Ratings

MARC Ratings has affirmed its ratings of AIS(cg)/MARC-1IS(cg) on SkyWorld Capital Berhad’s RM300.0 million Islamic Medium-Term Notes/Islamic Commercial Papers (IMTN/ICP) Programmes. The rating outlook is stable. SkyWorld Capital is the funding vehicle of parent SkyWorld Development Berhad (SkyWorld) to undertake the sukuk issuance. SkyWorld has extended an irrevocable and unconditional guarantee on the programme. The […]

MARC Ratings has withdrawn its ratings of AAA(bg) on Berjaya Land Berhad’s RM500.0 million Medium-Term Notes (MTN) Programme and AAA(bg) on its RM150.0 million MTN Programme. The programmes carried guarantees from Bank Pembangunan Malaysia Berhad and OCBC Bank (Malaysia) Berhad. The ratings withdrawal follows the early redemption of the outstanding amount of RM150.0 million under

MARC Ratings has affirmed its rating of A+IS on Tan Chong Motor Holdings Berhad’s (TCMH) RM1.5 billion Islamic Medium-Term Notes (Sukuk Murabahah) Programme. The rating outlook has been revised to negative from stable. The outlook revision is premised on the continued weakening of the group’s business profile that has resulted in declining market share in

MARC Ratings has affirmed its ratings of AAIS /AA on funding vehicle OSK Rated Bond Sdn Bhd’s Sukuk Murabahah/Multi-Currency Medium-Term Notes (Sukuk/MCMTN) Programmes with a combined limit of up to RM2.0 billion. The ratings outlook is stable. The ratings apply only to ringgit-denominated sukuk/notes under the programmes. The programmes carry an unconditional and irrevocable guarantee

MARC Ratings has affirmed its rating of AA-IS with a stable outlook on MY E.G. Services Berhad’s (MYEG) Islamic Medium-Term Notes (IMTN) Programme of up to RM1.0 billion in nominal value. The current outstanding under the programme stands at RM575 million. The rating affirmation incorporates MYEG’s well-established position as a concessionaire for e-government services, and

MARC Ratings has affirmed its rating on Evyap Sabun Malaysia Sdn Bhd’s (Evyap Malaysia) RM500.0 million Sukuk Wakalah Programme at AA-IS. Concurrently, the rating outlook has been revised to positive from stable. The outlook revision reflects Evyap Malaysia’s ability to maintain healthy operating performance, underpinned by strong cash flow metrics. Its vertically integrated oleochemical production

MARC Ratings has affirmed its AA-IS rating on Jimah East Power Sdn Bhd’s (JEP) outstanding RM8.50 billion Sukuk Murabahah with a stable outlook. The rating affirmation reflects JEP’s predictable cash flows from its 2×1,000-MW ultra-supercritical coal plant under a 25-year power purchase agreement (PPA) with Tenaga Nasional Berhad (TNB). The rating also reflects its operational

MARC Ratings has downgraded its rating on YNH Property Berhad’s (YNH) Islamic Medium-Term Notes Programme (Sukuk Wakalah) to AIS. Concurrently, the rating outlook has been revised to negative from stable. The rating actions reflect MARC Ratings’ increased concerns about YNH’s ability to generate sufficient cash flow to meet its financial obligations due to its weak

MARC Ratings has affirmed its financial institution rating of AAA on Bank Pembangunan Malaysia Berhad (BPMB). The rating agency has concurrently affirmed its AAAIS rating on BPMB’s RM5.0 billion Islamic Medium-Term Notes Programme. The outlook on both ratings is stable. The affirmed ratings continue to incorporate MARC Ratings’ expectations of a high probability of government

MARC Ratings has assigned ratings to Sunway Group’s existing unrated sukuk and unrated debt as follows: Sunway Berhad’s RM5.0 billion Perpetual Sukuk Programme at AIS Sunway Treasury Sukuk Sdn Bhd’s RM10.0 billion Islamic Medium-Term Notes (IMTN) Programme at AA-IS. The outlook on both ratings is stable. The two-notch rating differential between the perpetual sukuk and