Rating

Posted Date: April 30, 2020 MARC affirms its BBB-IS rating on Senai-Desaru Expressway Berhad’s (SDEB) RM1.89 billion Islamic Medium-Term Notes (Restructured Sukuk) Programme with a stable outlook. SDEB is the concessionaire of the 77-km tolled inter-urban Senai-Desaru Expressway (SDE) in Johor, which links the towns of Senai and Desaru with a connecting highway to Pasir […]

Posted Date: April 29, 2020 MARC has assigned ratings of MARC-1/AA- to Sunway Berhad’s RM2.0 billion Commercial Papers/Medium-Term Notes (CP/MTN) programme. Concurrently, the rating agency has affirmed its existing ratings on Sunway and related company Sunway Treasury Sukuk Sdn Bhd’s issuances. The ratings outlook is stable. The new CP/MTN programme will replace Sunway’s existing RM2.0

Posted Date: April 27, 2020 MARC has affirmed its long-term ratings of AAA, AA and A on Kinabalu Capital Sdn Bhd’s Issue 2 Medium-Term Notes (MTN) of RM130 million Class A, RM25 million Class B and RM15 million Class C. Concurrently, the rating agency has also affirmed its MARC-1 rating on Kinabalu Capital’s Issue 2

Posted Date: April 24, 2020 MARC has extended its MARCWatch Developing placement on Projek Lebuhraya Usahasama Berhad’s (PLUS) RM23.35 billion Sukuk Musharakah Programme. This rating action follows from the initial rating action in January 2020 which placed PLUS’ sukuk programme on watch. The sukuk programme carried a AAAIS/Stable rating prior to the MARCWatch placement which

Posted Date: April 21, 2020 MARC has affirmed its rating of AA+IS on Westports Malaysia Sdn Bhd’s (Westports) RM2.0 billion Sukuk Musharakah Programme with a stable outlook. The rating reflects 1) Westports’ strategic location along one of the world’s busiest shipping routes and its favourable cargo-handling facilities; 2) the company’s steady financial performance under long-term

Posted Date: April 16, 2020 MARC has assigned a preliminary rating of A+IS to Tropicana Corporation Berhad’s (Tropicana) proposed RM1.5 billion Islamic Medium-Term Notes Programme (Sukuk Wakalah) with a stable outlook. The assigned rating reflects Tropicana’s established market position in property development, steady performance and moderate leverage position. These strengths are supported by stable, albeit

Posted Date: April 15, 2020 MARC has affirmed its rating of AAA on Inverfin Sdn Bhd’s outstanding RM160 million Tranche A notes under its RM200 million Medium-Term Notes (MTN) programme. The rating outlook has been revised to stable from negative. The outlook revision reflects the significant improvement in occupancy level of the collateral property, Menara

Posted Date: April 09, 2020 MARC is issuing this update on Southern Power Generation Sdn Bhd’s (SPG) Sukuk Wakalah to highlight the potential impact from a force majeure declaration made by the engineering, procurement and construction (EPC) contractor on the 2x720MW combined cycle gas-fired power plant project being undertaken by the company in Pasir Gudang.

Posted Date: April 08, 2020 MARC has affirmed its ratings of MARC-1IS /AA-IS on UEM Edgenta Berhad’s Islamic Commercial Papers (ICP) and Islamic Medium-Term Notes (IMTN) under its Sukuk Murabahah programme of up to RM1.0 billion. The ratings outlook is stable. The affirmed ratings reflect UEM Edgenta’s strong business and financial profile, stemming mainly from

Posted Date: April 6, 2020 MARC has affirmed its rating of AA-IS on Jimah East Power Sdn Bhd’s (JEP) outstanding RM8.98 billion Sukuk Murabahah with a stable outlook. JEP operates a 2×1,000-megawatt (MW) ultra-supercritical coal-fired power plant in Jimah, Negeri Sembilan. The affirmed rating incorporates (1) the predictable cash flows from the power plant, (2)