Rating Announcements

MARC Ratings has affirmed its AA-IS rating on Leader Energy Sdn Bhd’s outstanding ASEAN Green Sustainable and Responsible Investment Sukuk Wakalah of RM230.0 million with a stable outlook. The rating affirmation incorporates the strong operational track record of the two solar plants held by Leader Energy’s wholly-owned project companies, Leader Solar Energy Sdn Bhd (LSE […]

MARC Ratings has affirmed its ratings of AAAIS(cg) /MARC-1IS(cg) on F&N Capital Sdn Bhd’s Islamic Medium-Term Notes (IMTN) and Islamic Commercial Papers (ICP) programmes with a combined limit of up to RM3.0 billion. The outlook is stable. F&N Capital is a funding vehicle of Fraser & Neave Holdings Bhd (F&NHB) which has provided an unconditional

MARC Ratings has removed YNH Property Berhad’s (YNH) Islamic Medium-Term Notes Programme (Sukuk Wakalah) rating from MARCWatch Negative placement and concurrently downgraded the rating to BBIS. The rating had been on negative watch since January 18, 2024, precipitated by YNH’s weak financial position, delayed asset disposals and material issues concerning its key shareholder that have

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MARC Ratings has withdrawn its rating of MARC-2IS on Bina Darulaman Berhad’s RM100.0 million Islamic Commercial Papers (ICP) Programme.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.