Ratings

MARC Ratings assigns preliminary rating of AAIS(cg) to VS Industry’s funding vehicle’s proposed RM1.0 billion IMTN programme

MARC Ratings has assigned a preliminary rating of AAIS(cg) to funding vehicle VS Capital Management Sdn Bhd’s Islamic Medium-Term Notes (IMTN) programme of up to RM1.0 billion. The rating outlook is stable. The rating reflects the credit strength of VS Industry Berhad (VSI) on the basis of an unconditional and irrevocable corporate guarantee it will …

MARC Ratings assigns preliminary rating of AAIS(cg) to VS Industry’s funding vehicle’s proposed RM1.0 billion IMTN programme Read More »

MARC Ratings affirms ratings on Sunway Group issuances

MARC Ratings has affirmed its MARC-1/AA- ratings on Sunway Berhad’s issuances under the RM2.0 billion Commercial Papers/Medium-Term Notes (CP/MTN) Programmes. Concurrently, the ratings on Sunway Treasury Sukuk Sdn Bhd’s issuances under the RM2.0 billion Sukuk Programme and RM10.0 billion Islamic Commercial Papers/Islamic Medium-Term Notes (ICP/IMTN) Programmes have been affirmed at MARC-1IS(cg)/AA-IS(cg). Sunway Treasury Sukuk is …

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MARC Ratings affirms AAA/MARC-1 ratings on F&N Capital’s IMTN and ICP programmes

MARC Ratings has affirmed its ratings of AAAIS(cg) /MARC-1IS(cg) on F&N Capital Sdn Bhd’s Islamic Medium-Term Notes (IMTN) and Islamic Commercial Papers (ICP) programmes with a combined limit of up to RM3.0 billion. The ratings outlook is stable. F&N Capital is a funding vehicle of Fraser & Neave Holdings Bhd (F&NHB) which has provided an …

MARC Ratings affirms AAA/MARC-1 ratings on F&N Capital’s IMTN and ICP programmes Read More »

MARC Ratings withdraws rating on Talam Transform’s Settlement BaIDS upon full redemption

MARC Ratings has withdrawn its rating of CIS on Talam Transform Berhad’s (Talam) RM134.2 million Settlement Bithaman Ajil Islamic Debt Securities (Settlement BaIDS). The rating withdrawal follows the full redemption of the outstanding RM18 million under the Settlement BaIDS as announced on the BNM FAST website. Upon the redemption, MARC Ratings will no longer provide …

MARC Ratings withdraws rating on Talam Transform’s Settlement BaIDS upon full redemption Read More »

MARC Ratings affirms China Construction Bank (Malaysia)’s financial institution ratings with stable outlook

MARC Ratings has affirmed its long- and short-term financial institution ratings of AA+/MARC-1 on China Construction Bank (Malaysia) Berhad (CCBM) with a stable outlook. CCBM’s healthy metrics as reflected by high provisioning levels, strong capital ratios, as well as healthy liquidity and funding positions remain key rating drivers. CCBM’s long-term rating of AA+ is notched …

MARC Ratings affirms China Construction Bank (Malaysia)’s financial institution ratings with stable outlook Read More »

MARC Ratings withdraws ratings on Cagamas’ RM20 billion CCP/ICP programme upon expiry

MARC Ratings has withdrawn its ratings of MARC-1/MARC-1IS on Cagamas Berhad’s Conventional and Islamic Commercial Papers (CCP/ICP) programme with a combined aggregate limit of RM20 billion. The withdrawal follows the expiry of the programme on June 23, 2022 upon full redemption of the outstanding RM400 million under the programme as confirmed by the facility agent. …

MARC Ratings withdraws ratings on Cagamas’ RM20 billion CCP/ICP programme upon expiry Read More »

MARC Ratings affirms KFH Malaysia’s financial institution rating with stable outlook

MARC Ratings has affirmed its long- and short-term financial institution (FI) ratings of AA+/MARC-1 on Kuwait Finance House (Malaysia) Berhad (KFH Malaysia) with a stable outlook. KFH Malaysia’s long-term AA+ FI rating is notched down from the AAA FI rating of its 100%-owned parent Kuwait Finance House KSC (KFH) whose FI rating reflects the very …

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MARC Ratings downgrades Senai-Desaru Expressway’s rating to B+IS and maintains negative outlook

MARC Ratings has downgraded its rating on Senai-Desaru Expressway Berhad’s (SDEB) RM1.89 billion Islamic Medium-Term Notes Programme (Restructured Sukuk) to B+IS from BBIS and maintained the outlook at negative. SDEB is the concessionaire of the 77-km tolled inter-urban Senai-Desaru Expressway (SDE) in Johor, which links the towns of Senai and Desaru with a connecting highway …

MARC Ratings downgrades Senai-Desaru Expressway’s rating to B+IS and maintains negative outlook Read More »

MARC Ratings affirms AA-IS rating on Grand Sepadu’s RM210.0 million Sukuk Murabahah

MARC Ratings has affirmed Grand Sepadu (NK) Sdn Bhd’s (Grand Sepadu) RM210.0 million Sukuk Murabahah rating at AA-IS with a stable outlook. The affirmed rating reflects Grand Sepadu’s stable performance, underpinned by resilient commercial traffic on its mature New North Klang Straits Bypass (NNKSB). The affirmation also reflects the improvement in leverage and coverage ratios …

MARC Ratings affirms AA-IS rating on Grand Sepadu’s RM210.0 million Sukuk Murabahah Read More »

MARC Ratings upgrades Bank Muamalat’s financial institution ratings to A+/MARC-1

MARC Ratings has upgraded Bank Muamalat Malaysia Berhad’s financial institution ratings to A+/MARC-1 from A/MARC-1 and concurrently upgraded its rating on the bank’s Islamic Senior Notes Programme (Senior Sukuk) of up to RM2.0 billion to A+IS. The ratings outlook is stable. The ratings upgrade is premised on Bank Muamalat’s continued improvement in its financial performance, …

MARC Ratings upgrades Bank Muamalat’s financial institution ratings to A+/MARC-1 Read More »