Ratings

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 reserve account […]

MARC Ratings has affirmed its AA-IS rating on Malakoff Power Berhad’s (MPower) outstanding RM1.77 billion Sukuk Murabahah, and MARC-1IS/AA-IS ratings on MPower’s RM1.2 billion Islamic Commercial Papers/ Islamic Medium-Term Notes (ICP/IMTN) Programmes, under which the current outstanding is RM5.0 million. The ratings outlook is stable. MPower is wholly owned by Malakoff Corporation Berhad (Malakoff), and

MARC Ratings has affirmed its ratings of MARC-1IS/AA-IS on UEM Sunrise Berhad’s Islamic Commercial Papers (ICP)/ Islamic Medium-Term Notes (IMTN) Programme (ICP/IMTN-3) with a combined nominal value of RM4.0 billion. Concurrently, the rating agency has also affirmed its rating of AA-IS on UEM Sunrise’s two RM2.0 billion IMTN Programmes (IMTN-1 and IMTN-2). The ratings outlook

MARC Ratings has assigned ratings to MBSB Bank Berhad’s Structured Covered Sukuk Murabahah as follows: Tranche 2 and Tranche 3 at AAAIS Tranche 4 at AA+IS All the tranches carry a stable outlook. The AAAIS ratings on Tranche 2 and Tranche 3 are premised on their fully cash-collateralised positions. As at end-June 2024, Tranche 2

MARC Ratings has affirmed its financial institution (FI) rating of A+ on MBSB Bank Berhad and its A+IS rating on the bank’s RM5.0 billion Sustainability Sukuk Wakalah Programme. Concurrently, the rating agency has assigned ratings on MBSB Bank’s existing Sukuk Wakalah Programme of up to RM10.0 billion as follows: Senior Sukuk Wakalah at A+IS Tier-2

MARC Ratings has assigned long-term/short-term corporate credit ratings of A+/MARC-1 to MBSB Berhad, with a stable outlook. MBSB’s long-term rating is aligned with the rating of its core wholly-owned banking subsidiary, MBSB Bank (A+/Stable), premised on the fact that MBSB is a non-operating financial holding company with no borrowings and whose performance is closely linked

MARC Ratings has affirmed its AAAIS rating on TTM Sukuk Berhad’s (TTM SPV) RM600.0 million Sukuk Murabahah with a stable outlook. TTM SPV is a wholly-owned funding vehicle of Trans Thai-Malaysia (Thailand) Limited (TTMT) for the construction of two gas pipelines to transport natural gas from the Malaysia-Thailand Joint Development Area in the Gulf of

MARC Ratings has affirmed its AA-IS rating on AZRB Capital Sdn Bhd’s (ACSB) RM535.0 million Islamic Medium-Term Notes (Sukuk Murabahah) Programme with a stable outlook. The outstanding under the programme was RM435.0 million as at end-September 2024. As a funding vehicle for Ahmad Zaki Resources Berhad (AZRB), ACSB facilitates the subscription of Redeemable Convertible Preference

MARC Ratings has affirmed its MARC-1IS/AAAIS ratings on PETRONAS Dagangan Berhad’s (PDB) RM10.0 billion nominal value Islamic Commercial Papers/ Islamic Medium-Term Notes (ICP/IMTN) Programmes. The long-term rating 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. The ratings

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 key position as the leading licensed number forecast operator in the country, its long operating track record, as well as strong cash flow generation relative