Ratings

MARC Ratings has affirmed its MARC-1IS/AA-IS ratings on UDA Holdings Berhad’s (UDA) Islamic Commercial Papers/ Islamic Medium-Term Notes (ICP/IMTN) Programmes. The affirmation takes into account the proposed increase in ICP to RM300.0 million from RM100.0 million and in IMTN to RM2.0 billion from RM1.0 billion, resulting in a combined limit of up to RM2.0 billion […]

MARC Ratings has affirmed its ratings on Malakoff Power Berhad’s (MPower) outstanding RM1.44 billion Sukuk Murabahah at AA-IS and its RM1.2 billion Islamic Commercial Papers/ Islamic Medium-Term Notes (ICP/IMTN) Programmes (RM250.0 million IMTN currently outstanding) at MARC-1IS/AA-IS, with a stable outlook. MPower, a wholly-owned subsidiary of Malakoff Corporation Berhad (Malakoff), provides operations and maintenance services

MARC Ratings has affirmed its AIS rating on Tan Chong Motor Holdings Berhad’s (TCMH) RM1.5 billion Islamic Medium-Term Notes (Sukuk Murabahah) Programme. The rating outlook remains negative. TCMH’s business performance remained weak, as vehicle sales decreased and domestic market share declined to about 0.8% as of end-September 2025 (2024: 1%; 2020–2023 average: 2.3%), mainly due

MARC Ratings has affirmed its AA-IS rating on Tanjung Bin O&M Berhad’s (TBOM) outstanding RM165.0 million Sukuk Wakalah with a stable outlook. The rating reflects the credit strength of TBOM’s parent, Malakoff Power Berhad (MPower, AA-IS/Stable) which has provided an unconditional and irrevocable undertaking to cover any finance service reserve account (FSRA) shortfall for the

MARC Ratings has affirmed its financial institution rating of AAA on Bank Pembangunan Malaysia Berhad (BPMB) and its AAAIS rating on the bank’s RM11.0 billion Islamic Medium-Term Notes (IMTN) Programme. The outlook on both ratings is stable. The ratings reflect MARC Ratings’ expectation of a very high likelihood of government support for BPMB, given its

MARC Ratings has affirmed its AA-IS rating on LBS Bina Group Berhad’s (LBS) RM750.0 million Islamic Medium-Term Notes (IMTN) Programme with a stable outlook. The current amount outstanding under the programme is RM600.0 million. The rating reflects LBS’ strong track record in affordable and mid-market residential developments, good near-term earnings visibility from sizeable unbilled sales,

MARC Ratings has affirmed its rating of A/Stable on Singer (Malaysia) Sdn Bhd’s (Singer) RM300.0 million Medium-Term Notes (MTN) Programme. The rating reflects Singer’s strong position as an established domestic provider of consumer durable and motorcycle credit sales and hire-purchase financing, supported by a long operating history and high profit margins. These strengths are tempered

MARC Ratings has affirmed its rating of AA-(cg)/Stable on Chailease Berjaya Credit Sdn Bhd’s (CBC) RM1.0 billion Medium-Term Notes (MTN) Programme. The programme is unconditionally and irrevocably guaranteed by CBC’s ultimate holding company, Chailease Holding Company Limited (CHC). Accordingly, the rating reflects the credit strength of CHC which carries a public information rating of AA-/Stable.

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