Rating Announcements

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MARC Ratings has withdrawn its AAAIS rating on Putrajaya Holdings Sdn Bhd’s (PJH) RM1.5 billion Sukuk Musharakah Medium-Term Notes (MTN) Programme.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MARC Ratings has withdrawn its AA- rating on Central Impression Sdn Bhd’s (CISB) RM120.0 million Fixed Rate Serial Bonds.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MARC Ratings has withdrawn its rating of AAAIS on MBSB Bank Berhad’s Tranche 3 under the RM2.295 billion Structured Covered Sukuk Murabahah facility.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

MARC Ratings has affirmed its AAAIS(bg) rating on Ranhill Sabah Energy II Sdn Bhd’s (RSEII) outstanding RM250.0 million Islamic Medium-Term Notes Programme with a stable outlook. The rating reflects the unconditional and irrevocable guarantee provided by Bank Pembangunan Malaysia Berhad (BPMB), rated AAA/Stable by MARC Ratings. RSEII owns and operates the 190MW combined-cycle gas turbine

MARC Ratings has extended its MARCWatch Developing status on Kuwait Finance House (Malaysia) Berhad (KFH Malaysia), where the bank has been placed under this surveillance since August 1, 2024. The action resulted from KFH Malaysia’s decision to voluntarily withdraw from the Malaysian market and wind down its banking business in the country, which is in

MARC Ratings has affirmed its ratings on WCT Holdings Berhad’s (WCT) debt and sukuk programmes, and revised the ratings outlook to positive from stable. The positive outlook has factored in the potential improvement in the group’s balance sheet from the utilisation of part proceeds from WCT’s disposal of three mall assets into Paradigm Real Estate

MARC Ratings has affirmed its AAAIS rating on TNB Western Energy Berhad’s (TNB Western) outstanding RM3.5 billion sukuk with a stable outlook. TNB Western serves as the funding vehicle for TNB Manjung Five Sdn Bhd, a wholly-owned indirect subsidiary of Tenaga Nasional Berhad (TNB). TNB Manjung Five operates a 1,000MW coal-fired power plant in Manjung,

MARC Ratings has upgraded its rating on Grand Sepadu (NK) Sdn Bhd’s RM210.0 million Sukuk Murabahah to AAIS from AA-IS. Concurrently, the rating outlook has been revised to stable from positive. The upgrade reflects Grand Sepadu’s strengthened financial profile, driven by ongoing debt reduction, consistent traffic demand and cash flow generation, and a demonstrated track