Rating Announcements

MARC Ratings has affirmed its AA-IS rating on Jimah East Power Sdn Bhd’s (JEP) outstanding RM8.50 billion Sukuk Murabahah with a stable outlook. The rating affirmation reflects JEP’s predictable cash flows from its 2×1,000-MW ultra-supercritical coal plant under a 25-year power purchase agreement (PPA) with Tenaga Nasional Berhad (TNB). The rating also reflects its operational […]

MARC Ratings has downgraded its rating on YNH Property Berhad’s (YNH) Islamic Medium-Term Notes Programme (Sukuk Wakalah) to AIS. Concurrently, the rating outlook has been revised to negative from stable. The rating actions reflect MARC Ratings’ increased concerns about YNH’s ability to generate sufficient cash flow to meet its financial obligations due to its weak

MARC Ratings has affirmed its financial institution rating of AAA on Bank Pembangunan Malaysia Berhad (BPMB). The rating agency has concurrently affirmed its AAAIS rating on BPMB’s RM5.0 billion Islamic Medium-Term Notes Programme. The outlook on both ratings is stable. The affirmed ratings continue to incorporate MARC Ratings’ expectations of a high probability of government

MARC Ratings has assigned ratings to Sunway Group’s existing unrated sukuk and unrated debt as follows: Sunway Berhad’s RM5.0 billion Perpetual Sukuk Programme at AIS Sunway Treasury Sukuk Sdn Bhd’s RM10.0 billion Islamic Medium-Term Notes (IMTN) Programme at AA-IS. The outlook on both ratings is stable. The two-notch rating differential between the perpetual sukuk and

MARC Ratings has revised its ratings outlook on DRB-HICOM Berhad’s Sukuk Programme of up to RM3.5 billion and Perpetual Sukuk Musharakah Programme of up to RM2.0 billion to positive from stable. Meanwhile, the ratings have been affirmed at A+IS and A-IS with the two-notch rating differential between the programmes reflecting the subordination of the perpetual

MARC Ratings has affirmed its AA+IS rating on EDOTCO Malaysia Sdn Bhd’s RM3.0 billion Islamic Medium-Term Notes Programme (Sukuk Wakalah Programme) with a stable outlook. The rating reflects EDOTCO Malaysia and its subsidiaries’ (EDOTCO Malaysia group) solid market position in the growing domestic telecommunication (telco) tower industry, the underlying stability of its business model that

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

MARC Ratings has affirmed its insurer financial strength rating of AA+ with a stable outlook on Bermuda-based International General Insurance Co Ltd (IGI). The rating is based on Malaysia’s national scale. The rating affirmation reflects IGI’s healthy capitalisation level, prudent reserving approach, and resilient performance underpinned by a well-diversified underwriting portfolio across business lines and

MARC Ratings has affirmed its financial institution (FI) ratings of AA-/MARC-1 on KAF Investment Bank Berhad (KAF IB) with a stable outlook. The ratings incorporate KAF IB’s strong capitalisation and liquidity levels, underpinned by a conservative investment strategy. The long-term FI rating is moderated by the susceptibility of KAF IB’s performance to domestic capital market