Rating Announcements

MARC Ratings has affirmed its investment manager rating (IMR) of IMR-2 on Kenanga Investors Berhad (KIB) and KIB’s wholly-owned subsidiary Kenanga Islamic Investors Berhad (KIIB). The IMR rating reflects KIB’s well-established investment processes and sound risk management practices. The IMR rating on KIIB mirrors the parent’s rating based on our assessment of KIIB’s significant integration […]

MARC Ratings has assigned a final rating of AA-IS(cg) to Eco World Capital Berhad’s proposed Islamic Medium-Term Notes (Sukuk Wakalah) programme of RM1.2 billion. The rating carries 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 material

MARC Ratings has withdrawn its rating of B+/Negative on Senai-Desaru Expressway Berhad’s (SDEB) Islamic Medium-Term Notes of up to RM1.89 billion (Restructured Sukuk). SDEB has on October 20, 2022, informed that it has obtained approval from sukukholders to withdraw the rating, supported by a letter from Malaysian Trustees Berhad dated September 29, 2022, evincing the

MARC Ratings has affirmed its rating of AA-IS on Evyap Sabun Malaysia Sdn Bhd’s (Evyap Malaysia) RM500.0 million Sukuk Wakalah Programme with a stable outlook. The affirmed rating reflects Evyap Malaysia’s vertically integrated oleochemical production facilities that have afforded control over its manufacturing process, its globally established customer base, and strong operating performance. These strengths

MARC Ratings has upgraded Northport (Malaysia) Bhd’s RM1.5 billion Sukuk Musharakah programme rating to AAIS from AA-IS. Concurrently, the rating agency has revised the rating outlook to stable from positive. The rating upgrade is premised on Northport’s sustained strong profitability metrics, resulting in strong cash flow from operations (CFO) interest and debt coverage ratios. The

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 was set up as a funding vehicle to facilitate the subscription of its sister company Peninsular Medical Sdn Bhd’s (PMSB) Redeemable Convertible Preference Shares (RCPS-i). In return, PMSB

MARC Ratings has affirmed its AAAIS rating on TTM Sukuk Berhad’s (TTM SPV) RM600.0 million Sukuk Murabahah with a stable outlook. TTM SPV is the funding vehicle of Trans Thai-Malaysia (Thailand) Ltd (TTMT) for the construction of two gas pipelines to transport natural gas from the Malaysia-Thailand Joint Development Area in the Gulf of Thailand

MARC Ratings has affirmed its rating of AA-IS(cg) on Point Zone (M) Sdn Bhd’s (Point Zone) Islamic Medium-Term Notes (Sukuk Wakalah) Programme of up to RM3.0 billion with a stable outlook. Point Zone is a funding vehicle of parent KPJ Healthcare Berhad (KPJ) which has given a corporate guarantee on the Sukuk Wakalah programme. Total

MARC Ratings has affirmed its rating of AA-IS on Guan Chong Berhad’s (GCB) Sukuk Wakalah Programme of up to RM800.0 million with a stable outlook. The outstanding under the programme stood at RM300.0 million as of October 17, 2022. The rating affirmation mainly reflects GCB’s strong position in the midstream cocoa supply chain as the