Rating Announcements

MARC Ratings has affirmed its AA-IS rating on Southern Power Generation Sdn Bhd’s outstanding Sukuk Wakalah of RM3.6 billion with a stable outlook. The affirmed rating is underpinned by the strength of Southern Power’s 21-year power purchase agreement (PPA) under which demand risk is allocated to offtaker Tenaga Nasional Berhad (AAA/Stable). Capacity payments (CP) under …

MARC Ratings affirms AA-_IS rating on Southern Power’s sukuk Read More »

MARC Ratings has assigned a final rating of AA+IS to edotco Malaysia Sdn Bhd’s proposed Islamic Medium-Term Notes Programme (Sukuk Wakalah Programme) of up to RM3.0 billion with a stable outlook. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any …

MARC Ratings assigns final rating of AA+_IS to edotco Malaysia’s proposed RM3.0 billion Sukuk Wakalah programme Read More »

MARC Ratings has withdrawn its rating of AAA/Stable on Cagamas MBS Berhad’s Tranche 6 under the RM2,410.0 million asset-backed Fixed Rate Serial Bonds (CMBS 2007-2). The rating withdrawal follows the full redemption of the outstanding RM250.0 million under Tranche 6 as confirmed by the facility agent. The rating agency’s analytical coverage on CMBS 2007-2 is …

MARC Ratings withdraws rating on Cagamas MBS’s Tranche 6 under CMBS 2007-2 on full redemption Read More »

MARC Ratings has assigned a preliminary rating of A+IS with a stable outlook to JB Cocoa Sdn Bhd’s proposed Islamic Medium-Term Notes (Sukuk Wakalah) programme of up to RM500.0 million. JB Cocoa is a key manufacturing subsidiary of JB Foods Limited, a Singapore Stock Exchange listed company, which has provided a corporate guarantee to the …

MARC Ratings assigns preliminary rating of A+_IS to JB Cocoa’s proposed RM500.0 million Sukuk Wakalah programme Read More »

MARC Ratings has affirmed its ratings on UMW Holdings Berhad’s (UMW) RM2.0 billion Islamic Medium-Term Notes Programme (Sukuk Musharakah) at AA+IS and RM2.0 billion Perpetual Sukuk Programme (Perpetual Sukuk) at AA-IS. The ratings outlook is stable. UMW’s sizeable market share in the domestic automotive industry, strong revenue generation and healthy capital structure remain key rating …

MARC Ratings affirms ratings on UMW’s IMTN and Perpetual Sukuk Programmes Read More »

MARC Ratings has affirmed its insurer financial strength (IFS) rating of AAA and counterparty credit ratings of AAA/MARC-1 on Danajamin Nasional Berhad (Danajamin). Concurrently, the rating agency has affirmed its ratings of AAAIS and AA+IS on the Senior and Subordinated Sukuk Murabahah of up to RM2.0 billion under its Sukuk Murabahah programme. Currently, there is …

MARC Ratings affirms Danajamin’s ratings with stable outlook Read More »

MARC Ratings has affirmed its rating of AA-IS on Penang Port Sdn Bhd’s (PPSB) Islamic Medium-Term Notes Issuance Programme of up to RM1.0 billion with a stable outlook. The rating affirmation incorporates PPSB’s strength as the operator of Penang Port, a key trade gateway port in northern Peninsular Malaysia, and its cash flow generation ability …

MARC Ratings affirms Penang Port’s AA-_IS rating Read More »

MARC Ratings has assigned preliminary ratings of MARC-1IS/AA-IS to port operator Johor Port Berhad’s (JPB) Islamic Commercial Papers and Islamic Medium-Term Notes (ICP/IMTN) Programme with a combined limit of up to RM1.0 billion. The long-term rating carries a stable outlook. The company operates Johor Port, a gateway port in Pasir Gudang, under a concession agreement …

MARC Ratings assigns preliminary ratings of MARC-1_IS/AA-_IS to Johor Port Berhad’s proposed RM1.0 billion ICP/IMTN Read More »

MARC Ratings has affirmed its AA-IS rating on SHC Capital Sdn Bhd’s RM80.0 million issuance under its RM200 million Islamic Medium-Term Notes (Sukuk Wakalah) Programme with a stable outlook. There is no further drawdown expected, but any new drawdown will require a re-assessment of the rating. SHC Capital is a wholly-owned funding vehicle of Tunas …

MARC Ratings affirms AA-_IS rating on SHC Capital’s Sukuk Wakalah programme Read More »