Ratings

MARC Ratings has affirmed its AA-IS rating on Southern Power Generation Sdn Bhd’s (Southern Power) outstanding sukuk of RM3.4 billion with a stable outlook. The affirmed rating is driven by the strength of Southern Power’s 21-year power purchase agreement (PPA) under which demand, and fuel price risks are allocated to offtaker Tenaga Nasional Berhad (AAA/Stable). …

MARC Ratings affirms AA-_IS rating on Southern Power’s sukuk Read More »

MARC Ratings has affirmed its ratings of MARC-1IS and A+IS on George Kent (Malaysia) Berhad’s (George Kent) RM100.0 million Islamic Commercial Papers (ICP) Programme and RM500.0 million Islamic Medium-Term Notes (IMTN) Programme, subject to a combined limit of RM500.0 million. The ratings outlook is stable. The affirmed ratings continue to reflect George Kent’s strong liquidity …

MARC Ratings affirms George Kent’s ratings Read More »

MARC Ratings has affirmed its A+IS rating on JB Cocoa Sdn Bhd’s (JB Cocoa) Islamic Medium-Term Notes (Sukuk Wakalah) programme of up to RM500.0 million with a stable outlook. JB Cocoa is a wholly-owned key manufacturing subsidiary of Singapore-based JB Foods Limited which has provided a corporate guarantee to the programme. Accordingly, the rating assessment …

MARC Ratings affirms A+_IS rating on JB Cocoa’s Sukuk Wakalah Read More »

MARC Ratings has affirmed its ratings of AAAIS(cg) /MARC-1IS(cg) on F&N Capital Sdn Bhd’s Islamic Medium-Term Notes (IMTN) and Islamic Commercial Papers (ICP) programmes with a combined limit of up to RM3.0 billion. The ratings outlook is stable. The ratings reflect the credit strength of Fraser & Neave Holdings Bhd (F&NHB), as the parent unconditionally …

MARC Ratings affirms AAA_IS(cg)/MARC-1_IS(cg) ratings on F&N Capital’s IMTN and ICP programmes Read More »

MARC Ratings has affirmed its rating of AA-IS on Guan Chong Berhad’s (GCB) Sukuk Wakalah Programme of up to RM800.0 million with a stable outlook. The outstanding under the programme currently stands at RM600.0 million. GCB’s established market position in the midstream cocoa supply chain — as the largest cocoa grinder in Asia and fourth …

MARC Ratings affirms AA-_IS rating on Guan Chong’s RM800.0 million sukuk programme Read More »

MARC Ratings has affirmed its long-term and short-term financial institution (FI) ratings of AAA/MARC-1/Stable on Islamic Development Bank (IsDB). Concurrently, MARC Ratings has affirmed the rating of AAAIS on the Sukuk Wakalah programme of up to RM400 million issued by Tadamun Services Berhad, a trust established by IsDB. The affirmed FI ratings continue to be …

MARC Ratings affirms Islamic Development Bank’s AAA/MARC-1 ratings with stable outlook Read More »

MARC Ratings has affirmed its ratings on Putrajaya Holdings Sdn Bhd’s (PJH) outstanding issuances as follows: • RM1.0 billion 20-year Sukuk Wakalah Programme (due 2041) at AAAIS • RM370.0 million Sukuk Musharakah Programme (due 2030) at AAAIS • RM3.0 billion Sukuk Musharakah Programme (due 2032) at AAAIS; and • RM1.5 billion Sukuk Musharakah Medium-Term Notes …

MARC Ratings affirms ratings on Putrajaya Holdings’ sukuk programmes Read More »

MARC Ratings has affirmed its AAAIS rating on Putrajaya Bina Sdn Bhd’s (PBSB) RM1.58 billion Sukuk Wakalah Programme. The rating outlook is stable. The rating affirmation is premised on the quantum of the periodic payment streams from the Malaysian government (AAA/Stable) in the form of availability charges (AC) that is deemed sufficient to meet the …

MARC Ratings affirms Putrajaya Bina’s sukuk programme rating Read More »

MARC Ratings has affirmed its ratings of MARC-1IS /AIS on Gabungan AQRS Berhad’s (GBG) RM200.0 million Islamic Commercial Papers (ICP)/Islamic Medium-Term Notes (IMTN) Programme. The ratings outlook is stable. The total outstanding balance under the programme stood at RM35.0 million ICP as at end-April 2023. The long-term rating mainly reflects GBG’s moderate construction order book …

MARC Ratings affirms MARC-1_IS/A_IS ratings on Gabungan AQRS’ ICP/IMTN programme Read More »

MARC Ratings has affirmed its ratings of MARC-1IS/AA-IS on Johor Port Berhad’s (JPB) Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme with a combined limit of RM1.0 billion. The long-term rating carries a stable outlook. JPB operates Johor Port, a gateway port in Pasir Gudang, under a concession agreement expiring on March …

MARC Ratings affirms Johor Port Berhad’s rating at MARC-1_IS/AA-_IS Read More »