Rating Announcements

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

MARC Ratings has affirmed its AAIS(cg)/Stable rating on Point Zone (M) Sdn Bhd’s Sukuk Wakalah Programme. Point Zone is a funding vehicle established by KPJ Healthcare Berhad (KPJ) solely to issue the sukuk, and the rating is based on KPJ’s credit strength under its corporate guarantee. The rating affirmation reflects KPJ’s strong business profile, anchored

MARC Ratings has affirmed its rating of AA-IS on MMC Port Holdings Berhad’s RM1.0 billion Sukuk Murabahah Programme with a stable outlook. The rating affirmation reflects the strong collective credit profile of port operators under MMC Port which continue to demonstrate robust operational track records and strong cash flow generation, enabling steady dividend upstreaming to

MARC Ratings has affirmed its ratings on DRB-HICOM Berhad’s RM3.5 billion Sukuk Programme and RM2.0 billion Perpetual Sukuk Musharakah Programme at AA-IS and AIS. The outlook on the ratings is stable. The two-notch rating differential between the programmes reflects the subordination of the perpetual sukuk to the senior sukuk. The outstanding under the programmes stood