Ratings

MARC Ratings has affirmed its financial institution (FI) ratings of A+/MARC-1 on Kenanga Investment Bank Berhad (Kenanga) with a stable outlook. The ratings reflect Kenanga’s strong market position and lengthy experience in the domestic stockbroking industry. The ratings further consider the investment bank’s improving position in the investment and wealth management segment as well as […]

MARC Ratings has extended its MARCWatch Developing on UMW Holdings Berhad’s (UMW) sukuk programmes, where the ratings have been placed since August 25, 2023. The rating action was based on the then proposed changes to UMW’s shareholding structure. This relates to the proposed sale of Permodalan Nasional Berhad’s (PNB) 61.18% equity stake in UMW to

MARC Ratings has extended its MARCWatch Negative on ANIH Berhad’s outstanding Senior Sukuk Musharakah programme of RM1.48 billion, where it has been placed since May 25, 2023. The rating agency notes that the change in ANIH’s shareholding structure is still pending the government’s approval, which the company expects to receive by end-2023. We understand that

MARC Ratings has affirmed its AAAIS(s) rating on Projek Lebuhraya Usahasama Berhad’s (PLUS) RM25.2 billion Islamic Medium-Term Notes Programme (sukuk programme) with a stable outlook. The rating incorporates a two-notch rating uplift from PLUS’ standalone rating of AA. The uplift is supported by the irrevocable and unconditional Letter of Undertaking (LoU) provided by the government

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). The rating considers KIB’s well-established investment processes and sound risk management practices. KIIB is well-integrated with the parent in terms of shared resources, centralised support functions and infrastructure. Due to

MARC Ratings has affirmed its rating of AA-(cg) on Chailease Berjaya Credit Sdn Bhd’s (CBC) RM1.0 billion Medium-Term Notes (MTN) Programme. The rating outlook is stable. The programme carries an unconditional and irrevocable guarantee from CBC’s ultimate holding company, Chailease Holding Company Limited (CHC). The rating considers CBC’s strong operating trajectory, which demonstrates the company’s

MARC Ratings has assigned a preliminary rating of AA-IS to LBS Bina Group Berhad’s proposed Islamic Medium-Term Notes Programme of up to RM750.0 million. The rating outlook is stable. The assigned rating is mainly premised on LBS Bina’s strong sales track record in the affordable and mid-market residential property segment, its sizeable unbilled sales and

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