Ratings

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

MARC Ratings has affirmed its AAAIS rating on Aman Sukuk Berhad’s (Aman) Islamic Medium-Term Notes (IMTN) Programme of up to RM10.0 billion with a stable outlook. The rating affirmation reflects the credit strength of the Malaysian government as the sole obligor of the annual sublease rental payments, and the quantum of which is deemed sufficient

MARC Ratings has assigned a preliminary rating of AA+IS to edotco Malaysia Sdn Bhd’s proposed Islamic Medium-Term Notes Programme (Sukuk Wakalah Programme) of up to RM3.0 billion with a stable outlook. The rating reflects edotco Malaysia’s solid market position as one of the country’s largest tower companies (towerco), high cash flow visibility from long-term tower

MARC Ratings has affirmed its financial institution (FI) ratings of AA-/MARC-1 on KAF Investment Bank Berhad (KAF IB) with a stable outlook. KAF IB’s low-risk business model, underpinned by a conservative investment strategy, and strong liquidity and capitalisation levels remain key rating drivers. The susceptibility of KAF IB’s performance to domestic capital market conditions and

MARC Ratings has withdrawn its preliminary rating of AA-IS on Sparks Energy 1 Sdn Bhd’s RM220.0 million proposed ASEAN Green SRI Sukuk. Sparks Energy 1 is the funding vehicle for two 30MWac solar projects in Kuala Muda, Kedah and Machang, Kelantan. We note that construction of the solar power plants is currently being funded by