Ratings

MARC Ratings has affirmed its long- and short-term financial institution ratings of AA+/MARC-1 on China Construction Bank (Malaysia) Berhad (CCBM) with a stable outlook. CCBM’s healthy metrics as reflected by high provisioning levels, strong capital ratios, as well as healthy liquidity and funding positions remain key rating drivers. CCBM’s long-term rating of AA+ is notched […]

MARC Ratings has withdrawn its ratings of MARC-1/MARC-1IS on Cagamas Berhad’s Conventional and Islamic Commercial Papers (CCP/ICP) programme with a combined aggregate limit of RM20 billion. The withdrawal follows the expiry of the programme on June 23, 2022 upon full redemption of the outstanding RM400 million under the programme as confirmed by the facility agent.

MARC Ratings has affirmed its long- and short-term financial institution (FI) ratings of AA+/MARC-1 on Kuwait Finance House (Malaysia) Berhad (KFH Malaysia) with a stable outlook. KFH Malaysia’s long-term AA+ FI rating is notched down from the AAA FI rating of its 100%-owned parent Kuwait Finance House KSC (KFH) whose FI rating reflects the very

MARC Ratings has downgraded its rating on Senai-Desaru Expressway Berhad’s (SDEB) RM1.89 billion Islamic Medium-Term Notes Programme (Restructured Sukuk) to B+IS from BBIS and maintained the outlook at negative. SDEB is the concessionaire of the 77-km tolled inter-urban Senai-Desaru Expressway (SDE) in Johor, which links the towns of Senai and Desaru with a connecting highway

MARC Ratings has affirmed Grand Sepadu (NK) Sdn Bhd’s (Grand Sepadu) RM210.0 million Sukuk Murabahah rating at AA-IS with a stable outlook. The affirmed rating reflects Grand Sepadu’s stable performance, underpinned by resilient commercial traffic on its mature New North Klang Straits Bypass (NNKSB). The affirmation also reflects the improvement in leverage and coverage ratios

MARC Ratings has upgraded Bank Muamalat Malaysia Berhad’s financial institution ratings to A+/MARC-1 from A/MARC-1 and concurrently upgraded its rating on the bank’s Islamic Senior Notes Programme (Senior Sukuk) of up to RM2.0 billion to A+IS. The ratings outlook is stable. The ratings upgrade is premised on Bank Muamalat’s continued improvement in its financial performance,

MARC Ratings has affirmed its A+IS rating on Yinson Holdings Berhad’s RM1.0 billion Islamic Medium-Term Notes (IMTN) Programme with a stable outlook. Yinson group’s strong market position in the floating, production, storage and offloading vessels (FPSOs) business segment, its earnings visibility and healthy profit margins on long-term FPSO contracts remain key rating drivers. The rating

MARC Ratings has affirmed its rating of AAA on Inverfin Sdn Bhd’s outstanding RM160 million Tranche A notes under the Medium-Term Notes (MTN) programme. Concurrently, the rating outlook has been revised to stable from negative. The rating affirmation is based on the loan-to-value (LTV) ratio of the Tranche A notes of 41.9% that is within

MARC Ratings has affirmed its ratings on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (Kesturi) RM2.3 billion Sukuk Musharakah (Senior Sukuk) and RM180 million Redeemable Secured Junior Bonds (Junior Bonds) at AA-IS and A-. The three-notch rating differential between the Senior Sukuk and Junior Bonds reflects the latter’s subordination to the Senior Sukuk in regard to

MARC Ratings has affirmed its ratings on Cagamas Berhad’s bonds and sukuk issuances as follows: MARC-1/MARC-1IS on Conventional and Islamic Commercial Papers (CP/ICP) programmes with a combined aggregate limit of RM20.0 billion AAA/AAAIS on Conventional and Islamic Medium-Term Notes (MTN/IMTN) programmes of up to RM60.0 billion The ratings outlook is stable. The key rating drivers