Rating

Posted Date: September 9, 2021 MARC has maintained its CIS ratings on property developer Talam Transform Berhad’s (Talam) outstanding RM40.0 million Settlement Bithaman Ajil Islamic Debt Securities (Settlement BaIDS) as of June 9, 2021. The rating continues to reflect the substantial risk of default on the Settlement BaIDS, notwithstanding the extension of the maturity date […]

Posted Date: September 6, 2021 MARC 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 FI ratings are driven by

Posted Date: August 27, 2021 MARC has affirmed its rating of AA-IS on SAJ Capital Sdn Bhd’s Sukuk Murabahah of up to RM650.0 million with a stable outlook. SAJ Capital is 100%-owned by Ranhill Capital Sdn Bhd, which has an 80% interest in Ranhill SAJ Sdn Bhd, the exclusive provider of source to tap water

Posted Date: August 27, 2021 MARC has extended its MARCWatch Negative placement on Serba Dinamik Holdings Berhad’s (Serba Dinamik) RM1.5 billion Islamic Medium-Term Notes (IMTN) Programme and RM500.0 million multi-currency Islamic Commercial Papers (ICP) Programme with a combined limit of RM1.5 billion. The placement, since May 31, 2021, reflects our ongoing concerns on the issues

Posted Date: August 27, 2021 MARC 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 key rating factors are MHB’s conservative balance sheet and strong liquidity position, as well as its strong competitive position as the largest domestic offshore fabricator.

Posted Date: August 26, 2021 MARC notes MEX II Sdn Bhd received sukukholders’ approval on August 24, 2021 for the deferment of payments of RM68.7 million and RM38.2 million due on August 27, 2021 and October 29, 2021, both to December 31, 2021. The rating agency understands that discussions are ongoing on the company’s debt

Posted Date: August 26, 2021 MARC has affirmed its AA-IS rating on Konsortium KAJV Sdn Bhd’s (KAJV) RM1.0 billion Sukuk Wakalah Programme with a stable outlook. The rating reflects the credit strength of the Terengganu state government to be able to meet the payment obligations due on the Facility Payment Certificates (FPC) the state has

Posted Date: August 26, 2021 MARC has affirmed its AA-IS rating on UiTM Solar Power Sdn Bhd’s (UiTM Solar) outstanding Green Sustainable and Responsible Investment (SRI) Sukuk of RM202.3 million. The rating outlook is stable. UiTM Solar owns a 50MWac solar photovoltaic plant in Gambang, Pahang which was developed under a 21-year power purchase agreement

Posted Date: August 24, 2021 MARC has lowered its ratings on Alpha Circle Sdn Bhd’s outstanding RM140 million Senior Sukuk Musharakah to BBIS from BBBIS and RM55 million Junior Sukuk Musharakah to BIS from BBIS. The rating action highlights the ongoing challenges surrounding the hire of foreign labour that has remained significantly affected by measures

Posted Date: August 13, 2021 MARC has affirmed its short-term rating of MARC-2IS on Bina Darulaman Berhad’s (BDB) RM100.0 million Islamic Commercial Papers (ICP) Programme with a stable outlook. The rating incorporates BDB’s competitive strength to be able to undertake public infrastructure and construction contracts in Kedah, its moderate position as a property developer, its