Ratings

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

MARC Ratings has affirmed its ratings on Tropicana Corporation Berhad’s RM1.5 billion Islamic Medium-Term Notes Programme (Sukuk Wakalah) and RM2.0 billion existing Perpetual Sukuk programme at A+IS and AIS. The ratings outlook remains negative pending completion of the group’s ongoing plans of asset disposals and equity raising, expected to be completed by end-2022, to strengthen

MARC Ratings has affirmed its AA-IS rating on Malaysian Resources Corporation Berhad’s (MRCB) Islamic Medium-Term Notes (IMTN) Programme up to RM5.0 billion (Sukuk Murabahah) with a stable outlook. MRCB’s longstanding track record as a property developer in transit-oriented developments (TOD), and its sizeable outstanding construction order book comprising large infrastructure projects remain key rating drivers.

MARC Ratings has affirmed its financial institution (FI) ratings of AAA/MARC-1 on Islamic Development Bank (IsDB). The rating agency has concurrently affirmed its AAAIS rating on the Sukuk Wakalah programme of up to RM400 million issued by Tadamun Services Berhad, a trust established by IsDB. The ratings outlook is stable. The FI ratings incorporate IsDB’s

MARC has affirmed its AA- rating on Central Impression Sdn Bhd’s (CISB) outstanding RM60 million Fixed Rate Serial Bonds and concurrently revised the rating outlook to stable from negative. The affirmed rating is driven by the credit strength of AEON Co (M) Berhad (AEON), a 51.7%-owned subsidiary of Japan-based AEON Co Ltd which has an

MARC Ratings has assigned preliminary ratings of MARC-1IS /AIS to Gabungan AQRS Berhad’s (GBG) proposed RM200 million Islamic Commercial Papers (ICP)/Islamic Medium-Term Notes (IMTN) Programme. The ratings outlook is stable. The ratings reflect GBG’s moderate construction order book, its low counterparty risk from the largely government-related construction contracts, and its earnings visibility through 2024. The

MARC Ratings has extended its MARCWatch Negative placement on UiTM Solar Power Sdn Bhd’s outstanding RM202.3 million Green SRI Sukuk pending full resumption of operations at its plant. The initial placement was made on January 28, 2022, due to the cessation of operations at the plant following damage to its gas-insulated switchgear (GIS) and power

MARC Ratings has affirmed its insurer financial strength rating of AA+ with a stable outlook on Bermuda-based International General Insurance Co Ltd (IGI). The rating affirmation continues to be driven by IGI’s well-diversified underwriting portfolio across business lines and countries, and a strong capitalisation level that remains supportive of growth. These strengths are underscored by