Ratings

MARC Ratings has affirmed its AAAIS rating on TNB Power Generation Sdn Bhd’s (TPGSB) Sukuk Wakalah Programme of up to RM10.0 billion with a stable outlook. TPGSB’s rating is aligned with that of its parent Tenaga Nasional Berhad (TNB, AAA/Stable), reflecting TPGSB’s role as TNB’s key energy generation arm, and their strong operational and financial […]

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). KIIB’s rating is aligned with its parent, KIB, reflecting its strategic role in advancing the group’s Islamic finance objectives and its high degree of operational integration with KIB. KIIB shares

MARC Ratings has affirmed its ratings of AA-IS and MARC-1IS on SIBS Sdn Bhd’s Islamic Medium-Term Notes (IMTN) Programme of up to RM3.0 billion and Islamic Commercial Papers (ICP) Programme of up to RM500.0 million, with a combined aggregate limit of up to RM3.0 billion. The long-term rating outlook is stable. The affirmed ratings reflect

MARC Ratings has affirmed its rating of AAIS on UEM Edgenta Berhad’s Islamic Medium-Term Notes (IMTN) Programme of up to RM1.0 billion. The rating outlook is stable. The rating affirmation is premised on UEM Edgenta’s established track record in providing healthcare support services (HSS) under government and private contracts in Malaysia and overseas, and highway

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. Proceeds from issuances under the programme had been used to refinance maturing notes under the previous rated programme. The rating affirmation reflects STM Lottery’s position as the largest licensed number forecast

MARC Ratings has affirmed its AA-IS rating on Cerah Sama Sdn Bhd’s RM420.0 million Sukuk with a stable outlook. The outstanding currently stands at RM230.0 million. The affirmation reflects resilient traffic on Cerah Sama’s mature Cheras-Kajang Highway, stable cash flow, strong liquidity, and an accommodative sukuk repayment profile. Leverage remains high but is improving. Average

MARC Ratings has affirmed its AAIS rating on Fortune Premiere Sdn Bhd’s RM3.0 billion Multi-Currency Islamic Medium-Term Notes (Sukuk Murabahah) Programme. The rating outlook is stable. Fortune Premiere is a wholly-owned funding vehicle of IOI Properties Group Berhad (IOI Properties). The rating reflects the credit strength of IOI Properties which has provided an unconditional and

MARC Ratings has affirmed its AA-IS rating on Malaysian Resources Corporation Berhad’s (MRCB) Islamic Medium-Term Notes (IMTN) Programme (Sukuk Murabahah) of up to RM5.0 billion, with a stable outlook. The rating reflects MRCB’s longstanding track record in property and construction — particularly in transit-oriented developments (TOD) — its substantial infrastructure order book, and its status

MARC Ratings has assigned a final rating of MARC-1IS to Khazanah Nasional Berhad’s (Khazanah) Islamic Commercial Papers (ICP) Programme of up to RM1.0 billion in nominal value. The rating is based on the rating agency’s assessment of Khazanah’s corporate credit rating at AAA/Stable. The rating agency has reviewed the final documentation for the programme and

MARC Ratings has affirmed its rating of AA-IS on FGV Holdings Berhad’s (FGV) Sukuk Murabahah Programme of up to RM3.0 billion. The outlook on the rating is stable. The current outstanding under the rated programme stood at RM1.3 billion as at end-October 2025. The rating affirmation reflects FGV’s sizeable and integrated palm oil operations, improved