Ratings

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MARC Ratings has withdrawn its AAIS rating on Ranhill Powertron II Sdn Bhd’s (RPII) RM360.0 million Tranche 1 under the RM710.0 million Islamic Medium-Term Notes (IMTN) programme.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

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