Ratings

MARC Ratings has extended its MARCWatch Negative placement on YNH Property Berhad’s (YNH) Islamic Medium-Term Notes Programme (Sukuk Wakalah) following a rating downgrade to BBB-IS. The rating was at BBB+IS when it was first placed on negative watch on January 18, 2024. The rating action reflects MARC Ratings’ heightened concerns on YNH’s continued weak financial […]

MARC Ratings has affirmed its AA-IS and A- ratings on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (Kesturi) RM2.3 billion Sukuk Musharakah (Senior Sukuk) and RM180 million Redeemable Secured Junior Bonds with a stable outlook. The rating differential between the Senior Sukuk and Junior Bonds reflects the latter’s subordinated status in line with the rating agency’s

MARC Ratings has affirmed its AA-IS rating on Quantum Solar Park (Semenanjung) Sdn Bhd’s (QSP Semenanjung) outstanding RM750.0 million Green Sustainable and Responsible Investment (SRI) Sukuk with a stable outlook. QSP Semenanjung owns three 50MW power plants located in Gurun, Kedah; Jasin, Melaka; and Merchang, Terengganu. The rating affirmation reflects the good track record of

MARC Ratings has assigned a final rating of AAIS(cg) to Sunway Healthcare Treasury Sdn Bhd’s Islamic Medium-Term Notes (IMTN) Programme of up to RM5.0 billion with a stable outlook. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way

MARC Ratings has affirmed its AA-IS rating on Sinar Kamiri Sdn Bhd’s outstanding RM185.0 million Green Sustainable and Responsible Investment Sukuk Wakalah. The rating outlook is stable. The rating affirmation reflects Sinar Kamiri’s stable operational performance, steady cash flow generation and adequate finance service coverage ratio (FSCR) profile. The rating is underpinned by a 21-year

MARC Ratings has affirmed its AAAIS and AAA ratings on Cagamas MBS Berhad’s asset-backed Sukuk Musyarakah issuance (CMBS 2007-1-i) and fixed rate serial bonds (CMBS 2005-2; CMBS 2007-2). The outlook on all ratings is stable. Cagamas MBS was established to undertake the securitisation of government staff housing loans/financings. The affirmed ratings and outlook reflect the

MARC Ratings has affirmed its long-term ratings of AAA, AA and A on Kinabalu Capital Sdn Bhd’s Issue 3 of RM113 million Class A, RM21 million Class B and RM11 million Class C Medium-Term Notes (MTN). The outlook on all ratings is stable. The affirmed ratings reflect the loan-to-value (LTV) ratios of the classes under

MARC Ratings has assigned a preliminary rating of AAIS(cg) to Sunway Healthcare Treasury Sdn Bhd’s (SH Treasury) existing unrated Islamic Medium-Term Notes (IMTN) Programme of up to RM5.0 billion with a stable outlook. The rating reflects the credit strength of parent Sunway Healthcare Holdings Sdn Bhd (SHH), on account of the unconditional and irrevocable guarantee

MARC Ratings has revised its rating on Segi Astana Sdn Bhd’s RM415.0 million ASEAN Green Medium-Term Notes (MTN) from AA- to A+ following the downgrade of parent WCT Holdings Berhad’s rating to A+ from AA-. WCT Holdings has provided a liquidity support undertaking to Segi Astana to ensure funds are sufficient or a refinancing is

MARC Ratings has lowered its rating on TG Excellence Berhad’s RM3.0 billion Perpetual Sukuk Wakalah Programme to AIS(cg) from A+IS(cg). TG Excellence is a wholly-owned funding vehicle of Top Glove Corporation Bhd which has provided an irrevocable and unconditional guarantee on the perpetual sukuk programme. The rating action follows the downgrade of Top Glove’s corporate