Ratings

MARC Ratings has affirmed its AAAIS/MARC-1IS ratings on Gas Malaysia Distribution Sdn Bhd’s (GMD) Islamic Medium-Term Notes (IMTN) programme and Islamic Commercial Papers (ICP) programme with a combined limit of up to RM1.0 billion. The outstanding amount under the programmes stood at RM331.0 million as at end-July 2022. The ratings outlook is stable. The affirmed […]

MARC Ratings has affirmed its AA-IS rating on Leader Energy Sdn Bhd’s outstanding ASEAN Green Sustainable and Responsible Investment Sukuk Wakalah of RM245.0 million. The rating outlook is stable. Leader Energy is the investment holding company of two solar power project companies with large-scale solar projects in Kuala Muda, Kedah. The solar power plants have

MARC Ratings has affirmed its AAAIS rating on Putrajaya Bina Sdn Bhd’s (PBSB) RM1.58 billion Islamic Medium-Term Notes (Sukuk Wakalah) Programme. The rating outlook is stable. The affirmed rating is driven by the steady periodic payment streams in the form of availability charges (AC) from its sole obligor, the Malaysian government (AAA/Stable), the quantum of

MARC Ratings has affirmed its short-term rating of MARC-2IS on Bina Darulaman Berhad’s (BDB) RM100.0 million Islamic Commercial Papers (ICP) Programme. The rating is driven by BDB’s improving business profile in construction and property development, its low-to-moderate leverage position, and adequate liquidity to meet short-term operational and financial commitments. The group’s status as a Kedah

MARC Ratings has withdrawn its AAIS rating on Ranhill Powertron II Sdn Bhd’s (RPII) RM360.0 million Tranche 1 under the RM710.0 million Islamic Medium-Term Notes (IMTN) programme. The rating withdrawal follows the full redemption of the tranche as confirmed by the facility agent. The rating agency’s analytical coverage on RPII’s IMTN programme is now limited

MARC Ratings has affirmed its rating of AA-IS on SAJ Capital’s Sdn Bhd’s Sukuk Murabahah of up to RM650 million with a stable outlook. SAJ Capital is a wholly-owned funding vehicle of Ranhill Capital Sdn Bhd, which owns an 80%-stake in Ranhill SAJ Sdn Bhd, an exclusive provider of treated water in Johor. As the

MARC Ratings has affirmed its AA-IS rating on Malaysia Marine and Heavy Engineering Holdings Berhad’s (MHB) RM1.0 billion Sukuk Murabahah Programme with a stable outlook. The rating reflects MHB’s conservative balance sheet, strong liquidity position as well as its strong competitive position as the largest domestic offshore fabricator. These strengths are counterbalanced by the uncertain

MARC Ratings has maintained its ratings on Alpha Circle Sdn Bhd’s outstanding RM80 million Senior Sukuk Musharakah and RM55 million Junior Sukuk Musharakah at BIS and CIS. The senior sukuk’s rating outlook has been maintained at negative. The rating actions reflect Alpha Circle’s weak financial position to be able to fully meet its remaining sukuk

MARC Ratings has affirmed its ratings of MARC-1IS and A+IS on George Kent (Malaysia) Berhad’s (George Kent) RM100.0 million Islamic Commercial Papers (ICP) and RM500.0 million Islamic Medium-Term Notes (IMTN) Programmes, subject to a combined limit of RM500.0 million. The ratings outlook is stable. The rating affirmation is premised on George Kent’s strong liquidity position, healthy balance

MARC Ratings has affirmed its ratings on Putrajaya Holdings Sdn Bhd’s (PJH) outstanding issuances as follows: •   RM1.0 billion 20-year Sukuk Wakalah Programme (due 2041) at AAAIS; •   RM370.0 million Sukuk Musharakah Programme (due 2030) at AAAIS; •   RM3.0 billion Sukuk Musharakah Programme (due 2032) at AAAIS; and •   RM1.5 billion Sukuk Musharakah Medium-Term Notes