Ratings

MARC Ratings has affirmed its AA-IS rating on AZRB Capital Sdn Bhd’s (ACSB) RM535.0 million Islamic Medium-Term Notes (Sukuk Murabahah) Programme with a stable outlook. Currently, RM350.0 million is outstanding under the programme. ACSB is a funding vehicle for Ahmad Zaki Resources Berhad (AZRB). The proceeds of RM535.0 million from issuances under the programme have […]

MARC Ratings has affirmed MBSB Berhad’s A+/MARC-1 corporate credit ratings with a stable outlook. The ratings reflect MBSB’s role as a non-operating financial holding company whose credit profile mirrors that of its core, wholly-owned subsidiary, MBSB Bank Berhad (A+/Stable). With no borrowings, and earnings mainly coming from MBSB Bank’s dividends, MBSB’s performance is closely tied

MARC Ratings has affirmed MBSB Bank Berhad’s A+ financial institution (FI) rating and the A+IS rating on the bank’s RM5.0 billion Sustainability Sukuk Wakalah Programme. In line with the rating agency’s revised methodology for rating Basel III–compliant capital instruments, MARC Ratings has also revised the ratings of instruments under the bank’s Sukuk Wakalah Programme of

MARC Ratings has affirmed its ratings of MARC-1IS /AAIS on Cellco Capital Berhad’s (Cellco) RM520 million Issue 1 under its Islamic Commercial Papers/ Islamic Medium-Term Notes Programme (Sukuk Ijarah) with a combined limit of up to RM1.0 billion. The long-term rating outlook is stable. Cellco is a special-purpose vehicle established to raise funds under the

MARC Ratings has affirmed its long-term and short-term financial institution (FI) ratings of A+/MARC-1 on Kenanga Investment Bank Berhad (Kenanga). Concurrently, the long-term rating outlook has been revised to stable from positive. The ratings affirmation reflects Kenanga’s strong market position in the domestic stockbroking industry. The outlook revision reflects the bank’s overall performance which has

MARC Ratings has assigned a final rating of AA+IS to Pulau Indah Power Plant Sdn Bhd’s (PIPP) Islamic Medium-Term Notes (IMTN) (Sukuk Wakalah) Programme of up to RM3.0 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

MARC Ratings has withdrawn its rating of AAAIS/Stable on TTM Sukuk Berhad’s (TTM SPV) RM600.0 million Sukuk Murabahah following the full redemption of the final RM60.0 million on 14 November 2025, as confirmed by the facility agent. Accordingly, MARC Ratings will no longer provide analytical coverage of TTM SPV.

MARC Ratings has affirmed its AAAIS rating on Amanat Lebuhraya Rakyat Berhad’s (ALR) RM5.5 billion Sukuk Programme, with a stable outlook. The rating reflects ALR’s strong operating cash flow from its mature and resilient toll road portfolio in the Klang Valley, and its robust debt service capacity. Solid liquidity and a zero-dividend policy under the

MARC Ratings has affirmed its ratings of AAIS /AA on funding vehicle OSK Rated Bond Sdn Bhd’s (OSKRB) Sukuk Murabahah/ Multi-Currency Medium-Term Notes (Sukuk/MCMTN) Programmes with a combined limit of up to RM3.5 billion. The ratings’ outlook is stable. The ratings apply only to ringgit-denominated sukuk/notes under the programmes. The programmes carry an unconditional and

MARC Ratings has assigned a final rating of AAIS to Tadau Energy Sdn Bhd’s ASEAN Green Sustainable and Responsible Investment Sukuk Wakalah of up to RM215 million 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