Ratings

MARC Ratings has affirmed MBSB Bank Berhad’s A+ financial institution (FI) rating and the A+IS rating on the bank’s RM5.0 billion Sustainability Sukuk Wakalah Programme. In line with the rating agency’s revised methodology for rating Basel III–compliant capital instruments, MARC Ratings has also revised the ratings of instruments under the bank’s Sukuk Wakalah Programme of […]

MARC Ratings has affirmed its ratings of MARC-1IS /AAIS on Cellco Capital Berhad’s (Cellco) RM520 million Issue 1 under its Islamic Commercial Papers/ Islamic Medium-Term Notes Programme (Sukuk Ijarah) with a combined limit of up to RM1.0 billion. The long-term rating outlook is stable. Cellco is a special-purpose vehicle established to raise funds under the

MARC Ratings has affirmed its long-term and short-term financial institution (FI) ratings of A+/MARC-1 on Kenanga Investment Bank Berhad (Kenanga). Concurrently, the long-term rating outlook has been revised to stable from positive. The ratings affirmation reflects Kenanga’s strong market position in the domestic stockbroking industry. The outlook revision reflects the bank’s overall performance which has

MARC Ratings has assigned a final rating of AA+IS to Pulau Indah Power Plant Sdn Bhd’s (PIPP) Islamic Medium-Term Notes (IMTN) (Sukuk Wakalah) Programme of up to RM3.0 billion. The rating outlook is stable. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not

MARC Ratings has withdrawn its rating of AAAIS/Stable on TTM Sukuk Berhad’s (TTM SPV) RM600.0 million Sukuk Murabahah following the full redemption of the final RM60.0 million on 14 November 2025, as confirmed by the facility agent. Accordingly, MARC Ratings will no longer provide analytical coverage of TTM SPV.

MARC Ratings has affirmed its AAAIS rating on Amanat Lebuhraya Rakyat Berhad’s (ALR) RM5.5 billion Sukuk Programme, with a stable outlook. The rating reflects ALR’s strong operating cash flow from its mature and resilient toll road portfolio in the Klang Valley, and its robust debt service capacity. Solid liquidity and a zero-dividend policy under the

MARC Ratings has affirmed its ratings of AAIS /AA on funding vehicle OSK Rated Bond Sdn Bhd’s (OSKRB) Sukuk Murabahah/ Multi-Currency Medium-Term Notes (Sukuk/MCMTN) Programmes with a combined limit of up to RM3.5 billion. The ratings’ outlook is stable. The ratings apply only to ringgit-denominated sukuk/notes under the programmes. The programmes carry an unconditional and

MARC Ratings has assigned a final rating of AAIS to Tadau Energy Sdn Bhd’s ASEAN Green Sustainable and Responsible Investment Sukuk Wakalah of up to RM215 million with a stable outlook. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any

MARC Ratings has assigned preliminary ratings of MARC-1IS(cg)/AA-IS(cg) to Sunway Treasury Sukuk Sdn Bhd’s proposed RM3.0 billion Islamic Commercial Papers (ICP)/ Islamic Medium-Term Notes (IMTN) Programme (Sukuk Mudharabah Programme). The rating outlook is stable. Proceeds from issuances under the proposed programme will mainly be used to fund working capital and refinance existing debt and intercompany

MARC Ratings has affirmed its rating of AA-IS on Power Root Berhad’s RM500.0 million Islamic Medium-Term Notes (Sukuk Wakalah) Programme. The rating outlook is stable. The affirmation reflects Power Root’s established position in the instant beverage sector, supported by an extensive sales network and stable financial performance, characterised by consistent cash flow and a healthy