Ratings

MARC Ratings has affirmed its AA-IS rating on SHC Capital Sdn Bhd’s RM80.0 million issuance under its RM200 million Islamic Medium-Term Notes (Sukuk Wakalah) Programme with a stable outlook. There is no further drawdown expected, but any new drawdown will require a re-assessment of the rating. SHC Capital is a wholly-owned funding vehicle of Tunas […]

MARC Ratings has assigned preliminary ratings of MARC-1IS/AAIS to Alam Flora Sdn Bhd’s RM700.0 million ICP/IMTN programmes with a stable outlook. The assigned ratings are primarily driven by the strength of Alam Flora’s 22-year concession agreement (CA) with the Government of Malaysia that provides revenue visibility until 2033. The ratings also incorporate the group’s expertise

MARC Ratings has affirmed its AAAIS rating on MISC Berhad’s RM2.5 billion Islamic Medium-Term Notes (IMTN) programme with a stable outlook. The rating incorporates MISC’s position as a domestic leader and a key global player in the energy-related shipping business, its stable revenue generation from long-term liquefied natural gas (LNG), ethane and offshore contracts, and

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