Rating

MARC Ratings has affirmed the rating of AAAIS on PNB Merdeka Ventures Sdn Berhad’s (PNBMV) Merdeka Sukuk Wakalah Programme of up to RM6.0 billion with a stable outlook. The affirmed rating is equalised with the AAA/Stable corporate credit rating of Permodalan Nasional Berhad (PNB) which is based on publicly available information. The rating equalisation is […]

MARC Ratings has affirmed the rating of George Kent (Malaysia) Berhad’s Islamic Commercial Papers (ICP) Programme at MARC-1IS and its Islamic Medium-Term Notes (IMTN) Programme at A+IS/Stable. In March 2026, the group redeemed its RM132 million outstanding IMTN using internally generated funds and subsequently issued RM80 million under the existing IMTN Programme. As at end-June

MARC Ratings has downgraded the ratings of Serba Dinamik Holdings Berhad’s Islamic Medium-Term Notes (IMTN) and Islamic Commercial Papers (ICP) programmes from CIS/MARC-4IS to a default rating of DIS. The ratings had been lowered to CIS/MARC-4IS on December 10, 2021 when it failed to meet a coupon payment on an outstanding USD sukuk issued by

MARC Ratings has assigned a final rating of AA-IS to MMC Port Holdings Sdn Bhd’s (MMC Port) RM1.0 billion Sukuk Murabahah Programme. The outlook on the rating is stable. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way

MARC Ratings has affirmed its rating of AA-IS on Farm Fresh Berhad’s Islamic Medium-Term Notes (IMTN) Programme of RM1.0 billion under the Shariah principle of Wakalah Bi Al-Istithmar. The rating outlook is stable. The rating affirmation reflects Farm Fresh’s growing sales track record for its wide range of dairy products, and strong domestic market position

Posted Date: March 10, 2022 MARC Ratings has withdrawn its rating of A+IS on TSH Sukuk Ijarah Sdn Bhd’s RM300 million Medium-Term Notes (IMTN) Programme. The rating withdrawal follows the full redemption of the outstanding RM15 million and subsequent cancellation of the programme. TSH Sukuk Ijarah is a wholly-owned special purpose funding vehicle of TSH

Posted Date: March 09, 2022 MARC Ratings has affirmed its AAAIS and AAA ratings on Cagamas MBS Berhad’s asset-backed Sukuk Musyarakah issuance (CMBS 2007-1-i) and fixed rate serial bonds issuances (CMBS 2005-2; CMBS 2007-2). The outlook on all ratings is stable. Cagamas MBS was established to undertake the securitisation of conventional and Islamic home financing

Posted Date: March 9, 2022 MARC Ratings has assigned a final rating of A+IS to MBSB Bank Berhad’s RM5.0 billion Islamic Medium-Term Notes (Sustainability Sukuk Wakalah) Programme. The outlook on the rating is stable. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not

Posted Date: March 9, 2022 MARC Ratings has assigned a final rating of A+IS to Tan Chong Motor Holdings Berhad’s (TCMH) RM1.5 billion Islamic Medium-Term Notes (Sukuk Murabahah) Programme. The rating is confined to a RM500.0 million issuance and any further drawdown will require a reassessment of the rating. The outlook on the rating is

Posted Date: February 28, 2022 MARC Ratings has assigned a final rating of A+IS to YNH Property Berhad’s (YNH) Islamic Medium-Term Notes Programme (Sukuk Wakalah) of up to RM700 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