Rating Announcements

MARC Ratings has affirmed its AA-IS rating on AZRB Capital Sdn Bhd’s (ACSB) RM535.0 million Islamic Medium-Term Notes (Sukuk Murabahah) Programme with a stable outlook. The outstanding under the programme was RM435.0 million as at end-September 2024. As a funding vehicle for Ahmad Zaki Resources Berhad (AZRB), ACSB facilitates the subscription of Redeemable Convertible Preference […]

MARC Ratings has affirmed its MARC-1IS/AAAIS ratings on PETRONAS Dagangan Berhad’s (PDB) RM10.0 billion nominal value Islamic Commercial Papers/ Islamic Medium-Term Notes (ICP/IMTN) Programmes. The long-term rating outlook is stable. The affirmed ratings reflect PDB’s well-established track record and its very strong market position in the domestic retailing and marketing of petroleum products. The ratings

MARC Ratings has affirmed its rating of AA- on STM Lottery Sdn Bhd’s RM800.0 million 15-year Medium-Term Notes (MTN) Programme with a stable outlook. The rating affirmation considers STM Lottery’s key position as the leading licensed number forecast operator in the country, its long operating track record, as well as strong cash flow generation relative

MARC Ratings has affirmed its rating of AA-IS with a stable outlook on Malaysian Resources Corporation Berhad’s (MRCB) Islamic Medium-Term Notes Programme (Sukuk Murabahah) of up to RM5.0 billion. The affirmed rating is mainly driven by MRCB’s established property track record, particularly in transit-oriented developments (TOD), and further growth in its sizeable construction order book.

MARC Ratings has affirmed SD Guthrie Berhad’s corporate credit rating at AAA. Concurrently, the rating agency has also affirmed its rating on SD Guthrie’s Perpetual Subordinated Sukuk Programme (Perpetual Sukuk) of up to RM3.0 billion at AAIS. The two-notch rating differential between SD Guthrie’s corporate credit rating and the Perpetual Sukuk rating is in line

MARC Ratings has affirmed its rating of AA-IS on MMC Corporation Berhad’s (MMC) RM2.5 billion Sukuk Murabahah Programme with a stable outlook. MMC group’s strong competitive strength and longstanding track record in key sectors of the economy, namely ports and logistics, engineering, and energy and utilities, remain the key rating drivers. The rating is moderated

MARC Ratings has affirmed its investment manager rating (IMR) of IMR-2 on Kenanga Investors Berhad (KIB) and KIB’s wholly-owned subsidiary Kenanga Islamic Investors Berhad (KIIB). KIIB is rated at the same level as parent KIB, reflecting its strategic role in supporting the group’s objectives in Islamic finance, and the high level of operational integration between

MARC Ratings has assigned a final rating of AAIS to Berapit Mobility Sdn Bhd’s RM1.5 billion Sustainability Islamic Medium-Term Notes (IMTN) Programme. The rating outlook is stable. 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 affirmed its rating of AAIS on Northport (Malaysia) Bhd’s RM1.5 billion Sukuk Musharakah Programme with a stable outlook. Northport’s well-established operational track record as a key port operator in Port Klang and healthy profitability remain key rating drivers. The rating is mainly moderated by concerns on global trade flows and higher capex

MARC Ratings has upgraded its rating on Point Zone (M) Sdn Bhd’s Sukuk Wakalah Programme to AAIS(cg) from AA-IS(cg) and accordingly revised the rating outlook to stable from positive. The rating reflects the credit strength of Point Zone’s parent KPJ Healthcare Berhad (KPJ) which has provided an unconditional and irrevocable guarantee on the sukuk programme.