Rating Announcements

MARC Ratings has assigned a final rating of MARC-1IS to OCK Group Berhad’s (OCK) RM500.0 million Islamic Commercial Papers (ICP) Programme. 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 draft documentation on which the preliminary […]

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 affirmation reflects Alam Flora’s stable cash flows derived from its 22-year waste collection and public cleansing concession agreement with the government ending 2033, as well as its

MARC Ratings has withdrawn its rating of MARC-2IS on Bina Darulaman Berhad’s RM100.0 million Islamic Commercial Papers (ICP) Programme. The rating withdrawal follows the expiry of the programme as confirmed by the facility agent on June 25, 2024. Accordingly, MARC Ratings will no longer provide analytical coverage on the issuer.

MARC Ratings has affirmed its AA- rating on 7-Eleven Malaysia Holdings Berhad’s (7-Eleven Holdings) RM600.0 million Medium-Term Notes (MTN) Programme with a stable outlook. The rating affirmation reflects 7-Eleven Holdings’ entrenched market position in the domestic convenience store segment, long operating track record, and healthy debt and liquidity coverage which has been strengthened by the

MARC Ratings has withdrawn its insurer financial strength rating of AA+ on Bermuda-based International General Insurance Co Ltd. The rating carried a stable outlook. The rating withdrawal is at the request of the issuer.

MARC Ratings has maintained its rating of AA-IS(cg) on funding vehicle Eco World Capital Berhad’s Islamic Medium-Term Notes (Sukuk Wakalah) Programme which has now been upsized to RM3.0 billion from RM1.2 billion. The outlook on the rating is stable. Eco World Development Group Berhad (EcoWorld) has provided an unconditional and irrevocable guarantee on the programme.

MARC Ratings has affirmed its rating of AA-IS on Grand Sepadu (NK) Sdn Bhd’s RM210.0 million Sukuk Murabahah. Concurrently, the rating outlook has been revised to positive from stable. The outlook revision considers Grand Sepadu’s steadily improving leverage and coverage ratios, supported by a disciplined approach to dividend distribution. Its overall debt has continued to

MARC Ratings has affirmed its ratings on Trusmadi Capital Sdn Bhd’s Issue 1 RM235 million Class A, RM40 million Class B and RM25 million Class C Medium-Term Notes (MTN) at AAA, AA, and A. The rating agency has also affirmed its MARC-1 rating on Trusmadi Capital’s Issue 1 RM300 million Commercial Papers (CP). The MTN

MARC Ratings has affirmed its AA+/MARC-1 financial institution (FI) ratings on China Construction Bank (Malaysia) Berhad (CCBM) with a stable outlook. The long-term FI rating of AA+ is notched down from the AAA FI rating of its parent, China Construction Bank Corporation (CCB). The one-notch rating differential is in line with MARC Ratings’ notching criteria