Ratings

MARC Ratings has affirmed its AA+IS rating on UMW Holdings Berhad’s (UMW) RM2.0 billion Islamic Medium-Term Notes (Sukuk Musharakah) Programme and its AA-IS rating on the RM2.0 billion Perpetual Sukuk Programme. The outlook on all ratings is stable. The rating affirmation is premised on UMW’s continued leading market position in the domestic automotive market that […]

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

MARC Ratings has assigned a final rating of AIS(cg) to Eco World Perpetual Capital Berhad’s RM2.0 billion Perpetual Sukuk Wakalah (Perpetual Sukuk) 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

MARC Ratings has affirmed its A+IS and A-IS ratings on Yinson Holdings Berhad’s (YHB) RM1.0 billion Islamic Medium-Term Notes Programme (Senior Sukuk) and RM1.0 billion Subordinated Perpetual Islamic Notes Programme (Perpetual Sukuk). The two-notch rating differential between the Senior Sukuk and Perpetual Sukuk reflects MARC Ratings’ application of its notching approach to subordinated debt and

MARC Ratings has affirmed its MARC-1 rating on Merchantrade Asia Sdn Bhd’s (Merchantrade) Multi-Currency Commercial Papers (CP) Programme of up to RM200 million in nominal value. The rating is confined to ringgit-denominated issuances under the programme. The affirmed rating reflects Merchantrade’s established position in retail cross-border money transfers, accounting for 25% of domestic outbound remittances

MARC Ratings has assigned a corporate credit rating of AAA with a stable outlook to Pantai Holdings Sdn Bhd, a wholly-owned subsidiary of IHH Healthcare Berhad (IHH or “the Group”). Pantai Holdings, operating as IHH Healthcare Malaysia, operates 18 hospitals nationwide and contributed approximately 17% of the Group’s consolidated revenue and 19% of consolidated EBITDA

MARC Ratings has affirmed its AAAIS rating on TNB Northern Energy Berhad’s (TNB Northern) outstanding RM1.08 billion sukuk with a stable outlook. TNB Northern is the funding vehicle for TNB Prai Sdn Bhd, which operates a combined-cycle gas turbine power plant (comprising two power generation units — Unit 10 and Unit 20 — with an

MARC Ratings has affirmed its AA-IS rating on SHC Capital Sdn Bhd’s RM80 million issuance under its RM200 million Islamic Medium-Term Notes (Sukuk Wakalah) Programme with a stable outlook. SHC Capital is a wholly-owned funding vehicle of Tunas Cool Energy Sdn Bhd (TUNAS), which is a subsidiary of Sin Heng Chan (Malaya) Berhad. TUNAS owns

MARC Ratings has affirmed its AA- rating on 7-Eleven Malaysia Holdings Berhad’s (7-Eleven Holdings) RM600.0 million Medium-Term Notes (MTN) Programme with a stable outlook. The programme has an outstanding of RM350.0 million. 7-Eleven Holdings’ entrenched market position in the domestic convenience store segment and its long operating track record remain key rating strengths. These strengths

MARC Ratings has affirmed its AA-IS /Stable rating on AFA PRIME Berhad’s (formerly ANIH Berhad) RM2.5 billion Senior Sukuk Musharakah Programme. The current outstanding amount is RM1.1 billion. AFA PRIME is the toll concessionaire for the 60-km Kuala Lumpur-Karak Highway (KL-Karak) and the 174.5-km East Coast Expressway Phase 1 (ECE1). Since MARC Ratings’ last review,