Ratings

MARC Ratings has affirmed its rating of AIS on HCK Cap Access Berhad’s RM2.0 billion Islamic Medium-Term Notes (IMTN) Programme. HCK Cap Access is a wholly-owned funding vehicle of HCK Capital Group Berhad (HCK). The rating outlook is stable. HCK has completed several mixed-development projects with educational establishments being a catalyst for sales. Completed projects […]

MARC Ratings has affirmed its ratings of AAAIS(cg)/MARC-1IS(cg) on F&N Capital Sdn Bhd’s Islamic Medium-Term Notes (IMTN)/ Islamic Commercial Papers (ICP) Programmes with a combined limit of up to RM3.0 billion. The rating outlook is stable. F&N Capital is a wholly-owned funding vehicle of Fraser & Neave Holdings Bhd (F&NHB) which has provided an unconditional

MARC Ratings has withdrawn its AAIS rating on Northport (Malaysia) Bhd’s RM1.5 billion Sukuk Musharakah Programme. The rating withdrawal follows the cancellation of the programme as confirmed by the facility agent on 2 July 2025. The rating agency highlights that Northport has proposed RM1.0 billion Sukuk Wakalah Programmes, comprising Islamic Commercial Papers and Islamic Medium-Term

MARC Ratings has revised its ratings outlook on Tropicana Corporation Berhad’s RM1.5 billion Islamic Medium-Term Notes (IMTN) (Sukuk Wakalah), RM1.5 billion IMTN (Sukuk Wakalah), and RM2.0 billion Perpetual Sukuk programmes to positive from stable. Concurrently, the ratings on the programmes have been affirmed at AIS, AIS and A-IS. The positive outlook is premised on the

MARC Ratings has affirmed its rating of AAIS(cg) on VS Capital Management Sdn Bhd’s Islamic Medium-Term Notes (IMTN) Programme of up to RM1.0 billion. The rating outlook is stable. VS Capital Management is a wholly-owned funding vehicle of VS Industry Berhad (VSI) which has provided an unconditional and irrevocable guarantee on the IMTN programme. Accordingly,

MARC Ratings has affirmed its ratings on Trusmadi Capital Sdn Bhd’s Issue 1 RM235 million Class A, RM40 million Class B and RM25 million Class C Medium-Term Notes (MTN) at AAA, AA, and A. The rating agency has also affirmed its MARC-1 rating on Trusmadi Capital’s Issue 1 RM300 million Commercial Papers (CP). The MTN

MARC Ratings has affirmed its ratings on S P Setia Berhad’s sukuk programmes as follows: RM3.5 billion Islamic Medium-Term Notes (IMTN)/ Perpetual Sukuk Programme with a sublimit of RM1.5 billion on the Perpetual Sukuk at AAIS/A+IS RM500.0 million Islamic Commercial Papers Programme at MARC-1IS RM3.0 billion IMTN Programme at AAIS The outlook on the long-term

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 of end-May 2025, the amounts outstanding under the IMTN/ICP programmes were RM280.0 million and RM150.0 million.

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 negative. The rating outlook reflects GCB’s continued high reliance on short-term borrowings to fund working capital requirements amid a high cocoa bean price that has led to an elevated leverage ratio. This notwithstanding,