Ratings

MARC Ratings has assigned a preliminary rating of AA+IS to Pulau Indah Power Plant Sdn Bhd’s (PIPP) proposed Islamic Medium-Term Notes (IMTN) (Sukuk Wakalah) Programme of up to RM3.0 billion. The rating outlook is stable. PIPP owns and operates a 2x600MW combined-cycle gas turbine plant in Pulau Indah, Selangor, under a 21-year power purchase agreement […]

MARC Ratings has affirmed its MARC-1IS rating on Titijaya Land Berhad’s (Titijaya) RM300 million Islamic Commercial Papers (ICP) Programme. The rating affirmation mainly reflects Titijaya’s healthy balance sheet, characterised by low leverage and a strong liquidity position relative to group borrowings. The group’s credit strength is also underpinned by its established property development track record

MARC Ratings has discontinued independent analytical coverage of Malaysian Industrial Development Finance Berhad (MIDF) and MBSB Investment Bank Berhad (MBSB IB) (formerly known as MIDF Amanah Investment Bank Berhad), at the request of both entities following their acquisition by MBSB Berhad. Accordingly, MARC Ratings has withdrawn its corporate credit rating of A+/MARC-1 on MIDF and

MARC Ratings has affirmed its AA+/MARC-1 financial institution ratings on China Construction Bank (Malaysia) Berhad (CCBM) with a stable outlook. CCBM’s long-term rating is one notch below the AAA rating of its parent, China Construction Bank Corporation (CCB), accorded based on publicly available information. The notching reflects CCBM’s strategic importance to CCB, which has expressed

MARC Ratings has maintained its MARCWatch Developing status on Kuwait Finance House (Malaysia) Berhad (KFH Malaysia), where the bank has been placed under this surveillance since 1 August 2024. The action follows KFH Malaysia’s decision to voluntarily withdraw from the Malaysian market and wind down its banking business in the country, in line with its

MARC Ratings has affirmed its AA-IS rating on special purpose vehicle WM Senibong Capital Berhad’s (WMSC) Islamic Medium-Term Notes (Sukuk Wakalah) Programme of up to RM1.0 billion. The rating outlook is stable. WMSC is wholly owned by WM Senibong Sdn Bhd. The rating affirmation considers WM Senibong’s well-established track record in niche property development in

MARC Ratings has affirmed its AA+IS rating on EDOTCO Malaysia Sdn Bhd’s RM3.0 billion Islamic Medium-Term Notes Programme with a stable outlook. The affirmation continues to reflect EDOTCO Malaysia and its subsidiaries’ (collectively EDOTCO Malaysia Group) leading position in the growing domestic telecommunication tower industry, the underlying stability of its business model that provides strong

MARC Ratings has affirmed its AAAIS rating on Putrajaya Bina Sdn Bhd’s (PBSB) RM1.58 billion Islamic Medium-Term Notes (Sukuk Wakalah) Programme. The rating outlook is stable. The rating affirmation is premised on the quantum of periodic payment streams from the Malaysian government (AAA/Stable) in the form of availability charges (AC) that is deemed sufficient to

MARC Ratings has affirmed its ratings on Putrajaya Holdings Sdn Bhd’s (PJH) sukuk programmes as follows: RM1.0 billion 20-year Sukuk Wakalah Programme (due in 2041) at AAAIS RM370.0 million Sukuk Musharakah Programme (due in 2030) at AAAIS; and RM3.0 billion Sukuk Musharakah Programme (due in 2032) at AAAIS The outlook for all ratings is stable.

MARC Ratings has affirmed its AA-IS rating on SAJ Capital Sdn Bhd’s Sukuk Murabahah of up to RM650 million with a stable outlook. SAJ Capital is a wholly-owned funding vehicle of Ranhill Capital Sdn Bhd, which holds an 80% stake in Ranhill SAJ Sdn Bhd, the sole provider of source-to-tap water in Johor. As sukuk