmed its short-term FI rating at MARC-1. CCBM’s long-term FI rating of AAA has been equalised with the AAA FI rating of its parent, China Construction Bank Corporation (CCB), based on

MARC Ratings has upgraded its ratings on Sunway Group’s issuances as follows: Sunway Treasury Sukuk Sdn Bhd’s RM 3.0 billion Islamic Commercial Papers/ Islamic Medium-Term Notes (ICP/IMTN) Programme to MARC-1IS(cg)/AAIS(cg) from MARC-1IS(cg)/AA-IS(cg) Sunway Berhad’s RM 2.0 billion Commercial Papers/ Medium-Term Notes (CP/MTN) Programme to MARC-1/AA from MARC-1/AA- Sunway Berhad’s RM5.0 billion Perpetual Sukuk Programme to

MARC Ratings has affirmed the ratings of Tropicana Corporation Berhad’s (Tropicana) RM1.5 billion Islamic Medium-Term Notes (IMTN) (Sukuk Wakalah-2020), RM1.5 billion IMTN (Sukuk Wakalah-2024), and RM2.0 billion Perpetual Sukuk Programmes at AIS, AIS and A-IS, respectively. The ratings outlook on all three programmes has been maintained at positive. The positive outlook reflects the group’s continued

MARC Ratings has revised the outlook on the long-term AIS rating of Gabungan AQRS Berhad’s (GBG) RM200 million Islamic Commercial Papers/ Islamic Medium-Term Notes (ICP/IMTN) Programmes to negative from stable. The short-term rating remains unchanged at MARC-1IS. The outlook revision reflects growing concerns over GBG’s shrinking construction order book and slower-than-expected sales at The Peak

MARC Ratings has affirmed its MARC-1IS/AAIS ratings on Alam Flora Sdn Bhd’s RM700 million Islamic Commercial Papers and Islamic Medium-Term Notes (ICP/IMTN) Programmes, with a stable outlook. The ratings are underpinned by Alam Flora’s long-term concession with the Government of Malaysia, which provides strong revenue visibility and stable cash flow generation. Additional support stems from