Rating

Posted Date: January 7, 2022   MARC Ratings has downgraded its ratings on MEX II Sdn Bhd’s RM1.3 billion Sukuk Murabahah Programme and RM150 million Junior Bonds to defaulted rating of D from CIS/C. The rating action follows a non-payment on the principal and profit totalling RM107.8 million on the outstanding sukuk of RM1.3 billion […]

Posted Date: December 29, 2021 MARC has affirmed its AA+IS rating with a stable outlook on Sime Darby Property Berhad’s (SD Property) Islamic Medium-Term Notes Programme of RM4.5 billion under the Shariah principle of Musharakah. SD Property’s well-established position as a township developer and its strong sales track record in domestic property development remain key

Posted Date: December 27, 2021 MARC has assigned a preliminary rating of A+IS to Tan Chong Motor Holdings Berhad’s (TCMH) RM1.5 billion Islamic Medium-Term Notes (Sukuk Murabahah) Programme. The rating outlook is stable. The rating is confined to a RM500.0 million issuance and any further drawdown will require a reassessment of the rating. The assigned

Posted Date: December 24, 2021 MARC has affirmed its AA+IS rating on Celcom Networks Sdn Bhd’s (CNSB) RM5.0 billion Sukuk Murabahah Programme with a stable outlook. The outstanding currently stands at RM1.75 billion. CNSB provides network telecommunications services to its parent Celcom Axiata Berhad (Celcom) and fellow subsidiary Celcom Mobile Sdn Bhd. In assessing CNSB,

Posted Date: December 24, 2021 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 the Sukuk Murabahah Programme of up to RM1.0 billion. The ratings outlook is stable. The ratings are driven by UEM Edgenta’s established strong operating track record in healthcare

Posted Date: December 22, 2021 MARC has affirmed its AA-IS rating on MMC Corporation Berhad’s (MMC) RM2.5 billion Sukuk Murabahah Programme with a stable outlook. MMC’s significant competitive strengths in the ports and logistics, and engineering segments that have translated to strong earnings generation remain key rating drivers. The group’s performance is further supported by

Posted Date: December 22, 2021 MARC has affirmed its ratings on Berjaya Land Berhad’s (BLand) RM500.0 million Medium-Term Notes (MTN) Programme guaranteed by Danajamin Nasional Berhad (Danajamin) and RM150.0 million MTN Programme guaranteed by OCBC Bank (Malaysia) Berhad (OCBC Malaysia). The ratings of AAA(fg) and AAA(bg) carry a stable outlook. The affirmed ratings reflect the

Posted Date: December 21, 2021 MARC has affirmed its AA-IS rating on Jimah East Power Sdn Bhd’s (JEP) outstanding RM8.82 billion Sukuk Murabahah. The rating outlook is stable. The affirmed rating incorporates JEP’s predictable cash flows from its 2×1,000-megawatt (MW) ultra-supercritical coal plant under a 25-year power purchase agreement (PPA) with Tenaga Nasional Berhad (TNB).

Posted Date: December 21, 2021 MARC has affirmed its AA-IS rating on Cerah Sama Sdn Bhd’s RM420.0 million Sukuk with a stable outlook. The outstanding currently stands at RM360.0 million. The affirmation reflects Cerah Sama’s resilient cash flows backed by steady traffic volumes on its mature, 22-year-old Cheras-Kajang Highway. Strong cash reserves and an accommodative

Posted Date: December 21, 2021 MARC has affirmed its AAAIS rating on Projek Lebuhraya Usahasama Berhad’s (PLUS) RM23.35 billion Sukuk Musharakah Programme with a stable outlook. The outstanding currently stands at RM17.9 billion. The rating benefits from a two-notch uplift to PLUS’ standalone rating to reflect our view of strong government linkages exhibited in the interdependence between