Rating Announcements

MARC Ratings has affirmed its AAAIS rating on Cagamas MBS Berhad’s RM2,110.0 million asset-backed Sukuk Musyarakah issuance (CMBS 2007-1-i) with a stable outlook. The rating reflects the strong credit enhancement provided by the securitised assets — government staff house financing serviced through monthly salary or pension deductions — and the accumulated cash flows backing CMBS […]

MARC Ratings has withdrawn its AA-IS rating on AFA PRIME Berhad’s RM2.5 billion Senior Sukuk Musharakah Programme following the early redemption of the outstanding RM900 million on 31 March 2026 and subsequent cancellation of the programme, as confirmed by the facility agent. Accordingly, MARC Ratings will no longer provide analytical coverage on AFA PRIME Berhad.

MARC Ratings has assigned final ratings of A+IS/A-IS to WCT Holdings Berhad’s (WCT) RM5.0 billion Islamic Medium-Term Notes (IMTN)/ Perpetual Sukuk Programmes. The outlook on the ratings is positive. The rating agency has reviewed the final documentation for the programmes and is satisfied that the terms and conditions have not changed in any material way

MARC Ratings has affirmed its ratings on TG Treasury Berhad’s RM3.0 billion Islamic Medium-Term Notes (IMTN)/ Perpetual Sukuk Programmes at AA-IS(cg)/AIS(cg). The outlook on all ratings is stable. The sukuk programmes carry an irrevocable and unconditional guarantee from TG Treasury’s parent company Top Glove Corporation Bhd (Top Glove); therefore, the senior-ranked IMTN rating reflects the

MARC Ratings has revised its outlook on Sunway Group’s sukuk programme ratings to positive from stable. The list of issuances is appended at the end of this press release. The outlook revision is premised on the prospect of significant improvements in group leverage measures from the impending listing of group healthcare entity Sunway Healthcare Holdings

MARC Ratings has assigned a preliminary rating of AAIS to Evyap Sabun Malaysia Sdn Bhd’s (Evyap Malaysia) proposed RM1.0 billion Sukuk Wakalah Programme. Concurrently, the rating agency has affirmed Evyap Malaysia’s RM500.0 million Sukuk Wakalah Programme rating at AAIS. The outlook on the ratings is stable. The rating considers Evyap Malaysia’s vertically integrated and sizeable

MARC Ratings has assigned a preliminary rating of AA+IS to TNB Kuala Muda Solar Sdn Bhd’s (TKMS) proposed ASEAN Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah of up to RM1.05 billion with a stable outlook. TKMS is a special-purpose vehicle established to develop, own and operate a 500MWac solar photovoltaic plant in Bukit Selambau,

MARC Ratings has maintained the MARCWatch Developing status of Kuwait Finance House (Malaysia) Berhad (KFH Malaysia), which has remained on MARCWatch since 1 August 2024 after KFH Malaysia announced its voluntary withdrawal from the Malaysian market and the planned wind-down of its operations, in line with KFH Group’s strategic reorientation towards the Middle East region.

MARC Ratings has withdrawn its rating of AA-IS/Stable on Lebuhraya DUKE Fasa 3 Sdn Bhd’s (DUKE 3) Sukuk Wakalah Programme (up to RM3.64 billion) following the exchange of the outstanding RM3.63 billion on 23 February 2026 for Sukuk Murabahah A under the new Sukuk Murabahah Programme (up to RM5.5 billion) and the subsequent cancellation of

MARC Ratings has upgraded its rating on Leader Energy Sdn Bhd’s outstanding RM200 million ASEAN Green Sustainable and Responsible Investment Sukuk Wakalah to AAIS from AA-IS and revised the outlook to stable from positive. Leader Energy is the investment holding company of two solar power project companies, Leader Solar Energy Sdn Bhd (LSE I) and