Rating Announcements

MARC Ratings has withdrawn its MARC-1IS rating on UEM Edgenta Berhad’s sub-limit RM300.0 million Islamic Commercial Papers (ICP) Programme under its RM1.0 billion Sukuk Murabahah Programme. The rating withdrawal follows the expiry of the ICP Programme as confirmed by the facility agent on April 30, 2024. Our analytical coverage on UEM Edgenta is now limited […]

MARC Ratings has affirmed its rating on port operator Pelabuhan Tanjung Pelepas Sdn Bhd’s (PTP) RM2.15 billion Islamic Medium-Term Notes (Sukuk Murabahah Programme) at AAIS. The rating outlook is stable. The rating affirmation is driven by PTP’s strong position as the operator of a key container transhipment port in the region that has benefitted from

MARC Ratings has affirmed its AAIS rating on Kimanis Power Sdn Bhd’s (KPSB) outstanding RM400.0 million Sukuk Programme with a stable outlook. KPSB owns a 285MW combined-cycle gas-fired power plant in Kimanis Bay, Sabah. The rating continues to be underpinned by KPSB’s 21-year power purchase agreement (PPA) with Sabah Electricity Sdn Bhd (SESB), which effectively

MARC Ratings has assigned a preliminary MARC-1IS rating to OCK Group Berhad’s (OCK) proposed RM500.0 million Islamic Commercial Papers (ICP) Programme. The rating agency has concurrently affirmed its AA-IS/Stable rating on OCK’s RM400.0 million Tranche 1 Sukuk Murabahah under its RM700 million Sukuk Murabahah Programme. As at end-February 2024, the outstanding amount under the Sukuk

MARC Ratings has revised its rating outlook on the sukuk programmes of its rated cocoa grinders, Guan Chong Berhad (AA-IS) and JB Cocoa Sdn Bhd (A+IS), to negative from stable. The rating action is driven by the prevailing abnormal price environment for cocoa beans, having risen steeply from USD3,835/MT to USD9,193/MT between end-October 2023 and

MARC Ratings has extended its MARCWatch Negative placement on YNH Property Berhad’s (YNH) Islamic Medium-Term Notes Programme (Sukuk Wakalah) following a rating downgrade to BBB-IS. The rating was at BBB+IS when it was first placed on negative watch on January 18, 2024. The rating action reflects MARC Ratings’ heightened concerns on YNH’s continued weak financial

MARC Ratings has affirmed its AA-IS and A- ratings on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (Kesturi) RM2.3 billion Sukuk Musharakah (Senior Sukuk) and RM180 million Redeemable Secured Junior Bonds with a stable outlook. The rating differential between the Senior Sukuk and Junior Bonds reflects the latter’s subordinated status in line with the rating agency’s

MARC Ratings has affirmed its AA-IS rating on Quantum Solar Park (Semenanjung) Sdn Bhd’s (QSP Semenanjung) outstanding RM750.0 million Green Sustainable and Responsible Investment (SRI) Sukuk with a stable outlook. QSP Semenanjung owns three 50MW power plants located in Gurun, Kedah; Jasin, Melaka; and Merchang, Terengganu. The rating affirmation reflects the good track record of

MARC Ratings has assigned a final rating of AAIS(cg) to Sunway Healthcare Treasury Sdn Bhd’s Islamic Medium-Term Notes (IMTN) Programme of up to RM5.0 billion with a stable outlook. 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

MARC Ratings has affirmed its AA-IS rating on Sinar Kamiri Sdn Bhd’s outstanding RM185.0 million Green Sustainable and Responsible Investment Sukuk Wakalah. The rating outlook is stable. The rating affirmation reflects Sinar Kamiri’s stable operational performance, steady cash flow generation and adequate finance service coverage ratio (FSCR) profile. The rating is underpinned by a 21-year