Rating Announcements

MARC Ratings has affirmed its rating on Sime Darby Property Berhad’s (SD Property) RM4.5 billion Islamic Medium-Term Notes (IMTN) Programme (Sukuk Musharakah) at AA+IS with a stable outlook. The outstanding under the rated programme stood at RM1.4 billion as of November 30, 2023. SD Property’s strong sales track record in well-established townships, and strong balance […]

MARC Ratings has affirmed its rating of A/Stable on Singer (Malaysia) Sdn Bhd’s RM300.0 million Medium-Term Notes (MTN) Programme. The outstanding amount as at end-September 2023 stood at RM101.0 million. The rating reflects Singer’s long and profitable track record in selling and financing consumer durables and motorcycles, supported by strong operating profit margins. Moderating factors

MARC Ratings has affirmed its AA-IS(cg) rating on Point Zone (M) Sdn Bhd’s Sukuk Wakalah Programme guaranteed by KPJ Healthcare Berhad (KPJ). The rating outlook has been revised to positive from stable. Point Zone is a funding conduit set up by KPJ solely for the purpose of issuing the sukuk. The rating reflects the credit

MARC Ratings has affirmed its AA-IS rating on Cerah Sama Sdn Bhd’s RM420.0 million Sukuk with a stable outlook. The outstanding currently stands at RM300.0 million. The rating continues to reflect the resilient traffic performance of the mature Cheras-Kajang Highway and its stable cash flow generation. Cerah Sama’s strong liquidity position and accommodative sukuk repayment

MARC Ratings has assigned preliminary ratings of MARC-1IS/AA-IS to Malakoff Power Berhad’s (MPower) proposed Islamic Commercial Papers / Islamic Medium-Term Notes (ICP/IMTN) programmes of up to RM1.2 billion with a stable outlook. Concurrently, the rating agency has also affirmed its AA-IS rating on MPower’s outstanding RM2.09 billion Sukuk Murabahah with a stable outlook. MPower, a

MARC Ratings has assigned a final rating of MARC-1 to CGS-CIMB Securities Berhad’s (CGS-CIMB) RM1.0 billion Commercial Papers 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 rating was

MARC Ratings has assigned a rating of AA-IS to FGV Holdings Berhad’s (FGV) Sukuk Murabahah Programme of up to RM3.0 billion. The then unrated programme was established in December 2021 with a limit of RM500.0 million and will be upsized to the current limit. The outlook on the rating is stable. The assigned rating incorporates

MARC Ratings has affirmed its AAAIS rating on TNB Power Generation Sdn Bhd’s (TPGSB) Sukuk Wakalah Programme of up to RM10.0 billion with a stable outlook. TPGSB is a wholly-owned energy generation arm of Tenaga Nasional Berhad (TNB). It owns and operates 12 power plants and manages three power plants belonging to TNB with a

MARC Ratings has affirmed its AA-IS rating on Tanjung Bin O&M Berhad’s outstanding RM165.0 million Sukuk Wakalah with a stable outlook. The rating reflects the credit strength of Tanjung Bin O&M’s parent, Malakoff Power Berhad (MPower) (AA-IS /Stable), which has provided an unconditional and irrevocable undertaking to top up any shortfall in the finance service

MARC Ratings has affirmed its rating of AAIS on Fortune Premiere Sdn Bhd’s RM3.0 billion Multi-Currency Islamic Medium-Term Notes Programme (Sukuk Murabahah). The rating outlook is stable. Fortune Premiere is a funding vehicle of IOI Properties Group Berhad (IOI Properties) which has provided an unconditional and irrevocable guarantee on the programme. IOI Properties’ entrenched position