Ratings

MARC Ratings has revised the outlook on Top Glove Corporation Bhd’s corporate credit rating to negative from stable on concerns that the impact from the continued tough global market conditions for glove manufacturers will weigh on the group’s performance. Concurrently, the rating outlook on the RM3.0 billion Perpetual Sukuk Wakalah Programme of Top Glove’s wholly-owned […]

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 issuances (CMBS 2005-2; CMBS 2007-2). The outlook on all ratings is stable. Cagamas MBS was established to undertake the securitisation of conventional and Islamic home financing originated by the Malaysian government.

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 that

MARC Ratings is providing this update on MY E.G. Services Berhad (MYEG) following a news report that immigration-related services and processes will be directly undertaken in-house by Jabatan Imigresen Malaysia from 2025 onwards. Furthermore, changes to road tax and driving license requirements under the digitalisation process of Jabatan Pengangkutan Jalan have now been announced. As

MARC Ratings has withdrawn its MARC-1IS rating on TSH Sukuk Murabahah Sdn Bhd’s RM50 million Islamic Commercial Papers (ICP) Programme. The rating withdrawal follows the termination of the programme upon expiry as confirmed by the facility agent on February 3, 2023. The analytical coverage on TSH Sukuk Murabahah is now limited to its RM150 million

MARC Ratings has assigned preliminary ratings of AIS(cg)/MARC-1IS(cg) to SkyWorld Capital Berhad’s proposed RM300.0 million Islamic Medium-Term Notes/Commercial Papers programmes with a stable outlook. SkyWorld Capital is the funding vehicle of parent SkyWorld Development Bhd (SkyWorld) to undertake the sukuk issuance. SkyWorld has extended an irrevocable and unconditional guarantee on the programme. The assigned ratings

MARC Ratings wishes to highlight that Alpha Circle Sdn Bhd has now deferred its Senior Sukuk payment of RM11 million due on January 18, 2023 to March 1, 2023 after sukukholders approved the deferment. With this, the outstanding Senior Sukuk Musharakah stands at RM71 million and Junior Sukuk Musharakah at RM55 million as of January

MARC Ratings has assigned final ratings of AA/MARC-1 to Pac Lease Berhad’s Medium-Term Notes and Commercial Papers programme with a combined aggregate limit of RM1.5 billion. The rating outlook is stable. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any

MARC Ratings has assigned a final rating of AA-(cg) to Chailease Berjaya Credit Sdn Bhd’s (CBC) Medium-Term Notes (MTN) Programme of up to RM1.0 billion. The rating outlook is stable. The programme carries an unconditional and irrevocable guarantee from CBC’s ultimate holding company, Chailease Holding Company Limited. The rating agency has reviewed the final documentation

MARC Ratings has withdrawn its rating of AAAIS on Projek Lebuhraya Usahasama Berhad’s (PLUS) RM23.35 billion Sukuk Musharakah Programme (Sukuk Programme). The rating action follows the completed exchange — on like-for-like terms — of the outstanding RM17.2 billion under the Sukuk Programme on December 23, 2022, with notes issued under PLUS’ new Islamic Medium-Term Notes