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MARC Ratings has lowered its rating on Tan Chong Motor Holdings Berhad’s (TCMH) RM1.5 billion Islamic Medium-Term Notes (Sukuk Murabahah) Programme to AIS from A+IS. The rating outlook is negative. The rating action reflects the negative impact on TCMH’s credit profile from declining vehicle sales over the years, resulting in reduced domestic market share to …
MARC Ratings downgrades Tan Chong Motor’s IMTN rating to AIS Read More »
MARC Ratings has assigned a final rating of AA-IS to Power Root Berhad’s RM500.0 million Islamic Medium-Term Notes (Sukuk Wakalah) Programme. The rating outlook is stable. 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 way from the draft …
MARC Ratings has affirmed the State of Kuwait’s sovereign credit rating at AAA with a stable outlook based on the rating agency’s national rating scale. The rating reflects Kuwait’s strong fiscal and external balance sheets, underpinned by its strong position in the global oil market. Kuwait ranked as the fifth-largest Organization of the Petroleum Exporting …
MARC Ratings affirms Kuwait’s sovereign credit rating at AAA Read More »
MARC Ratings has assigned preliminary ratings of AA-IS and MARC-1IS to SIBS Sdn Bhd’s proposed Islamic Medium-Term Notes (IMTN) Programme of up to RM3.0 billion and Islamic Commercial Papers (ICP) Programme of up to RM500.0 million, with a combined aggregate limit of up to RM3.0 billion. The rating outlook is stable. The assigned ratings incorporate …
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) leading market position in the growing domestic telecommunication (telco) tower industry, the underlying stability of its business model that …
MARC Ratings affirms EDOTCO Malaysia’s AA+IS rating Read More »
MARC Ratings has affirmed its AA-IS rating on Jimah East Power Sdn Bhd’s (JEP) outstanding RM8.24 billion Sukuk Murabahah with a stable outlook. The affirmed rating is underpinned by JEP’s predictable cash flow from its 2×1,000-MW ultra-supercritical coal plant under a 25-year power purchase agreement (PPA) with its indirect 70% shareholder, Tenaga Nasional Berhad (TNB). …
MARC Ratings affirms Jimah East Power’s AA-IS rating Read More »
MARC Ratings has withdrawn its rating of AAAIS(bg)/Stable on Malaysia Steel Works (KL) Bhd’s (Masteel) RM130.0 million Sukuk Ijarah Programme guaranteed by Bank Pembangunan Malaysia Berhad at the request of the issuer. There is no outstanding under the programme which will expire on December 1, 2025. Following the withdrawal, MARC Ratings will no longer provide …
MARC Ratings has affirmed its rating of AAAIS on Pengerang LNG (Two) Sdn Bhd’s (PLNG2) Islamic Medium-Term Notes Programme of up to RM3.0 billion. The rating outlook is stable. PLNG2 owns a regasification terminal with a capacity of up to 3.5 million tonnes per annum (mtpa), through which natural gas has been substantially supplied to …
MARC Ratings affirms PLNG2’s rating with stable outlook Read More »
MARC Ratings has upgraded DRB-HICOM Berhad’s RM3.5 billion Sukuk Programme rating to AA-IS from A+IS. Accordingly, the rating outlook has been revised to stable from positive. The rating upgrade incorporates DRB-HICOM’s strengthened credit profile from the robust performance of its automotive operations in recent years, particularly its key subsidiary PROTON Holdings Berhad. Improving leverage and …
MARC Ratings upgrades DRB-HICOM’s Sukuk Programmes ratings Read More »
MARC Ratings has affirmed its AA+IS rating on Kapar Energy Ventures Sdn Bhd’s (KEV) outstanding RM320.0 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 (AAA/Stable), which has 60.0% ownership of KEV through its wholly-owned subsidiary TNB …
MARC Ratings affirms AA+IS rating on Kapar Energy Ventures’ sukuk Read More »