Ratings

MARC Ratings has affirmed its AAAIS/Stable rating on Celcom Networks Sdn Bhd’s (CNSB) RM5.0 billion Sukuk Murabahah Programme. CNSB is wholly owned by Celcom Berhad, which, in turn, is a wholly-owned subsidiary of CelcomDigi, and provides telecommunications network services across the group. The rating reflects the credit profile of CNSB’s ultimate shareholder, CelcomDigi, given the […]

MARC Ratings has affirmed its AAAIS /MARC-1IS ratings on Gas Malaysia Distribution Sdn Bhd’s (GMD) Islamic Medium-Term Notes (IMTN)/ Islamic Commercial Papers (ICP) Programmes with a combined limit of up to RM1.0 billion. The rating outlook is stable. As at end-June 2026, the amounts outstanding under the IMTN/ICP programmes stood at RM530.0 million and RM210.0

MARC Ratings has revised the rating outlook on JB Cocoa Sdn Bhd’s RM500.0 million Islamic Medium-Term Notes (Sukuk Wakalah) Programme to positive from stable. The rating on the Sukuk Wakalah programme has been affirmed at A+IS. JB Cocoa is a key wholly-owned manufacturing subsidiary of Singapore-based JB Foods Limited. The parent company has provided a

MARC Ratings has assigned a preliminary rating of AIS/Stable to Winstar Capital Berhad’s (Winstar) proposed Islamic Medium-Term Notes (IMTN) Programme of up to RM300.0 million. The rating reflects Winstar’s established track record of over two decades in aluminium extrusion, supported by ongoing product diversification, and a broad customer base that supports revenue growth. These strengths

MARC Ratings has placed its AA-IS rating on Zetrix AI Berhad’s Islamic Medium-Term Notes (IMTN) Programme of up to RM2.0 billion on MARCWatch Developing. The rating is placed on MARCWatch Developing amid concerns over a substantial reduction in shareholding of founder Wong Thean Soon (TS Wong) in Zetrix AI to 12.1% (direct: 6.5%; indirect: 5.6%)

MARC Ratings has assigned a final rating of AA+IS with a stable outlook to TH Properties Sdn Bhd’s Islamic Medium-Term Notes (IMTN) Programme. The IMTN Programme, together with a proposed Islamic Commercial Papers Programme, will have a combined aggregate limit of up to RM750 million. The rating agency has reviewed the final documentation for the

MARC Ratings has affirmed its rating of AA-IS on Guan Chong Berhad’s (GCB) RM800.0 million Sukuk Wakalah Programme. The rating outlook remains stable. The rating affirmation reflects GCB’s established market position as the world’s fourth-largest cocoa grinder, supported by its geographically diversified customer base and longstanding relationships with major multinational confectionery companies. The group serves

MARC Ratings has assigned a rating of AA-IS to Mah Sing Group Berhad’s Islamic Medium-Term Notes (IMTN) Programme (Sukuk Murabahah Programme) of up to RM2.0 billion in nominal value with a stable outlook. The Sukuk Murabahah Programme was previously unrated. As at end-August 2026, RM1.15 billion was outstanding under the programme, which remains unrated. The

MARC Ratings has upgraded China Construction Bank (Malaysia) Berhad’s (CCBM) long-term financial institution (FI) rating to AAA from AA+ with a stable outlook, and affirmed its short-term FI rating at MARC-1. CCBM’s long-term FI rating of AAA has been equalised with the AAA FI rating of its parent, China Construction Bank Corporation (CCB), based on

MARC Ratings has upgraded its ratings on Sunway Group’s issuances as follows: Sunway Treasury Sukuk Sdn Bhd’s RM 3.0 billion Islamic Commercial Papers/ Islamic Medium-Term Notes (ICP/IMTN) Programme to MARC-1IS(cg)/AAIS(cg) from MARC-1IS(cg)/AA-IS(cg) Sunway Berhad’s RM 2.0 billion Commercial Papers/ Medium-Term Notes (CP/MTN) Programme to MARC-1/AA from MARC-1/AA- Sunway Berhad’s RM5.0 billion Perpetual Sukuk Programme to