Rating Announcements

MARC Ratings has affirmed its rating of AA- on STM Lottery Sdn Bhd’s RM800.0 million 15-year Medium-Term Notes (MTN) Programme with a stable outlook. Proceeds from issuances under the programme had been used to refinance maturing notes under the previous rated programme. The rating affirmation reflects STM Lottery’s position as the largest licensed number forecast […]

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 RM230.0 million. The affirmation reflects resilient traffic on Cerah Sama’s mature Cheras-Kajang Highway, stable cash flow, strong liquidity, and an accommodative sukuk repayment profile. Leverage remains high but is improving. Average

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

MARC Ratings has affirmed its AA-IS rating on Malaysian Resources Corporation Berhad’s (MRCB) Islamic Medium-Term Notes (IMTN) Programme (Sukuk Murabahah) of up to RM5.0 billion, with a stable outlook. The rating reflects MRCB’s longstanding track record in property and construction — particularly in transit-oriented developments (TOD) — its substantial infrastructure order book, and its status

MARC Ratings has assigned a final rating of MARC-1IS to Khazanah Nasional Berhad’s (Khazanah) Islamic Commercial Papers (ICP) Programme of up to RM1.0 billion in nominal value. The rating is based on the rating agency’s assessment of Khazanah’s corporate credit rating at AAA/Stable. The rating agency has reviewed the final documentation for the programme and

MARC Ratings has affirmed its rating of AA-IS on FGV Holdings Berhad’s (FGV) Sukuk Murabahah Programme of up to RM3.0 billion. The outlook on the rating is stable. The current outstanding under the rated programme stood at RM1.3 billion as at end-October 2025. The rating affirmation reflects FGV’s sizeable and integrated palm oil operations, improved

MARC Ratings has affirmed its ratings of MARC-1IS/AA-IS on UEM Sunrise Berhad’s Islamic Commercial Papers (ICP)/ Islamic Medium-Term Notes (IMTN) Programme (ICP/IMTN-3) with a combined nominal value of RM4.0 billion. Concurrently, the rating agency has also affirmed its rating of AA-IS on UEM Sunrise’s two IMTN Programmes (IMTN-1 and IMTN-2) of RM2.0 billion each. The

MARC Ratings has affirmed its AA+IS rating on Kapar Energy Ventures Sdn Bhd’s (KEV) outstanding RM160.0 million Sukuk Ijarah with a stable outlook. The affirmed rating benefits from a two-notch uplift from KEV’s standalone rating due to expected support from Tenaga Nasional Berhad (TNB, AAA/stable), which has 60.0% ownership of KEV through its wholly-owned subsidiary

MARC Ratings has affirmed its rating of AA-IS on MMC Corporation Berhad’s (MMC) Sukuk Murabahah Programme of up to RM3.5 billion. The rating outlook is stable. As of 28 November 2025, the Sukuk Murabahah has an outstanding of RM2.1 billion. MMC’s strong competitive position and longstanding track record across key sectors of the economy, namely