Rating Announcements

MARC Ratings has affirmed its AAAIS(s) rating on Projek Lebuhraya Usahasama Berhad’s (PLUS) RM25.2 billion Islamic Medium-Term Notes Programme (sukuk programme) with a stable outlook. The rating incorporates a two-notch rating uplift from PLUS’ standalone rating and reflects the irrevocable and unconditional Letter of Undertaking (LoU) from the government that would cover any cash shortfall […]

MARC Ratings has assigned a final rating of AA-IS to special purpose vehicle WM Senibong Capital Berhad’s (WMSC) Islamic Medium-Term Notes (Sukuk Wakalah) Programme of up to RM1.0 billion. The rating outlook is stable. WMSC is wholly owned by WM Senibong Sdn Bhd. The rating agency has reviewed the final documentation for the programme and

MARC Ratings has affirmed its AAAIS rating on Amanat Lebuhraya Rakyat Berhad’s (ALR) RM5.5 billion Sukuk Programme with a stable outlook. The affirmation reflects ALR’s sound credit metrics, backed by ample liquidity and strong cash flow generation from its mature and resilient toll road assets, and supported by a tight transaction structure with no dividend

MARC Ratings has affirmed its AA-IS rating on MMC Port Holdings Sdn Bhd’s RM1.0 billion Sukuk Murabahah Programme with a stable outlook. The rating affirmation is premised on the strength of the credit profile of MMC Port’s port subsidiaries which have healthy operating track records and strong cash flow generation abilities that provide dividend income

MARC Ratings has assigned a final rating of MARC-1 to Merchantrade Asia Sdn Bhd’s (Merchantrade) Multi-Currency Commercial Papers Programme of up to RM200 million in nominal value. The rating is confined to the ringgit-denominated issuance under the programme. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms

MARC Ratings has affirmed its long-term and short-term financial institution (FI) ratings of A+/MARC-1 on Kenanga Investment Bank Berhad (Kenanga). Concurrently, the long-term rating outlook has been revised to positive from stable. The outlook revision reflects the positive outcome from Kenanga’s revenue diversification strategy that has improved its overall profitability metrics and provides headroom against

MARC Ratings has assigned a rating of AAIS to Cellco Capital Berhad’s (Cellco) RM130 million Islamic Medium-Term Notes (Issue 2) to be issued under its Sukuk Ijarah Programmes of up to RM1.0 billion. The rating outlook is stable. The RM130 million will be the second issuance under the Sukuk Ijarah Programmes after the RM520 million

MARC Ratings has affirmed its AAAIS/Stable rating on Celcom Networks Sdn Bhd’s (CNSB) Sukuk Murabahah Programme of RM5.0 billion. CNSB is wholly owned by Celcom Berhad, which, in turn, is 100%-owned by CelcomDigi Berhad, and provides network telecommunication (telco) services to the group. MARC Ratings considers the overall credit profile of CNSB’s ultimate shareholder, CelcomDigi,

MARC Ratings has affirmed its financial institution ratings of A+/MARC-1/Stable on Bank Muamalat Malaysia Berhad. The rating agency has concurrently affirmed its ratings on the bank’s Sukuk Wakalah Programme of up to RM5.0 billion as follows:  Senior Sukuk Wakalah at A+IS /Stable Tier-2 Subordinated Sukuk Wakalah at A-IS /Stable Additional Tier-1 (AT-1) Sukuk Wakalah at

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 negative rating outlook primarily reflects the continued high and volatile cocoa bean price environment that has led to a sizeable increase in GCB’s working capital requirements. The rating agency would revise