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Credit rating assessments and economic-related research and publications

Providing opinions of relative creditworthiness of issuers, institutions and obligations as well as publications on fixed income and economic research.

Credit Ratings & Related Assesments
Sustainability-Related Assesments
Economic & Fixed-Income Analysis

About
MARC Ratings

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.

MARC Ratings provides issue ratings for corporate and structured finance projects as well as financial institutions. MARC Ratings also provides ratings on credit enhancement providers, insurance and reinsurance companies, and investment managers. To ensure full transparency, MARC's website provides access to our key rating methodologies.

MARC Ratings provides investors with its in-house economics team's outlook on the domestic economy as well as in-depth commentaries on Malaysia's annual budget and BNM's policy publications. It also publishes country risk assessments on a regular basis.

MARC Ratings publishes its annual rating default and transition studies to help investors form an opinion of the default potential of it ratings, its outlook on the domestic bond market, as well as rating and bond market commentaries at regular intervals.

Resources

Rating Guide

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Rating Process

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Rating Symbols & Definitions

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Rating Methodologies

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Regulatory

Independent external review services for bonds or sukuk issued under the following standards/principles.


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Lead Managers

Providing analytics consulting services to entities which are implementing Probability of Default (PD) models for their credit risk management needs. These services target financial institutions which must satisfy regulatory expectations regarding the integrity and comprehensiveness of their internal models.

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MARC Ratings Services

MARC Ratings is a licensed credit rating agency with Securities Commission Malaysia, and is a Bank Negara-accredited Externa Credit Assessment Institution.

Ratings

MARC Ratings provides issue ratings for corporate and structured finance projects as well as financial institutions, among others

Key rating methodologies are provided on MARC’s corporate website, ensuring full transparency

Corporate Credit Ratings

Corporate Credit Ratings are a measure of a corporate’s intrinsic ability and overall capacity for timely repayment of its financial obligations

Voluntary ratings that may be sought by companies to enhance corporate governance and transparency

Expected Loss Ratings for Corporate Issuances Supported by Partial Third-Party Guarantees

The Expected Loss (EL) Ratings on partial credit guarantee-supported corporate financings represent MARC Ratings’ opinion of relative loss severity given default, providing investors with insight into the loss severity dimension of credit risk

Corporate Debt Ratings

Financial Institution Ratings assess the creditworthiness of financial institutions, i.e. commercial and investment banks and finance companies.

Financial Institution Ratings

Financial Institution Ratings assess the creditworthiness of financial institutions, i.e. commercial and investment banks and finance companies.

Islamic Financial Institution Ratings

Islamic Financial Institution (IFI) Ratings assess the corporate governance of an Islamic financial institution

An assessment of how the IFI promotes sound governance, transparency and accountability as well as institutional capacity building for improved governance

Project Finance Ratings

Project Finance Ratings are opinions on the credit quality of a project’s debt where such obligations are repaid through project cash flows

MARC Ratings’ project finance analytical framework focuses on identifying specific project risks as well as the feasibility of the project and its sensitivity to the impact of potentially adverse factors

Insurer Financial Strength Ratings

Insurer Financial Strength Ratings assess the financial security characteristics of an insurance company on its ability to meet its policyholder obligations in accordance with the terms of their insurance contracts.

Fixed-Income Research

MARC Ratings publishes its annual rating default and transition studies to help investors form an opinion of the default potential of its ratings, its outlook on the domestic bond market, as well as rating and bond market commentaries at regular intervals

Solar Power Project Finance Ratings

Solar Power Project Finance Ratings outline the approach to assessing utility-scale grid connected solar power plants which are financed on a non-recourse, project finance basis

Rating considerations mainly focus on solar project risks such as regulatory, offtaker, site resources and technological risks

Sovereign Ratings

Sovereign Ratings are assessments of the ability and willingness of a sovereign government to repay its debt obligations in full and in a timely manner

Assigned to sovereign governments based on a domestic rating scale, providing an indication of their creditworthiness relative to other domestic and foreign issuers in MARC Ratings’ universe

Structured Finance Ratings

Structured Finance Ratings assess the likelihood of timely repayment of principal and interest payments on debt securities issued by a corporate

Sukuk Ratings

Sukuk Ratings assess the likelihood of timely repayment of the instruments issued under the various Islamic financing contracts

The assigned rating(s) are differentiated from ratings on conventional debt offerings and other fixed income Islamic capital market instruments

Economic Research

MARC Ratings provides investors with its in-house economics team’s outlook on the domestic economy as well as in-depth commentaries on Malaysia’s budget and Bank Negara Malaysia’s annual report

MARC Ratings also publishes country risk assessments on a regular basis

Investment Manager Ratings

Sovereign Ratings are assessments of the ability and willingness of a sovereign government to repay its debt obligations in full and in a timely manner

Assigned to sovereign governments based on a domestic rating scale, providing an indication of their creditworthiness relative to other domestic and foreign issuers in MARC Ratings’ universe

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