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MARC's ratings are recognized and accepted in the Malaysian capital markets. MARC is recognized by Bank Negara Malaysia and Securities Commission, respectively, as an External Credit Assessment Institution (ECAI) under Basel II and as a bond rating agency regulated under the Guidelines on the Registration of Credit Rating Agencies issued by the Securities Commission on 30 March 2011. MARC's ratings convey opinions of the relative creditworthiness of issuers, institutions and obligations.

From its inception in 1996 to 31 August 2019, MARC has completed a total of 820 ratings, comprising:

  1. 448 corporate debt ratings with a total rated value of RM376.88 billion;
  2. 90 project finance ratings with a total rated value of RM117.09 billion;
  3. 187 structured finance ratings with a total rated value of RM47.64 billion;
  4. 1 sovereign debt rating with a value of RM3.0 billion;
  5. 10 sovereign credit strength ratings;
  6. 35 financial institution ratings;
  7. 5 issuer ratings;
  8. 28 corporate credit ratings;
  9. 10 insurer financial strength ratings;
  10. 3 counterparty credit ratings; and
  11. 3 investment manager ratings.
Year Notable MARC-rated Issuances
2018
  • Putrajaya Bina Sdn Bhd’s RM1.58 billion Islamic Medium-Term Notes Programme (Sukuk Wakalah) to fund the development of government office buildings.
  • Sinar Kamiri Sdn Bhd’s RM245.0 million Green SRI Sukuk Wakalah.
  • UiTM Solar Power Sdn Bhd’s RM240.0 million Green SRI Sukuk Murabahah.
2017
  • Quantum Solar Park’s (SEMENANJUNG) RM1.0 billion Sukuk Murabahah, the world’s largest green SRI Sukuk to finance the construction of the largest solar power project of its kind in Southeast Asia.
  • Beijing Enterprise Water Group’s (M) RM400.0 million Sukuk Wakalah, the first-ever ringgit-denominated sukuk issued by a Chinese conglomerate for water infrastructure project.
  • Fortune Premiere Sdn Bhd’s RM3.0 billion Multi-Currency Islamic Medium-Term Notes Programme (Sukuk Murabahah). Fortune Premiere Sdn Bhd is wholly owned subsidiary of IOI Properties Group Berhad (IOI Properties).
2016
  • Islamic Development Bank’s (IDB) Sukuk Wakalah issuance of RM400.0 million by Tadamun Services Berhad, a trust established by IDB for the purpose of issuing the sukuk.
  • Lebuhraya Duke Fasa 3 RM3.64 billion multi-tranche sukuk, Malaysia’s largest offering of project bonds for the year. The sukuk was recognised as "2016 Islamic Issue of the Year" by IFR Asia Awards 2016. It was also awarded the “Best Project Finance Deal” and the “Best Debut Sukuk” at The Asset Triple A Islamic Finance Awards 2017. The Asset Triple A Asia Infrastructure Awards 2017, awarded the Duke 3 with the “Project Finance Deal of the Year” and the “Transport Deal of the Year, Malaysia”.
2015
  • Jimah East Power Sdn Bhd’s (JEP) Sukuk Murabahah of up to RM10.0 billion. The second largest single project sukuk issue in the global market
  • Malayan Banking Berhad’s RM10.0 billion Senior Medium-Term Note (MTN) programme
  • CIMB Group Holdings Berhad’s RM10.0 billion Basel III-compliant Tier 2 Subordinated Debt Programme
2014
  • TNB Western Energy Berhad’s Islamic securities of RM1.625 billion for working capital and various project-related expenditure
  • Petronas Dagangan Berhad’s RM2.0 billion Sukuk Murabahah Islamic Commercial Papers and Islamic Medium Term Notes Programme for capital expenditure, working capital and/or Shariah-compliant general corporate purposes
2013
  • CIMB Bank Berhad’s RM10.0 billion Tier 2 Subordinated Debt Programme for working capital, general banking and other corporate purposes
  • Malakoff Power Berhad’s RM5.58 billion Sukuk Murabahah Programme for refinancing and working capital
  • Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s RM2.3 billion Sukuk Musharakah Programme and RM180 million redeemable secured junior bonds for refinancing and part-financing of the construction of the second phase of the Duta-Ulu Kelang Expressway
  • Kapar Energy Ventures Sdn Bhd’s RM2.0 billion Sukuk Ijarah for working capital and to refinance the Issuer’s outstanding Bai’ Bithaman Ajil Islamic Debt Securities
  • TNB Northern Energy Berhad’s RM1.625 billion issue of Islamic securities to finance the development of a 1,071.43-megawatt combined-cycle gas turbine power plant in Seberang Tengah, Pulau Pinang
2012
  • Celcom Transmission (M) Sdn Bhd’s RM5.0 billion Sukuk Programme for refinancing and working capital.
  • Putrajaya Holdings Sdn Bhd’s RM3.0 billion Sukuk Musharakah Programme to be utilised to fund the construction of selected government and commercial buildings in Putrajaya.
  • Projek Lebuhraya Usahasama Berhad’s (PLUS Berhad) RM23.35 billion Sukuk Musharakah Programme, for the purpose of part-funding the acquisition of the selected Malaysian tolled expressways concessions and the Penang Bridge concession as well as to fund a planned capital spending, remains to-date the largest rated sukuk issuance by a single entity in the world, was conferred the following awards:
    1. 2012 Malaysia Deal of the Year by Islamic Finance News
    2. 2012 Best Corporate Sukuk by The Asset Magazine
    3. 2012 Best Islamic Finance Deal of the Year in South East Asia by Alpha Southeast Asia
2011
  • 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.
2010
  • 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:
    1. 2010 Cross Border Deal of the Year by Islamic Finance News
    2. 2010 Asia Pacific Oil Gas Deal of the Year by Project Finance Magazine
    3. 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.
2008
  • 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.
2006
  • 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.
2005
  • 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.
2004
  • Kapar Energy Ventures Sdn Bhd’s RM3.4 billion Islamic Debt Securities was conferred the 2004 Asia Pacific Bond Deal of the Year Award from Project Finance International.
  • Cagamas MBS Berhad’s RM1.55 billion nominal value Residential Mortgage Backed Securities was conferred the 2004 Best Local Currency Bond Award by Asiamoney.
2001
  • 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).