Ratings

MARC Ratings affirms AA+IS rating on Kapar Energy Ventures’ sukuk

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 …

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MARC Ratings affirms rating of AA-IS on MMC’s Sukuk Murabahah Programme

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 …

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MARC Ratings affirms AA-IS rating on MMC Port Holdings’ sukuk

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 …

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MARC Ratings affirms ratings on DRB-HICOM’s sukuk programmes

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 …

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MARC Ratings assigns final rating of A+IS to Yinson Holdings’ IMTN Programme

MARC Ratings has assigned a final rating of A+IS to Yinson Holdings Berhad’s (YHB) Islamic Medium-Term Notes (IMTN) (Sukuk Wakalah) Programme of up to RM2.0 billion. 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 …

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MARC Ratings extends MARCWatch Developing on KFH Malaysia amid planned withdrawal from the market

MARC Ratings has maintained its MARCWatch Developing status on Kuwait Finance House (Malaysia) Berhad (KFH Malaysia), under surveillance since 1 August 2024, after the bank’s decision to voluntarily exit the Malaysian market and wind down operations as part of parent KFH Group’s strategy to focus on the Middle East region. MARC Ratings considers KFH Malaysia …

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