Rating Announcements

MARC Ratings has affirmed its AA/MARC-1 ratings on Pac Lease Berhad’s Medium-Term Notes/ Commercial Papers (MTN/CP) Programmes, which have a combined limit of RM1.5 billion. The long-term rating outlook is stable. The ratings affirmation reflects Pac Lease’s position as a major player in the domestic industrial hire purchase (IHP) segment, with a strong track record […]

MARC Ratings has affirmed its rating of AAIS(cg) on Sunway Healthcare Treasury Sdn Bhd’s Islamic Medium-Term Notes (Sukuk Wakalah) Programme of up to RM5.0 billion. The rating outlook is stable. The rating reflects the credit strength of parent Sunway Healthcare Holdings Berhad (SHH), based on the unconditional and irrevocable guarantee from SHH on the programme.

MARC Ratings has assigned final ratings of AAIS/A+IS to S P Setia Berhad’s Sukuk Wakalah Programme of up to RM3.5 billion, comprising Senior Sukuk Wakalah (Islamic Medium-Term Notes) and Perpetual Sukuk Wakalah, with a sub-limit of RM1.5 billion for the Perpetual Sukuk Wakalah. The outlook on the ratings is stable. The rating agency has reviewed

MARC Ratings has affirmed its financial institution rating of AAA on Credit Guarantee Corporation Malaysia Berhad (CGC) with a stable outlook. The rating reflects MARC Ratings’ assessment of very high government support for CGC, underpinned by its longstanding policy mandate to support micro, small and medium enterprises (MSME) financing, Bank Negara Malaysia’s (BNM) majority ownership

MARC Ratings has affirmed its MARC-1IS/AA-IS ratings on UDA Holdings Berhad’s (UDA) Islamic Commercial Papers/ Islamic Medium-Term Notes (ICP/IMTN) Programmes. The affirmation takes into account the proposed increase in ICP to RM300.0 million from RM100.0 million and in IMTN to RM2.0 billion from RM1.0 billion, resulting in a combined limit of up to RM2.0 billion

MARC Ratings has affirmed its ratings on Malakoff Power Berhad’s (MPower) outstanding RM1.44 billion Sukuk Murabahah at AA-IS and its RM1.2 billion Islamic Commercial Papers/ Islamic Medium-Term Notes (ICP/IMTN) Programmes (RM250.0 million IMTN currently outstanding) at MARC-1IS/AA-IS, with a stable outlook. MPower, a wholly-owned subsidiary of Malakoff Corporation Berhad (Malakoff), provides operations and maintenance services

MARC Ratings has affirmed its AIS rating on Tan Chong Motor Holdings Berhad’s (TCMH) RM1.5 billion Islamic Medium-Term Notes (Sukuk Murabahah) Programme. The rating outlook remains negative. TCMH’s business performance remained weak, as vehicle sales decreased and domestic market share declined to about 0.8% as of end-September 2025 (2024: 1%; 2020–2023 average: 2.3%), mainly due

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

MARC Ratings has affirmed its financial institution rating of AAA on Bank Pembangunan Malaysia Berhad (BPMB) and its AAAIS rating on the bank’s RM11.0 billion Islamic Medium-Term Notes (IMTN) Programme. The outlook on both ratings is stable. The ratings reflect MARC Ratings’ expectation of a very high likelihood of government support for BPMB, given its

MARC Ratings has affirmed its AA-IS rating on LBS Bina Group Berhad’s (LBS) RM750.0 million Islamic Medium-Term Notes (IMTN) Programme with a stable outlook. The current amount outstanding under the programme is RM600.0 million. The rating reflects LBS’ strong track record in affordable and mid-market residential developments, good near-term earnings visibility from sizeable unbilled sales,