Rating Announcements

MARC Ratings has affirmed its AA-IS rating on AZRB Capital Sdn Bhd’s (ACSB) issuance of RM535.0 million Islamic Medium-Term Notes (Sukuk Murabahah) with a stable outlook. ACSB is a funding vehicle for Ahmad Zaki Resources Berhad (AZRB) to facilitate the subscription of Redeemable Convertible Preference Shares (RCPS-i) of related company Peninsular Medical Sdn Bhd (PMSB). […]

MARC Ratings has affirmed its rating of AA-IS on MMC Corporation Berhad’s (MMC) RM2.5 billion Sukuk Murabahah Programme with a stable outlook. The key rating drivers for the affirmation are MMC’s competitive strength and longstanding track record in key sectors of the economy, namely ports and logistics, engineering as well as energy and utilities. The

MARC Ratings has affirmed its AAAIS(bg) rating on Malaysia Steel Works (KL) Bhd’s (Masteel) RM130.0 million Bank Pembangunan Malaysia Berhad–guaranteed Sukuk Ijarah Programme with a stable outlook. On a standalone basis, Masteel’s credit profile incorporates its longstanding track record in the domestic production of steel billets and steel bars, its moderate domestic market position and

MARC Ratings has affirmed its AAAIS rating on Amanat Lebuhraya Rakyat Berhad’s (ALR) RM5.5 billion sukuk programme, with a stable outlook. The rating reflects the strong cash flow generation capacity of ALR’s portfolio of matured highways in the Klang Valley, its strong debt service ability, and the low capital requirement for operations and maintenance (O&M)

MARC Ratings has upgraded Titijaya Land Berhad’s (Titijaya) RM150 million Islamic Commercial Papers (ICP) Programme short-term rating to MARC-1IS from MARC-2IS. The upgrade reflects Titijaya’s stronger long-term credit profile, with improved business profile and healthier balance sheet, characterised by lower leverage and higher liquidity. Key factors moderating the rating are the challenging property market conditions

MARC Ratings has affirmed its AA-IS rating on MMC Port Holdings Sdn Bhd’s RM1.0 billion Sukuk Murabahah Programme with a stable outlook. The rating affirmation is driven by the group’s strong competitive position and well-established operational track record of its port operators in providing transshipment and gateway services. The port operators’ healthy cash flow generation,

MARC Ratings has affirmed its ratings of AA/MARC-1/Stable on Pac Lease Berhad’s Medium-Term Notes (MTN) Programme and Commercial Papers (CP) Programme with a combined limit of RM1.5 billion. The ratings continue to reflect the company’s long track record, strong market position in the domestic industrial hire purchase industry, sound asset quality and good profitability. The

MARC Ratings has affirmed its financial institution (FI) ratings of A+/MARC-1 on Kenanga Investment Bank Berhad (Kenanga) with a stable outlook. The ratings reflect Kenanga’s strong market position and lengthy experience in the domestic stockbroking industry. The ratings further consider the investment bank’s improving position in the investment and wealth management segment as well as

MARC Ratings has extended its MARCWatch Developing on UMW Holdings Berhad’s (UMW) sukuk programmes, where the ratings have been placed since August 25, 2023. The rating action was based on the then proposed changes to UMW’s shareholding structure. This relates to the proposed sale of Permodalan Nasional Berhad’s (PNB) 61.18% equity stake in UMW to

MARC Ratings has extended its MARCWatch Negative on ANIH Berhad’s outstanding Senior Sukuk Musharakah programme of RM1.48 billion, where it has been placed since May 25, 2023. The rating agency notes that the change in ANIH’s shareholding structure is still pending the government’s approval, which the company expects to receive by end-2023. We understand that