Rating Announcements

MARC Ratings has assigned a preliminary short-term rating of MARC-1IS to Titijaya Land Berhad’s (Titijaya) proposed RM300 million Islamic Commercial Papers (ICP) Programme. Concurrently, the rating agency has affirmed its existing MARC-1IS rating on the group’s RM150 million ICP programme which will expire on November 8, 2024. The new programme will replace the existing programme on expiry. […]

MARC Ratings has affirmed its rating of AAIS(CG) on special purpose funding vehicle VS Capital Management Sdn Bhd’s Islamic Medium-Term Notes (IMTN) Programme of up to RM1.0 billion. The rating outlook is stable. The rating reflects the credit strength of parent VS Industry Berhad (VSI) which has provided an unconditional and irrevocable guarantee on the

MARC Ratings has affirmed its AA-IS rating on SHC Capital Sdn Bhd’s RM80 million issuance under its RM200 million Islamic Medium-Term Notes (Sukuk Wakalah) Programme with a stable outlook. SHC Capital is a wholly-owned funding vehicle of Tunas Cool Energy Sdn Bhd (TUNAS), a subsidiary of Sin Heng Chan (Malaya) Berhad. TUNAS owns a district

MARC Ratings has affirmed its ratings on port operator Johor Port Berhad’s (JPB) Islamic Commercial Papers Programme and Islamic Medium-Term Notes (IMTN) Programme at MARC-1IS and AA-IS, and revised the outlook on the long-term rating to positive from stable. The programmes have a combined aggregate limit of RM1.0 billion and the current outstanding comprising entirely

MARC Ratings has affirmed its AA-IS rating on toll concessionaire Lebuhraya DUKE Fasa 3 Sdn Bhd’s (DUKE 3) outstanding RM3.64 billion Sukuk Wakalah. The rating outlook has been revised to negative from stable. DUKE 3 is the concessionaire for the 32-km Setiawangsa-Pantai Expressway (SPE) that connects Middle Ring Road 2 at Wangsa Maju to Kerinchi

MARC Ratings has assigned a preliminary rating of AIS to Tropicana Corporation Berhad’s proposed RM1.5 billion Islamic Medium-Term Notes (IMTN) (Sukuk Wakalah) and concurrently affirmed its ratings of AIS on the RM1.5 billion IMTN (Sukuk Wakalah) and A-IS on the RM2.0 billion Perpetual Sukuk. The outlook on all ratings is stable. Proceeds from the initial

MARC Ratings has affirmed its financial institution rating of AAA on Bank Pertanian Malaysia Berhad (Agrobank). Concurrently, the rating agency has also affirmed its rating of AAAIS on Agrobank’s Islamic Medium-Term Notes Programme. The ratings outlook is stable. The ratings reflect MARC Ratings’ view of a very high probability of government support for Agrobank. This

MARC Ratings has affirmed its financial institution (FI) ratings of AA-/MARC-1 on KAF Investment Bank Berhad (KAF IB) with a stable outlook. KAF IB’s longstanding track record of sound performance, strong capitalisation and liquidity levels, underpinned by a conservative investment strategy, remain key rating drivers. The susceptibility of KAF IB’s performance to sudden changes in

MARC Ratings has affirmed Tenaga Nasional Berhad’s (TNB) corporate credit rating at AAA with a stable outlook. TNB’s strong credit profile reflects its monopoly on electricity transmission in Peninsular Malaysia and Sabah, its status as the largest domestic electricity producer, distributor and retailer, and the favourable incentive-based regulation framework under which it is able to

MARC Ratings has placed its financial institution (FI) ratings of AA+/MARC-1 on Kuwait Finance House (Malaysia) Berhad (KFH Malaysia) on MARCWatch Developing. The rating action follows the announcement on July 31, 2024, by KFH Malaysia that it will voluntarily withdraw from the Malaysian market and wind down its banking business in the country. MARC Ratings