Ratings

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

MARC Ratings has affirmed its financial institution (FI) rating of AAA on Small Medium Enterprise Development Bank Malaysia Berhad (SME Bank). Concurrently, the rating agency has affirmed its ratings of AAAIS/MARC-1IS on the bank’s Islamic Medium Term-Notes (IMTN) Programme of up to RM3.0 billion and Islamic Commercial Papers (ICP) Programme of up to RM1.0 billion

MARC Ratings has withdrawn its rating of AAAIS/Stable on Cagamas MBS Berhad’s Tranche 6 under the RM2,110.0 million asset-backed Sukuk Musyarakah issuance (CMBS 2007-1-i). The rating withdrawal follows the full redemption of the outstanding RM320.0 million under Tranche 6 as confirmed by the facility agent. The rating agency’s analytical coverage on CMBS 2007-1-i is now

MARC Ratings has affirmed its rating on toll concessionaire Lebuhraya DUKE Fasa 3 Sdn Bhd’s (DUKE 3) RM3.64 billion Sukuk Wakalah at AA-IS with a stable outlook. The rating incorporates the adequately structured sukuk repayment profile that accommodates the traffic ramp-up on Setiawangsa-Pantai Expressway (SPE). The back-ended financing structure — with the first principal repayment

MARC Ratings has assigned a preliminary rating of AAAIS to Amanat Lebuhraya Rakyat Berhad’s (ALR) proposed sukuk programme of up to RM5.5 billion. The rating outlook is stable. The assigned rating reflects the strength and the proven revenue-generating capacity of ALR’s portfolio of matured highways in the Klang Valley, the healthy finance service capacity under

MARC Ratings has affirmed its AAIS rating on Kimanis Power Sdn Bhd’s (KPSB) outstanding sukuk of RM585.0 million with a stable outlook. The rating affirmation reflects KPSB’s steady cash flow generation attributed to the consistent performance of its plant that has continued to exceed the minimum requirements under its Power Purchase Agreement (PPA). Demand risk