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MARC Ratings has extended its MARCWatch Negative on ANIH Berhad’s outstanding Senior Sukuk Musharakah programme of RM1.48 billion, where it has been placed since May 25, 2023. The rating agency notes that the change in ANIH’s shareholding structure is still pending the government’s approval, which the company expects to receive by end-2023. We understand that …
MARC Ratings maintains ANIH on MARCWatch Negative Read More »
MARC Ratings has affirmed its AAAIS(s) rating on Projek Lebuhraya Usahasama Berhad’s (PLUS) RM25.2 billion Islamic Medium-Term Notes Programme (sukuk programme) with a stable outlook. The rating incorporates a two-notch rating uplift from PLUS’ standalone rating of AA. The uplift is supported by the irrevocable and unconditional Letter of Undertaking (LoU) provided by the government …
MARC Ratings has affirmed its investment manager rating (IMR) of IMR-2 on Kenanga Investors Berhad (KIB) and KIB’s wholly-owned subsidiary, Kenanga Islamic Investors Berhad (KIIB). The rating considers KIB’s well-established investment processes and sound risk management practices. KIIB is well-integrated with the parent in terms of shared resources, centralised support functions and infrastructure. Due to …
MARC Ratings affirms IMR-2 rating on Kenanga Investors and Kenanga Islamic Investors Read More »
MARC Ratings has affirmed its rating of AA-(cg) on Chailease Berjaya Credit Sdn Bhd’s (CBC) RM1.0 billion Medium-Term Notes (MTN) Programme. The rating outlook is stable. The programme carries an unconditional and irrevocable guarantee from CBC’s ultimate holding company, Chailease Holding Company Limited (CHC). The rating considers CBC’s strong operating trajectory, which demonstrates the company’s …
MARC Ratings affirms Chailease Berjaya’s rating with stable outlook Read More »
MARC Ratings has assigned a preliminary rating of AA-IS to LBS Bina Group Berhad’s proposed Islamic Medium-Term Notes Programme of up to RM750.0 million. The rating outlook is stable. The assigned rating is mainly premised on LBS Bina’s strong sales track record in the affordable and mid-market residential property segment, its sizeable unbilled sales and …
MARC Ratings has affirmed its ratings of AIS(cg)/MARC-1IS(cg) on SkyWorld Capital Berhad’s RM300.0 million Islamic Medium-Term Notes/Islamic Commercial Papers (IMTN/ICP) Programmes. The rating outlook is stable. SkyWorld Capital is the funding vehicle of parent SkyWorld Development Berhad (SkyWorld) to undertake the sukuk issuance. SkyWorld has extended an irrevocable and unconditional guarantee on the programme. The …
MARC Ratings has withdrawn its ratings of AAA(bg) on Berjaya Land Berhad’s RM500.0 million Medium-Term Notes (MTN) Programme and AAA(bg) on its RM150.0 million MTN Programme. The programmes carried guarantees from Bank Pembangunan Malaysia Berhad and OCBC Bank (Malaysia) Berhad. The ratings withdrawal follows the early redemption of the outstanding amount of RM150.0 million under …
MARC Ratings withdraws ratings on Berjaya Land upon early redemption Read More »
MARC Ratings has affirmed its rating of A+IS on Tan Chong Motor Holdings Berhad’s (TCMH) RM1.5 billion Islamic Medium-Term Notes (Sukuk Murabahah) Programme. The rating outlook has been revised to negative from stable. The outlook revision is premised on the continued weakening of the group’s business profile that has resulted in declining market share in …
MARC Ratings revises Tan Chong Motor’s rating outlook to negative Read More »
MARC Ratings has affirmed its ratings of AAIS /AA on funding vehicle OSK Rated Bond Sdn Bhd’s Sukuk Murabahah/Multi-Currency Medium-Term Notes (Sukuk/MCMTN) Programmes with a combined limit of up to RM2.0 billion. The ratings outlook is stable. The ratings apply only to ringgit-denominated sukuk/notes under the programmes. The programmes carry an unconditional and irrevocable guarantee …
MARC Ratings affirms OSK unit’s Sukuk/MCMTN ratings Read More »
MARC Ratings has affirmed its rating of AA-IS with a stable outlook on MY E.G. Services Berhad’s (MYEG) Islamic Medium-Term Notes (IMTN) Programme of up to RM1.0 billion in nominal value. The current outstanding under the programme stands at RM575 million. The rating affirmation incorporates MYEG’s well-established position as a concessionaire for e-government services, and …