Ratings

MARC Ratings affirms AA-IS rating on Tanjung Bin O&M’s sukuk

MARC Ratings has affirmed its AA-IS rating on Tanjung Bin O&M Berhad’s outstanding RM165.0 million Sukuk Wakalah with a stable outlook. The rating reflects the credit strength of Tanjung Bin O&M’s parent, Malakoff Power Berhad (MPower) (AA-IS /Stable), which has provided an unconditional and irrevocable undertaking to top up any shortfall in the finance service …

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MARC Ratings affirms AAIS rating on IOI Properties’ unit’s RM3.0 billion Sukuk Murabahah programme

MARC Ratings has affirmed its rating of AAIS on Fortune Premiere Sdn Bhd’s RM3.0 billion Multi-Currency Islamic Medium-Term Notes Programme (Sukuk Murabahah). The rating outlook is stable. Fortune Premiere is a funding vehicle of IOI Properties Group Berhad (IOI Properties) which has provided an unconditional and irrevocable guarantee on the programme. IOI Properties’ entrenched position …

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MARC Ratings affirms MBSB Bank’s financial institution rating with stable outlook

MARC Ratings has affirmed its financial institution rating of A+ on MBSB Bank Berhad as well as its A+IS rating on the bank’s RM5.0 billion Sustainability Sukuk Wakalah Programme. The ratings outlook is stable. The ratings affirmation reflects MBSB Bank’s sound capitalisation and the rating agency’s expectation of continued support to the bank from major …

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MARC Ratings assigns preliminary rating of A-IS to Yinson’s perpetual sukuk programme

MARC Ratings has assigned a preliminary rating of A-IS to Yinson Holdings Berhad’s RM1.0 billion Subordinated Perpetual Islamic Notes Programme (perpetual sukuk). Concurrently, the rating agency has affirmed the existing A+IS rating on the group’s RM1.0 billion Islamic Medium-Term Notes (IMTN) Programme (senior sukuk). The two-notch rating differential between Yinson’s perpetual sukuk and senior sukuk …

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MARC Ratings affirms PETRONAS Dagangan’s ratings with stable outlook

MARC Ratings has affirmed its MARC-1IS/AAAIS ratings on PETRONAS Dagangan Berhad’s (PDB) RM10.0 billion nominal value Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme. The ratings outlook is stable. The affirmed ratings reflect PDB’s well-established track record and its very strong market position in the domestic retailing and marketing of petroleum products. …

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MARC Ratings affirms MARC-1IS/AA-IS ratings on UDA’s ICP/IMTN programmes

MARC Ratings has affirmed its ratings of MARC-1IS /AA-IS on UDA Holdings Berhad’s (UDA) Islamic Commercial Papers (ICP) Programme of up to RM100.0 million and Islamic Medium-Term Notes (IMTN) Programme of up to RM1.0 billion, with a combined aggregate limit of up to RM1.0 billion. The ratings outlook is stable. The ratings incorporate a one-notch …

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MARC Ratings provides update on Alpha Circle

MARC Ratings highlights that Alpha Circle Sdn Bhd’s Senior Sukuk Musharakah programme of RM595.0 million and Junior Sukuk Musharakah programme of RM55.0 million have expired on November 19, 2023. Both programmes are rated at CIS. Following the expiry of the programmes, MARC Ratings will no longer provide surveillance on the ratings.

MARC Ratings affirms AA- rating on STM Lottery’s MTN Programme

MARC Ratings has affirmed its rating of AA- on STM Lottery Sdn Bhd’s RM800.0 million 15-year Medium-Term Notes (MTN) Programme with a stable outlook. The rating affirmation considers STM Lottery’s entrenched domestic market presence as a number forecast operator (NFO), well-established operating track record and strong cash flow generation relative to its debt obligations. Operating …

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