Rating

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 […]

Posted Date: December 16, 2021 MARC has affirmed its AAIS rating on Fortune Premiere Sdn Bhd’s RM3.0 billion Multi-Currency Islamic Medium-Term Notes Programme (Sukuk Murabahah). The rating outlook has been revised to negative from stable. Fortune Premiere is a funding vehicle for parent IOI Properties Group Berhad which has extended an unconditional and irrevocable guarantee

Posted Date: December 15, 2021 MARC has affirmed its AAIS rating on ANIH Berhad’s RM2.5 billion Senior Sukuk Musharakah Programme with a stable outlook. ANIH is the concessionaire of Kuala Lumpur-Karak Highway (KL-Karak) and Phase 1 of East Coast Expressway (ECE1) until 2032. The rating reflects the company’s strong operating cash flow generation, underpinned by

Posted Date: December 15, 2021 MARC has affirmed its AA-IS rating with a stable outlook on AZRB Capital Sdn Bhd’s (ACSB) outstanding RM535.0 million Islamic Medium-Term Notes (Sukuk Murabahah). ACSB is a special-purpose vehicle of Ahmad Zaki Resources Berhad (AZRB) and was set up to subscribe to Redeemable Convertible Preference Shares (RCPS-i) issued by sister

Posted Date : December 15, 2021 MARC has affirmed its rating of AA-IS on Evyap Sabun Malaysia Sdn Bhd’s (Evyap Malaysia) RM500.0 million Sukuk Wakalah Programme with a stable outlook. As of date, the company has issued RM200 million sukuk. The rating is premised on Evyap Malaysia’s strong domestic market position in oleochemicals, its vertically

Posted Date: December 15, 2021 MARC has affirmed its ratings of MARC-1IS /AAIS to Cellco Capital Bhd’s (Cellco) RM520 million issuance (Issue 1) under its Islamic Commercial Papers/Islamic Medium-Term Notes (Sukuk Ijarah Programme) with a combined limit of up to RM1.0 billion. The ratings outlook is stable. Cellco is a special-purpose entity that was set

Posted Date: December 14, 2021 MARC has withdrawn its rating of AAAIS on Al-Bai’ Bithaman Ajil Islamic Financing Bonds of RM2.0 billion issued by Tenaga Nasional Berhad. The rating withdrawal follows the full redemption of the Islamic bonds upon maturity on December 13, 2021. Contacts:Lee Chi Han, +603-2717 2939/ chihan@marc.com.my;Sharidan Salleh, +603-2717 2954/ sharidan@marc.com.my. List

Posted Date: December 14, 2021 MARC has affirmed its financial institution (FI) rating of AAA with a stable outlook on Credit Guarantee Corporation Malaysia Berhad (CGC). The rating reflects CGC’s status as a development financial institution (DFI) with an explicit public policy role, underpinned by the support provided by the government through Bank Negara Malaysia

Posted Date: December 10, 2021 MARC has downgraded Serba Dinamik Holdings Berhad’s Islamic Medium-Term Notes Programme (IMTN) rating to CIS from BBIS/Negative. Serba Dinamik’s Islamic Commercial Papers (ICP) rating remains at MARC-4IS which is the lowest category under the non-investment grade, reflecting the heightened risk of non-repayment on the outstanding RM100 million ICP. MARC’s downgrade

Posted Date: December 9, 2021   MARC has downgraded Senai-Desaru Expressway Berhad’s (SDEB) RM1.89 billion Islamic Medium-Term Notes Programme (Restructured Sukuk) rating to BBIS from BBB-IS. The rating outlook remains negative. The downgrade reflects our view that SDEB’s tight liquidity position has heightened the risk of the company not being able to address its upcoming