Ratings

MARC Ratings has assigned preliminary MARC-1IS and AAAIS ratings to Malaysia Aviation Group Berhad’s (MAGB) proposed Islamic Commercial Papers (ICP) and Islamic Medium-Term Notes (IMTN) programmes, with a combined aggregate limit of RM1.0 billion. The outlook on the long-term rating is stable. MAGB is Malaysia’s national aviation group and is wholly owned by Khazanah Nasional […]

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 rating affirmation continues to reflect EDOTCO Malaysia and its subsidiaries’ (collectively EDOTCO Malaysia Group) leading position in Malaysia’s telecommunications tower industry and resilient business model, which provides strong cash flow visibility. As

MARC Ratings has assigned a preliminary AA-IS rating with a positive outlook to Konsortium Lebuhraya Utara–Timur (KL) Sdn Bhd’s (Kesturi) proposed Sukuk Murabahah Programme of up to RM2.3 billion (Proposed New Sukuk). The Proposed New Sukuk will be used to refinance Kesturi’s existing Senior Sukuk and Junior Bonds. Under the proposed transaction, CIMB Investment Bank

MARC Ratings has upgraded the ratings of Southern Power Generation Sdn Bhd (Southern Power) and Jimah East Power Sdn Bhd (JEP) following a reassessment of the likelihood of parental support from their ultimate holding company, Tenaga Nasional Berhad (TNB). The rating upgrades reflect MARC Ratings’ view that there is now a high likelihood of parental

MARC Ratings has affirmed its AA-IS rating on special purpose funding 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 Berhad. The rating reflects the credit strength of property developer WM Senibong as the obligor

MARC Ratings has affirmed its AAAIS rating on MBSB Bank Berhad’s Structured Covered Sukuk Murabahah Tranche 4, with a stable outlook. The rating affirmation reflects Tranche 4’s substantial credit enhancement, underpinned by its fully cash-collateralised position. As at end-June 2026, designated account balances of RM348.5 million were sufficient to cover the RM215.0 million outstanding sukuk

MARC Ratings has downgraded its rating on Zetrix AI Berhad’s Islamic Medium-Term Notes (IMTN) Programme of up to RM2.0 billion to BB+IS from AA-IS and maintains the rating on MARCWatch Negative. The rating downgrade reflects the material deterioration in Zetrix AI’s overall credit profile since the previous rating review on 31 October 2025, particularly the

MARC Ratings has affirmed its AAAIS rating on Amanat Lebuhraya Rakyat Berhad’s (ALR) RM5.5 billion Sukuk Programme, with a stable outlook. The rating is supported by ALR’s portfolio of mature toll road assets, which have demonstrated stable and predictable traffic performance over more than two decades. MARC Ratings views traffic volume risk as low, given

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’s credit profile is characterised by the group’s track record, property developments catalysed by nearby or

MARC Ratings has assigned a final rating of MARC-1IS to TH Properties Sdn Bhd’s Islamic Commercial Paper (ICP) Programme. The ICP Programme, together with TH Properties’ Islamic Medium-Term Notes Programme, have a combined aggregate limit of up to RM750 million. The rating agency has reviewed the final documentation for the ICP Programme and is satisfied