Credit Ratings & Related Assessments
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Notable Issuances
Ratings undertaken by MARC Ratings convey opinions of the relative creditworthiness of issuers, institutions and obligations.
From its inception
in 1996 to January 31, 2024
MARC Ratings Berhad was incorporated as a public limited company to undertake the business of providing credit rating services, as well as economic and fixed-income research publications, on behalf of the MARC group of companies.
515
Corporate debt ratings
with a total rated value of RM560.74 billion
1
Sovereign debt rating
with a value of RM3.0 billion
98
Project finance ratings
with a total rated value of RM158.76 billion
12
Sovereign credit strength ratings
205
Structured finance ratings
with a total rated value of RM50.73 billion
52
Financial institution ratings
5
Issuer ratings
2
Counterparty credit ratings
53
Corporate credit ratings
3
Investment manager ratings
28
Impact bond assessments
Notable Issuances Rated
by MARC Ratings
- Awarded for its role as external reviewer of SME Bank’s RM500 million ASEAN Sustainability Wakala Bi Al-Istithmar Sukuk, which won the Best ASEAN Sustainability Sukuk (Malaysia)
- Voted as the 2022 Best Islamic Rating Agency by GIFA
- Rated the Islamic Medium-Term Notes (Sukuk Wakalah) Programme of up to RM3.0 billion by KPJ Healthcare Berhad’s SPV, Point Zone (M) Sdn Bhd
- Rated the (TPGSB) Sukuk Wakalah programme of up to RM10.0 billion by TNB Power Generation Sdn Bhd
- Rated the sukuk programme of up to RM5.5 billion by Amanat Lebuhraya Rakyat Berhad
- Recognised for its Sustainability Sukuk Assessment for Agroto Business (M)’s RM200 million ASEAN Sustainability SRI Murabaha Sukuk, which won the Most Innovative Deal (Sustainable Finance)
- Named as Malaysia’s Project Finance Rating Agency of the Year by The Asset magazine
- Voted as the 2021 Best Islamic Rating Agency by GIFA
- Rated the RM2.0 billion Islamic Medium-Term Notes Programme (Sukuk Musharakah) and RM2.0 billion Perpetual Sukuk Programme issued by UMW Holdings Berhad (UMW)
Rated the Islamic Medium-Term Notes Programme of up to RM3.0 billion (which shall include Sustainability IMTNs) and Islamic Commercial Papers Programme of up to RM1.0 billion, with a combined limit in nominal value of up to RM3.0 billion issued by Small Medium Enterprise Development Bank Malaysia Berhad (SME Bank) - Rated the Islamic Medium-Term Notes and Islamic Commercial Papers programmes with a combined limit of up to RM3.0 billion issued by F&N Capital Sdn Bhd
- Rated the RM3.0 billion Islamic Medium-Term Notes Programme issued by S P Setia Berhad
- Named as Malaysia’s Rating Agency of the Year by The Asset magazine
- Voted as the 2020 Best Islamic Rating Agency by GIFA
- Rated the Islamic Medium-Term Notes Programme (Sukuk Murabahah) of up to RM5.0 billion issued by Malaysian Resources Corporation Berhad (MRCB)
- Rated the RM5.0 billion Islamic Medium-Term Notes Programme issued by Bank Pembangunan Malaysia Berhad
- Rated the RM4.5 billion Sukuk Musharakah Programme issued by Sime Darby Property Berhad
- Rated the Islamic Medium-Term Notes Programme of up to RM3.0 billion issued by Pengerang LNG (Two) Sdn Bhd
- Named as Malaysia’s Rating Agency of the Year by The Asset magazine
- Voted as the 2019 Best Islamic Rating Agency by GIFA
- Rated the RM10.0 billion Sukuk Programme issued by Sunway Treasury Sukuk Sdn Bhd
- Rated the Islamic Medium-Term Notes Programme of up to RM3.5 billion by DRB-HICOM Berhad
- Named as Malaysia’s Rating Agency of the Year by The Asset magazine
- Voted as the 2018 Best Islamic Rating Agency by GIFA
- Rated the RM245.0 million Green SRI Sukuk Wakalah issued by Sinar Kamiri Sdn Bhd
- Rated the RM240.0 million Green SRI Sukuk Murabahah issued by UiTM Solar Power Sdn Bhd
- Voted as the 2017 Best Islamic Rating Agency by GIFA
- Rated the Sukuk Wakalah of up to RM4.0 billion issued by Southern Power Generation Sdn Bhd
- Rated the RM3.0 billion Multi-Currency Islamic Medium-Term Notes Programme (Sukuk Murabahah) issued by Fortune Premiere Sdn Bhd, a wholly-owned subsidiary of IOI Properties Group Berhad
- Rated the world’s largest Green SRI Sukuk , the RM1.0 billion Sukuk Murabahah issued by Quantum Solar Park (Semenanjung) Sdn Bhd to finance construction of the largest solar power project in Southeast Asia
- Rated the RM400.0 million Sukuk Wakalah issued by Beijing Enterprise Water Group (M) Limited, the first ever ringgit-denominated sukuk issued by a Chinese conglomerate for a water infrastructure project
- Named as Malaysia’s Project Finance Rating Agency of the Year by The Asset magazine
- Voted as the 2016 Best Islamic Rating Agency by GIFA
- Rated Malaysia’s largest offering of project sukuk for the year of RM3.64 billion multi-tranche Sukuk Wakalah issued by Lebuhraya DUKE Fasa 3 Sdn Bhd which IFR Asia Awards 2016 recognised as the 2016 Islamic Issue of the Year
- Named as Malaysia’s Project Finance Rating Agency of the Year by The Asset magazine
- Rated the second-largest single project sukuk issued in the global market, the RM8.98 billion Sukuk Murabahah issued by Jimah East Power Sdn Bhd to fund the development of a 2x1,000-megawatt ultra-supercritical coal-fired plant
- Rated the issuance programme of RM10.0 billion for CIMB Group Holdings Berhad
- Rated the issuance programme of RM10.0 billion for Malayan Banking Berhad
- Voted as the 2014 Best Islamic Rating Agency by GIFA
- Rated the RM2.0 billion perpetual Sukuk Musharakah issued by DRB-HICOM Berhad, first Islamic sukuk issued by a corporate in the Malaysian debt market
- Rated the RM5 billion sukuk issued by CIMB Islamic Bank, the first Islamic bank to issue a Basel III-compliant Tier 2 junior sukuk in the Malaysian debt capital market
- Rated the RM10.0 billion Tier 2 Subordinated Debt Programme issued by CIMB Bank Berhad
- Rated the RM5.58 billion Sukuk Murabahah Programme issued by Malakoff Power Berhad
- Rated the RM2.3 billion Sukuk Musharakah Programme and RM180 million redeemable secured junior bonds issued by Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd
- Rated the RM2.0 billion Sukuk Ijarah issued by Kapar Energy Ventures Sdn Bhd
- Rated the RM1.625 billion issue of Islamic securities issued by TNB Northern Energy Berhad
- Rated the RM23.35 billion Sukuk Musharakah issued by PLUS Berhad which was the world’s largest single rated sukuk issued by a corporate. The PLUS Berhad sukuk was named the 2012 Malaysia Deal of the Year by Islamic Finance News, the 2012 Best Corporate Sukuk by The Asset magazine and the 2012 Best Islamic Finance Deal of the Year in Southeast Asia by Alpha Southeast Asia magazine
- MARC became the first domestic credit rating agency to be registered pursuant to Securities Commission’s Guidelines on the registration of Credit Rating Agencies
- Aman Sukuk Berhad’s RM10.0 billion Islamic Medium Term Notes Programme to finance the development of facilities and staff quarters for the Royal Malaysia Police via securitization of future lease receivables from the Federal Government was the first of its kind to be successfully issued.
- TTM Sukuk Berhad’s RM600 million Sukuk Murabahah, to finance the development of a cross-boarder Trans Thailand-Malaysia gas pipeline and separation project undertaken jointly by two national oil companies, Petronas and PTT, was conferred the following awards:
- 2010 Cross Border Deal of the Year by Islamic Finance News
- 2010 Asia Pacific Oil Gas Deal of the Year by Project Finance Magazine
- 2010 Best Islamic Finance Deal of the Year in South East Asia by Alpha Southeast Asia
- Cagamas Berhad’s RM5.0 billion Sukuk Al-Amanah Li Al-Istithmar was conferred the 2010 Islamic Deal of the Year by Islamic Finance News.
- Export-Import Bank of Korea’s (KEXIM) RM3.0 billion bond/sukuk issue was conferred the 2008 IFR Asia Issuer of the Year Award by IFR Asia Magazine.
- KNM Capital Sdn Bhd’s RM300 million Murabahah Notes Issuance Facility / Medium Term Notes, was conferred the 2006 Mudarabah Deal of the Year Award by Islamic Finance News.
- Musyarakah One Capital Sdn Bhd’s RM2.5 billion Sukuk Musyarakah facility was the world’s first asset-backed transaction successfully issued based on the Musyarakah principles.
- Cagamas MBS Berhad’s RM2.05 billion Sukuk Musyarakah was conferred the 2005 Islamic Finance Deal of the Year Award by Euromoney and the 2005 Best Islamic Finance Deal Award by Finance Asia.
- First Global Sukuk Inc’s USD395 million Serial Islamic Lease Sukuk was the first rating of its kind internationally, being the first ever global issue of an Islamic debt listed on the Labuan International Financial Exchange (LFX)