Ratings

MARC Ratings has withdrawn its insurer financial strength rating of AA+ on Bermuda-based International General Insurance Co Ltd. The rating carried a stable outlook. The rating withdrawal is at the request of the issuer.

MARC Ratings has maintained its rating of AA-IS(cg) on funding vehicle Eco World Capital Berhad’s Islamic Medium-Term Notes (Sukuk Wakalah) Programme which has now been upsized to RM3.0 billion from RM1.2 billion. The outlook on the rating is stable. Eco World Development Group Berhad (EcoWorld) has provided an unconditional and irrevocable guarantee on the programme.

MARC Ratings has affirmed its rating of AA-IS on Grand Sepadu (NK) Sdn Bhd’s RM210.0 million Sukuk Murabahah. Concurrently, the rating outlook has been revised to positive from stable. The outlook revision considers Grand Sepadu’s steadily improving leverage and coverage ratios, supported by a disciplined approach to dividend distribution. Its overall debt has continued to

MARC Ratings has affirmed its ratings on Trusmadi Capital Sdn Bhd’s Issue 1 RM235 million Class A, RM40 million Class B and RM25 million Class C Medium-Term Notes (MTN) at AAA, AA, and A. The rating agency has also affirmed its MARC-1 rating on Trusmadi Capital’s Issue 1 RM300 million Commercial Papers (CP). The MTN

MARC Ratings has affirmed its AA+/MARC-1 financial institution (FI) ratings on China Construction Bank (Malaysia) Berhad (CCBM) with a stable outlook. The long-term FI rating of AA+ is notched down from the AAA FI rating of its parent, China Construction Bank Corporation (CCB). The one-notch rating differential is in line with MARC Ratings’ notching criteria

MARC Ratings has revised its outlook on ANIH Berhad’s RM2.5 billion Senior Sukuk Musharakah Programme to stable from negative. Concurrently, the AA-IS rating on the programme has been affirmed. The stable outlook reflects the abatement of the uncertainty surrounding the approval process for ANIH to restructure its shareholdings. MARC Ratings understands that the change in

MARC Ratings has affirmed its AAAIS rating on TNB Western Energy Berhad’s (TNB Western) outstanding RM3.7 billion sukuk with a stable outlook. TNB Western is a funding vehicle for TNB Manjung Five Sdn Bhd, the owner and operator of a 1,000MW coal-fired power plant in Manjung, Perak, under a power purchase agreement (PPA) with Tenaga

MARC Ratings has affirmed its AAAIS(bg) rating on Ranhill Sabah Energy II Sdn Bhd’s (RSEII) (formerly known as Ranhill Powertron II Sdn Bhd) outstanding RM300.0 million Islamic Medium-Term Notes (IMTN) Programme with a stable outlook. The rating affirmation reflects the unconditional and irrevocable guarantee on the programme from Bank Pembangunan Malaysia Berhad, which carries a

MARC Ratings has affirmed its AAAIS /MARC-1IS ratings on Gas Malaysia Distribution Sdn Bhd’s (GMD) Islamic Medium-Term Notes Programme and Islamic Commercial Papers Programme with a combined limit of up to RM1.0 billion. The ratings outlook is stable. As at end-December 2023, the outstanding amount under the programmes stood at RM330.2 million. The ratings reflect

MARC Ratings has affirmed its A+IS(s) and AAAIS(bg) ratings on Projek Lintasan Sungai Besi-Ulu Klang Sdn Bhd’s (PLSUKE) Sukuk Wakalah Programme of up to RM2.0 billion and bank-guaranteed Facilities of up to RM500.0 million. The latter is guaranteed by Bank Pembangunan Malaysia Berhad which carries a financial institution rating of AAA from MARC Ratings. All