Rating Announcements

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 affirmation continues to be driven by IGI’s well-diversified underwriting portfolio across business lines and countries, and a strong capitalisation level that remains supportive of growth. These strengths are underscored by […]

MARC Ratings has affirmed its AAAIS rating on Aman Sukuk Berhad’s (Aman) Islamic Medium-Term Notes (IMTN) Programme of up to RM10.0 billion with a stable outlook. The rating affirmation reflects the credit strength of the Malaysian government as the sole obligor of the annual sublease rental payments, and the quantum of which is deemed sufficient

MARC Ratings has assigned a preliminary 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 reflects edotco Malaysia’s solid market position as one of the country’s largest tower companies (towerco), high cash flow visibility from long-term tower

MARC Ratings has affirmed its financial institution (FI) ratings of AA-/MARC-1 on KAF Investment Bank Berhad (KAF IB) with a stable outlook. KAF IB’s low-risk business model, underpinned by a conservative investment strategy, and strong liquidity and capitalisation levels remain key rating drivers. The susceptibility of KAF IB’s performance to domestic capital market conditions and

MARC Ratings has withdrawn its preliminary rating of AA-IS on Sparks Energy 1 Sdn Bhd’s RM220.0 million proposed ASEAN Green SRI Sukuk. Sparks Energy 1 is the funding vehicle for two 30MWac solar projects in Kuala Muda, Kedah and Machang, Kelantan. We note that construction of the solar power plants is currently being funded by

MARC Ratings has affirmed its financial institution (FI) rating of AAA on Bank Pertanian Malaysia Berhad (Agrobank). Concurrently, the rating agency has affirmed its rating of AAAIS on the bank’s Islamic Medium Term-Notes Programme of up to RM1.0 billion. The ratings outlook is stable. The FI rating is driven by Agrobank’s status as a wholly

MARC Ratings has affirmed CIMB Islamic Bank Berhad’s (CIMB Islamic) financial institution (FI) ratings of AAA/MARC-1/Stable and concurrently the sukuk issuance ratings as follows: RM10.0 billion senior Sukuk Wakalah programme (Sukuk Wakalah) at AAAIS/Stable RM5.0 billion Tier 2 Junior Sukuk programme at AA+IS/Stable CIMB Islamic’s FI ratings are equalised to that of its parent CIMB

MARC Ratings has affirmed its financial institution (FI) ratings on CIMB Bank Berhad at AAA/MARC-1. Concurrently, the rating agency has also affirmed its rating of AA+ on the bank’s existing RM10.0 billion Basel III-compliant Tier 2 Subordinated Debt Programme. All the ratings carry a stable outlook. CIMB Bank’s high systemic importance in the domestic banking

MARC Ratings has affirmed its long-term and short-term corporate credit ratings of AA+/MARC-1 on CIMB Group Holdings Berhad (CIMB Group) and its issue rating of AA on the group’s RM10.0 billion Basel III-compliant Tier 2 Subordinated Debt Programme. The ratings outlook is stable. CIMB Group is a non-operating financial holding company and is the country’s

MARC Ratings has assigned a preliminary rating of AAIS(cg) to funding vehicle VS Capital Management Sdn Bhd’s Islamic Medium-Term Notes (IMTN) programme of up to RM1.0 billion. The rating outlook is stable. The rating reflects the credit strength of VS Industry Berhad (VSI) on the basis of an unconditional and irrevocable corporate guarantee it will