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# MARC

Malaysian Rating Corporation Berhad

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## Posts

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- [Lorem ipsum dolor sit amet](https://www.marc.com.my/lorem-ipsum-dolor-sit-amet-2/) - Lorem ipsum dolor sit amet consectetur adipiscing elit. Quisque faucibus ex sapien vitae pellentesque sem placerat. In id cursus mi pretium tellus duis convallis. Tempus leo eu aenean sed diam urna tempor. Pulvinar vivamus fringilla lacus nec metus bibendum egestas. Iaculis massa nisl malesuada lacinia integer nunc posuere. Ut hendrerit semper vel class aptent taciti
- [MARC’s viewpoints : What’s in store for 2010?](https://www.marc.com.my/marc-s-viewpoints-what-s-in-store-for-2010/) - Posted Date : 10 Feb 2010Malaysian Rating Corporation Bhd (MARC) released its outlooks for the economy, the bond market and various industries at the MARC 2010 Investors’ Briefing held at the Hilton Kuala Lumpur on February 9, 2010. About 100 capital-market investors and market players from the financial fraternity were in attendance at the event
- [MARC releases its 2009 Annual Corporate Default and Rating Transition Study](https://www.marc.com.my/marc-releases-its-2009-annual-corporate-default-and-rating-transition-study-2/) - Posted Date : 16 Mar 2010Malaysian Rating Corporation Berhad (MARC) has released its 2009 Annual Corporate Default and Ratings Transition Study. The report discusses rating trends in 2009, default activity and the outlook for 2010. The agency’s rating universe remained relatively stable although there was a marked absence of positive credit actions and a higher
- [CIMB Investment Bank & Maybank Investment Bank receive Top Lead Manager Awards from MARC](https://www.marc.com.my/cimb-investment-bank-maybank-investment-bank-receive-top-lead-manager-awards-from-marc/) - Posted Date : 15 Jul 2010Malaysian Rating Corporation Berhad (MARC) awarded CIMB Investment Bank Berhad (CIMB Investment) and Maybank Investment Bank Berhad (Maybank IB) with the Top Lead Managers Awards recently in recognition of their distinctive achievements in the Issue Value category and the Issue Count category respectively. CIMB Investment topped the Issue Value 2009
- [Net foreign inflows in August amid easing of inflation fears](https://www.marc.com.my/net-foreign-inflows-in-august-amid-the-ease-of-inflation-fears-20220928/) - Posted Date: September 28, 2022 After two consecutive months of outflows, the local bond market recorded net foreign inflows as investors returned to emerging markets amid easing inflationary fears. In August, the local bond market logged net foreign inflows of RM5.6 billion (July: -RM3.5 billion). All segments registered net foreign inflows. Malaysian Government Securities (MGS)
- [MARC Ratings upgrades 2022 GDP growth forecast to 6.5% despite consecutive OPR hikes](https://www.marc.com.my/marc-ratings-upgrades-2022-gdp-growth-forecast-to-6-5-despite-consecutive-opr-hikes-20220908/) - Posted Date: September 08, 2022Today, Bank Negara Malaysia (BNM) announced its Monetary Policy Committee's (MPC) decision to increase the overnight policy rate (OPR) by 25 basis points to 2.50%.The hike, the third in as many MPC meetings, further rolls back part of the monetary support implemented during the worst of the COVID-19 crisis. After the
- [Sustainability takes centre stage on day 2 of MARC Malaysian Bond and Sukuk 2022 virtual conference](https://www.marc.com.my/sustainability-takes-centre-stage-on-day-2-of-marc-malaysian-bond-and-sukuk-2022-virtual-conference-20220729/) - Posted Date: July 29, 2022 The MARC Malaysian Bond and Sukuk 2022 (MMBS 2022) virtual conference concluded yesterday with a panel discussion titled "Emerging Global Market Trends", focusing on the latest trends impacting business industries in Malaysia and around the world. During the discourse, the topic of sustainability took centre stage as the panellists deliberated
- [MARC Malaysian Bond and Sukuk 2022 virtual conference kicks off](https://www.marc.com.my/marc-malaysian-bond-and-sukuk-2022-virtual-conference-kicks-off-20220728/) - Posted Date: July 28, 2022The MARC Malaysian Bond and Sukuk 2022 (MMBS 2022) virtual conference opened yesterday morning and is being held over two half-days on July 27-28, 2022. Held annually, the conference is aimed at fostering dialogue among financial market professionals on developments in the bond and sukuk market amid the post-pandemic era.Securities Commission
- [MARC Malaysian Bond and Sukuk Virtual Conference returns to share debt capital market insights post-pandemic](https://www.marc.com.my/marc-malaysian-bond-and-sukuk-virtual-conference-returns-to-share-debt-capital-market-insights-post-pandemic-20220725/) - Posted Date: July 25, 2022MARC will be hosting its annual MARC MALAYSIAN BOND AND SUKUK 2022 VIRTUAL CONFERENCE (MMBS 2022) over two half-days on July 27-28, 2022, where the keynote address will be delivered by Securities Commission Malaysia's Executive Chairman, Yang Berbahagia Dato' Seri Dr Awang Adek Hj Hussin.The conference will act as a platform
- [2H2022 Bond Market Outlook Update: Limited upside for yields](https://www.marc.com.my/2h2022-bond-market-outlook-update-limited-upside-for-yields-20220721/) - Posted Date: July 21, 2022Since inflation has risen materially and is likely to stay above the target for some time, central banks around the world have been pressured to act. The pace of rate hikes in major economies could ratchet tightening pressure on central banks in the emerging markets (EM). EM central banks are generally
- [2H2022 Macro Update: One step forward, two steps back](https://www.marc.com.my/2h2022-macro-update-one-step-forward-two-steps-back-20220714/) - Posted Date: July 14, 2022Growth headwinds abound in 2H2022. The US Federal Reserve's aggressive rate hikes, the Russia-Ukraine military conflict in Europe, and China's zero-Covid strategy have sent shockwaves globally. Southeast Asian economies appear to rebound strongly in 2022, but the rising food and energy prices may not sit well from the socio-economic perspective.The latest
- [Fiscal support should complement consecutive rate tightening](https://www.marc.com.my/fiscal-support-should-complement-consecutive-rate-tightening/) - Posted Date: July 7, 2022After delivering a 25bps hike in May, the first in more than four years, Bank Negara Malaysia (BNM) followed up with another 25bps increase in the Overnight Policy Rate (OPR) to 2.25% at its Monetary Policy Committee (MPC) meeting on July 6, 2022. The OPR hike had been widely expected as
- [BNM’s hawkish pivot a defence against significant foreign outflows, more rate hikes in 2H2022](https://www.marc.com.my/bnm-s-hawkish-pivot-a-defence-against-significant-foreign-outflows-more-rate-hikes-in-2h2022-20220623/) - Posted Date: June 23, 2022Foreign flows into the local bond market returned to positive territory in May amid foreign investors' flight-to-safety demand and Bank Negara Malaysia's (BNM) hawkish pivot. Nevertheless, the magnitude was only a meagre RM531 million, which did not completely offset the relative net foreign outflows of RM2.2 billion in April. Total cumulative
- [Foreign outflows resume in April for the second consecutive month as global bond rout intensifies](https://www.marc.com.my/foreign-outflows-resume-in-april-for-the-second-consecutive-month-as-global-bond-rout-intensifies-20220526/) - Posted Date: May 26, 2022April saw the local bond market record net foreign outflow for the second consecutive month, albeit at a smaller magnitude of RM2.2 billion compared with RM4.0 billion in the previous month amid the global bond rout as the market braced for aggressive interest rate hikes by the US Federal Reserve (the
- [Minimum wage, maximum daze](https://www.marc.com.my/minimum-wage-maximum-daze-20220428/) - Posted Date: April 28, 2022Effective May 1, the statutory minimum wage will be increased from RM1,200 to RM1,500. The impending hike is expected as the Minimum Wages Order goes through a review every two years. However, the quantum of the hike in percentage and value terms – at 25% and RM300 – is unprecedented. Furthermore,
- [Foreign investors turned net sellers in March amid a hawkish chorus to tame red-hot inflation](https://www.marc.com.my/foreign-investors-turned-net-sellers-in-march-amid-a-hawkish-chorus-to-tame-red-hot-inflation-20210422/) - Posted Date: April 22, 2022After recording net foreign inflows in the first two months of 2022, the local bond market experienced massive net foreign outflows of RM4.0 billion in March (Feb: +RM3.1 billion) amid a hawkish chorus by the US Federal Reserve (Fed) in quelling red-hot inflation. The local government bond market suffered sell-offs as
- [BNM Annual Report 2021: Stronger recovery amid economic scarring and downside risks](https://www.marc.com.my/bnm-annual-report-2021-stronger-recovery-amid-economic-scarring-and-downside-risks-20220407/) - Posted Date: April 7, 2022Our view on the outlook of the Malaysian economy is generally consistent with those presented by Bank Negara Malaysia (BNM) in its Economic and Monetary Review 2021. BNM anticipates a stronger recovery in 2022, with real GDP growth ranging between 5.3% - 6.3% (versus MARC Ratings' forecast of 5.7%). While we
- [MARC360: Sustainable Development Financing 2022 Virtual Conference Day 2 — Sustainable energy innovations and global trends](https://www.marc.com.my/marc360-sustainable-development-financing-2022-virtual-conference-day-2-sustainable-energy-innovations-and-global-trends-20220401/) - Posted Date: April 1, 2022The MARC360: Sustainable Development Financing 2022 Virtual Conference continued with Day 2 yesterday and began with a discourse on current sustainable energy innovations and global trends.The first session, titled "Sustainable Energy Innovations in the Age of Climate Change", explored the global transition towards new energy in the efforts to address climate
- [MARC360: Sustainable Development Financing 2022 Virtual Conference kicks off](https://www.marc.com.my/marc360-sustainable-development-financing-2022-virtual-conference-kicks-off-20220331/) - Posted Date: March 31, 2022The third iteration of the MARC360 conference series, titled "Sustainable Development Financing 2022" commenced yesterday morning and is being held over two half-days on March 30-31, 2022.The virtual conference was officiated by the Minister of Finance Malaysia, YB Senator Tengku Datuk Seri Utama Zafrul Bin Tengku Abdul Aziz. On his behalf,
- [Net foreign inflows resume for three consecutive months in February amid hunts for safe havens](https://www.marc.com.my/net-foreign-inflows-resume-for-three-consecutive-months-in-february-amid-hunts-for-safe-havens-20220324/) - Posted Date: March 24, 2022The local bond market continued to record net foreign inflow for the third consecutive month, albeit at a declining magnitude in February. The ongoing military conflict between Ukraine and Russia raised the safety demand for bonds as haven assets. Foreign investors remained as net buyers although total net foreign inflow narrowed
- [MARC Ratings publishes 2021 Annual Corporate Default and Ratings Transition Study](https://www.marc.com.my/marc-ratings-publishes-2021-annual-corporate-default-and-rating-transitions-study-20220324/) - Posted Date: March 24, 2022MARC Ratings today published its 2021 Annual Corporate Default and Ratings Transition Study which tracks the history of corporate ratings assigned by the rating agency since its inception in 1996 through to December 31, 2021. This is MARC Ratings' 17th Annual Corporate Default and Ratings Transition Study.In 2021, MARC Ratings recorded
- [MARC to host MARC360: Sustainable Development Financing 2022 Virtual Conference](https://www.marc.com.my/marc-to-host-marc360-sustainable-development-financing-2022-virtual-conference-20220323/) - Posted Date: March 23, 2022MARC will be hosting the third instalment of its MARC360 conference series, MARC360: SUSTAINABLE DEVELOPMENT FINANCING 2022 VIRTUAL CONFERENCE over two half-days on March 30-31, 2022. Seeing as sustainable development goals (SDGs) are increasingly on the agenda for many organisations globally, this conference is timely to discuss current issues and trends
- [MARC Ratings publishes 2021 Lead Managers' League Tables](https://www.marc.com.my/marc-ratings-publishes-2021-lead-managers-league-tables-20220309/) - Posted Date: March 9, 2021MARC Ratings Berhad has published its 2021 Lead Managers' League Tables. The Lead Managers' League Tables provide a meaningful measure of domestic bond issuances rated by MARC given that only issuances which have attained financial close are included. MARC Ratings is a wholly-owned subsidiary of Malaysian Rating Corporation Berhad (MARC), and
- [BNM to continue its cautious stance amid voluntary lockdowns](https://www.marc.com.my/bnm-to-continue-its-cautious-stance-amid-voluntary-lockdowns-20220301/) - Posted Date: March 01, 2022In the upcoming Monetary Policy Committee (MPC) meeting on March 3, 2022, we foresee that Bank Negara Malaysia (BNM) will hold the overnight policy rate (OPR) unchanged at the historical low of 1.75%. We envisage BNM will express its cautious stance while maintaining its assessment of the economy and inflation outlook.
- [Bond yields surged amid hotter inflation magnitude](https://www.marc.com.my/bond-yields-surged-amid-hotter-inflation-magnitude-20210218/) - Posted Date: February 18, 2022Soaring inflation led to surging bond yields across the global markets in January 2022. The Federal Open Market Committee meeting saw the US Federal Reserve (Fed) leave the federal funds rate unchanged in the first month of the year. Nevertheless, future rate hikes are expected as the Fed hinted that its
- [Clear supply-side growth policies needed in 2022](https://www.marc.com.my/clear-supply-side-growth-policies-needed-in-2022-20220210/) - Posted Date: February 10, 2022We envisage Malaysia's GDP growth pace in 4Q2021 to come in at 4.2% y-o-y (3Q2021: -4.5%) given the pickup in economic activity at the time as more states transitioned into Phase 2 of the National Recovery Plan. Our estimate is based on improved high-frequency indicators in 4Q2021 vis-à-vis 4Q2020; such an
- [Foreign investors returned as net buyers in December](https://www.marc.com.my/foreign-investors-returned-as-net-buyers-in-december-20220126/) - Posted Date: January 26, 2022The local bond market returned positive in December, offsetting the net foreign outflow in the preceding month. Net foreign inflow into local bonds broadened to RM6.2 billion (Nov: -RM3.6 billion) amid risk-on sentiment and steady global economic recovery. Total foreign holdings jumped to RM256.6 billion (Nov: RM250.4 billion), the highest since
- [2022 Bond market outlook: Flattening bias to persist as inflation takes hold](https://www.marc.com.my/2022-bond-market-outlook-flattening-bias-to-persist-as-inflation-takes-hold-20220126/) - Posted date: January 26, 2022Concerns are growing across the globe that more supply side issues would push inflation to levels where central banks find uncomfortable and, on top of that, dampen the already fragile economic recovery. As it is, several countries have already seen inflation rise to well above their monetary policy targets. We opine
- [BNM determined to support growth](https://www.marc.com.my/bnm-determined-to-support-growth-20220124/) - Posted Date: January 24, 2022The first Monetary Policy Committee (MPC) meeting of 2022 saw Bank Negara Malaysia (BNM) holding the overnight policy rate (OPR) unchanged at the record low of 1.75%. BNM has been on status quo since July 2020. The decision is in line with our expectation as we deem the current accommodative monetary
- [2022 Economic outlook: Normalisation amid rising downside risks, inflationary pressures and monetary policy dilemma for Malaysia](https://www.marc.com.my/2022-economic-outlook-normalisation-amid-rising-downside-risks-inflationary-pressures-and-monetary-policy-dilemma-for-malaysia-20220119/) - Posted Date: January 19, 2022As it stands, we take note of multilateral development banks' (MDBs) projections suggesting dissipating low-base effects in 2022. We believe that governments will only resort to mild mobility restrictions, if any, to curb the spread of Omicron or subsequent COVID-19 variants considering high vaccination rates globally.As Malaysia's largest trading partner, we
- [MARC embarks on corporate realignment to gear up for growth](https://www.marc.com.my/marc-embarks-on-corporate-realignment-to-gear-up-for-growth-20211227/) - Posted Date: December 27, 2021Malaysian Rating Corporation Berhad (MARC) is embarking on a corporate realignment exercise as it seeks to lay the groundwork for further group-wide transformation by transferring its regulatory license as a credit rating agency with the Securities Commission Malaysia and the Bank Negara Malaysia-accredited External Credit Assessment Institution status to its wholly-owned
- [MARC publishes methodologies on Commercial Real Estate-Backed Securitisation and Highway Investment Trust](https://www.marc.com.my/marc-publishes-methodologies-on-commercial-real-estate-backed-securitisation-and-highway-investment-trust-20211222/) - Posted Date: December 22, 2021MARC has released its finalised methodologies on Commercial Real Estate (CRE)-Backed Securitisation and Highway Investment Trust. These methodologies had previously been published as exposure drafts for public consultation. There have been no changes to these exposure drafts published on December 7, 2021.The methodologies outline the rating agency's analytical frameworks on CRE-Backed
- [MARC issues sector report on toll road industry](https://www.marc.com.my/marc-issues-sector-report-on-toll-road-industry-20211222/) - Posted Date: December 22, 2021 MARC has published a sector report on the domestic toll road industry, looking at MARC-rated concessionaires' performance and traffic trends two years into the COVID-19 pandemic. There is a strong correlation between policy responses to the pandemic and traffic flow. MARC generally holds a stable outlook on the toll road
- [MARC issues sector report on automotive industry](https://www.marc.com.my/marc-issues-sector-report-on-automotive-industry-20211222/) - Posted Date: December 22, 2021 MARC has published a sector report on the domestic automotive industry. The report covers key developments and trends that have transpired over the past year, challenges faced by the industry, as well as the rating agency's near-term outlook. The full report can be accessed here. Contacts: Neo Xue Wei, +603-2717
- [MARC issues sector report on banking industry](https://www.marc.com.my/marc-issues-sector-report-on-banking-industry-20211217/) - Posted Date: December 17, 2021 MARC has published a sector report on the domestic banking industry, examining key banking metrics and the challenges to the industry. MARC maintains a stable outlook on the Malaysian banking sector. Despite the impact from the COVID-19 pandemic, the domestic banking industry has been shielded from severe financial distress and
- [MARC issues sector report on solar power industry](https://www.marc.com.my/marc-issues-sector-report-on-solar-power-industry-20211217/) - Posted Date: December 17, 2021 MARC has published a sector report on the domestic solar power industry, highlighting key developments and trends. The report also contains the rating agency's views on the key drivers for growth and its outlook for the industry. The full report can be accessed here. Contacts: Lee Chi Han, +603-2717
- [Foreign flow plunged to negative region after three consecutive months of inflow euphoria](https://www.marc.com.my/foreign-flow-plunged-to-negative-region-after-three-consecutive-months-of-inflow-euphoria-20211215/) - Posted Date: December 15, 2021After three consecutive months of positive net foreign flow, the local bond market foreign flow migrated to negative territory in November. The local bond market suffered from sell-offs as the net foreign outflows plummeted to RM3.5 billion (October: +RM2.9 billion) as investors reacted to the hawkish stance and the prospect of
- [Exposure drafts on methodologies on Commercial Real Estate-Backed Securitisation and Highway Investment Trust](https://www.marc.com.my/exposure-drafts-on-methodologies-on-commercial-real-estate-backed-securitisation-and-highway-investment-trust-20211207/) - Posted Date: December 7, 2021MARC has published for comment exposure drafts which outline the rating agency's analytical frameworks on Commercial Real Estate (CRE)-Backed Securitisation and Highway Investment Trust. The main highlights of the methodologies are as follows:CRE-Backed Securitisation Assessment of key factors the rating agency uses to determine loan-to-value ratios Deriving value of the collateral
- [Bond yields surged as global central banks seen unwinding stimulus at a quicker pace](https://www.marc.com.my/bond-prices-surged-as-global-central-banks-seen-unwinding-stimulus-at-a-quicker-pace-20211202/) - Posted Date: December 2, 2021Hawkish expectations were rife in October as global central banks are set to normalise their monetary policies soon. The US Federal Reserve had announced that it will begin tapering its asset purchases by USD15.0 billion from its USD120.0 billion monthly bond-buying programme. In the EU, the European Central Bank had hinted
- [MARC360: Sustainable Infra 2021 Virtual Conference Day 2 - ESG integration and future directions for the infrastructure sector](https://www.marc.com.my/marc360-sustainable-infra-2021-virtual-conference-day-2-esg-integration-and-future-directions-for-the-infrastructure-sector-20211126/) - Posted Date: November 26, 2021The MARC360: Sustainable Infra 2021 Virtual Conference resumed for Day 2 today and commenced with a discussion on the considerations and integration of environmental, social and governance (ESG) practices in global and Malaysian infrastructure.Among the observations made during the panel discussion was the significant growth in the issuance of green, social
- [MARC360: Sustainable Infra 2021 Virtual Conference commences — Capital market update and challenges post-COVID-19](https://www.marc.com.my/marc360-sustainable-infra-2021-virtual-conference-commences-capital-market-update-and-challenges-post-covid-19-20211125/) - Posted Date: November 25, 2021The MARC360: Sustainable Infra 2021 Virtual Conference kicked off this morning and was officiated by Senior Minister of Works, Yang Berhormat Dato' Sri Haji Fadillah Bin Haji Yusof. This virtual conference, which focuses on sustainable infrastructure issues and trends, is held over two half-days on November 25-26, 2021.MARC's Group Chief Executive
- [3Q2021 GDP: W-shaped recovery, green shoots delayed](https://www.marc.com.my/3q2021-gdp-w-shaped-recovery-green-shoots-delayed-20211118-2/) - Posted Date: November 18, 2021Malaysia's economy had its worst performance in 3Q2021 since the first Movement Control Order (MCO) in 2Q2020 with a sharp decline of 4.5% year-on-year (y-o-y) after the double-digit growth of 16.1% in 2Q2021. The contraction highlights the economic cost of a strict and prolonged lockdown, which was announced in mid-May and
- [OPR holds steady while contraction resumes in 3Q2021](https://www.marc.com.my/opr-holds-steady-while-contraction-resumes-in-3q2021-20211111/) - Posted Date: November 11, 2021 In the final Monetary Policy Statement (MPS) for the year 2021, Bank Negara Malaysia (BNM) decided to hold the overnight policy rate (OPR) steady at 1.75%, the same record low level since May 2020. The latest policy rate decision is in parallel with our expectations. The central bank continues its
- [Budget 2022: Recovery in motion, future growth rates in question](https://www.marc.com.my/budget-2022-recovery-in-motion-future-growth-rates-in-question-20211110/) - Posted Date: November 10, 2021As anticipated, the Budget 2022 presented to Parliament on October 31, 2021 remains strongly expansionary with a record allocation of RM332.1 billion (Budget 2021: RM322.5 billion). Operating expenditure (OPEX) and development expenditure (DEPEX) comes in higher at RM233.5 billion and RM75.6 billion (2021 estimates: RM219.6 billion and RM62.0 billion). Meanwhile, the
- [MARC to host MARC360: Sustainable Infra 2021 Virtual Conference](https://www.marc.com.my/marc-to-host-marc360-sustainable-infra-2021-virtual-conference-20211103/) - Posted Date: November 3, 2021MARC will be hosting the second instalment of the MARC360 conference series, MARC360: SUSTAINABLE INFRA 2021 VIRTUAL CONFERENCE over two half-days on November 25-26, 2021. For this iteration, the virtual conference will focus on sustainable infrastructure as well as the ongoing issues and trends in the sector.The infrastructure sector plays a
- [Sea of red across global bond markets amid hawkish risks and inflation fears](https://www.marc.com.my/sea-of-red-across-global-bond-markets-amid-hawkish-risks-and-inflation-fears-20211101/) - Posted Date: November 01, 2021In September, the US Federal Reserve (Fed) set the stage for swifter rate hikes and commencement of its tapering plan. In its latest Federal Open Market Committee statement, the Fed upgraded its median Federal Funds Rate (FFR) projections for 2022 and 2023 to 0.3% and 1.0% (June: 0.1% and 0.6%). The
- [Budget 2022: Gradual reopening with concerns over supply-demand mismatch](https://www.marc.com.my/budget-2022-gradual-reopening-with-concerns-over-supply-demand-mismatch-20211027/) - Posted Date: October 27, 2021On August 31, 2021, the government unveiled its maiden Pre-Budget Statement (PBS) aimed at offering greater fiscal formulation transparency. In the document, the Ministry of Finance (MOF) noted that Budget 2022 would comprise the following themes: i) protecting lives and driving the recovery of livelihoods; ii) rebuilding economic resilience; and iii)
- [The 12th Malaysia Plan](https://www.marc.com.my/the-12th-malaysia-plan-20211012/) - Posted Date: October 12, 2021After a year of delay, the 12th Malaysia Plan (12MP) was finally unveiled by the Prime Minister on September 27, 2021. The 532-page official document starts by taking stock of the Vision 2020 and 11MP achievements but falls short of weighing the rationale and costs of unmet targets.The lack of criticism
- [MARC named Best Islamic Rating Agency at Global Islamic Finance Awards 2021](https://www.marc.com.my/marc-named-best-islamic-rating-agency-at-global-islamic-finance-awards-2021-20211005/) - Posted Date: October 5, 2021MARC has recently been awarded the Best Islamic Rating Agency of the Year 2021 at the 11th Global Islamic Finance Awards (GIFA). This is the sixth time in a row since 2016 that MARC has won this accolade, the most prestigious award for Islamic rating services. This repeated achievement shows the
- [Foreign investors return to Malaysia’s bond market in August](https://www.marc.com.my/foreign-investors-return-to-malaysia-s-bond-market-in-august-20211004/) - Posted Date: October 4, 2021Foreign investors resumed their net buying activities in August after being net sellers in the previous two months. Foreign inflows into the local bond market in August amounted to RM6.6 billion, offsetting the outflows that occurred in June and July which amounted to RM4.1 billion. Foreign holdings amounted to RM250.4 billion
- [BNM signals no imminent changes in the OPR](https://www.marc.com.my/bnm-signals-no-imminent-changes-in-the-opr-20210913/) - Posted Date: September 13, 2021 In a Monetary Policy Statement (MPS) released on September 9, 2021, Bank Negara Malaysia (BNM) decided to hold the overnight policy rate (OPR) unchanged at 1.75%. This is in line with our expectations. The MPS signalled no imminent changes in the OPR, which has been at a record low since
- [Local bonds rally in July in tandem with global bonds](https://www.marc.com.my/local-bonds-rally-in-july-in-tandem-with-global-bonds-20210901/) - Posted Date: September 1, 2021In July, as the global pandemic crisis deepens, global government bonds including Malaysian Government Securities (MGS) have rallied. MGS performance mimicked the US Treasury market as investors flocked towards safe-haven assets. The rally was spurred by the rapid spread of the COVID-19 Delta variant, amplifying expectations the US economic growth has
- [A strong rebound, but still far from a full recovery](https://www.marc.com.my/a-strong-rebound-but-still-far-from-a-full-recovery-20210820-2/) - Posted Date: August 20, 2021As expected, Malaysia's economy posted a sharp turnaround in 2Q2021 after four consecutive quarters of contraction. While it was the highest quarterly growth ever recorded, the performance did not offset the deep contraction in last year's corresponding period. The economy shrank 3.9% compared to 2Q2019, so it still fell short of
- [2Q2021 GDP Growth: Base effect–driven rebound expected](https://www.marc.com.my/2q2021-gdp-growth-base-effect-driven-rebound-expected-20210812/) - Posted Date: August 12, 2021 In 2Q2021, we envisage a sharp turnaround in Malaysia's real GDP growth on a year-on-year (y-o-y) basis to 13.2%, compared with -0.5% recorded in 1Q2021. Such promising performance will likely be Malaysia's highest quarterly growth ever recorded. The double-digit growth primarily reflects a favourable base effect as the economy contracted
- [Local bond market records first monthly net foreign outflow in 14 months in June](https://www.marc.com.my/local-bond-market-records-first-monthly-net-foreign-outflow-in-14-months-in-june-20210730/) - Posted Date: July 30, 2021 In June, foreign flows into the local bond market turned negative for the first time in 14 months. Foreign holdings of local bonds fell by RM0.5 billion to RM247.4 billion (May: RM247.9 billion), equivalent to 14.6% (May: 14.7%) of total outstanding local bonds. The outflows were mainly driven by the
- [Lockdown without being locked in](https://www.marc.com.my/lockdown-without-being-locked-in-20210729-2/) - Posted Date: July 29, 2021MARC has published a policy paper titled "Lockdown without being locked in", which consists of four parts: one, the alternative meaning of the Movement Control Order (MCO) 1.0; two, the projected economic costs due to MCO 3.0; three, two broad principles, namely reciprocal transaction and channel-variable, to improve the existing lockdown
- [Up the steepening slope](https://www.marc.com.my/up-the-steepening-slope-20210716/) - Posted Date: July 16, 2021In 1H2021, fiscal support to mitigate the impact of stricter lockdown measures caused the gross issuance of Malaysian Government Securities (MGS)/Government Investment Issues (GII) to rise by 3.5% y-o-y to RM80.5 billion. Consequently, the MGS yield have steepened with yields along the 7y20y curve surged by between 62bps to 79bps while
- [Macroeconomic Outlook Update: “V” for Variation](https://www.marc.com.my/macroeconomic-outlook-update-v-for-variation-20210714-2/) - Posted Date: July 14, 2021We believe that the V-shaped narrative highlighted in our 2021 Outlook report remains intact but will be more highly uneven than anticipated. The pandemic will pull down the per capita incomes of developing and least developed countries away from that of developed countries, resulting in a sizeable income gap between rich
- [MARC wins Project Finance Rating Agency of the Year for 2021](https://www.marc.com.my/marc-wins-project-finance-rating-agency-of-the-year-for-2021-20210702/) - Posted Date: July 2, 2021Malaysian Rating Corporation Berhad (MARC) was named as Project Finance Rating Agency of the Year (Malaysia) for 2021. This is the fourth time that MARC has been honoured and humbled by the award, having previously been bestowed with this industry recognition in 2020, 2016 and 2015.The Asset Triple A Infrastructure Awards
- [Nationwide lockdown steepens MGS yield curve](https://www.marc.com.my/nationwide-lockdown-steepens-mgs-yield-curve-20210623/) - Posted Date: June 23, 2021Malaysian Government Securities (MGS) started the month on a positive momentum with yields declining across the board during the first week. Demand was supported by risk-off sentiment emanating from local investors on the back of rising COVID-19 cases and introduction of the MCO 3.0. Yield on the 10y MGS fell to
- [MARC going remote on Monday, May 31, 2021](https://www.marc.com.my/marc-going-remote-on-monday-may-31-2021-20210528/) - Posted Date: May 28, 2021To our clients and other stakeholders,In response to the movement control order, and in support of the government's efforts to curtail the alarming spread of COVID-19 and to ensure the safety of our staff, MARC will operate remotely from Monday, May 31, 2021. Prior to this latest development, we had already
- [Foreign investors continue to flock to local bonds amid continuing optimism from FTSE Russell’s decision to maintain Malaysia in the WGBI](https://www.marc.com.my/foreign-investors-continue-to-flock-to-local-bonds-amid-continuing-optimism-from-ftse-russell-s-decision-to-maintain-malaysia-in-the-wgbi-20210527/) - Posted Date: May 27, 2021 The local bond market sustained positive net foreign inflows for the 12th straight month in April. Total foreign holdings in April expanded by RM6.4 billion (Mar: +RM5.9 billion) to RM246.1 billion, equivalent to 14.8% (Mar: 14.5%) of total outstanding local bonds. Malaysian Government Securities (MGS) received most of the inflows
- [MARC's 25th Annual General Meeting: Sustainable Transformation for a Resilient Future](https://www.marc.com.my/marc-s-25th-annual-general-meeting-sustainable-transformation-for-a-resilient-future-20210527/) - Posted Date: May 27, 2021Malaysian Rating Corporation Berhad (MARC) held its 25th Annual General Meeting (AGM), themed "Sustainable Transformation for a Resilient Future", via virtual streaming on May 24, 2021."MARC's consolidated revenue for 2020 improved by 14% to RM18.99 million as rated corporate issuances showed healthy increases in both value and volume during the year,
- [MARC MALAYSIAN BOND & SUKUK CONFERENCE 2021 DAY 3: ESG investing and increased digitalisation catalysts for the Malaysian capital market](https://www.marc.com.my/marc-malaysian-bond-sukuk-conference-2021-day-3-esg-investing-and-increased-digitalisation-catalysts-for-the-malaysian-capital-market-20210521/) - Posted Date: May, 21, 2021The third and final day of the MARC MALAYSIAN BOND & SUKUK CONFERENCE 2021 began with a discussion on environmental, social and corporate governance (ESG). The conversation was centred around the development of ESG policies, with all panellists agreeing that factoring ESG into investment decisions is unavoidable. The panellists featured were:
- [MARC MALAYSIAN BOND AND SUKUK CONFERENCE 2021 DAY 2: Leveraging fintech to enhance financial inclusion; demand for ESG sukuk remains on the uptrend](https://www.marc.com.my/marc-malaysian-bond-and-sukuk-conference-2021-day-2-leveraging-fintech-to-enhance-financial-inclusion-demand-for-esg-sukuk-remains-on-the-uptrend-20210520/) - Posted Date: May 20, 2021 The second day of the MARC MALAYSIAN BOND & SUKUK CONFERENCE 2021 commenced with a presentation by Mr. John Sidoli, Research and Compliance, SINEGY on the utilisation of fintech in bond and sukuk issuances and an overview of the global digital landscape. He further elaborated on Malaysia's initiatives regarding the
- [MARC MALAYSIA BOND & SUKUK CONFERENCE 2021 kicks off; focus on continued growth and innovation of Malaysian capital market](https://www.marc.com.my/marc-malaysia-bond-sukuk-conference-2021-kicks-off-focus-on-continued-growth-and-innovation-of-malaysian-capital-market-20210519/) - Posted Date: May 19, 2021The MARC MALAYSIA BOND & SUKUK CONFERENCE 2021 commenced this morning. The conference, which will be held over three half days from May 19 to May 21, 2021, will comprise a diverse mix of representatives from Malaysia's debt capital market. It presents a key opportunity for all stakeholders to have a
- [MARC to host MARC Malaysian Bond & Sukuk Virtual Conference 2021](https://www.marc.com.my/marc-to-host-marc-malaysian-bond-sukuk-virtual-conference-2021-20210507/) - Posted Date: May 07, 2021Malaysian Rating Corporation Berhad (MARC) will host the MARC MALAYSIAN BOND & SUKUK VIRTUAL CONFERENCE 2021 (MMBS 2021) which will be held over three half days from May 19 to May 21, 2021. This virtual conference will be officiated by Datuk Syed Zaid Albar, Executive Chairman of the Securities Commission Malaysia,
- [1Q2021 GDP Growth: Expect another quarterly decline](https://www.marc.com.my/1q2021-gdp-growth-expect-another-quarterly-decline-20210506/) - Posted Date: May 06, 2021 The Malaysian economy remains weak. We expect 1Q2021 GDP growth to remain in negative territory for the fourth consecutive quarter, albeit at a more moderate pace of -1.6% y-o-y (4Q2020: -3.4%) mainly due to the low base effect. The decline will mark the longest consecutive quarters of negative growth in
- [MARC announces appointment of new chairman and board members](https://www.marc.com.my/marc-announces-appointment-of-new-chairman-and-board-members-20210505/) - Posted Date: May 5, 2021Malaysian Rating Corporation Berhad (MARC) announced today the appointment of a new chairman and three board members to its Board of Directors. MARC also announced the retirement of its previous chairman, Datuk Azizan Haji Abd Rahman, who served from December 2012 to April 2021. Two directors, Dato' Muthanna Abdullah and Madam
- [PART TWO: SPV2030, RMK-12 and transitional growth](https://www.marc.com.my/part-two-spv2030-rmk-12-and-transitional-growth-20210426-2/) - Posted Date: April 26, 2021In Part One of this article, we unpacked Malaysia's overall achievements and opined that the government is likely to soon revise Shared Prosperity Vision 2030 (SPV2030)'s targets.Part Two of this article will discuss three key ideas; firstly, how past economic crises have shaped the Malaysian economy and its impact on the
- [Malaysian bonds continue sell-off in March as OPR stays at 1.75% and US bond rout resumes](https://www.marc.com.my/malaysian-bonds-continue-sell-off-in-march-as-opr-stays-at-1-75-and-us-bond-rout-resumes-20210421/) - Posted Date: April 21, 2021 Major global bond markets ended mixed in March. Government bonds in the US and the UK saw their yields rising throughout the month amid continued progress in vaccine rollouts and fresh fiscal stimulus. Both the US Federal Reserve and the Bank of England left their key policy rates and pace
- [MARC hosts Lead Managers' League Table Awards 2020: Towards Sustainable Transformation](https://www.marc.com.my/marc-hosts-lead-managers-league-table-awards-2020-towards-sustainable-transformation-20210409/) - Posted Date: April 09, 2021 MARC CEO Datuk Jamaludin Nasir with the winners from MARC's Lead Managers' League Table Awards 2020 Kuala Lumpur, April 9, 2021 - Malaysian Rating Corporation Berhad (MARC) honoured key movers and shakers in Malaysia's debt capital markets comprising investment banks and corporates as well as bond/sukuk issuers at its Lead
- [US’ massive fiscal stimulus plans ignite global bond rout, sell-off spreads to Malaysia](https://www.marc.com.my/us-massive-fiscal-stimulus-plans-ignite-global-bond-rout-sell-off-spreads-to-malaysia-20210318/) - Posted Date: March 18, 2021The global bond rout deepened in February as the reflation trade continued to be a dominant theme. From the US to Germany and the UK, government bond yields ended the month with their biggest monthly surge in years. The sell-off first started in the US amid positive progress on Biden's USD1.9
- [MARC publishes 2020 Annual Corporate Default and Rating Transitions Study](https://www.marc.com.my/marc-publishes-2020-annual-corporate-default-and-rating-transitions-study-20210317/) - Posted Date: March 17, 2021MARC's 16th Annual Corporate Default and Rating Transitions Study tracks the history of corporate ratings assigned by the rating agency since its inception in 1996 through to December 31, 2020. Despite the slump in economic growth due to the COVID-19 pandemic, MARC's portfolio of corporate bond issuers remained steady in 2020
- [MARC wins Rating Agency of the Year](https://www.marc.com.my/marc-wins-rating-agency-of-the-year-20210305/) - Posted Date: March 05, 2021Malaysian Rating Corporation Berhad (MARC) is pleased to announce that it has been named as Rating Agency of the Year (Malaysia) for the year 2020. This win marks the third year running that MARC has been honoured with this accolade, which is awarded by Hong Kong-based The Asset magazine.The Asset Triple
- [MGS yields swing in early 2021](https://www.marc.com.my/mgs-yields-swing-in-early-2021-20210222/) - Posted Date: February 22, 2021Malaysian Government Securities (MGS) began the year with heightened volatility. Yields initially swung upwards during the first week of trading. This upward momentum was then tempered by increased uneasiness surrounding domestic political developments. Surging COVID-19 cases that breached the 2,000 level also stoked fears of another round of the Movement Control
- [MARC unveils new brand identity](https://www.marc.com.my/marc-unveils-new-brand-identity-20210208/) - Posted Date: February 08, 2021 Malaysian Rating Corporation Berhad (MARC) has unveiled its new look and identity with a refreshed logo that encapsulates its aspirations as a modern and progressive credit rating agency.The top blue line in the logo represents the company's ambitions as it seeks to expand into new business segments. The bottom blue
- [GDP growth in 2020: short-term pain, long-term strain](https://www.marc.com.my/gdp-growth-in-2020-short-term-pain-long-term-strain-20210205/) - Posted Date: February 5, 2021The economic recession due to the outbreak of COVID-19 will soon be proven to be the world's most devastating crisis since the Great Depression. As a small and open economy, Malaysia has not been spared from the brunt of these twin health and economic crises.We forecast that Malaysia will record the
- [MARC publishes 2020 Lead Managers' League Tables; recognises corporates in MARC-rated deals](https://www.marc.com.my/marc-publishes-2020-lead-managers-league-tables-recognises-corporates-in-marc-rated-deals-20210202/) - Posted Date: February 2, 2021Malaysian Rating Corporation Berhad (MARC) has published its 2020 Lead Managers' League Tables. Published annually, the league tables rank the lead managers by volume and number of lead-arranged MARC-rated issuances in any given year. MARC's Lead Managers' League Tables provide a meaningful measure of domestic bond issuances rated by MARC given
- [Strong foreign bond-buying continues](https://www.marc.com.my/strong-foreign-bond-buying-continues-20210121/) - Posted Date: January 21, 2021For the eighth consecutive month, the local bond market continued to see net positive foreign inflows in December. This was despite the Fitch downgrade of Malaysia's sovereign credit rating against the pandemic backdrop, and a strong indication that investors were buying into November's dip.With net foreign inflows coming in at RM3.6
- [OPR: A prudent pause](https://www.marc.com.my/opr-a-prudent-pause-20210120/) - Posted Date: January 20, 2021Bank Negara Malaysia (BNM) left the overnight policy rate (OPR) unchanged at a historical low of 1.75% during its first Monetary Policy Committee (MPC) meeting of 2021. This was a prudent pause, in our view, as the resurgence of COVID-19 cases has triggered another round of the movement control order (MCO).
- [V(accine)-shaped recovery in the offing](https://www.marc.com.my/v-accine-shaped-recovery-in-the-offing-20210108/) - Posted Date: January 8, 2021Despite the rapid development and deployment of vaccines in recent weeks, COVID-19 will continue to force economies to balance a difficult trade-off between managing public health and driving economic growth. We anticipate that governments' response to the resurgence of the virus will likely challenge earlier forecasts for a V-shaped recovery in
- [Calmer waters ahead for fixed income](https://www.marc.com.my/calmer-waters-ahead-for-fixed-income-20210108/) - Posted Date: January 08, 2021While 2020 had been a year of many challenges, we expect 2021 to shape out into one that is relatively less "unprecedented". Growth risks in Malaysia should gradually fade with the general availability of the COVID-19 vaccine though recovery at the sectoral level will likely remain choppy. On the aggregate, we
- [Yields surge as COVID-19 vaccine Euphoria takes hold](https://www.marc.com.my/yields-surge-as-covid-19-vaccine-euphoria-takes-hold-20201218/) - Posted Date: December 18, 2020Malaysian bonds tanked in November, sending yields significantly higher compared to October on return of risk sentiment. Domestic investors cut down on their Malaysian Government Securities (MGS) holdings as the prospect of a quicker economic recovery had heightened, diminishing expectations of future rate cuts.Risk-on sentiment was mainly spurred by positive news
- [(Harian Metro) Belanjawan 2021: Moratorium & kesannya](https://www.marc.com.my/harian-metro-belanjawan-2021-moratorium-kesannya-20201125/) - Posted Date: November 25, 2020This article, which was written by MARC's Senior Economist Firdaos Rosli, was published in Harian Metro & My Metro on Wednesday, November 25, 2020. Tidak dinafikan kesan penutupan dan sekatan ekonomi disebabkan penularan wabak Covid-19 dirasai secara tidak seimbang oleh semua lapisan masyarakat, lebih-lebih lagi mereka yang berada di bahagian bawah
- [Stimulus calls drive foreign inflows](https://www.marc.com.my/stimulus-calls-drive-foreign-inflows-20201123/) - Posted Date: November 23, 2020October was vibrant for Malaysian bonds amid robust gross issuance activities, slumping yields, and heightened foreign demand. The increased appetite was mainly driven by calls for further fiscal and monetary support amid the resurgence of COVID-19 cases. This was also supported by the expectation of a gradual economic recovery. We expect
- [Strong 3Q2020 rebound but challenges ahead](https://www.marc.com.my/strong-3q2020-rebound-but-challenges-ahead-20201114/) - Posted Date: November 14, 2020Malaysia's GDP in 3Q2020 signals the country's path towards economic recovery. While the resumption of economic activities has enabled some level of normalisation, the recent spike in COVID-19 infections and the imposition of lockdowns in a majority of states could dampen Malaysia's economic growth trajectory in the immediate term. Following the
- [Budget 2021: Hard Choices, Difficult Trade-offs](https://www.marc.com.my/budget-2021-hard-choices-difficult-trade-offs-20201109/) - Posted Date: November 09, 2020Budget 2021 signifies the country's first short-term fiscal priorities during a historical pandemic. It sets the tone for the federal government's budgets in the coming years as we await the unveiling of the 12th Malaysia Plan (12MP) in early 2021.The government faces a difficult trade-off in stimulating demand at a time
- [Budget 2021: Setting the Stage for Recovery](https://www.marc.com.my/budget-2021-setting-the-stage-for-recovery-20201105/) - Posted Date: November 05, 2020Given the importance of preserving lives and livelihoods, as well as stabilising the economy, Budget 2021 will be expansionary. We think the government's unprecedented fiscal response in 2020 is justified; if not for the swiftness and scale of the response, the outcome from the intertwined public health and economic crisis could
- [Yields on Malaysian Government Securities corrected higher](https://www.marc.com.my/yields-on-malaysian-government-securities-corrected-higher-20201020/) - Posted Date: October 20, 2020In September, yields on Malaysian Government Securities (MGS) corrected higher after experiencing record-lows in August. On September 10, MGS yields at the short end of the curve increased the most as Bank Negara Malaysia's (BNM) decision to maintain the Overnight Policy Rate (OPR) at 1.75% has reduced speculation of further rate
- [Local bonds continue to attract foreign demand](https://www.marc.com.my/local-bonds-continue-to-attract-foreign-demand-2020/) - Posted Date: September 22, 2020 In August, the local bond market saw net positive foreign inflows, albeit at a slower pace, for the fourth consecutive month. Foreign bond holdings rose by RM3.1 billion (July: RM8.3 billion) to RM209.0 billion, which is equivalent to 13.3% (Jul: 13.1%) of total outstanding bonds.Local bonds remained attractive to
- [MARC wins GIFA Best Islamic Rating Agency Award for the sixth time](https://www.marc.com.my/marc-wins-gifa-best-islamic-rating-agency-award-for-the-sixth-time-20200922/) - Posted Date: September 22, 2020Malaysian Rating Corporation Berhad (MARC) received the Best Islamic Rating Agency Award at the 10th Global Islamic Finance Awards (GIFA) on September 14, 2020. This annual global awards honours the institutions and individuals that have made significant contribution to the development of Islamic banking and finance. The 10th GIFA was held
- [MARC finalises updated methodology: Rating Malaysian State Governments](https://www.marc.com.my/20200917-2/) - Posted Date : September 17, 2020Following market consultation, MARC has finalised and released its updated methodology for rating Malaysian state governments. The methodology sets out MARC's approach to assigning state credit ratings and provides insights into the factors taken into consideration.The methodology substantially updates the rating analytical framework with the introduction of an adjustment factor
- [MARC launches inaugural MARC 360: Property Recharge 2020 webinar series](https://www.marc.com.my/marc-launches-inaugural-marc-360-property-recharge-2020-webinar-series-20200911/) - Posted Date: September 11, 2020 Malaysian Rating Corporation Berhad (MARC) will launch its MARC 360: PROPERTY RECHARGE 2020 webinar series on September 17, 2020. Officiated by Dato' IR Soam Heng Choon, President of REHDA Malaysia, the series comprises six weekly webinars that will cover key issues in the domestic property market. UEM Sunrise Berhad is
- [MARC publishes exposure draft of updated Methodology: Rating Malaysian State Governments](https://www.marc.com.my/marc-publishes-exposure-draft-of-updated-methodology-rating-malaysian-state-governments/) - Posted Date: August 24, 2020MARC has published for comment an exposure draft which outlines the rating agency's updated methodology on Rating Malaysian State Governments. The exposure draft substantially updates MARC's analytical framework with the introduction an adjustment factor to reflect the propensity of extraordinary federal support to avert defaults of state obligations. Given the current
- [Local bond yields reach fresh all-time lows in July amid global chase for yield - July 2020](https://www.marc.com.my/local-bond-yields-reach-fresh-all-time-lows-in-july-amid-global-chase-for-yield-july-2020/) - Posted Date: August 19, 2020For the third consecutive month in July, foreign investors continued to be net buyers of Malaysian bonds, raising their holdings by RM7.1 billion to RM206.0 billion. Foreign demand was spurred by the high-yielding appeal of Malaysian bonds amid Bank Negara Malaysia's recent Overnight Policy Rate cut to a record low of
- [Lockdowns hit 2Q2020 GDP growth; rebound is expected in 2021](https://www.marc.com.my/lockdowns-hit-2q2020-gdp-growth-rebound-is-expected-in-2021-20200814/) - Posted Date: August 14, 2020 The sharp downturn in real GDP in 2Q2020 (-17.1% y-o-y) has been expected, given that many economies were in lockdown and Malaysia having experienced its own Movement Control Order (MCO) between March and May. The severity of the GDP contraction even surpassed the decline in real output that Malaysia experienced
- [MARC announces minority investment by Moody's](https://www.marc.com.my/marc-announces-minority-investment-by-moody-s/) - Posted Date: August 12, 2020Malaysian Rating Corporation Berhad (MARC) today announced that Moody's Corporation has acquired a minority stake in the company. Moody's investment strengthens MARC's position as a leader in the sukuk market as well as Moody's position as a mainstay of global credit ratings and analytical tools.MARC has been a major player in
- [MARC presents 2019 Lead Managers' League Table Awards](https://www.marc.com.my/marc-presents-2019-lead-managers-league-tables-awards-20200805/) - Posted Date: August 05, 2020Malaysian Rating Corporation Berhad (MARC) recently presented its 2019 Lead Managers' League Table Awards to the winning financial institutions.MARC Chief Business Officer Ahmad Feizal Sulaiman Khan presents the 2019 Lead Managers League Table Awards winner's plaque for top issued value for MARC-rated debt and sukuk programmes to Kenanga Investment Bank Debt
- [Net foreign bond inflow surged to a six-year high in June](https://www.marc.com.my/net-foreign-bond-inflow-surged-to-a-six-year-high-in-june-20200722/) - Posted Date: July 22, 2020In June, foreign bond holdings expanded by RM11.6 billion (May: RM1.5 billion) to RM198.9 billion on the back of the highest recorded net foreign inflows since May 2014 (RM13.5 billion). Consequently, the total foreign share of outstanding local bonds as of end-June stood higher at 12.8% (May: 12.2%).Most of the foreign
- [MARC wins Project Finance Rating Agency of the Year for 2020](https://www.marc.com.my/marc-wins-project-finance-rating-agency-of-the-year-for-2020-20200717/) - Posted Date: July 17, 2020Malaysian Rating Corporation Berhad (MARC) was named as Project Finance Rating Agency of the Year (Malaysia) for 2020. This is the third time that MARC has earned this industry distinction, having previously won this accolade in 2016 and 2015.Awarded by Hong Kong-based The Asset, The Asset Triple A Infrastructure Awards 2020
- [Banking on global liquidity support](https://www.marc.com.my/banking-on-global-liquidity-support-20200717/) - Posted Date: July 17, 2020Yields on Malaysian Government Securities (MGS) ended 1H2020 significantly lower compared to 2019 in a bull-steepening move. MGS yields had initially peaked in March 2020 as global risk sentiment worsened due to the COVID-19 pandemic. The upward pressure on yields began to ease in 2Q2020 amid Bank Negara Malaysia's (BNM) aggressive
- [Rising to the great economic adversity](https://www.marc.com.my/rising-to-the-great-economic-adversity-20200708/) - Posted Date: July 8, 2020The great economic fallout arising from the COVID-19 pandemic will lead to the deepest global output contraction since the Great Depression in the 1930s. Not surprisingly, the World Bank and the International Monetary Fund (IMF) project a contraction in real gross domestic product (GDP) by 5.2% and 4.9% for 2020. This
- [MARC's 24th Annual General Meeting: Driving a Sustainable Capital Market in Challenging Times](https://www.marc.com.my/marc-s-24th-annual-general-meeting-driving-a-sustainable-capital-market-in-challenging-times-20200625/) - Posted Date: June 25, 2020Malaysian Rating Corporation Berhad (MARC) held its 24th Annual General Meeting (AGM), themed "Driving a Sustainable Capital Market in Challenging Times", via virtual streaming on June 24, 2020."MARC's consolidated revenue for 2019 improved by 11.6% to RM16.6 million as rated corporate issuances showed healthy increases in both value and volume during
- [Foreigners net buyers of local bonds for first time in four months](https://www.marc.com.my/foreigners-net-buyers-of-local-bonds-for-first-time-in-four-months-20200617/) - Posted Date: June 17, 2020 Yields on Malaysian Government Securities (MGS) remained supported in May as Bank Negara Malaysia (BNM) cut its Overnight Policy Rate for the third consecutive time. With growth prospects worsening and deflation risks rising in the face of the COVID-19 pandemic, there are high expectations of further monetary easing. Support also
- [The National Economic Recovery Plan (PENJANA) - Implications on fiscal and debt positions](https://www.marc.com.my/the-national-economic-recovery-plan-penjana-implications-on-fiscal-and-debt-positions-20200608/) - Posted Date: June 08, 2020The government unveiled the National Economic Recovery Plan (PENJANA) on June 5, 2020, outlining measures to rehabilitate the domestic economy that has been severely affected by the COVID-19 pandemic. As these are short-term measures, they are aimed at supporting the economy for the rest of the year by helping to improve
- [Economy to rebound in 2021; growth will remain below potential](https://www.marc.com.my/economy-to-rebound-in-2021-growth-will-remain-below-potential-20200602/) - Posted Date: June 2, 2020 Malaysia's GDP growth, which tumbled to 0.7% y-o-y in 1Q2020 is expected to decelerate further in 2Q2020 as the full impact of the Movement Control Order (MCO) is reflected in weaker private consumption on top of the lacklustre pace of investments. While the 1Q2020 growth statistics generally came in
- [OPINION: COVID-19: Impact and implications for Malaysia](https://www.marc.com.my/opinion-covid-19-impact-and-implications-for-malaysia-20200529/) - Posted Date: May 29, 2020Another unprecedented global crisis is here. This time around, the trigger is the coronavirus disease (COVID-19). The chilling effect of both the disease and the measures to suppress its spread has been unparalleled. Going forward, long-term policy implications could decide the economic fate of nations.In Malaysia, 1Q2020 GDP growth slowed significantly
- [Yields fall significantly in April amid support of further cut in rates](https://www.marc.com.my/yields-fall-significantly-in-april-amid-support-of-further-cut-in-rates-20200518/) - Posted Date: May 18, 2020Yields on Malaysian Government Securities (MGS) ended April significantly lower mainly due to the heightened expectation of an overnight policy rate (OPR) cut by Bank Negara Malaysia (BNM) at its scheduled Monetary Policy Committee (MPC) meeting on May 5, 2020. Demand for MGS was also supported by signs of falling COVID-19
- [MARC publishes 2019 Lead Managers' League Tables](https://www.marc.com.my/marc-publishes-2019-lead-managers-league-tables-20200515/) - Posted Date: May 15, 2020MARC (Malaysian Rating Corporation Berhad) has published its 2019 Lead Managers' League Tables. The league tables rank the lead managers by volume and number of lead-arranged MARC-rated issuances in any given year.Kenanga Investment Bank Berhad topped the issued value league table of MARC-rated debt and sukuk programmes/issuances, with Maybank Investment Bank
- [MGS yields jump on global risk-off sentiment as COVID-19 fears deepen](https://www.marc.com.my/mgs-yield-jump-on-global-risk-off-sentiment-as-covid-19-fears-deepen-20200414/) - Posted Date: April 14, 2020Yields on Malaysian Government Securities (MGS) rose sharply from early to mid-March as the erosion in risk sentiment due to the COVID-19 pandemic dominated trade. As the outbreak shows little sign of slowing, governments around the world including Malaysia began to restrict the movement of its citizens, hampering economic activities. Due
- [BNM Annual Report 2019: Support from private sector crucial](https://www.marc.com.my/bnm-annual-report-2019-support-from-private-sector-crucial-20200404/) - Posted Date: April 04, 2020In its Annual Report unveiled on 3 April 2020, Bank Negara Malaysia (BNM) painted a subdued outlook for the Malaysian economy in 2020. It projects economic growth to be in the range of 0.5% and -2.0% due to the impact of the coronavirus disease (COVID-19) pandemic on both the global and
- [PRIHATIN Rakyat Economic Stimulus Package: Wider Scope, Broader Target Groups](https://www.marc.com.my/prihatin-rakyat-economic-stimulus-package-wider-scope-broader-target-groups-20200330/) - Posted Date: March 30, 2020The PRIHATIN Rakyat Economic Stimulus Package (PRIHATIN) totalled RM250 billion (17% of GDP), of which RM25 billion (10% of PRIHATIN) will come from a direct fiscal injection. A big chunk is in the form of loan moratoriums (RM100 billion or 40% of PRIHATIN), while the other large component is withdrawals from
- [MARC extends working remotely until 14 April 2020](https://www.marc.com.my/marc-extends-working-remotely-until-14-april-2020-20200329/) - Posted Date: March 29, 2020To our clients and stakeholders,In compliance with the extension of the MCO (Movement Control Order) by the Government until 14 April 2020, MARC will continue to work remotely until the MCO is lifted.During this period, MARC continues to hosts meetings virtually to ensure business-as-usual with our clients and stakeholders. Business critical
- [MARC publishes 2019 Annual Corporate Default and Rating Transitions Study](https://www.marc.com.my/marc-publishes-2019-annual-corporate-default-and-rating-transitions-study-20200320/) - Posted Date: March 20, 2020MARC today published its 15th Annual Corporate Default and Rating Transitions Study which tracks the history of corporate ratings assigned by the rating agency since its inception in 1996 through to December 31, 2019. The database used for this study was constructed using long-term standalone ratings of those issuers.Malaysia's corporate bond
- [MARC going remote on Wednesday, 18 March 2020](https://www.marc.com.my/marc-going-remote-on-wednesday-18-march-2020-20200317/) - Posted Date: March 17, 2020To our clients and other stakeholders,In response to the restriction of movement order issued by the government and in support of the government's efforts to curtail the spread of COVID-19, MARC will close its office from March 18 through March 31, 2020. Prior to this latest development, we had already restricted
- [Yields down on increasing calls for further easing as COVID-19 pandemic weakens economic prospects](https://www.marc.com.my/yields-down-on-increasing-calls-for-further-easing-as-covid-19-pandemic-weakens-economic-prospects-20200317/) - Posted Date: March 17, 2020 Yields on Malaysian Government Securities (MGS) across the curve continued to tighten in February as economic sentiment moderated following the release of the 4Q2019 GDP numbers and the government’s downgrade Malaysia’s GDP growth pace to between 3.2% to 4.2%. These events gave support for the current low yield levels and
- [Oil price war, COVID-19 complicate 2020 economic prospects](https://www.marc.com.my/oil-price-war-covid-19-complicate-2020-economic-prospects-20200313/) - Posted Date: March 13, 2020On March 9, oil markets tumbled after the Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC allies failed on the previous Friday to agree on the quantum of oil production cuts amid the COVID-19 outbreak, as well as on the rolling over of existing oil supply cuts. The international benchmark
- [MARC wins Rating Agency of the Year](https://www.marc.com.my/marc-wins-rating-agency-of-the-year-20200306/) - Posted Date: March 06, 2020MARC (Malaysian Rating Corporation Berhad) has again redefined the domestic rating landscape by winning the Rating Agency of the Year (Malaysia) award for the second year running.Awarded by Hong Kong-based The Asset, The Asset Triple A Sustainable Capital Markets Regional Awards 2019 is the industry's most prestigious recognition in banking, finance,
- [BNM cuts the OPR; The Fed also slashed rates in an emergency move](https://www.marc.com.my/bnm-cuts-the-opr-the-fed-also-slashed-rates-in-an-emergency-move-20200304/) - Posted Date: March 04, 2020 The Bank Negara Malaysia (BNM) announced another overnight policy rate (OPR) cut of 25 basis points (bps) to 2.50% during its Monetary Policy Committee (MPC) meeting on March 3. Citing concerns over the impact of the coronavirus (COVID-19) outbreak on both the global and domestic economies, it said that there
- [Local bond market began 2020 on good footing as foreign investors continued to snap up MGS](https://www.marc.com.my/local-bond-market-began-2020-on-good-footing-as-foreign-investors-continued-to-snap-up-mgs-20200213/) - Posted Date: February 13, 2020 Local bonds started 2020 on good footing as foreign investors continued to be net buyers for the third month in a row in January. Local bonds posted net foreign inflows of RM3.6 billion (December: RM8.1 billion). This brought the total foreign holdings of local bonds to RM208.2 billion (December: RM204.7
- [A monetary-fiscal policy mix likely in 2020](https://www.marc.com.my/a-monetary-fiscal-policy-mix-likely-in-2020-20200213/) - Posted Date: February 13, 2020 The Malaysian economy grew by an inflation-adjusted 4.3% in 2019. According to Bank Negara Malaysia (BNM) which released the figures yesterday, growth in 4Q2019 slipped to 3.6% from 4.4% in the preceding quarter, its slowest quarterly growth since 2009. The weaker growth was partly attributed to a slowdown in the
- [The Malaysian economy: Impact of the coronavirus outbreak](https://www.marc.com.my/the-malaysian-economy-impact-of-the-coronavirus-outbreak-20200207/) - Posted Date: February 7, 2020The prospects for the global economy look increasingly uncertain with the outbreak of the novel coronavirus (2019-nCoV) in China. This is not surprising given that the Chinese economy accounts for an estimated one-third of global growth.Compared to the severe acute respiratory syndrome (SARS) outbreak period in 2003, China's gross domestic product
- [Gross issuance of government and corporate bonds to remain robust in 2020](https://www.marc.com.my/gross-issuance-of-government-and-corporate-bonds-to-remain-robust-in-2020-20200123/) - Posted Date: January 23, 2020 Yields on local govvies ended 2019 significantly lower compared to the preceding year with Malaysian Government Securities (MGS) taking the lead. The decline in yields was mainly driven by easing monetary policies adopted by global central banks against the backdrop of a sluggish global economic outlook. In addition, Bank Negara
- [Easing trade tensions reignited foreign demand for local bonds in December 2019, pushing MGS yields to new multi-year lows](https://www.marc.com.my/easing-trade-tensions-reignited-foreign-demand-for-local-bonds-in-december-2019-pushing-mgs-yields-to-new-multi-year-lows-20200114/) - Posted Date: January 14, 2020 The local bond market ended 2019 on a positive footing compared to the preceding year with MGS yields falling to multi-year lows while foreign holdings of local bonds climbed to the highest level since 2012. The significant decline in US-China trade tensions was the main stimulant for the local bond
- [MARC expects Malaysia’s real GDP growth to decelerate to 4.3% in 2020](https://www.marc.com.my/marc-expects-malaysia-s-real-gdp-growth-to-decelerate-to-4-3-in-2020-20200701/) - Posted Date: January 07, 2020 MARC is of the view that Malaysia’s real gross domestic product (GDP) growth will decelerate to 4.3% in 2020, below the government forecast of 4.8% due to weaker external trade performance and softer domestic demand growth. Although trade diversion arising from trade tensions between the US and China could marginally
- [OPINION: Bond Credit Ratings Important for Transparency](https://www.marc.com.my/bond-credit-ratings-important-for-transparency-20191223/) - Posted Date: December 23, 2019 The share of issuances of unrated corporate bonds as a percentage of total gross corporate bond issuances continues to rise. Should we be concerned? In 2019, total gross corporate bond issuances came in strong in the first 11 months. Up 22.1% year-on-year to RM119.8 billion, it was the highest YTD
- [The "Malaysian Bond & Sukuk Conference 2019" concludes that capital markets have a key role in driving sustainability](https://www.marc.com.my/the-malaysian-bond-sukuk-conference-2019-concludes-that-capital-markets-have-a-key-role-in-driving-sustainability-20191129/) - Posted Date: November 29, 2019Capital market stakeholders gathered over the past two days at the Malaysian Bond & Sukuk Conference 2019 which was co-organised by Malaysian Rating Corporation Berhad (MARC) and Amanie Group (Amanie). The event was officiated by Dato’ Wira Haji Amiruddin Haji Hamzah, Deputy Finance Minister, Ministry of Finance Malaysia. The conference, which
- [MARC appoints Datuk Jamaludin Nasir as new CEO](https://www.marc.com.my/marc-appoints-datuk-jamaludin-nasir-as-new-ceo-20191129/) - Posted Date: November 29, 2019 Malaysian Rating Corporation Berhad (MARC) has appointed Datuk Jamaludin Nasir as the organisation’s new Chief Executive Officer (CEO) effective December 1, 2019. Datuk Jamaludin has over 27 years of experience in origination, credit and management in the commercial, corporate and investment banking sectors. He has assumed various leadership roles over
- [Malaysian Bond & Sukuk Conference 2019 to focus on sustainability](https://www.marc.com.my/malaysian-bond-sukuk-conference-2019-to-focus-on-sustainability-20191115/) - Posted Date: November 15, 2019 The upcoming Malaysian Bond & Sukuk Conference 2019, which will be held on November 28-29, 2019 at Securities Commission Malaysia will feature five key sessions and four special presentations, covering the latest developments and innovations in the sukuk and bond markets. The event will focus on sustainability and its challenges
- [MARC divests entire stake in ARC](https://www.marc.com.my/marc-divests-entire-stake-in-arc-20191104/) - Posted Date: November 04, 2019 Malaysian Rating Corporation Berhad (MARC) divested its entire holdings of 10% in ARC Ratings Limited’s (ARC) issued share capital in Q2 2019. MARC’s divestment of ARC follows the company’s streamlining exercise across its domestic and global investments to be better placed for future opportunities in credit rating and risk management
- [MARC presents 2018 Lead Managers League Table Awards to double winner AmInvestment Bank at Bangunan AmBank Group](https://www.marc.com.my/marc-presents-2018-lead-managers-league-table-awards-to-double-winner-aminvestment-bank-at-bangunan-ambank-group-on-october-14-2019-20191014/) - Posted Date: October 14, 2019 MARC CEO Kan Wai Sum, Sabrina presents 2018 Lead Managers League Table Awards winners’ plaques for 1st runner-up for issue count and for 2nd runner-up for issue value for MARC-rated debt and sukuk programmes to AmInvestment Bank CEO Seohan Soo (top pix) and team (bottom pix) For further information, please
- [MARC and Amanie to host Malaysian Bond & Sukuk Conference 2019](https://www.marc.com.my/marc-and-amanie-to-host-malaysian-sukuk-bond-conference-2019-20191007/) - Posted Date: October 07, 2019 The Malaysian Bond & Sukuk Conference 2019, to be held on November 28-29, 2019, will be organised by Malaysian Rating Corporation Berhad (MARC) and Amanie Group (Amanie). The event will serve as a platform for Malaysian regulators, market players, issuers and investors to exchange ideas and insights on the recent
- [MARC publishes Banking Sector Insights](https://www.marc.com.my/marc-publishes-banking-sector-insights-20190925/) - Data-driven report covers latest insights on domestic banking sector, and key trends going forward Posted Date: September 25, 2019 Malaysian Rating Corporation Berhad (MARC) has published its Banking Sector Insights. The two-part report was produced by MARC’s Financial Institutions portfolio and it provides an overall analysis on the current state of the banking sector and
- [MARC wins GIFA Best Islamic Rating Agency Award for the fifth time](https://www.marc.com.my/marc-wins-gifa-best-islamic-rating-agency-award-for-the-fifth-time-20190920/) - Posted Date: September 20, 2019 Malaysian Rating Corporation Berhad (MARC) received the Best Islamic Rating Agency Award at the eighth Global Islamic Finance Awards (GIFA) on September 16, 2019. This annual global awards honours the contribution of institutions and individuals to the development of Islamic banking and finance. The ninth GIFA was held in Cape
- [MARC presents 2018 Lead Managers League Table Awards to CIMB Investment Bank at Menara CIMB](https://www.marc.com.my/marc-presents-2018-lead-managers-league-table-awards-to-cimb-investment-bank-at-menara-cimb-on-august-9-2019-20190809/) - Posted Date: August 09, 2019 MARC CEO Kan Wai Sum, Sabrina presents 2018 Lead Managers League Table Awards winner’s plaque for 1st runner-up for issue value for MARC-rated debt and sukuk programmes to CIMB Investment Bank CEO Jefferi Hashim (top pix), and together with the teams from CIMB Investment Bank and CIMB Islamic Bank (bottom
- [MARC presents 2018 Lead Managers League Table Awards to Affin Hwang Investment Bank at Menara Boustead](https://www.marc.com.my/marc-presents-2018-lead-managers-league-table-awards-to-affin-hwang-investment-bank-at-menara-boustead-20190806/) - Posted Date: August 06, 2019MARC CEO Kan Wai Sum, Sabrina presents 2018 Lead Managers League Table Awards winner’s plaque for 2nd runner-up for issue count for MARC-rated debt and sukuk programmes to Hatini Mat Husin, Head of Debt Markets for Affin Hwang Investment Bank Also present at the event (from left to right) were Jack
- [OPINION: Need for Government to up spending to support growth](https://www.marc.com.my/opinion-need-for-government-to-up-spending-to-support-growth-20190805/) - Posted Date: August 05, 2019 Strong private investment typically leads to higher productivity and profits, bigger pay checks and a better living standard over the long run. Over the short run, it helps power growth. In Malaysia, private investment has increasingly become the key to continued economic growth as external uncertainties remain elevated. Private investment
- [MARC presents 2018 Lead Managers League Table Awards to double winner RHB Investment Bank at RHB Centre](https://www.marc.com.my/marc-presents-2018-lead-managers-league-table-awards-to-double-winner-rhb-investment-bank-at-rhb-centre-on-august-2-2019-20190802/) - Posted Date: August 02, 2019MARC CEO Kan Wai Sum, Sabrina presents 2018 Lead Managers League Table Awards winners’ plaques for top issue count and top issue value for MARC-rated debt and sukuk programmes to RHB Investment Bank CEO Robert Huray (top pix) and team (bottom pix) For further information, please access https://www.marc.com.my/index.php/marc-news/1051-marc-publishes-2018-lead-managers-league-tables-20180527 Contacts: Beatrice Thio,
- [OPINION: US Fed cuts rate; inflows into Malaysian bond market likely to improve](https://www.marc.com.my/us-fed-cuts-rate-inflows-into-malaysian-bond-market-likely-to-improve-20190802/) - Posted Date: August 02, 2019 The US Fed finally delivered what the market has been expecting – a rate cut. However, the reduction was less than what was expected. Additionally, Chairman Powell’s emphasis that the cut only serves to “insure against downside risks” but did not signal the start of an easing monetary policy cycle,
- [MARC's 23rd Annual General Meeting: Creating Sustainable Impact](https://www.marc.com.my/marc-s-23rd-annual-general-meeting-creating-sustainable-impact-20190621/) - Posted Date: June 21, 2019 Malaysian Rating Corporation Berhad (MARC) held its 23rd Annual General Meeting (AGM) at TPC Kuala Lumpur on June 19, 2019. MARC generated consolidated revenue of RM14.9 million and consolidated pre-tax profit of RM2.8 million in 2018,” said MARC Chairman Datuk Azizan Haji Abd Rahman in his review of the company’s
- [OPINION: Attracting FDI - why states need place marketing strategies](https://www.marc.com.my/opinion-attracting-fdi-why-states-need-place-marketing-strategies-20190614/) - Posted Date: June 14, 2019 A substantial 43% of investors surveyed by management consulting firm A.T. Kearney say they are seeking new opportunities in emerging markets. The foreign direct investment (FDI) outlook is thus not all doom and gloom, even in the shadow of last year’s 19% fall in global FDI. According to the Malaysian
- [MARC publishes 2018 Lead Managers League Tables](https://www.marc.com.my/marc-publishes-2018-lead-managers-league-tables-20180527/) - Posted Date: May 27, 2019 Malaysian Rating Corporation Berhad (MARC) has published its 2018 Lead Managers League Tables. The league tables rank the lead managers by volume and number of lead-arranged MARC-rated issuances in any given year. RHB Investment Bank Berhad topped the issued value league table of MARC-rated debt and sukuk programmes/issuances, with CIMB
- [OPINION: Malaysian Government's Industry 4.0 can help alleviate pressure on current account](https://www.marc.com.my/opinion-malaysian-government-s-industry-4-0-can-help-alleviate-pressure-on-current-account-20190523/) - Posted Date: May 23, 2019 Malaysia’s trade performance remained resilient in 1Q2019 despite external challenges. According to balance of payments data, the value of total trade (i.e. exports plus imports) rose 0.4% year-on-year. With exports growth (+1.1%) outpacing that of imports (-0.4%), Malaysia’s current account (CA) balance came in at a commendable 4.5% of GDP,
- [OPINION: Malaysia’s Q1 2019 GDP Commendable; MARC Maintains 2019 GDP Growth Forecast at 4.6%](https://www.marc.com.my/opinion-malaysia-s-q1-2019-gdp-commendable-marc-maintains-2019-gdp-growth-forecast-at-4-6-20190517/) - Posted Date: May 17, 2019 A Quick Note Despite unfavourable global developments, Malaysia’s headline GDP growth pace in the first quarter of 2019 came in at a respectable 4.5% year-on-year. Private consumption, as expected, provided crucial support. It expanded by 7.6%, albeit slower than the previous quarter’s 8.4%. Private investment, however, remained muted, growing by
- [OPINION: Oil market dynamics: Could it become less of a source of fiscal worry?](https://www.marc.com.my/opinion-oil-market-dynamics-could-it-become-less-of-a-source-of-fiscal-worry-20190517/) - Posted Date: May 17, 2019 The government’s Medium-Term Fiscal Framework 2019-2021 (MTFF) provides fiscal guidance and outlines, along with key policy initiatives. Targeting an average budgetary shortfall of 3.1% of GDP over 2019-2021, it assumes a crude oil price range of USD60-USD70 per barrel. That seems a safe assumption for 2019, given supply concerns arising
- [SNAPSHOT: Fixed Income: Foreign holdings of local bonds in April 2019](https://www.marc.com.my/opinion-fixed-income-snapshot-foreign-holdings-of-local-bonds-in-april-2019-20190513/) - Posted Date: May 13, 2019 Foreign funds reduced their holdings by RM9.8 billion in the local bond market in April (March 2019: +RM2.9 billion), bringing total foreign holdings to RM180.1 billion (March 2019: RM190.0 billion). This was the lowest level of foreign holdings in local bonds since March 2017. By end-April, the foreign share of
- [MARC publishes 2018 Annual Corporate Default and Rating Transitions Study; expects predominantly stable ratings trajectories in 2019](https://www.marc.com.my/marc-publishes-2018-annual-corporate-default-and-rating-transitions-study-expects-predominantly-stable-ratings-trajectories-in-2019/) - Published date: March 27, 2019 MARC today published its 2018 Annual Corporate Default and Rating Transitions Study. The report tracks the history of corporate ratings assigned by the rating agency from its inception in 1996 through to December 31, 2018. The results of this latest study show improving rating accuracy and stability. Given that most
- [The Asset names MARC as Malaysia’s Rating Agency of the Year 2018](https://www.marc.com.my/the-asset-names-marc-as-malaysia-s-rating-agency-of-the-year-2018-20190221/) - Posted Date: February 21, 2019 Malaysian Rating Corporation Berhad (MARC) was named Malaysia’s Rating Agency of the Year by The Asset at the Hong Kong-based publication’s Triple A Rating Agency of the Year Awards 2018 ceremony held on February 20, 2019 in Hong Kong. Dedicating the award to his team, MARC’s Chief Rating Officer, Rajaseharan
- [Fixed Income: Independent review to maintain integrity of impact bonds](https://www.marc.com.my/fixed-income-independent-review-to-maintain-integrity-of-impact-bonds-20190115/) - Posted Date: January 18, 2019 We hope that we will be able to offer some assistance in terms of trying to facilitate the growth of this market, the responsible investing market. – Milly Leong Malaysian Rating Corporation Berhad (MARC) There has been gradual growth of impact bonds globally over the past few years. Billions of
- [2018 Global Islamic Finance Awards: Four-time honoree MARC upbeat over the prospects of Islamic finance](https://www.marc.com.my/2018-global-islamic-finance-awards-four-time-honoree-marc-upbeat-over-the-prospects-of-islamic-finance-20181002/) - Posted Date: October 02, 2018 Malaysian Rating Corporation Berhad (MARC) was announced as the Best Islamic Rating Agency at the eighth Global Islamic Finance Awards (GIFA) on September 29, 2018. Award winners from around the world were recognised for their contributions to the development of Islamic banking and finance at the award ceremony which took
- [The Second Kuala Lumpur International Sukuk Conference: The Future of Sukuk - Embracing the Fourth Industrial Revolution](https://www.marc.com.my/the-second-kuala-lumpur-international-sukuk-conference-the-future-of-sukuk-embracing-the-fourth-industrial-revolution-20180921/) - Posted Date: September 21, 2018 The potential and future of sukuk amid the changing capital markets landscape was the focus of the conference that was jointly organised by Amanie Group and Malaysian Rating Corporation Berhad (MARC) held at the Securities Commission from September 20 - 21, 2018. The one-and-a-half-day conference saw local and foreign Shariah,
- [MARC presents awards to 2017 League Table Winners at Appreciation Evening](https://www.marc.com.my/marc-presents-awards-to-2017-league-table-winners-at-appreciation-evening-20180830/) - Posted Date: August 30, 2018 Malaysian Rating Corporation Berhad (MARC) yesterday honoured Malaysia’s top capital market players comprising investment banks, other financial institutions and bond/sukuk issuers at its 2017 Lead Managers League Table Awards held at Hilton Kuala Lumpur. The guest of honour, Datuk Zainal Izlan Zainal Abidin, Deputy Chief Executive of the Securities Commission
- [MARC finalises new methodology for assessing impact bonds](https://www.marc.com.my/marc-finalises-new-methodology-for-assessing-impact-bonds-20180713/) - Posted Date: July 13, 2018 MARC has published its new methodology for assessing green bonds, social bonds or sustainability bonds including sukuk issued under Malaysia’s Sustainable and Responsible Investment (SRI) Sukuk Framework (collectively referred to hereafter as impact bonds). MARC had earlier published for feedback from market participants an exposure draft which outlines the rating
- [MARC's 22nd Annual General Meeting: Mainstreaming Sustainable Finance](https://www.marc.com.my/marc-s-22nd-annual-general-meeting-mainstreaming-sustainable-finance-20180629/) - Posted Date: June 29, 2018 Malaysian Rating Corporation Berhad (MARC) held its 22nd Annual General Meeting (AGM) at The Majestic Hotel Kuala Lumpur on June 28, 2018. “MARC recorded a noteworthy performance on the back of improved corporate bond issuances in 2017,” said MARC Chairman Datuk Azizan Haji Abd Rahman in his review of the
- [MARC appoints Kan Wai Sum as new CEO](https://www.marc.com.my/marc-appoints-kan-wai-sum-as-new-ceo-20180522/) - Posted Date: May 22, 2018 Malaysian Rating Corporation Berhad (MARC) announced the appointment of Kan Wai Sum as the organisation's Chief Executive Officer. Madam Kan, who previously served CIMB Investment Bank Berhad (CIMB) as Head of Credit Strategy will succeed Encik Mohd Razlan Mohamed, the company's former CEO from May 2007 to May 2018. Madam
- [Malaysia: Developments deemed positive from a longer term perspective](https://www.marc.com.my/malaysia-developments-deemed-positive-from-a-longer-term-perspective-20180514/) - Posted Date: May 14, 2018 MARC is of the view that the government transition post-General Election 14 has no rating impact on Malaysia’s sovereign credit rating. Under MARC’s national scale, the government of Malaysia is rated AAA as it has the lowest relative credit risk in the country. MARC does not expect any significant shift
- [MARC publishes 2017 Lead Managers' League Tables](https://www.marc.com.my/marc-publishes-2017-lead-managers-league-tables/) - Posted Date : 25 April 2018 Today, Malaysian Rating Corporation Berhad (MARC) published its 2017 Lead Managers’ League Tables, which rank the lead managers by volume and number of lead-arranged MARC-rated issuances in any given year. CIMB Investment Bank Berhad (CIMB) was the top arranger of MARC-rated debt and sukuk programmes (issue value) for
- [MARC publishes Malaysia's first Impact Bond Assessments Criteria](https://www.marc.com.my/marc-publishes-malaysia-s-first-impact-bond-assessments-criteria-20180418/) - Posted Date: April 18, 2018 MARC has published for comment an exposure draft which outlines the rating agency’s Impact Bond Assessments (IBA) Criteria. An IBA is not a credit rating and is independent of the credit quality of the bond concerned. IBAs can be assigned to green bonds, social bonds or sustainability bonds including sukuk
- [MARC publishes 2017 Annual Corporate Default and Rating Transitions Study; expects stable ratings trajectories to continue in 2018](https://www.marc.com.my/marc-publishes-2017-annual-corporate-default-and-rating-transitions-study-expects-stable-ratings-trajectories-to-continue-in-2018-20180323/) - Posted Date: March 23, 2018 MARC today published its 2017 Annual Corporate Default and Rating Transitions Study which tracks the history of corporate ratings assigned by the rating agency from its inception in 1996 through to December 31, 2017. This is MARC’s 13th Annual Corporate Default and Rating Transitions Study. MARC’s long-term average ratings stability
- [MARC hosts Investors’ Briefing on 2018 Malaysian economic and sectoral outlook](https://www.marc.com.my/marc-hosts-investors-briefing-on-2018-malaysian-economic-and-sectoral-outlook-20180307/) - Posted Date: March 07, 2018 Malaysian Rating Corporation Berhad (MARC) yesterday held its 2018 Investors’ Briefing on the Malaysian economic and sectoral outlook in Hilton Kuala Lumpur. The annual briefing which was attended by financial institutions and other prominent sectors in Malaysia serves as a platform to promote multi-stakeholder dialogues as well as share the
- [Ringgit's rises fuels rally in Malaysian government securities](https://www.marc.com.my/ringgit-s-rises-fuels-rally-in-malaysian-government-securities/) - Posted Date: December 12, 2017 In November, a resurgence in the strength of the ringgit fuelled a rally in Malaysian Government Securities (MGS). The ringgit ended the month at RM4.0910 against the US dollar, its strongest level year-to-date. With foreign buying interest reignited, foreign holdings of MGS surged 4.6% month-on-month to RM160.3 billion (October 2017:
- [MARC finalises updated Financial Institutions Rating Criteria](https://www.marc.com.my/marc-finalises-updated-financial-institutions-rating-criteria-20171130/) - Posted Date: November 30, 2017 MARC has finalised and released its updated methodology for rating financial institutions following market consultation. The updated Financial Institutions Rating Criteria explains MARC’s approach to assigning our ratings to financial institutions of all sizes and types, both domestic and non-domestic, and their various obligations. This methodology enhances the transparency of
- [Corporate Bond Issuance at a five-year high in October 2017](https://www.marc.com.my/corporate-bond-issuance-at-a-five-year-high-in-october-2017/) - Posted Date: November 13, 2017 Ringgit-denominated corporate bond issuance surged by 32% year-on-year to RM97.1 billion in the first 10 months of 2017, marking the highest issuance year-to-date since 2012. The increase was led by a 34% jump in issuances in the unrated segment, of which corporate bonds made up 33%. Issuances in the rated
- [MARC presents awards to 2016 League Table Winners at Lead Managers Appreciation Evening; launches Credit Mapper](https://www.marc.com.my/marc-presents-awards-to-2016-league-table-winners-at-lead-managers-appreciation-evening-launches-credit-mapper-20171026/) - Posted Date: October 26, 2017 Malaysian Rating Corporation Berhad (MARC) held its annual Lead Managers Appreciation Evening at the Majestic Hotel Kuala Lumpur on October 25, 2017. MARC’s guest of honour of the evening, Y. Bhg. Dato’ Ahmad Fairuz Zainol Abidin, Deputy Chief Executive of the Securities Commission, presented the awards to the winners. Presented
- [MARC publishes exposure draft on updated Rating Methodology: Financial Institutions Rating Criteria](https://www.marc.com.my/marc-publishes-exposure-draft-on-updated-rating-methodology-financial-institutions-rating-criteria-20171017/) - Posted Date: October 17, 2017 MARC has published for comment an exposure draft which outlines the rating agency’s updated Financial Institutions Rating Criteria. The exposure draft updates MARC’s analytical framework for financial institution ratings (FIR). Key highlights of the methodology include: Inclusion of a new non-domestic intrinsic credit strength rating (ICSR) that will be applicable
- [Malaysia’s Household Income: Growing, in Line with the Economy](https://www.marc.com.my/malaysia-s-household-income-growing-in-line-with-the-economy-20171012/) - Posted Date: October 12, 2017 Based on the latest Household Income and Basic Amenities survey (2016) by the Department of Statistics, Malaysia’s median and mean household incomes continued to grow, benefitting from the relatively resilient domestic economy. In particular, the median monthly household income grew by 6.6% per annum on a compounded annual growth rate
- [MARC named Best Islamic Rating Agency at Global Islamic Finance Awards 2017](https://www.marc.com.my/marc-named-best-islamic-rating-agency-at-global-islamic-finance-awards-2017-20170907/) - Posted Date: September 7, 2017 Malaysian Rating Corporation Berhad (MARC) was honoured with the Best Islamic Rating Agency Award at the seventh Global Islamic Finance Awards (GIFA) on September 6, 2017. Held annually, the prestigious market-led Islamic finance awards programme recognises and celebrates the contributions of institutions and individuals to the development of Islamic banking
- [MARC publishes updated rating approach to Steel Industry](https://www.marc.com.my/marc-publishes-updated-rating-approach-to-steel-industry-20170731/) - Posted Date: July 31, 2017MARC has today published an updated version of the methodology it uses to assign ratings to companies in the steel industry. This update supersedes MARC’s “Steel Industry” methodology published in April 2015. The updated methodology incorporates recent developments in the steel industry including changes in the pricing mechanism of raw materials,
- [MARC's 21st Annual General Meeting: Building Resilience, Embracing Opportunity](https://www.marc.com.my/marc-s-21st-annual-general-meeting-building-resilience-embracing-opportunity-20170615/) - Posted Date: June 15, 2017Malaysian Rating Corporation Berhad (MARC) held its 21st Annual General Meeting (AGM) at Sime Darby Convention Centre on June 15, 2017. “MARC had delivered a satisfactory financial performance for 2016 in spite of a backdrop of lower rated bond and sukuk issuance,” said MARC Chairman Datuk Azizan Haji Abd Rahman in
- [MARC publishes updated methodology for rating non-financial corporates](https://www.marc.com.my/marc-publishes-updated-methodology-for-rating-non-financial-corporates-20170519/) - Posted Date: May 19, 2017MARC has today published an updated version of the methodology it uses to assign ratings to non-financial corporates. The report supersedes and replaces the existing "Corporate Debt Rating Methodology", dated April 2015. The agency does not anticipate any rating changes from the implementation of this methodology update.MARC is of the view
- [MARC announces changes to Board of Directors](https://www.marc.com.my/marc-announces-changes-to-board-of-directors-20170504/) - Posted Date: May 04, 2017Malaysian Rating Corporation Berhad (MARC) announced today the appointment of two new members to its Board of Directors and the retirement of two directors. Following the changes, the size of MARC’s board is maintained at six directors. Newly appointed to the board with effect from April 17, 2017 are Dr. Veerinderjeet
- [MARC becomes a strategic partner to Japan Credit Rating Agency, Ltd](https://www.marc.com.my/marc-becomes-a-strategic-partner-to-japan-credit-rating-agency-ltd-20170421/) - Posted Date: April 21, 2017On April 20, 2017, MARC signed a Memorandum of Understanding (MOU) to enter into a strategic partnership with Japan Credit Rating Agency, Ltd (JCR). The MOU sets out the framework for future cooperation between the two credit rating agencies in facilitating cross-border debt issuances by Japan and Malaysia-domiciled issuers as well
- [MARC publishes 2016 Annual Corporate Default and Rating Transitions Study; resilient corporate credit quality underpins higher ratings stability](https://www.marc.com.my/marc-publishes-2016-annual-corporate-default-and-rating-transitions-study-resilient-corporate-credit-quality-underpins-higher-ratings-stability-20170403/) - Posted Date: April 03, 2017MARC today published its 2016 Annual Corporate Default and Rating Transitions Study which tracks the history of corporate ratings assigned by the rating agency from inception in 1996 through to December 31, 2016. This is MARC’s 12th annual Corporate Default and Rating Transitions Study; the first study was published in 2006.MARC’s
- [MARC finalises methodology for rating Solar Power Project financings](https://www.marc.com.my/marc-finalises-methodology-for-rating-solar-power-project-financings-20170317/) - Posted Date: March 17, 2017MARC today released its finalised Solar Power Projects (SPP) rating methodology. This methodology had previously been published in exposure draft form for public consultation; however, no material comments were received. There have been no material changes from the proposed methodology published on February 21, 2017. Existing project power financing ratings are
- [CIMB is top arranger for 2016 in MARC’s lead managers’ league table](https://www.marc.com.my/cimb-is-top-arranger-for-2016-in-marc-s-lead-managers-league-table-20170316/) - Posted Date: March 16, 2017Malaysian Rating Corporation Berhad (MARC) said today that CIMB Investment Bank Berhad (CIMB) was the top arranger of MARC-rated debt and sukuk programmes/issuances for the fifth consecutive year in 2016. CIMB headed MARC’s 2016 lead managers’ league table with RM8.63 billion in total rated size spread over seven issues. The 2016
- [MARC shares 2017 Economic and Sectoral Outlook at Investors' Conference](https://www.marc.com.my/marc-shares-2017-economic-and-sectorial-outlook-at-investors-conference-20170307/) - Posted Date: March 07, 2017Malaysian Rating Corporation Berhad (MARC) yesterday held its 2017 Investors’ Conference at Hilton Kuala Lumpur which brought together professionals from the financial sector and other key sectors in Malaysia. MARC’s analytical experts shared their outlook on the Malaysian economy, corporate credit as well as the banking sector.The opening remarks were delivered
- [MARC signs collaboration MoU with the Maldives government's investment arm, Hazana Maldives Limited](https://www.marc.com.my/marc-signs-collaboration-mou-with-the-maldives-government-s-investment-arm-hazana-maldives-limited-20170303/) - Posted Date: March 03, 2017Malaysian Rating Corporation Berhad (MARC) entered into a Memorandum of Understanding (MoU) with Hazana Maldives Limited (Hazana) today to provide technical assistance in the areas of credit risk and Islamic finance. Hazana, a Maldives government company specialising in Islamic investment and finance, manages the commercial assets of the government and holds
- [MARC named Malaysia’s 2016 Project Finance Rating Agency of the Year for the second consecutive year](https://www.marc.com.my/marc-named-malaysia-s-2016-project-finance-rating-agency-of-the-year-for-the-second-consecutive-year-20170301/) - Posted Date: March 01, 2017Malaysian Rating Corporation Berhad (MARC) was announced winner of Malaysia’s 2016 Project Finance Rating Agency of the Year at The Asset’s Triple A Rating Agency of the Year Awards ceremony held in Hong Kong on February 28, 2017. The Asset, a Hong Kong-based magazine covering Asia’s financial industry, annually recognises the
- [MARC publishes exposure draft on new rating methodology: Rating of Solar Power Project Financings](https://www.marc.com.my/marc-publishes-exposure-draft-on-new-rating-methodology-rating-of-solar-power-project-financings-20170221/) - Posted Date: February 21, 2017MARC has published for public comment an exposure draft which outlines the rating agency’s methodology for the rating of solar power project (SPP) financings. This methodology focuses on utility-scale grid connected solar power generation facilities which have capacities of 5MW or more. MARC intends to apply the proposed rating methodology in
- [MARC celebrates its 20th anniversary; presents 2015 Lead Managers League Table Awards](https://www.marc.com.my/marc-celebrates-its-20th-anniversary-presents-2015-lead-managers-league-table-awards/) - Posted Date : November 17, 2016 Malaysian Rating Corporation Berhad (MARC) celebrated its 20th anniversary with a gala dinner on 16 November 2016 at the Hilton Kuala Lumpur. In conjunction with the corporate anniversary celebrations, MARC honoured the winners of its 2015 Lead Managers League Table Awards. The anniversary celebrations were graced by Finance
- [MARC named the Best Islamic Rating Agency for 2016 by Global Islamic Finance Awards](https://www.marc.com.my/marc-named-the-best-islamic-rating-agency-for-2016-by-global-islamic-finance-awards-20160930/) - Posted Date: September 30, 2016Malaysian Rating Corporation Berhad (MARC) was named the Best Islamic Rating Agency 2016 in the Global Islamic Finance Awards (GIFA), held in Jakarta on September 29, 2016. The prestigious GIFA Awards, now in their sixth year, celebrate the contributions of institutions and individuals towards the development of the Islamic banking and
- [MARC publishes updated Rating Approach to Sukuk](https://www.marc.com.my/marc-publishes-updated-rating-approach-to-sukuk-20160810/) - Posted Date: August 10, 2016MARC has today published an updated version of the methodology it uses to assign ratings to sukuk. The updated methodology, which supersedes MARC’s “Sukuk: A MARC Perspective” first published in November 2008 and last updated in April 2015, includes: Outlines on the wakalah, istisna’ and mudharabah sukuk structures, case examples and
- [MARC's 2015 performance sets rating agency in good stead to enter its third decade of service to capital markets](https://www.marc.com.my/marc-s-2016-performance-sets-rating-agency-in-good-stead-to-enter-its-third-decade-of-service-to-capital-markets-20160602/) - Posted Date: June 2, 2016Malaysian Rating Corporation Berhad (MARC) held its 20th Annual General Meeting (AGM) on June 2, 2016. At the meeting, the company announced its results for the financial year ended 31 December 2015. MARC Chairman Datuk Azizan Haji Abd Rahman, provided an overview of the rating agency’s operating and financial performance as well
- [MARC publishes 2015 Lead Managers' League Tables](https://www.marc.com.my/marc-publishes-2015-lead-managers-league-tables-25042016/) - Posted Date: April 25, 2016Today, Malaysian Rating Corporation Berhad published its 2015 lead managers’ league tables. Published annually, the league tables rank the lead managers by volume and number of lead-arranged MARC-rated issuances in any given year. The tables provide a meaningful measure of domestic corporate and project bond and sukuk issuance activity given that
- [MARC publishes 2015 Annual Corporate Default and Rating Transitions Study; rating stability remains strong despite a more challenging backdrop](https://www.marc.com.my/marc-publishes-2015-annual-corporate-default-and-rating-transitions-study-rating-stability-remains-strong-despite-a-more-challenging-backdrop-30032016/) - Posted Date: March 30, 2016MARC today published its 2015 Annual Corporate Default and Rating Transitions Study which tabulates defaults and changes in ratings of issuers rated by MARC over the years.The global economy continues to be weighed by decelerating growth in emerging economies, particularly China, which to some extent is exerting downward pressure on commodity
- [MARC hosts Investors' Briefing on Economic and Sectoral Outlook 2016](https://www.marc.com.my/marc-hosts-investors-briefing-on-economic-and-sectoral-outlook-2016-25022016/) - Posted Date: February 25, 2016Malaysian Rating Corporation Berhad (MARC) today held its 2016 Investors' Briefing at The Majestic Hotel Kuala Lumpur. At the briefing, which was attended by participants from the financial and other prominent sectors in Malaysia, MARC shared its house views on the Malaysian economy and the key industries in Malaysia.In his welcoming
- [MARC publishes new methodology for issuances supported by third-party credit guarantees](https://www.marc.com.my/marc-publishes-new-methodology-for-issuances-supported-by-third-party-credit-guarantees-24022016/) - Posted Date: February 24, 2016MARC has finalised its methodology for rating issuances supported by third-party credit guarantees following market consultation. MARC would like to thank market participants for their input. In finalising the criteria, MARC did not make any material changes to the content of the exposure draft which was published on December 31, 2015.
- [MARC wins Malaysia’s Project Finance Rating Agency of the Year Award in the Asset's Triple A Rating Agency of the Year Awards 2016](https://www.marc.com.my/marc-wins-malaysia-s-project-finance-rating-agency-of-the-year-award-in-the-asset-s-triple-a-rating-agency-of-the-year-awards-2016-23022016/) - Posted Date: February 23, 2016Malaysian Rating Corporation Berhad (MARC) was named Malaysia’s Project Finance Rating Agency of the Year by The Asset magazine at its Triple A Rating Agency of the Year Awards 2016 ceremony held in Hong Kong on February 22, 2016. The Triple A Rating Agency of the Year Awards honours rating agencies
- [MARC publishes exposure draft on new rating methodology: Rating Approach for Issuances Supported by Third-Party Credit Guarantees](https://www.marc.com.my/marc-publishes-exposure-draft-on-new-rating-methodology-rating-approach-for-issuances-supported-by-third-party-credit-guarantees-31122015/) - Posted Date: December 31, 2015MARC has published for comment an exposure draft which outlines the rating agency’s methodology for analysing obligations that are fully or partially guaranteed by third parties.MARC's approach to rating issuances backed by full guarantees, partial credit guarantees (PCG) and other third-party credit support mechanisms that are similar in effect to an
- [MARC comments on the expected trend in domestic banks' capital raising activities](https://www.marc.com.my/marc-comments-on-the-expected-trend-in-domestic-banks-capital-raising-activities-24112015/) - Posted Date: November 24, 2015MARC’s opinion of an anticipated slowdown in domestic fund raising was highlighted in an article by The Star. This comes after a series of capital raising endeavours over the last three years.Please click here to read our comments on this issue.
- [MARC finalises Investment Manager Rating criteria](https://www.marc.com.my/marc-finalises-investment-manager-rating-criteria-28102015/) - Posted Date: October 28, 2015MARC has finalised its methodology for rating investment managers following market consultation. The Investment Manager Rating (IMR) criteria is a new sector-specific rating methodology which outlines MARC’s analytical approach to assessing the quality of the investment or fund management company and its vulnerability to financial and operational failure.MARC would like to
- [MARC remarks on challenges facing toll highway concessionaires](https://www.marc.com.my/marc-remarks-on-challenges-facing-toll-highway-concessionaires-20-october-2015/) - Posted Date: October 17, 2015MARC’s opinion on headwinds confronting the toll road industry was highlighted in The Star’s article on toll highways. This comes as the industry faces a backlash due to the recent toll hikes which are seen as unnecessary by the public.Please click here to read our comments on this issue.
- [MARC comments on the reduction in banks’ deposit ratios](https://www.marc.com.my/marc-comments-on-the-reduction-in-banks-deposit-ratios-19-may-2015/) - Posted Date: October 19, 2015MARC was quoted in The Star’s write-up on the likelihood of Bank Negara Malaysia reducing banks’ statutory reserve requirement. This comes as the banking industry has been experiencing an increase in its loan-to-deposit ratio while its net interest margin has narrowed, due to a reduction in lending rates.Please click here to
- [MARC publishes exposure draft on new rating methodology: Investment Manager Rating Criteria](https://www.marc.com.my/marc-publishes-exposure-draft-on-new-rating-methodology-investment-manager-rating-criteria-27072015/) - Posted Date: 27 July 2015MARC has published for public comment an exposure draft which sets out the rating agency’s proposed methodology for rating investment managers. The proposed methodology applies to investment or fund managers providing investment management services to clients in return for compensation. The rating framework accommodates a wide variety of investment management firm
- [MARC publishes final rating methodology: Rating of Government - Related Entities](https://www.marc.com.my/marc-publishes-final-rating-methodology-rating-of-government-related-entities/) - Posted Date : 03 June 2015MARC has published its final methodology on the rating of government-related entities (GREs) today following a request for comments period. This methodology aims to increase the consistency, transparency and clarity of MARC’s analytical process for GREs, particularly how ratings have been notched up for government support. MARC has interpreted the
- [MARC presents awards to 2014 League Table winners at Appreciation Evening; launches new-look website](https://www.marc.com.my/marc-presents-awards-to-2014-league-table-winners-at-appreciation-evening-launches-new-look-website/) - Posted Date : 29 May 2015 Malaysian Rating Corporation Berhad (MARC) yesterday honoured Malaysia’s top capital market players comprising investment banks, other financial institutions and bond/sukuk issuers at its 2014 Lead Managers Appreciation Evening held at Hilton Kuala Lumpur. Dato’ Dr. Nik Ramlah Mahmood, Deputy Chief Executive of the Securities Commission, was the guest of honour
- [MARC reports sustained financial performance](https://www.marc.com.my/marc-reports-sustained-financial-performance/) - Posted Date : 07 May 2015 Malaysian Rating Corporation Berhad (MARC) held its 19th Annual General Meeting (AGM) at Sime Darby Convention Centre on 7 May 2015. At the meeting, the company announced its results for the financial year ended 31 December 2014. MARC Chairman, Datuk Azizan Haji Abd Rahman, informed shareholders that the company
- [MARC publishes exposure draft on new rating methodology: Rating of Government-Related Entities](https://www.marc.com.my/marc-publishes-exposure-draft-on-new-rating-methodology-rating-of-government-related-entities/) - Posted Date : 06 Apr 2015 MARC has published for public comment an exposure draft which outlines the rating agency’s methodology for rating government-related entities (GRE). MARC’s proposed rating methodology articulates the steps taken to derive the GRE’s credit rating. The starting point of the rating agency’s GRE credit analysis is an evaluation of
- [2014 Annual Corporate Default and Rating Transitions Study](https://www.marc.com.my/2014-annual-corporate-default-and-rating-transitions-study/) - Posted Date : 01 Apr 2015 MARC today published its 2014 Annual Corporate Default and Rating Transitions Study which tabulates defaults and changes in ratings of issuers rated by MARC over the years. The year 2014 saw the divergence of monetary policy between the United States and most of the rest of the world. As the US
- [MARC releases its review of the 2014 BNM Annual Report](https://www.marc.com.my/marc-releases-its-review-of-the-2014-bnm-annual-report/) - Posted Date : 16 Mar 2015 MARC today released its review of the 2014 BNM Annual Report. In summary: MARC views BNM’s assessment of the prospects of the economy as realistic. We concur with BNM’s outlook of real GDP growth slowing down to less than 5% in 2015 (MARC forecast: 4.7%) due to lacklustre external
- [MARC publishes final rating methodology: Rating Malaysian State Governments](https://www.marc.com.my/marc-publishes-final-rating-methodology-rating-malaysian-state-governments/) - Posted Date : 10 Feb 2015 MARC published its final methodology on rating Malaysian state governments today following a request for comments period. The methodology report outlines concepts and principles applicable when assessing a state’s capacity and willingness to honour senior obligations under financial contracts that include third-party credit guarantees or partial guarantees, liquidity
- [MARC maintains its positive outlook on the utility of credit ratings; announces 2014 Lead Managers’ League Tables](https://www.marc.com.my/marc-maintains-its-positive-outlook-on-the-utility-of-credit-ratings-announces-2014-lead-managers-league-tables/) - Posted Date : 29 Jan 2015 The domestic economy and capital market in general will face considerable headwinds in 2015 as a result of the current low crude oil price environment and the slowdown in economic growth of major trading partners like China. As announced earlier in the rating agency’s report entitled Economic Outlook 2015: Gyrations
- [MARC publishes exposure draft on new rating methodology: Rating Malaysian State Governments](https://www.marc.com.my/marc-publishes-exposure-draft-on-new-rating-methodology-rating-malaysian-state-governments/) - Posted Date : 16 Dec 2014 MARC has published for comment an exposure draft which outlines the rating agency’s Malaysian state rating methodology. The publication of this exposure draft is part of MARC’s initiatives to increase transparency around its ratings process and to ensure the consistency of methodology application. MARC’s state rating methodology recognises
- [MARC's 2014 Ceo Forum: Credit ratings in an interconnected world](https://www.marc.com.my/marc-s-2014-ceo-forum-credit-ratings-in-an-interconnected-world/) - Posted Date : 18 Nov 2014 Malaysian Rating Corporation Berhad (MARC) today held its 2014 CEO Forum at Grand Hyatt Kuala Lumpur which brought together senior executives of prominent corporates and financial institutions in the country to reflect together on how to take credit ratings and the domestic capital markets to the next level in
- [MARC voted Best Islamic Rating Agency 2014 by Global Islamic Finance Awards](https://www.marc.com.my/marc-voted-best-islamic-rating-agency-2014-by-global-islamic-finance-awards/) - Posted Date : 28 Oct 2014 Malaysian Rating Corporation Berhad (MARC) was named the Best Islamic Rating Agency 2014 by the Global Islamic Finance Awards (GIFA). MARC’s Chief Executive Officer, Mohd Razlan Mohamed, received the award at the GIFA gala dinner awards ceremony held in Dubai on Monday, 27 October 2014, in conjunction with the
- [MARC finalises its Corporate Credit: Rating Outcomes Grid and Group Rating Methodologies](https://www.marc.com.my/marc-finalises-its-corporate-credit-rating-outcomes-grid-and-group-rating-methodologies/) - Posted Date : 15 Oct 2014 MARC published its final methodologies for assessing the business and financial risk profiles of corporates and members of a corporate group today. The rating agency had published for public comment the exposure drafts titled ‘Corporate Credit: Rating Outcomes Grid’ and ‘Group Rating Methodology’ respectively on August 4, 2014 and
- [MARC publishes exposure draft on new rating methodology: Group Rating Methodology](https://www.marc.com.my/marc-publishes-exposure-draft-on-new-rating-methodology-group-rating-methodology/) - Posted Date : 08 Aug 2014 MARC has published for comment an exposure draft which outlines the rating agency’s group rating methodology. MARC’s group rating methodology recognises that the creditworthiness of a group member entity can be influenced by financial and business-related interdependencies among group members. This exposure draft articulates MARC’s approach to conducting analysis
- [MARC publishes exposure draft on new rating methodology: Rating Outcomes Grid](https://www.marc.com.my/marc-publishes-exposure-draft-on-new-rating-methodology-rating-outcomes-grid/) - Posted Date : 04 Aug 2014 MARC has published for comment an exposure draft on the 6x6 rating matrix it employs to guide its ratings process for non-financial corporations. The Rating Outcomes Grid provides transparency on how MARC’s business and financial risk assessments of a corporate are considered in assigning corporate credit ratings. The Rating
- [MARC braces for challenges in evolving credit rating landscape](https://www.marc.com.my/marc-braces-for-challenges-in-evolving-credit-rating-landscape/) - Posted Date : 30 Apr 2014 At Malaysian Rating Corporation Berhad’s (MARC) 18th Annual General Meeting (AGM) held at Sime Darby Convention Centre on 30 April 2014, the company announced its results for the financial year ended 31 December 2013. Datuk Azizan Haji Abd Rahman, who assumed the chairmanship of MARC since the last AGM
- [MARC publishes final rating methodology: Equity Treatment and Notching for Corporate Subordinated Debt and Hybrid Securities](https://www.marc.com.my/marc-publishes-final-rating-methodology-equity-treatment-and-notching-for-corporate-subordinated-debt-and-hybrid-securities/) - Posted Date : 18 Apr 2014 MARC published its final methodology on equity treatment and notching for corporate subordinated debt and hybrid securities today following a request for comments period. The methodology report outlines concepts and principles that are applicable to assigning ratings to all types of subordinated and hybrid securities issued by corporates. The
- [2013 Annual Corporate Default and Rating Transitions Study](https://www.marc.com.my/2013-annual-corporate-default-and-rating-transitions-study/) - Posted Date : 31 Mar 2014 MARC today released its 2013 Annual Corporate Default and Rating Transitions Study, which tabulates defaults and changes in ratings for the issuers rated by MARC over the years. Similar to 2012, MARC recorded only one credit default in 2013, increasing the overall corporate default rate slightly to 1.6%
- [MARC publishes exposure draft on new rating methodology: Equity Treatment and Notching for Corporate Subordinated Debt and Hybrid Securities](https://www.marc.com.my/marc-publishes-exposure-draft-on-new-rating-methodology-equity-treatment-and-notching-for-corporate-subordinated-debt-and-hybrid-securities/) - Posted Date : 25 Feb 2014 MARC has published for comment an exposure draft which outlines the rating agency’s approach to equity treatment and notching for corporate subordinated debt and hybrid securities. The exposure draft aims to identify concepts and principles that are applicable to assigning ratings to all types of subordinated and hybrid securities
- [MARC views stimulus package as critical buffer against sharp slowdown in Malaysian economy](https://www.marc.com.my/marc-views-stimulus-package-as-critical-buffer-against-sharp-slowdown-in-malaysian-economy-2/) - Posted Date : 11 Mar 2009The second stimulus package unveiled by the Deputy Prime Minister, Datuk Seri Najib, is a bold effort by the government to boost domestic growth in the wake of rapidly deteriorating global economic conditions. Malaysian Rating Corporation Berhad (MARC) views the RM60 billion stimulus package, which represents 9% of Malaysia’s GDP
- [As reality bites, MARC lowers its 2009 forecast for Malaysian GDP to 2.5%](https://www.marc.com.my/as-reality-bites-marc-lowers-its-2009-forecast-for-malaysian-gdp-to-2-5-2/) - Posted Date : 02 Jan 2009MARC has revised its forecast of Malaysia’s GDP growth for 2009 to 2.5% from its October’s projection of 3.5% as a result of the continuing uncertain outlook for the global macro economy combined with moderating consumer demand which would dampen domestic economic growth prospects. As shockwaves from the global financial
- [Slower economic growth and lower bond issuance but recession not on the cards](https://www.marc.com.my/slower-economic-growth-and-lower-bond-issuance-but-recession-not-on-the-cards-2/) - Posted Date : 05 Nov 2008MARC anticipates the ongoing weakness of the US economy to trigger a global recession in 2009 that will have an adverse impact on Malaysia’s economic performance next year. The impact will likely to filter through as sharp moderation in the external sector as lower demand hits Malaysia’s export sector.According to
- [MARC forecasts Malaysia’s 2009 GDP growth at 3.5% : Resilient amid global financial dislocation](https://www.marc.com.my/marc-forecasts-malaysia-s-2009-gdp-growth-at-3-5-resilient-amid-global-financial-dislocation-2/) - Posted Date : 20 Oct 2008MARC views that the ongoing global turbulence roiling the financial markets will likely trigger a global recession in 2009 and accordingly forecasts Malaysia’s GDP growth for next year at 3.5%.The world's largest economy and Malaysia's single largest trading partner, the United States (US) is likely to experience its first recession
- [MARC lowers its 2008 GDP growth forecast to 5.2%; Revises its estimate of new bond issuances down to RM40 - 45 billion](https://www.marc.com.my/marc-lowers-its-2008-gdp-growth-forecast-to-5-2-revises-its-estimate-of-new-bond-issuances-down-to-rm40-45-billion-2/) - Posted Date : 17 Jul 2008MARC foresees a moderation in Malaysia’s GDP growth in the 2H2008 as the domestic economy adjusts to the decelerating global economic activity and the recent larger-than-expected fuel hike. Growth trajectory in the 2H2008 will largely hinge on the speed and magnitude of this adjustment. Inflation is expected to be a
- [A modest retreat in credit fundamentals ahead?](https://www.marc.com.my/a-modest-retreat-in-credit-fundamentals-ahead-2/) - Posted Date : 10 Jun 2008The year 2008 had started out as rather picture perfect despite slowing global growth and turbulence in international markets. Indicators such as retail sales growth, auto sales, home sales and consumer credit growth exhibited strength, and the economy showed good momentum. As the second half of 2008 commences, MARC expects
- [CIMB Investment and Maybank Investment top MARC’s 2013 Lead Managers League Tables](https://www.marc.com.my/cimb-investment-and-maybank-investment-top-marc-s-2013-lead-managers-league-tables/) - Posted Date : 05 Feb 2014Malaysian Rating Corporation Berhad (MARC) said today that CIMB Investment Bank Berhad (CIMB Investment) and Maybank Investment Bank Berhad (Maybank Investment) maintained top spots in MARC’s 2013 Lead Managers League Tables. CIMB Investment claimed top spot based on issue value, whilst Maybank Investment was in pole position based on issue
- [New international credit rating agency, ARC Ratings, launches in London with MARC as a founding partner](https://www.marc.com.my/new-international-credit-rating-agency-arc-ratings-launches-in-london-with-marc-as-a-founding-partner/) - Posted Date : 16 Jan 2014Malaysian Rating Corporation Berhad (MARC) announced today the creation of ARC Ratings S.A. (ARC), a European and network-based credit rating agency (CRA), which aims to address the global markets’ need for a new approach to credit rating and analysing credit default risk. ARC is the result of five credit rating
- [CIMB Investment Bank and Maybank Investment Bank top MARC’s 2009 Lead Managers League Tables](https://www.marc.com.my/cimb-investment-bank-and-maybank-investment-bank-top-marc-s-2009-lead-managers-league-tables/) - Posted Date : 22 Jan 2010CIMB Investment Bank Berhad (CIMB) and Maybank Investment Bank Berhad (MIB) clinched the top spots on Malaysian Rating Corporation Berhad’s (MARC) 2009 Lead Managers League Tables by value and number of issues, respectively. MIB and Public Investment Bank Berhad ranked second and third, respectively by value. CIMB ranked second whilst
- [MARC : New credit card tax unlikely to reduce consumer spending](https://www.marc.com.my/marc-new-credit-card-tax-unlikely-to-reduce-consumer-spending/) - Posted Date : 30 Oct 2009MARC believes that the proposed annual credit card tax of RM50 per primary credit and charge card and RM25 per supplementary card is unlikely to have an impact on the overall transaction value of cardholders over the medium term. According to Anandakumar Jegarasasingam, MARC’s Head of Financial Institutions Ratings, should
- [Commentary on Budget 2010](https://www.marc.com.my/commentary-on-budget-2010/) - Posted Date : 24 Oct 2009The measures in Budget 2010 are intended to delicately balance the need to address the government’s budgetary constraints while continuing to support the nascent economic recovery. The series of measures unveiled yesterday are focused on reducing the budget deficit by trimming operating expenditures and broadening the revenue base through the
- [MARC Economic Research released its report on the Economic Outlook for 2014, entitled “Focusing on Domestic Challenges”](https://www.marc.com.my/marc-economic-research-released-its-report-on-the-economic-outlook-for-2014-entitled-focusing-on-domestic-challenges-2/) - Posted Date : 31 Dec 2013 MARC today released its report on the Economic Outlook for 2014, entitled “Focusing on Domestic Challenges”. We foresee Malaysia's real gross domestic product (GDP) growth will be respectable at 5.0%, although it will likely be at the lower range of the government’s forecast due to numerous challenges ranging from
- [MARC signs Technical Collaboration Agreement with Emerging Credit Rating Limited of Bangladesh](https://www.marc.com.my/marc-signs-technical-collaboration-agreement-with-emerging-credit-rating-limited-of-bangladesh/) - Posted Date : 20 Oct 2009Malaysian Rating Corporation Berhad (“MARC”) entered into a Technical Collaboration Agreement with Emerging Credit Rating Limited (“ECRL”) of Bangladesh today. Under the agreement, MARC will assume the role of technical partner to ECRL, providing consultancy and advisory in the development of ECRL’s credit rating methodologies and training in credit analysis.
- [CIMB Investment Bank Berhad and Maybank Investment Bank Berhad top MARC’s Lead Managers’ League Tables for January to September 2009](https://www.marc.com.my/cimb-investment-bank-berhad-and-maybank-investment-bank-berhad-top-marc-s-lead-managers-league-tables-for-january-to-september-2009/) - Posted Date : 09 Oct 2009CIMB Investment Bank Berhad topped MARC’s Lead Managers’ League Tables based on issuance value and holds the top spot with Maybank Investment Bank Berhad for issue count. Five financial institutions shared second place for issue count. The total value of MARC rated bonds issued from January to September 2009 amounts
- [MARC releases its Financial Guarantee Insurer Rating approach](https://www.marc.com.my/marc-releases-its-financial-guarantee-insurer-rating-approach/) - Posted Date : 15 May 2009MARC has released its Financial Guarantee Insurer Rating Methodology, explaining its approach to rating financial guarantee insurers. The rating that would be assigned to a financial guarantee insurer (FGI) would be an Insurer Financial Strength (IFS) rating. MARC’s insurer financial strength rating on an FGI incorporates assessments of willingness to
- [MARC views stimulus package as critical buffer against sharp slowdown in Malaysian economy](https://www.marc.com.my/marc-views-stimulus-package-as-critical-buffer-against-sharp-slowdown-in-malaysian-economy/) - Posted Date : 11 Mar 2009The second stimulus package unveiled by the Deputy Prime Minister, Datuk Seri Najib, is a bold effort by the government to boost domestic growth in the wake of rapidly deteriorating global economic conditions. Malaysian Rating Corporation Berhad (MARC) views the RM60 billion stimulus package, which represents 9% of Malaysia’s GDP
- [Y.B. Tan Sri Nor Mohamed Yakcop graces MARC’s 2008 Lead Managers Appreciation Night](https://www.marc.com.my/y-b-tan-sri-nor-mohamed-yakcop-graces-marc-s-2008-lead-managers-appreciation-night/) - Posted Date : 02 Mar 2009Malaysian Rating Corporation Berhad (MARC) held an Appreciation Night on 27th February 2009 for the financial institution fraternity comprising Investment, Islamic and Commercial Banks in recognition for their key role in advising, arranging and originating private debt securities issuances in 2008 rated by MARC. These institutions have contributed immensely to
- [CIMB Investment Bank Berhad tops MARC’s Lead Managers League Table for 2008](https://www.marc.com.my/cimb-investment-bank-berhad-tops-marc-s-lead-managers-league-table-for-2008/) - Posted Date : 12 Feb 2009CIMB Investment Bank Berhad topped MARC’s 2008 Lead Managers League Table as the lead manager for the highest value and number of conventional bond issuances. RHB Investment Bank Berhad and OCBC Bank (Malaysia) Berhad ranked second and third respectively in terms of conventional bonds issue value. RHB Investment Bank Berhad
- [As reality bites, MARC lowers its 2009 forecast for Malaysian GDP to 2.5%](https://www.marc.com.my/as-reality-bites-marc-lowers-its-2009-forecast-for-malaysian-gdp-to-2-5/) - Posted Date : 02 Jan 2009MARC has revised its forecast of Malaysia’s GDP growth for 2009 to 2.5% from its October’s projection of 3.5% as a result of the continuing uncertain outlook for the global macro economy combined with moderating consumer demand which would dampen domestic economic growth prospects. As shockwaves from the global financial
- [Slower economic growth and lower bond issuance but recession not on the cards](https://www.marc.com.my/slower-economic-growth-and-lower-bond-issuance-but-recession-not-on-the-cards/) - Posted Date : 05 Nov 2008MARC anticipates the ongoing weakness of the US economy to trigger a global recession in 2009 that will have an adverse impact on Malaysia’s economic performance next year. The impact will likely to filter through as sharp moderation in the external sector as lower demand hits Malaysia’s export sector. According
- [MARC forecasts Malaysia’s 2009 GDP growth at 3.5% : Resilient amid global financial dislocation](https://www.marc.com.my/marc-forecasts-malaysia-s-2009-gdp-growth-at-3-5-resilient-amid-global-financial-dislocation/) - Posted Date : 20 Oct 2008MARC views that the ongoing global turbulence roiling the financial markets will likely trigger a global recession in 2009 and accordingly forecasts Malaysia’s GDP growth for next year at 3.5%. The world's largest economy and Malaysia's single largest trading partner, the United States (US) is likely to experience its first
- [MARC issues special comment on South Korean banking system : Resilience predicated on pro-active regulatory intervention](https://www.marc.com.my/marc-issues-special-comment-on-south-korean-banking-system-resilience-predicated-on-pro-active-regulatory-intervention/) - Posted Date : 17 Oct 2008MARC is issuing this special comment on the South Korean banking system following the heavy media coverage on the possible heightened vulnerability of its banks to the global credit crisis stemming from their funding structure. The rising USD funding costs and the shortage in USD funding supply pose immediate challenges
- [Windfall Profit Levy (Electricity) Order 2008 : Welcomed closure](https://www.marc.com.my/windfall-profit-levy-electricity-order-2008-welcomed-closure/) - Posted Date : 12 Sep 2008This comment follows the Malaysian government's announcement on the scrapping of the windfall profit levy imposed on independent power producers (IPPs) with immediate effect. Instead, the IPPs will make a one-off payment to the government equivalent to a year's windfall levy payment. This move vindicates our belief that sound decision
- [MARC Investor Guide](https://www.marc.com.my/marc-investor-guide/) - Posted Date : 29 Jul 2008MARC is pleased to announce its Inaugural issue of MARC Investor Guide (MIG). MIG is a quarterly publication and it compiles valuable hands-on information such as in-house economic and fixed income research articles, rating activities and studies as well as the lead managers list as hands-on information to the bond
- [MARC lowers its 2008 GDP growth forecast to 5.2%; Revises its estimate of new bond issuances down to RM40 - 45 billion](https://www.marc.com.my/marc-lowers-its-2008-gdp-growth-forecast-to-5-2-revises-its-estimate-of-new-bond-issuances-down-to-rm40-45-billion/) - Posted Date : 17 Jul 2008MARC foresees a moderation in Malaysia’s GDP growth in the 2H2008 as the domestic economy adjusts to the decelerating global economic activity and the recent larger-than-expected fuel hike. Growth trajectory in the 2H2008 will largely hinge on the speed and magnitude of this adjustment. Inflation is expected to be a
- [Windfall Profit Levy (Electricity) Order 2008 : Thoroughly thought through?](https://www.marc.com.my/windfall-profit-levy-electricity-order-2008-thoroughly-thought-through/) - Posted Date : 09 Jul 2008MARC expects the outcome of the Windfall Profit Levy (Electricity) Order 2008 would be, reduced project returns and lowered debt servicing ability on the part of affected independent power producers (IPPs), if implemented. The impact will be uneven across different classes of IPP project debts. Holders of subordinated debt will
- [A modest retreat in credit fundamentals ahead?](https://www.marc.com.my/a-modest-retreat-in-credit-fundamentals-ahead/) - Posted Date : 10 Jun 2008The year 2008 had started out as rather picture perfect despite slowing global growth and turbulence in international markets. Indicators such as retail sales growth, auto sales, home sales and consumer credit growth exhibited strength, and the economy showed good momentum. As the second half of 2008 commences, MARC expects
- [Fuel hike : Darkest before dawn? MARC's special commentary on the recent fuel hike by Nor Zahidi Alias, Chief Economist.](https://www.marc.com.my/fuel-hike-darkest-before-dawn-marc-s-special-commentary-on-the-recent-fuel-hike-by-nor-zahidi-alias-chief-economist/) - Posted Date : 06 Jun 2008The government unveiled a new subsidy scheme structure in view of the increasing burden it will have to shoulder following a significant jump in the global crude oil prices.DownloadsFuel Hike : Darkest Before Dawn
- [MARC forges ahead with record earnings in 2007](https://www.marc.com.my/marc-forges-ahead-with-record-earnings-in-2007/) - Posted Date : 29 May 2008Malaysian Rating Corporation Berhad (MARC), in conjunction with its 12th Annual General Meeting, announced an impressive 37% growth in pre-tax profit to RM11.76 million for the financial year ended 31 December 2007 from RM8.61 million in FY2006. The improved performance of MARC was fuelled by the brisk debt capital markets
- [MARC 2007 completed and published ratings](https://www.marc.com.my/marc-2007-completed-and-published-ratings/) - Posted Date : 18 Feb 2008Based on published credit ratings in the domestic bond market, new bond issues with a total value of RM116.05 billion were rated in for 2007. MARC’s published ratings account for RM82.15 billion of the RM116.05 billion in value terms, comprising RM64.95 billion dual-rated new bond programmes and RM17.20 billion single-rated
- [MARC has launched its new corporate logo](https://www.marc.com.my/marc-has-launched-its-new-corporate-logo/) - Posted Date : 14 Jan 2008Malaysian Rating Corporation Berhad (“MARC”) has launched its new corporate logo on 8 January 2008. The new brand identity was officially launched by Y. Bhg. Dato’ Zarinah Anwar, the Chairman of the Securities Commission, in conjunction with MARC’s Annual Cocktail held at Hilton Hotel Kuala Lumpur. MARC’s new brand identity
- [MARC releases its rating approach for Basel III-compliant bank capital instruments](https://www.marc.com.my/marc-releases-its-rating-approach-for-basel-iii-compliant-bank-capital-instruments/) - Posted Date : 14 Aug 2013MARC has today released its rating approach for Basel III-compliant Additional Tier 1 and Tier 2 capital instruments. The approach outlines the general notching guidelines that MARC will apply to issues of Basel III-compliant bank capital instruments. MARC’s general approach to rating various classes of debt and hybrid securities issued
- [MARC Economic Research issues its Economic Outlook report for the second half of 2013](https://www.marc.com.my/marc-economic-research-issues-its-economic-outlook-report-for-the-second-half-of-2013-2/) - Posted Date : 01 Jul 2013 MARC today released its report on the Economic Outlook for 2H2013, entitled “Normalisation Setting In”. Economic malaise in Europe is hurting Asian exports, putting pressure on their economies. Adding to that, jitters over global economic weaknesses are being amplified by softer macro numbers in China in recent months. Similarly,
- [MARC issues its 2012 Annual Corporate Default and Rating Transitions Study](https://www.marc.com.my/marc-issues-its-2012-annual-corporate-default-and-rating-transitions-study-2/) - Posted Date : 09 May 2013 MARC today released its 2012 Annual Corporate Default and Rating Transitions Study, which tabulates defaults and changes in ratings for the issuers rated by MARC over the years. The study reviews the bond market in 2012, which marked a record year for private debt issuance. Corporate bond issues rose
- [MARC’s financial performance for 2012 remains resilient on the back of sustained bond market activity](https://www.marc.com.my/marc-s-financial-performance-for-2012-remains-resilient-on-the-back-of-sustained-bond-market-activity/) - Posted Date : 29 Apr 2013Malaysian Rating Corporation Berhad (MARC) held its annual general meeting (AGM) today. The shareholders at the AGM approved the accounts for the financial year ended December 31, 2012. Chairman Mohammad Abdullah told shareholders that MARC posted a stable profit before tax of RM9.4 million on the back of revenue of
- [MARC issues report on BNM Annual Report 2012](https://www.marc.com.my/marc-issues-report-on-bnm-annual-report-2012-2/) - Posted Date : 21 Mar 2013 MARC today released its report on the 2012 BNM Annual Report, commenting on the central bank’s outlook for the economy and the status and health of the financial sector in Malaysia. Bank Negara is projecting GDP growth for 2013 at around 5.0% to 6.0%, which is in line with
- [MARC issues report on 2013 bond market outlook](https://www.marc.com.my/marc-issues-report-on-2013-bond-market-outlook-2/) - Posted Date : 18 Feb 2013 MARC today released its report on its 2013 Bond Market Outlook, looking at the prospects and challenges for Malaysia’s debt capital markets in the year ahead. MARC expects issuance of MYR75-90 billion in gross private debt securities (PDS) for 2013, with another MYR90-95 billion of gross issuance in Malaysian
- [CIMB Investment Bank tops MARC’s 2012 Lead Managers’ League Tables](https://www.marc.com.my/cimb-investment-bank-tops-marc-s-2012-lead-managers-league-tables/) - Posted Date : 31 Jan 2013 CIMB Investment Bank Berhad clinched first place on Malaysian Rating Corporation Berhad's (MARC) 2012 Lead Managers' League Tables based on issue value and issue count. The investment bank was the lead manager for five MARC-rated sukuk/bond issues amounting to RM10.08 billion. Maybank Investment Bank Berhad (Maybank IB) and AmInvestment
- [MARC announces new board appointments](https://www.marc.com.my/marc-announces-new-board-appointments/) - Posted Date : 18 Jan 2013Malaysian Rating Corporation Berhad (MARC) today announced the appointments of four new independent non-executive directors. They are Y. Bhg. Datuk Azizan Abdul Rahman, Y. Bhg. Dato’ Muthanna Abdullah, Lillian Leong Bee Lian and Md Adnan Md Zain.MARC Chairman Mohammad Abdullah, said “MARC is pleased to welcome these highly qualified new
- [MARC issues report on Economic Outlook 2013](https://www.marc.com.my/marc-issues-report-on-economic-outlook-2013-2/) - Posted Date : 31 Dec 2012 MARC today released its report on its Economic Outlook 2013 report, assessing the prospects and challenges for the Malaysian economy in the coming year. MARC expects that economic growth in 2013 will largely hinge on global economic momentum, which at this juncture is clouded by the prospects of recovery
- [MARC issues report on Budget 2013: Aiming for more balanced and quality growth](https://www.marc.com.my/marc-issues-report-on-budget-2013-aiming-for-more-balanced-and-quality-growth-2/) - Posted Date : 01 Oct 2012 MARC today released its report on Budget 2013, analysing the thrust and content of the Federal Government’s spending priorities, and assessing the macroeconomic projections for the coming year. Looking ahead to 2013, the government is expecting the economy to grow at a 4.5%-5.5% pace, with domestic demand in the
- [MARC issues 2H2012 Malaysian Economic Outlook](https://www.marc.com.my/marc-issues-2h2012-malaysian-economic-outlook-2/) - Posted Date : 04 Jul 2012 MARC today released its report on the Malaysian economic outlook over the second half of 2012. The report discusses pitfalls and challenges for the coming half-year, as well as the potential performance of the economy over 2012 as a whole. Even as 1Q2012 GDP expanded at a respectable 4.7%
- [MARC’s 16th Annual General Meeting press release : Pre-tax profit increases 18.3% year-on-year](https://www.marc.com.my/marc-s-16th-annual-general-meeting-press-release-pre-tax-profit-increases-18-3-year-on-year/) - Posted Date : 30 Apr 2012Malaysian Rating Corporation Berhad’s Chairman Mohammad Abdullah led the credit rating agency’s annual general meeting (AGM), which approved its accounts for the financial year ended December 31, 2011. He told shareholders that MARC posted an 18.3% increase in pre-tax profit to RM9.5 million in 2011 on the back of a
- [Strong sukuk and bond issuance activity in 2011: Maybank Investment Bank leads MARC’s 2011 Lead Managers League Tables](https://www.marc.com.my/strong-sukuk-and-bond-issuance-activity-in-2011-maybank-investment-bank-leads-marc-s-2011-lead-managers-league-tables/) - Posted Date : 02 Feb 2012Maybank Investment Bank Berhad clinched the top spots on Malaysian Rating Corporation Berhad’s (MARC) 2011 Lead Managers League Tables by issue value and issue count where the bank lead-managed 12 MARC-rated sukuk/bond issues amounting to RM9.41 billion. AmInvestment Bank Berhad and CIMB Investment Bank Berhad came in second and third
- [MARC launches inaugural publication entitled “Musings of a Financial Economist” at MARC CEO Breakfast Forum](https://www.marc.com.my/marc-launches-inaugural-publication-entitled-musings-of-a-financial-economist-at-marc-ceo-breakfast-forum/) - Posted Date : 20 Jul 2011Musings of a Financial Economist, an inaugural publication by Malaysian Rating Corporation Berhad (MARC) Chief Economist En. Nor Zahidi Alias, was launched at the MARC 2011 CEO Breakfast Forum held at Kuala Lumpur today.Malaysian Industrial Development Authority (MIDA) Chairman, Tan Sri Dr. Sulaiman Mahbob and MARC Chairman En. Mohammad Abdullah
- [MARC offers technical support to Bahrain-based Islamic International Rating Agency](https://www.marc.com.my/marc-offers-technical-support-to-bahrain-based-islamic-international-rating-agency/) - Posted Date : 29 May 2011Malaysian Rating Corporation Berhad (MARC) entered into a technical agreement with Islamic International Rating Agency (IIRA) on Thursday, May 26, 2011. Japan Credit Rating Agency Ltd affiliate, JCR-VIS Credit Rating Co. Ltd, will also provide support to IIRA under this agreement.IIRA is seeking to augment its technical expertise as the
- [MARC releases first ever results of market survey on the economy and bond market](https://www.marc.com.my/marc-releases-first-ever-results-of-market-survey-on-the-economy-and-bond-market/) - Posted Date : 06 Apr 2011MARC released the results of its maiden survey on the economy and bond market conducted in conjunction with its 2011 Investor Briefing on March 22. Questionnaires were distributed to bond market participants to gather their views on the domestic economy, market strategies, market developments, bond issuances as well as exchange
- [MARC announces higher profit for 2010](https://www.marc.com.my/marc-announces-higher-profit-for-2010/) - Posted Date : 31 Mar 2011Malaysian Rating Corporation Berhad (MARC) today announced a 21% growth in pre-tax profit to RM8.0 million for the financial year 2010 from RM6.6 million the year before on the back of a 7.3% increase in revenue to RM18.37 million for the financial year ended 31 December 2010 at its 15th
- [MARC Investor Briefing : An outlook on 2011](https://www.marc.com.my/marc-investor-briefing-an-outlook-on-2011/) - Posted Date : 22 Mar 2011Malaysian Rating Corporation Bhd (MARC) held its 2011 Investor Briefing in Kuala Lumpur today. MARC's Chief Executive Officer, Mohd Razlan Mohamed, opened the briefing with welcoming remarks, describing the annual event as a platform and forum for MARC to share its views on the economy, bond market and the credit
- [MARC releases its 2010 Annual Corporate Default and Ratings Transition Study](https://www.marc.com.my/marc-releases-its-2010-annual-corporate-default-and-ratings-transition-study/) - Posted Date : 17 Mar 2011 MARC released its 2010 Annual Corporate Default and Ratings Transition Study today. The report discusses rating and bond market trends in 2010. “The agency’s rating universe remained relatively stable with a lower number of issuer defaults as a result of the economy’s return to growth,” said Mohd Razlan Mohamed,
- [Bonds issuance for 2010 closes on a high note; CIMB Investment Bank clinches top spot on MARC’s Lead Managers’ League Table](https://www.marc.com.my/bonds-issuance-for-2010-closes-on-a-high-note-cimb-investment-bank-clinches-top-spot-on-marc-s-lead-managers-league-table/) - Posted Date : 24 Feb 2011CIMB Investment Bank Berhad (CIMB) topped MARC’s Lead Managers’ League Table for 2010 in terms of both value and number of issues, with Maybank Investment Bank Berhad (Maybank-IB) coming in a close second. CIMB lead-managed five issuances amounting to RM6.72 billion followed by Maybank-IB which lead-managed 4 issuances totalling RM6.22
- [MARC releases its 2011 Ringgit Bond Market Outlook](https://www.marc.com.my/marc-releases-its-2011-ringgit-bond-market-outlook-2/) - Posted Date : 24 Dec 2010 MARC released its 2011 Ringgit Bond Market Outlook report today which covers the agency’s views for both the domestic sovereign and corporate bond markets in the coming year. Mohd Razlan Mohamed, MARC’s CEO, said, "We believe that the dry spell for the ringgit corporate bond market has ended after
- [MARC announces the launch of Sovereign Issuer Ratings](https://www.marc.com.my/marc-announces-the-launch-of-sovereign-issuer-ratings/) - Posted Date : 09 Dec 2010Malaysian Rating Corporation Berhad (MARC) today announced the launch of its sovereign issuer rating services. Sovereign issuer ratings are intended to be assessments of the ability and willingness of a sovereign government to repay its debt obligations in a full and timely manner. These ratings will be assigned to sovereign
- [MARC launches Governance Rating Service for Islamic Financial Institutions](https://www.marc.com.my/marc-launches-governance-rating-service-for-islamic-financial-institutions/) - Posted Date : 26 Oct 2010Malaysian Rating Corporation Berhad (MARC) today announced the official launch of its Islamic Financial Institution (IFI) Governance Rating, an interactive rating service catering to IFIs, by Securities Commission Managing Director Datuk Ranjit Ajit Singh at Mandarin Oriental, Kuala Lumpur in conjunction with the ongoing Global Islamic Finance Forum (GIFF). The
- [CIMB Investment Bank & Maybank Investment Bank receive Top Lead Manager Awards from MARC](https://www.marc.com.my/cimb-investment-bank-maybank-investment-bank-receive-top-lead-manager-awards-from-marc-2/) - Posted Date : 15 Jul 2010Malaysian Rating Corporation Berhad (MARC) awarded CIMB Investment Bank Berhad (CIMB Investment) and Maybank Investment Bank Berhad (Maybank IB) with the Top Lead Managers Awards recently in recognition of their distinctive achievements in the Issue Value category and the Issue Count category respectively.CIMB Investment topped the Issue Value 2009 category
- [MARC announces 2009 results](https://www.marc.com.my/marc-announces-2009-results-2/) - Posted Date : 01 Apr 2010Malaysian Rating Corporation Berhad (MARC) announced a consolidated profit before tax of RM6.63 million against group revenue of RM17.11 million for the financial year ended 31 December 2009 at its 14th Annual General Meeting today.MARC’s Chairman, En Mohammad Abdullah, said that despite the unfavourable financial market conditions, MARC was able
- [MARC releases its 2009 Annual Corporate Default and Ratings Transition Study](https://www.marc.com.my/marc-releases-its-2009-annual-corporate-default-and-ratings-transition-study/) - Posted Date : 16 Mar 2010 Malaysian Rating Corporation Berhad (MARC) has released its 2009 Annual Corporate Default and Ratings Transition Study. The report discusses rating trends in 2009, default activity and the outlook for 2010. The agency’s rating universe remained relatively stable although there was a marked absence of positive credit actions and a
- [MARC’s viewpoints : What’s in store for 2010?](https://www.marc.com.my/marc-s-viewpoints-what-s-in-store-for-2010-2/) - Posted Date : 10 Feb 2010Malaysian Rating Corporation Bhd (MARC) released its outlooks for the economy, the bond market and various industries at the MARC 2010 Investors’ Briefing held at the Hilton Kuala Lumpur on February 9, 2010. About 100 capital-market investors and market players from the financial fraternity were in attendance at the event
- [CIMB Investment Bank and Maybank Investment Bank top MARC’s 2009 Lead Managers League Tables](https://www.marc.com.my/cimb-investment-bank-and-maybank-investment-bank-top-marc-s-2009-lead-managers-league-tables-2/) - Posted Date : 22 Jan 2010 CIMB Investment Bank Berhad (CIMB) and Maybank Investment Bank Berhad (MIB) clinched the top spots on Malaysian Rating Corporation Berhad’s (MARC) 2009 Lead Managers League Tables by value and number of issues, respectively. MIB and Public Investment Bank Berhad ranked second and third, respectively by value. CIMB ranked second
- [MARC : New credit card tax unlikely to reduce consumer spending](https://www.marc.com.my/marc-new-credit-card-tax-unlikely-to-reduce-consumer-spending-2/) - Posted Date : 30 Oct 2009 MARC believes that the proposed annual credit card tax of RM50 per primary credit and charge card and RM25 per supplementary card is unlikely to have an impact on the overall transaction value of cardholders over the medium term. According to Anandakumar Jegarasasingam, MARC’s Head of Financial Institutions Ratings,
- [Commentary on Budget 2010](https://www.marc.com.my/commentary-on-budget-2010-2/) - Posted Date : 24 Oct 2009 The measures in Budget 2010 are intended to delicately balance the need to address the government’s budgetary constraints while continuing to support the nascent economic recovery. The series of measures unveiled yesterday are focused on reducing the budget deficit by trimming operating expenditures and broadening the revenue base through
- [MARC signs Technical Collaboration Agreement with Emerging Credit Rating Limited of Bangladesh](https://www.marc.com.my/marc-signs-technical-collaboration-agreement-with-emerging-credit-rating-limited-of-bangladesh-2/) - Posted Date : 20 Oct 2009Malaysian Rating Corporation Berhad (“MARC”) entered into a Technical Collaboration Agreement with Emerging Credit Rating Limited (“ECRL”) of Bangladesh today. Under the agreement, MARC will assume the role of technical partner to ECRL, providing consultancy and advisory in the development of ECRL’s credit rating methodologies and training in credit analysis.Representing
- [CIMB Investment Bank Berhad and Maybank Investment Bank Berhad top MARC’s Lead Managers’ League Tables for January to September 2009](https://www.marc.com.my/cimb-investment-bank-berhad-and-maybank-investment-bank-berhad-top-marc-s-lead-managers-league-tables-for-january-to-september-2009-2/) - Posted Date : 09 Oct 2009CIMB Investment Bank Berhad topped MARC’s Lead Managers’ League Tables based on issuance value and holds the top spot with Maybank Investment Bank Berhad for issue count. Five financial institutions shared second place for issue count.The total value of MARC rated bonds issued from January to September 2009 amounts to
- [MARC Investor Guide](https://www.marc.com.my/marc-investor-guide-2/) - Posted Date : 29 Jul 2008MARC is pleased to announce its Inaugural issue of MARC Investor Guide (MIG). MIG is a quarterly publication and it compiles valuable hands-on information such as in-house economic and fixed income research articles, rating activities and studies as well as the lead managers list as hands-on information to the bond
- [MARC releases its Financial Guarantee Insurer Rating approach](https://www.marc.com.my/marc-releases-its-financial-guarantee-insurer-rating-approach-2/) - Posted Date : 15 May 2009MARC has released its Financial Guarantee Insurer Rating Methodology, explaining its approach to rating financial guarantee insurers. The rating that would be assigned to a financial guarantee insurer (FGI) would be an Insurer Financial Strength (IFS) rating. MARC’s insurer financial strength rating on an FGI incorporates assessments of willingness to
- [MARC announces commendable results amid economic challenges](https://www.marc.com.my/marc-announces-commendable-results-amid-economic-challenges-2/) - Posted Date : 26 Mar 2009The year under review, 2008, was a challenging one for MARC arising from the global financial meltdown that had originated from the US housing crisis but swiftly engulfed the rest of the world. The Malaysian economy, which grew at a slower rate of 4.6% in 2008, is expected to continue
- [MARC views stimulus package as critical buffer against sharp slowdown in Malaysian economy](https://www.marc.com.my/marc-views-stimulus-package-as-critical-buffer-against-sharp-slowdown-in-malaysian-economy-3/) - Posted Date : 11 Mar 2009 The second stimulus package unveiled by the Deputy Prime Minister, Datuk Seri Najib, is a bold effort by the government to boost domestic growth in the wake of rapidly deteriorating global economic conditions. Malaysian Rating Corporation Berhad (MARC) views the RM60 billion stimulus package, which represents 9% of Malaysia’s
- [Y.B. Tan Sri Nor Mohamed Yakcop graces MARC’s 2008 Lead Managers Appreciation Night](https://www.marc.com.my/y-b-tan-sri-nor-mohamed-yakcop-graces-marc-s-2008-lead-managers-appreciation-night-2/) - Posted Date : 02 Mar 2009Malaysian Rating Corporation Berhad (MARC) held an Appreciation Night on 27th February 2009 for the financial institution fraternity comprising Investment, Islamic and Commercial Banks in recognition for their key role in advising, arranging and originating private debt securities issuances in 2008 rated by MARC. These institutions have contributed immensely to
- [CIMB Investment Bank Berhad tops MARC's Lead Managers League Table for 2008](https://www.marc.com.my/cimb-investment-bank-berhad-tops-marc-s-lead-managers-league-table-for-2008-2/) - Posted Date : 12 Feb 2009CIMB Investment Bank Berhad topped MARC’s 2008 Lead Managers League Table as the lead manager for the highest value and number of conventional bond issuances. RHB Investment Bank Berhad and OCBC Bank (Malaysia) Berhad ranked second and third respectively in terms of conventional bonds issue value. RHB Investment Bank Berhad
- [As reality bites, MARC lowers its 2009 forecast for Malaysian GDP to 2.5%](https://www.marc.com.my/as-reality-bites-marc-lowers-its-2009-forecast-for-malaysian-gdp-to-2-5-3/) - Posted Date : 02 Jan 2009 MARC has revised its forecast of Malaysia’s GDP growth for 2009 to 2.5% from its October’s projection of 3.5% as a result of the continuing uncertain outlook for the global macro economy combined with moderating consumer demand which would dampen domestic economic growth prospects. As shockwaves from the global
- [Slower economic growth and lower bond issuance but recession not on the cards](https://www.marc.com.my/slower-economic-growth-and-lower-bond-issuance-but-recession-not-on-the-cards-3/) - Posted Date : 05 Nov 2008 MARC anticipates the ongoing weakness of the US economy to trigger a global recession in 2009 that will have an adverse impact on Malaysia’s economic performance next year. The impact will likely to filter through as sharp moderation in the external sector as lower demand hits Malaysia’s export sector.
- [MARC forecasts Malaysia’s 2009 GDP growth at 3.5% : Resilient amid global financial dislocation](https://www.marc.com.my/marc-forecasts-malaysia-s-2009-gdp-growth-at-3-5-resilient-amid-global-financial-dislocation-3/) - Posted Date : 20 Oct 2008 MARC views that the ongoing global turbulence roiling the financial markets will likely trigger a global recession in 2009 and accordingly forecasts Malaysia’s GDP growth for next year at 3.5%. The world's largest economy and Malaysia's single largest trading partner, the United States (US) is likely to experience its
- [MARC issues special comment on South Korean banking system : Resilience predicated on pro-active regulatory intervention](https://www.marc.com.my/marc-issues-special-comment-on-south-korean-banking-system-resilience-predicated-on-pro-active-regulatory-intervention-2/) - Posted Date : 17 Oct 2008 MARC is issuing this special comment on the South Korean banking system following the heavy media coverage on the possible heightened vulnerability of its banks to the global credit crisis stemming from their funding structure. The rising USD funding costs and the shortage in USD funding supply pose immediate
- [Windfall profit levy (electricity) Order 2008: Welcomed closure](https://www.marc.com.my/windfall-profit-levy-electricity-order-2008-welcomed-closure-2/) - Posted Date : 12 Sep 2008 This comment follows the Malaysian government's announcement on the scrapping of the windfall profit levy imposed on independent power producers (IPPs) with immediate effect. Instead, the IPPs will make a one-off payment to the government equivalent to a year's windfall levy payment. This move vindicates our belief that sound
- [MARC Investor Guide](https://www.marc.com.my/marc-investor-guide-20080729/) - Posted Date : 29 Jul 2008 MARC is pleased to announce its Inaugural issue of MARC Investor Guide (MIG). MIG is a quarterly publication and it compiles valuable hands-on information such as in-house economic and fixed income research articles, rating activities and studies as well as the lead managers list as hands-on information to the
- [MARC lowers its 2008 GDP growth forecast to 5.2%; revises its estimate of new bond issuances down to RM40 - 45 billion](https://www.marc.com.my/marc-lowers-its-2008-gdp-growth-forecast-to-5-2-revises-its-estimate-of-new-bond-issuances-down-to-rm40-45-billion-3/) - Posted Date : 17 Jul 2008 MARC foresees a moderation in Malaysia’s GDP growth in the 2H2008 as the domestic economy adjusts to the decelerating global economic activity and the recent larger-than-expected fuel hike. Growth trajectory in the 2H2008 will largely hinge on the speed and magnitude of this adjustment. Inflation is expected to be
- [Windfall profit levy (electricity) Order 2008 : Thoroughly thought through?](https://www.marc.com.my/windfall-profit-levy-electricity-order-2008-thoroughly-thought-through-2/) - Posted Date : 09 Jul 2008 MARC expects the outcome of the Windfall Profit Levy (Electricity) Order 2008 would be, reduced project returns and lowered debt servicing ability on the part of affected independent power producers (IPPs), if implemented. The impact will be uneven across different classes of IPP project debts. Holders of subordinated debt will be
- [A modest retreat in credit fundamentals ahead?](https://www.marc.com.my/a-modest-retreat-in-credit-fundamentals-ahead-3/) - Posted Date : 10 Jun 2008 The year 2008 had started out as rather picture perfect despite slowing global growth and turbulence in international markets. Indicators such as retail sales growth, auto sales, home sales and consumer credit growth exhibited strength, and the economy showed good momentum. As the second half of 2008 commences, MARC
- [Fuel Hike: Darkest Before Dawn? MARC's special commentary on the recent fuel hike by Nor Zahidi Alias, chief economist.](https://www.marc.com.my/fuel-hike-darkest-before-dawn-marc-s-special-commentary-on-the-recent-fuel-hike-by-nor-zahidi-alias-chief-economist-2/) - Posted Date : 06 Jun 2008DownloadsFuel Hike : Darkest Before Dawn
- [MARC forges ahead with record earnings in 2007](https://www.marc.com.my/marc-forges-ahead-with-record-earnings-in-2007-2/) - Posted Date : 29 May 2008Malaysian Rating Corporation Berhad (MARC), in conjunction with its 12th Annual General Meeting, announced an impressive 37% growth in pre-tax profit to RM11.76 million for the financial year ended 31 December 2007 from RM8.61 million in FY2006. The improved performance of MARC was fuelled by the brisk debt capital markets
- [MARC 2007 completed and published ratings](https://www.marc.com.my/marc-2007-completed-and-published-ratings-2/) - Posted Date : 18 Feb 2008Based on published credit ratings in the domestic bond market, new bond issues with a total value of RM116.05 billion were rated in for 2007. MARC’s published ratings account for RM82.15 billion of the RM116.05 billion in value terms, comprising RM64.95 billion dual-rated new bond programmes and RM17.20 billion single-rated
- [MARC has launched its new corporate logo](https://www.marc.com.my/marc-has-launched-its-new-corporate-logo-2/) - Posted Date : 14 Jan 2008Malaysian Rating Corporation Berhad (“MARC”) has launched its new corporate logo on 8 January 2008. The new brand identity was officially launched by Y. Bhg. Dato’ Zarinah Anwar, the Chairman of the Securities Commission, in conjunction with MARC’s Annual Cocktail held at Hilton Hotel Kuala Lumpur. MARC’s new brand identity

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- [elementor-mega-item-2440](https://www.marc.com.my/jet-menu/elementor-mega-item-2440/) - Services MARC's subsidiaries each provide distinct product offerings and services. Credit Ratings & Related Assessments Sustainability-Related Assessments Economic & Fixed-Income Analysis Credit Ratings & Related Assessments Sustainability-Related Assessments Economic & Fixed-Income Analysis Analytics Consulting Services Analytics Consulting Services Subscriptions Data Analytics Credit Reporting Learning Programmes Subscriptions Data Analytics Credit Reporting Learning Programmes
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- [elementor-mega-item-878](https://www.marc.com.my/jet-menu/elementor-mega-item-878/)
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- [elementor-mega-item-967](https://www.marc.com.my/jet-menu/elementor-mega-item-967/)
- [elementor-mega-item-657](https://www.marc.com.my/jet-menu/elementor-mega-item-657/) - Events Lorem ipsum dolor sit amet, consectetur adipiscing elit. Risus nisl cursus egestas pellentesque nisi accumsan. Nulla mollis porttitor convallis proin pharetra fermentum. Quisque est auctor gravida. MARCares Events MARCares Events
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## Dynific Global Templates

- [MARC in the Media Image Top](https://www.marc.com.my/?ae_global_templates=marc-in-the-media-image-top)
- [MARC in the Media](https://www.marc.com.my/?ae_global_templates=test) - Latest@MARC View Article
- [Career Lists](https://www.marc.com.my/?ae_global_templates=career-lists) - Business Analyst Kuala Lumpur, Full Time
- [Leadership Post](https://www.marc.com.my/?ae_global_templates=leadership-post) - Leadership PostIndependent Non-Executive
- [Latest@MARC Image Top](https://www.marc.com.my/?ae_global_templates=latestmarc-2nd-template) - Corporate Latest@MARC
- [Research Post Homepage](https://www.marc.com.my/?ae_global_templates=research-post-homepage) - Country Reports Research Post Homepage 11 December 2022
- [Lead Managers Table](https://www.marc.com.my/?ae_global_templates=lead-managers-table) - Lead Managers Table View PDF
- [Event Sponsor Loop](https://www.marc.com.my/?ae_global_templates=event-sponsor-loop) - Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo. Add Your Heading Text Here
- [Events Post Archive](https://www.marc.com.my/?ae_global_templates=events-post-archive) - Events Post Archive 00 Days 00 Hours 00 Minutes
- [Views Post Homepage and Archive](https://www.marc.com.my/?ae_global_templates=views-post-homepage) - Economic Views Views Post Homepage and Archive 11 December 2022
- [Event Speaker Loop](https://www.marc.com.my/?ae_global_templates=event-speaker-loop) - Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
- [Event Agenda Loop](https://www.marc.com.my/?ae_global_templates=event-agenda) - Add Your Heading Text Here
- [Views Post](https://www.marc.com.my/?ae_global_templates=views-post) - Economic Views Views 11 December 2022
- [Carousel Homepage Loop](https://www.marc.com.my/?ae_global_templates=annoucement-post) - Ratings Rating Announcements 10 December 2022
- [CSR Post Archive](https://www.marc.com.my/?ae_global_templates=csr-post-archive) - 27 December 2022 Rating Announcements Read More
- [Announcement Post Homepage](https://www.marc.com.my/?ae_global_templates=announcement-post-homepage) - Ratings Rating Announcements 11 December 2022
- [Latest@MARC](https://www.marc.com.my/?ae_global_templates=latestmarc) - Corporate Latest@MARC
- [Research Post](https://www.marc.com.my/?ae_global_templates=research-post) - Country Reports
- [News Post](https://www.marc.com.my/?ae_global_templates=news-post) - updated 3 hours ago
- [News Post Secondary](https://www.marc.com.my/?ae_global_templates=news-post-secondary) - updated 3 hours ago

## My Templates

- [Issuance Scroll 2](https://www.marc.com.my/?elementor_library=elementor-loop-6545) - 5 Issuer ratings 2 Counterparty credit ratings 69 Corporate credit ratings 3 Investment manager ratings 47 Impact bond assessments
- [Issuance Scroll 1](https://www.marc.com.my/?elementor_library=elementor-loop-6531) - 553 Corporate debt ratings with a total rated value of RM796.79 billion 1 Sovereign debt rating with a value of RM3.0 billion 103 Project finance ratings with a total rated value of RM169.23 billion 18 Sovereign credit strength ratings​ 214 Structured finance ratings with a total rated value of RM57.94 billion 54 Financial institution ratings​
- [Annual Report Download Popup](https://www.marc.com.my/?elementor_library=annual-report-download-popup) - Content area
- [other management leadership](https://www.marc.com.my/?elementor_library=other-management) - Malaysian Rating Corporation Berhad Khaireny Mohamed KhalidHead, Group Human Capital Azwa Md SarifHead, Compliance, Governance, Legal & Risk Management Daniel Wan Faizul Wan ZulkefliHead, Group IT MARC Ratings Sharidan SallehSenior Head, Rating Portfolio - Oil & Gas and Power Yazmin Abdul AzizHead, Rating Portfolio - Structured Finance, Property & Retail Elmer Lim Chon MengHead, Rating
- [sustainability committee leadership](https://www.marc.com.my/?elementor_library=sustainability-committee-leadership) - Dr Gary William TheseiraMember, Sustainability Committee Dr Alwin LongMember, Sustainability Committee Arshad Mohamed IsmailMember, Sustainability Committee Group Chief Executive Officer, MARC
- [senior management leadership](https://www.marc.com.my/?elementor_library=senior-management) - Arshad Mohamed IsmailGroup Chief Executive Officer, MARC Chief Executive Officer, MARC Ratings Berhad Mohammad Farish Mohd NoorChief Financial Officer, MARC Badrul Hisham ZawawiChief Commercial Officer, MARC Hafiza Abdul RashidChief Rating Officer, MARC Ratings Berhad Dr Ray ChoyChief Economist, MARC Ratings Berhad Vikraman Kalia PurumalChief Executive Officer, MARC Data Sdn Bhd Taufiq KamalDeputy Chief Rating Officer,
- [Icon nav](https://www.marc.com.my/?elementor_library=icon-nav) - Credit Ratings & Related Assessments Economic & Fixed-Income Analysis Sustainability-Related Assessments Data Analytics Credit Reporting Learning Programme
- [Main Header](https://www.marc.com.my/?elementor_library=main-header) - Content area
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- [BOD Leadership](https://www.marc.com.my/?elementor_library=bod-leadership) - Select... Malaysian Rating Corporation Berhad MARC Data Sdn Bhd MARC Learning Sdn Bhd MARC Ratings Berhad MARC Solutions Sdn Bhd Haziq Najmuddin Johan ZainuddinHead, Rating Portfolio Infrastructure, Telecommunications and Utilities MARC Ratings Berhad Tan Sri Dr Nik Norzrul Thani N.Hassan ThaniIndependent Non-Executive Chairman Wendy CheongNon-Independent Non-Executive Director Dato’ Wan Mohd Fadzmi Che Wan Othman FadzilahIndependent
- [rating committee Leadership](https://www.marc.com.my/?elementor_library=rating-committee-leadership) - Sharizad Juma’atChairman, Rating Committee Lee Jin Ghee, KirbyMember, Rating Committee Krishna KumarMember, Rating Committee Hafiza Abdul RashidMember, Rating Committee Chief Rating Officer, MARC Ratings Berhad Taufiq KamalMember, Rating Committee Deputy Chief Rating Officer, MARC Ratings Berhad
- [Leadership Loop Post](https://www.marc.com.my/?elementor_library=elementor-loop-2279) - Leadership Loop PostIndependent Non-Executive
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- [Latest Services Menu updated size](https://www.marc.com.my/?elementor_library=latest-services-menu-updated-size) - Credit Ratings & Related Assessments Sustainability- Related Assessments Economic & Fixed-Income Analysis Subscriptions Sustainability- Related Advisory Analytics Consulting Services Data Analytics Credit Reporting Learning Programme
- [Services - navbar](https://www.marc.com.my/?elementor_library=services-navbar) - Credit Ratings & Related Assessments Sustainability- Related Assessments Economic & Fixed-Income Analysis Sustainability- Related Advisory Subscriptions Analytics Consulting Services Data Analytics Credit Reporting Learning & Customised Programme
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- [Icon nav mobile carousel](https://www.marc.com.my/?elementor_library=icon-nav-mobile-carousel) - Credit Ratings & Related Assessments Economic & Fixed-Income Analysis Sustainability Related Debt Advisory Analytics Consulting Services Data Analytics Credit Reporting Learning Programme
- [Archive for Views](https://www.marc.com.my/?elementor_library=archive-for-views) - Credit Ratings & Related Assessments Economic & Fixed-Income Analysis Sustainability-Related Assessments Data Analytics Credit Reporting Learning Programme Credit Ratings & Related Assessments Sustainability- Related Assessments Economic & Fixed-Income Analysis Subscriptions Sustainability- Related Advisory Corporate & Debt Restructuring Advisory Analytics Consulting Services Data Analytics Credit Reporting Learning & Customised Programme Insights Views Announcements Views MARC's ratings
- [Archive for Research & Analysis](https://www.marc.com.my/?elementor_library=archive-for-research-analysis) - Credit Ratings & Related Assessments Economic & Fixed-Income Analysis Sustainability-Related Assessments Data Analytics Credit Reporting Learning Programme Credit Ratings & Related Assessments Economic & Fixed-Income Analysis Sustainability Related Debt Advisory Analytics Consulting Services Data Analytics Credit Reporting Learning Programme Insights Research & Analysis Announcements Research & Analysis MARC's ratings are recognized and accepted in the
- [Archive for Rating Announcements](https://www.marc.com.my/?elementor_library=archive-for-rating-announcements) - Credit Ratings & Related Assessments Economic & Fixed-Income Analysis Sustainability-Related Assessments Data Analytics Credit Reporting Learning Programme Credit Ratings & Related Assessments Economic & Fixed-Income Analysis Sustainability Related Debt Advisory Analytics Consulting Services Data Analytics Credit Reporting Learning Programme Insights Rating Announcements Announcements Rating Announcements MARC's ratings are recognized and accepted in the Malaysian capital
- [Events Single Post](https://www.marc.com.my/?elementor_library=single-post) - Credit Ratings & Related Assessments Economic & Fixed-Income Analysis Sustainability-Related Assessments Data Analytics Credit Reporting Learning Programme Credit Ratings & Related Assessments Economic & Fixed-Income Analysis Sustainability Related Debt Advisory Analytics Consulting Services Data Analytics Credit Reporting Learning Programme Events & CSR Events Events Single Post 00 Days : 00 Hours : 00 Minutes :
- [Views Single Post](https://www.marc.com.my/?elementor_library=elementor-single-post-7107) - Credit Ratings & Related Assessments Economic & Fixed-Income Analysis Sustainability-Related Assessments Data Analytics Credit Reporting Learning Programme Insights Views Views Single Post Views Single Post 24 December 2022 Contacts Credit Ratings & Related Assessments Economic & Fixed-Income Analysis Sustainability-Related Assessments Data Analytics Credit Reporting Learning Programme Insights Views Views Single Post Views Single Post 24
- [Rating Announcement Single Post](https://www.marc.com.my/?elementor_library=elementor-single-post-1553) - Credit Ratings & Related Assessments Economic & Fixed-Income Analysis Sustainability-Related Assessments Data Analytics Credit Reporting Learning Programme Credit Ratings & Related Assessments Economic & Fixed-Income Analysis Sustainability Related Debt Advisory Analytics Consulting Services Data Analytics Credit Reporting Learning Programme Insights Rating Announcements Rating Announcement Single Post 10 December 2022 View Reports Contacts Related Report Read
- [Contact Us Footer](https://www.marc.com.my/?elementor_library=contact-us-footer) - Content area
- [Services Footer](https://www.marc.com.my/?elementor_library=services-footer) - Content area
- [CSR Single Page](https://www.marc.com.my/?elementor_library=csr-single-page) - Credit Ratings & Related Assessments Economic & Fixed-Income Analysis Sustainability-Related Assessments Data Analytics Credit Reporting Learning Programme Event & CSR CSR CSR Single Page Report Recommend Related Reports Others View More... Report Recommend Related Reports Others Corporate MARC presents zakat donation to underprivileged students December 27, 2022 In two private events held earlier this month,
- [Research Single Post](https://www.marc.com.my/?elementor_library=research-single-post) - Credit Ratings & Related Assessments Economic & Fixed-Income Analysis Sustainability-Related Assessments Data Analytics Credit Reporting Learning Programme Credit Ratings & Related Assessments Economic & Fixed-Income Analysis Sustainability Related Debt Advisory Analytics Consulting Services Data Analytics Credit Reporting Learning Programme Insights Research & Analysis Research Single Post 5 September 2023 View Report Credit Ratings & Related
- [MARC in the Media Single Post](https://www.marc.com.my/?elementor_library=marc-in-the-media-single-post) - Credit Ratings & Related Assessments Economic & Fixed-Income Analysis Sustainability-Related Assessments Data Analytics Credit Reporting Learning Programme You May Also Like To Read View All Technology More red flags on global trade Politics Malaysia benefiting from trade, investment diversions, says MARC World Making Sense of Consumers' Unencumbered Spending View All
- [Latest@Marc Single Post](https://www.marc.com.my/?elementor_library=latestmarc-single-post) - Credit Ratings & Related Assessments Economic & Fixed-Income Analysis Sustainability-Related Assessments Data Analytics Credit Reporting Learning Programme In two private events held earlier this month, MARC made donations to asnaf students from two higher learning institutions as part of its corporate social responsibility (CSR) initiative for 2022. The donations, amounting to RM57,500, comprised zakat deductions
- [Leadership Single Post](https://www.marc.com.my/?elementor_library=elementor-single-post-12357) - Credit Ratings & Related Assessments Economic & Fixed-Income Analysis Sustainability-Related Assessments Data Analytics Credit Reporting Learning Programme Leadership Single Post Independent Non-Executive Tan Sri Dr Nik Norzrul Thani is the Executive Chairman of Zaid Ibrahim & Co., one of Malaysia’s largest law firms. Before joining Zaid Ibrahim & Co., he worked at international law firm
- [CSR Single Post](https://www.marc.com.my/?elementor_library=csr-single-post) - Credit Ratings & Related Assessments Economic & Fixed-Income Analysis Sustainability-Related Assessments Data Analytics Credit Reporting Learning Programme Credit Ratings & Related Assessments Economic & Fixed-Income Analysis Sustainability Related Debt Advisory Analytics Consulting Services Data Analytics Credit Reporting Learning Programme Events CSR CSR Single Post CSR Single Post 27 December 2022 Contacts Credit Ratings & Related
- [Career Single Post](https://www.marc.com.my/?elementor_library=elementor-single-post-14339) - Employment Type Full Time Job Location Malaysian Rating Corporation Berhad 19-07, Level 19, Q Sentral, 2A Jalan Stesen Sentral 2, Kuala Lumpur, 50470 Kuala Lumpur Sentral, Malaysia. Date Posted Valid Through APPLY NOW Career Single Post Description Employment Type Job Location Date Posted Valid Through APPLY NOW Description Responsibilities Qualifications Responsibilities Support the CEO in
- [Career Form Popup](https://www.marc.com.my/?elementor_library=career-form-popup) - Content area
- [Search Results](https://www.marc.com.my/?elementor_library=search-results) - Template: Search Results Ratings MARC Ratings affirms Bank Muamalat’s ratings BMMB 18 August 2026 Lead Managers League Table #0726 17 August 2026 Ratings MARC Ratings affirms ratings on S P Setia’s issuances SPSETIA 14 August 2026 Ratings MARC Ratings upgrades SHC Capital’s rating to AAIS SHCCAPITAL 13 August 2026 Sustainability MARC Solutions assigns “Gold” Impact
- [Event Form Popup](https://www.marc.com.my/?elementor_library=event-form-popup) - Content area
- [Announcement Loop](https://www.marc.com.my/?elementor_library=elementor-loop-2796) - Announcement Loop 16 December 2022
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- [Talk to Us Popup](https://www.marc.com.my/?elementor_library=talk-to-us-popup) - Content area
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- [Carousel for subsidiaries at About Us page](https://www.marc.com.my/?elementor_library=carousel-for-subsidiaries-at-about-us-page) - MARC Ratings ​Credit rating services, economic and fixed-income research publications.​Read More MARC Learning ​Training and development solutions that raise the standard of participants and support market growth.​​Read More MARC Solution ​Credit risk or ESG risk analytics solutions; and sustainability-linked offerings.​​Read More MARC Data Data, analytical and digital hub focusing on data mining, provisioning and integration
- [Section - Mobile Breadcrumb and Jumper](https://www.marc.com.my/?elementor_library=section-mobile-breadcrumb-and-jumper) - Group About Us Jump to... About Logo Vision
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- [new contact us section](https://www.marc.com.my/?elementor_library=new-contact-us-section) - Let’s get started. Contact us today. Talk to Us Corporate Credit Ratings Corporate Debt Ratings Sukuk Ratings Submit
- [Latest@MARC Loop](https://www.marc.com.my/?elementor_library=latestmarc-loop) - Corporate Audit And Risk Committee Terms of Reference
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- [Default Kit](https://www.marc.com.my/?elementor_library=default-kit)
- [Services-you-may-like-to-read](https://www.marc.com.my/?elementor_library=services-you-may-like-to-read) - Rating Announcements Anti-Bribery and Corruption Policy Read More Views Policy on Conflict of Interest For Rating Committee Read More Research & Analysis Policy on Conflict of Interest For Analysts Read More Rating Announcements Whistleblowing Policy Read More Views Personal Investment and Trading of Securities Policy Read More Research & Analysis Anti-Bribery and Corruption Policy Read
- [Board of Director](https://www.marc.com.my/?elementor_library=board-of-director) - Datuk Seri Dr Nik Norzrul Thani N.Hassan ThaniDirector of MARC Data Sdn Bhd Dr Veerinderjeet SinghDirector of MARC Ratings Berhad Toi See JongDirector of MARC Ratings Berhad Wendy CheongDirector of MARC Solutions Sdn Bhd Ng Kok KhengDirector of MARC Solutions Sdn Bhd Tan Nyat ChuanDirector of MARC Data Sdn Bhd
- [Management](https://www.marc.com.my/?elementor_library=management) - Datuk Jamaludin NasirGroup Chief Executive Officer, MARC Executive Director, MARC Ratings Berhad Yap Ngee Heong, JackChief Commercial Officer Khaireny Mohamed KhalidHead, Human Capital Datuk Seri Dr Nik Norzrul Thani N.Hassan ThaniDirector of MARC Data Sdn Bhd Dr Veerinderjeet SinghDirector of MARC Ratings Berhad Toi See JongDirector of MARC Ratings Berhad
- [Research Section](https://www.marc.com.my/?elementor_library=research-section) - Country Reports 3Q2021 GDP: W-Shaped Recovery, Green Shoots Delayed updated 3 hours ago Periodic Reports MARC Malaysian Bond and Sukuk 2022 Virtual Conference Kicks Off State Reports State Reports PART THREE: SPV 2030, RMK-12 and Transitional Growth updated 3 hours ago Credit Analysis Report MARC Oresents Zakat Donation to Underprivileged Students updated 3 hours ago

## Views

- [Monthly Review: Easing inflation and potential peak in OPR to support bond market](https://www.marc.com.my/views/monthly-review-easing-inflation-and-potential-peak-in-opr-to-support-bond-market/) - The local bond market saw the fifth consecutive month of net foreign inflows at RM3.0 billion in May, higher than the RM1.5 billion recorded in the prior month. The solid foreign demand reflected the attractiveness of local bonds amid the anticipated moderation in inflation this year. Local govvies continued to attract foreign interest with net
- [MARC Ratings publishes 2022 annual corporate default and ratings transition study](https://www.marc.com.my/views/marc-ratings-publishes-2022-annual-corporate-default-and-ratings-transition-study/) - MARC Ratings today published its 2022 Annual Corporate Default and Ratings Transition Study which tracks corporate ratings assigned by the rating agency since its inception in 1996 through 2022. This is MARC Ratings’ 18th Annual Corporate Default and Ratings Transition Study. In 2022, MARC Ratings’ corporate portfolio recorded two rating downgrades and two upgrades. When
- [A buoyant bond market on conducive indicators](https://www.marc.com.my/views/a-buoyant-bond-market-on-conducive-indicators/) - April saw a fourth straight month of net foreign inflows into the local bond market, albeit at a softer pace of RM1.5 billion compared to RM6.6 billion in March. Foreign investors continued to pour into local govvies (Apr: RM1.4 billion; Mar: RM7.9 billion), while net foreign flows in local corporate bonds turned positive at RM90
- [Monthly Review: Malaysia’s 2Q2026 growth surprises to the upside, lifts outlook](https://www.marc.com.my/views/monthly-review-malaysias-2q2026-growth-surprises-to-the-upside-lifts-outlook/) - Malaysia's economy exceeded expectations in 2Q2026, with the advance estimate showing gross domestic product (GDP) growth accelerating to 5.8% (1Q2026: 5.4%), supported by resilient domestic demand, stronger manufacturing activity and a sharp rebound in mining output. Reflecting the stronger-than-expected first-half performance, MARC Ratings has revised its 2026 GDP growth forecast upwards to 5.1% (previously: 4.4%),
- [2H2026 Outlook: Navigating higher global rates](https://www.marc.com.my/views/2h2026-outlook-navigating-higher-global-rates/) - The US continues to outperform most advanced economies, supported by artificial intelligence (AI)-led investment, resilient domestic demand and structural advantages that reinforce US exceptionalism. Meanwhile, China remains on track to achieve its revised growth target despite persistent weakness in domestic demand, supported by resilient exports and policy shifts towards industrial upgrading and advanced manufacturing. Following
- [Monthly Review: Hawkish global rates pressure financial markets](https://www.marc.com.my/views/monthly-review-hawkish-global-rates-pressure-financial-markets/) - Malaysia’s export growth strengthened further to 45.3% in May (Apr: 37.3%), marking a second consecutive month of double-digit expansion. Growth continued to be underpinned by the global semiconductor upcycle and strong demand for AI-related technologies, which drove electrical and electronics (E&E) exports higher by 70.5% (Apr: 46.6%). Trade activity also continued to benefit from supply
- [Monthly Review: Growing inflation pressures drive higher global and domestic yields](https://www.marc.com.my/views/monthly-review-growing-inflation-pressures-drive-higher-global-and-domestic-yields/) - Malaysia’s gross domestic product growth remains well supported by both domestic and external demand, providing a strong buffer against near-term uncertainties. Although a marginal slowdown in private sector activity and exports of goods and services moderated 1Q2026 growth to 5.4% (4Q2025: 6.2%), underlying domestic demand remains resilient. Private consumption was supported by festive spending and
- [MARC Ratings publishes 2025 Annual Corporate Default and Ratings Transition Study](https://www.marc.com.my/views/marc-ratings-publishes-2025-annual-corporate-default-and-ratings-transition-study/) - MARC Ratings today published its 2025 Annual Corporate Default and Ratings Transition Study, which tracks corporate ratings assigned by the rating agency since its inception in 1996 through 2025. In 2025, MARC Ratings' corporate portfolio maintained its record of zero defaults, marking the third consecutive year without any defaults. This reflects MARC Ratings’ portfolio strength,
- [Monthly Review: Advance estimates signal strong start, but war-driven risks mount](https://www.marc.com.my/views/monthly-review-advance-estimates-signal-strong-start-but-war-driven-risks-mount/) - Malaysia entered 2026 on a firm footing, with advance estimates placing 1Q2026 gross domestic product (GDP) growth at 5.3% (1Q2025: 4.4%; 4Q2025: 6.3%), supported by resilient domestic demand and a sustained manufacturing upcycle. Services expanded by 5.4%, underpinned by consumer spending, while manufacturing accelerated to 5.8% on continued strength in the electrical and electronics (E&E)
- [Monthly Review: Central banks review policies amid war-driven inflation](https://www.marc.com.my/views/monthly-review-central-banks-review-policies-amid-war-driven-inflation/) - The ongoing conflict in the Middle East has led to spillover effects beyond oil price fluctuations, increasing pressure on global supply chains. In March, Brent crude oil prices surged to approximately USD99 per barrel, a significant rise compared to the average of USD69 per barrel recorded in February. Disruptions at the Strait of Hormuz, a
- [Israel-US war on Iran: Economic and market implications](https://www.marc.com.my/views/israel-us-war-on-iran-economic-and-market-implications/) - The year 2026 has thus far been defined by escalating geopolitical instability. Following US intervention in Venezuela and the capture of its president, a more systemic shock emerged. On 28 February, the US and Israel launched coordinated strikes against Iran, and Tehran retaliated with attacks on US military outposts across the Middle East. Hostilities remain
- [Monthly Review: GDP outperformance fuels equity market](https://www.marc.com.my/views/monthly-review-gdp-outperformance-fuels-equity-market/) - Malaysia’s economy closed 2025 on a strong note, with 4Q2025 gross domestic product (GDP) growing by 6.3%, surpassing the advance estimate of 5.7% (3Q2025 actual: 5.4%). This lifted the full-year growth in 2025 to 5.2%, matching 2024’s pace (2024: 5.1%). Moving into 2026, economic momentum is underpinned by firmer external demand and steady private consumption.
- [Monthly Review: Malaysia’s growth exceeds expectations](https://www.marc.com.my/views/monthly-review-malaysias-growth-exceeds-expectations/) - Malaysia ended 2025 on a strong footing, with its 4Q2025 gross domestic product (GDP) advance estimate rising by 5.7%, bringing full-year growth to an estimated 4.9%, above consensus expectations. Growth in 4Q2025 was broad-based, led by services (5.4%; 3Q2025: 5.0%) and manufacturing (6.0%; 3Q2025: 4.1%) due to strong external demand for electrical and electronic (E&E)
- [1H2026 Outlook: Global growth moderates, Malaysia maintains resilience](https://www.marc.com.my/views/1h2026-outlook-global-growth-moderates-malaysia-maintains-resilience/) - As the global economy enters 2026, growth is expected to moderate following a resilient 2025 in which major economies avoided recession, supported by strong services activity. However, structural constraints, including demographic pressures and tight labour markets, are set to weigh more heavily on momentum. Against this backdrop, the global economy is projected to transition into
- [Monthly Review: Foreign bond bid firms on ringgit strength and resilient domestic fundamentals](https://www.marc.com.my/views/monthly-review-foreign-bond-bid-firms-on-ringgit-strength-and-resilient-domestic-fundamentals/) - Malaysia’s external sector remains on a firm trajectory, with exports expanding by 7.0% in November (Oct: 15.7%). Growth was supported by resilient demand for electrical and electronic (E&E) products at 15.0% (Oct: 26.5%) alongside a recovery in petroleum exports. Performance among trading partners also remained robust, with shipments to China accelerating to 9.3% (Oct: 7.5%),
- [MARC Ratings: Crude palm oil price to soften in 2026](https://www.marc.com.my/views/marc-ratings-crude-palm-oil-price-to-soften-in-2026/) - The crude palm oil (CPO) market is expected to enter 2026 with a softer outlook, following the relatively elevated prices recorded in 2025. MARC Ratings projects prices to range between RM3,850 per metric tonne (MT) and RM4,250/MT in 2026 (2025F: RM4,300/MT). The softer trajectory is underpinned by more favourable weather patterns, recovering yields, and a
- [Monthly Review: Resilient domestic fundamentals anchor ringgit’s regional outperformance](https://www.marc.com.my/views/monthly-review-resilient-domestic-fundamentals-anchor-ringgits-regional-outperformance/) - Malaysia’s full-year gross domestic product (GDP) growth is on track to reach the upper end of Bank Negara Malaysia’s (BNM) projection of 4.0%–4.8%, supported by stronger 3Q2025 GDP which expanded by 5.2% after two consecutive quarters of registering a 4.4% growth. Reflecting this acceleration, market consensus has revised its 2025 GDP growth forecast upwards to
- [MARC Ratings: Oil prices to stay under pressure in 2026](https://www.marc.com.my/views/marc-ratings-oil-prices-to-stay-under-pressure-in-2026/) - The global crude oil market will enter 2026 on a weaker footing, as the combined effects of sustained high supply, subdued demand growth, and ongoing global energy transition continue to exert downward pressure on prices. Despite intermittent geopolitical issues, the fundamental imbalance between supply and demand is expected to remain a dominating factor in price
- [Monthly Review: Malaysia’s growth prospects strengthen amid global crosscurrents](https://www.marc.com.my/views/monthly-review-malaysias-growth-prospects-strengthen-amid-global-crosscurrents/) - Malaysia is poised for stronger 3Q2025 growth, with advance estimates pointing to a 5.2% gross domestic product (GDP) growth, above the 4.2% consensus. The services sector held steady at 5.1% (2Q2025: 5.1%) on resilient household spending and retail activity, while manufacturing accelerated to 4.0% (2Q2025: 3.7%). The mining sector, having weighed on growth earlier in
- [Budget 2026: Fiscal continuity and the pursuit of domestic resilience](https://www.marc.com.my/views/budget-2026-fiscal-continuity-and-the-pursuit-of-domestic-resilience/) - On 10 October 2025, the Malaysian government announced an allocation of RM419.2 billion under Budget 2026, representing 19.7% of gross domestic product (GDP). Of this amount, RM338.2 billion is designated for operating expenditure, whereas RM81.0 billion is allocated for development expenditure. While Budget 2026 has increased slightly from the 2025 revised estimates, it incorporates downward-revised
- [Monthly Review: Malaysia’s trade declines on external uncertainties](https://www.marc.com.my/views/monthly-review-malaysias-trade-declines-on-external-uncertainties/) - Malaysia’s imports declined by 5.9% in August, mainly from reduced intermediate goods which made up over half of total imports, while exports rose modestly by 1.9% to RM131.6 billion, mainly supported by demand for electrical and electronics (E&E), machinery and equipment, optical and scientific instruments, and palm oil and palm-based agricultural products. E&E remained the
- [Monthly Review: Malaysia’s exports rebound as tariff cuts restore demand](https://www.marc.com.my/views/monthly-review-malaysias-exports-rebound-as-tariff-cuts-restore-demand/) - Malaysia’s 2Q2025 gross domestic product growth came in at 4.4% (1Q2025: 4.4%), slightly below the advance estimate of 4.5%. Growth was underpinned by the services sector, which expanded by 5.1% (1Q2025: 5.0%). Meanwhile, manufacturing growth moderated to 3.7% (1Q2025: 4.1%), weighed down by heightened tariff-related uncertainties during the quarter while the construction sector sustained double-digit
- [MARC Ratings: Malaysia’s 13MP signals reform commitment](https://www.marc.com.my/views/marc-ratings-malaysias-13mp-signals-reform-commitment/) - On 31 July 2025, the Malaysian government unveiled the 13th Malaysia Plan (13MP), outlining the country’s development framework for the next five years (2026–2030). Key highlights include total investments amounting to RM611 billion, of which RM430 billion is earmarked for development expenditure. This translates into RM86 billion annually, on par with the development allocations in
- [Monthly Review: Trade uncertainties weigh on growth prospects](https://www.marc.com.my/views/monthly-review-trade-uncertainties-weigh-on-growth-prospects/) - Malaysia’s 2Q2025 gross domestic product (GDP) growth advance estimate of 4.5% is underpinned by the services sector’s resilient expansion of 5.3% (1Q2025: 5.0%), driven by robust private consumption and front-loaded external demand in April. However, export performance continued to soften, contracting by 3.5% in June (May: -1.1%), weighed down by persistent weakness in the manufacturing
- [2H2025 Outlook: Growth to moderate amid trade risks and policy uncertainty](https://www.marc.com.my/views/2h2025-outlook-growth-to-moderate-amid-trade-risks-and-policy-uncertainty/) - Global economic growth is expected to moderate in 2H2025 as trade tensions and geopolitical risks weigh on sentiment. The US’ sweeping tariffs have reignited protectionist concerns, contributing to slower global growth. The US economy contracted by 0.2% in 1Q2025, with the Purchasing Managers’ Index for both manufacturing and services falling below the neutral 50 mark
- [Monthly Review: First foreign equity inflow in months signals a turnaround in risk appetite](https://www.marc.com.my/views/monthly-review-first-foreign-equity-inflow-in-months-signals-a-turnaround-in-risk-appetite/) - Headline inflation moderated to 1.2% in May (Apr: 1.4%), driven by slower price increases in food and beverages as well as housing, water, electricity and gas, while prices in the transportation sector remained unchanged from April. Although the upcoming implementation of the 8% Sales and Services Tax (SST) on 1 July may add modest price
- [Monthly Review: Malaysia’s bond inflows surge, equity outflows ease](https://www.marc.com.my/views/monthly-review-malaysias-bond-inflows-surge-equity-outflows-ease/) - Malaysia’s gross domestic product (GDP) growth moderated to 4.4% in 1Q2025 (4Q2024: 5.0%), but remained supported by the services (5.0%), manufacturing (4.1%), and construction (14.2%) sectors. Exports surged by 16.4% in April (Mar: 6.8%), led by electrical and electronics as well as machinery exports, reflecting the front-loading of trade activities after the 90-day tariff pause
- [Monthly Review: Tariff tensions drive flight to safety, fuelling bond inflows](https://www.marc.com.my/views/monthly-review-tariff-tensions-drive-flight-to-safety-fuelling-bond-inflows/) - Malaysia’s economy is anticipated to grow by 4.4% in 1Q2025, easing from 5.0% in the previous quarter due to weaker mining and manufacturing output, although domestic demand as well as the services and construction sectors remained resilient. Inflation stayed subdued at 1.4% in March, but upside risks may arise from the recently implemented minimum wage
- [MARC Ratings publishes 2024 annual corporate default and ratings transition study](https://www.marc.com.my/views/marc-ratings-publishes-2024-annual-corporate-default-and-ratings-transition-study/) - MARC Ratings today published its 2024 Annual Corporate Default and Ratings Transition Study which tracks corporate ratings assigned by the rating agency since its inception in 1996 through 2024. In 2024, MARC Ratings’ corporate portfolio recorded no defaults. The rating agency has continued to demonstrate proficiency in predicting defaults and consistently exhibited effectiveness in ranking
- [MARC Ratings evaluates impact of US tariffs](https://www.marc.com.my/views/marc-ratings-evaluates-impact-of-us-tariffs/) - On April 2, the US government launched baseline tariffs of 10% on all imports to the US and reciprocal tariffs on trade partners which were deemed to have existing tariffs on the imports of US goods. This action is in line with the Trump administration’s ongoing and evolving policy on imposing trade tariffs amid rising
- [Monthly Review: Signs of more dovish monetary policy](https://www.marc.com.my/views/monthly-review-signs-of-more-dovish-monetary-policy/) - The ringgit remained relatively stable in March, supported by expectations of narrowing interest rate differentials between Malaysia and the US. Notably, the Federal Reserve (Fed) announced a slowdown in the pace of its balance sheet reduction. Consequently, the ringgit has traded within a stable range, bolstered by Malaysia’s resilient economic fundamentals and steady investor confidence.
- [Monthly Review: Malaysia prints strong 2024 GDP growth amid global trade war](https://www.marc.com.my/views/monthly-review-malaysia-prints-strong-2024-gdp-growth-amid-global-trade-war/) - Malaysia’s 4Q2024 gross domestic product (GDP) exceeded the advance estimate, bringing the full year 2024 GDP growth to 5.1%. The growth is within the official projection and MARC Ratings’ forecast. The continued expansion of the services sector underscores the resilience of private consumption, which remained a key growth driver, alongside strong external demand. Demand for
- [Monthly Review: Malaysia sustains growth amid hawkish US policy](https://www.marc.com.my/views/monthly-review-malaysia-sustains-growth-amid-hawkish-us-policy/) - Malaysia's 2024 GDP advance estimate read 5.1%, within the official projection and MARC Ratings’ forecast. This sustained growth was primarily driven by robust domestic demand, including strong consumer spending, and a resilient services sector. Overall business activity remained healthy, supported by a sharp 16.9% rise in exports in December. The strong overall exports, despite a
- [2025 Macroeconomic Outlook: Growth to sustain amid monetary easing and protectionism](https://www.marc.com.my/views/2025-macroeconomic-outlook-growth-to-sustain-amid-monetary-easing-and-protectionism/) - Global economic growth is expected to sustain, given the continuation of monetary easing policies despite the heightened level of trade protectionism. Global growth will be supported by the US economy which appears resilient, outperforming earlier projections of recession and hard landing, largely due to a robust services sector. This sector, buoyed by job creation policies,
- [Monthly Review: Bearish bonds amid hawkish Fed stance](https://www.marc.com.my/views/monthly-review-bearish-bonds-amid-hawkish-fed-stance/) - In 4Q2024, Malaysia's economy started on a strong note, with October’s Industrial Production Index expanding by 2.1% (Sep: 2.3%), driven by a 3.3% growth in the manufacturing sector. Private consumption remained robust, as indicated by a year-to-date increase in passenger vehicle sales, supporting an overall economic growth forecast of 5.1% for 2024. Globally, the US
- [MARC Ratings: Crude palm oil price to average higher in 2025](https://www.marc.com.my/views/marc-ratings-crude-palm-oil-price-to-average-higher-in-2025/) - The palm oil market continues to face significant uncertainties heading into 2025, with supply-side challenges exacerbated by adverse weather conditions and a slower pace of replanting. Palm oil prices in 2024 have remained elevated due to global supply constraints, driven by reduced exports from the largest palm oil producer, Indonesia, as well as recent adverse
- [Monthly Review: US bond market diverges from broader bond market rally](https://www.marc.com.my/views/monthly-review-us-bond-market-diverges-from-broader-bond-market-rally/) - Malaysia's economy demonstrated resilience in the third quarter of 2024, with GDP growth reaching 5.3% (1H2024: 5.1%). Manufacturing growth accelerated to 5.6% (1H2024: 3.3%) while the positive investment cycle remains fuelled by a surge in capital imports. Exports saw a rebound in October, following a minor setback in September. Despite rising global uncertainties, especially after
- [MARC Ratings: Oil prices to moderate in 2025 on supply dynamics](https://www.marc.com.my/views/marc-ratings-oil-prices-to-moderate-in-2025-on-supply-dynamics/) - The global crude oil market is grappling with multiple challenges, each exerting pressure on the near-term price trajectory. Despite OPEC+ production cuts, slow demand growth and diminishing geopolitical risk premiums have kept Brent oil prices below USD80 per barrel (bbl) since 3Q2024. Heading into 2025, oil prices are expected to be weaker compared to those
- [Monthly Review: Caution in bond markets; confidence in domestic prospects](https://www.marc.com.my/views/monthly-review-caution-in-bond-markets-confidence-in-domestic-prospects/) - Following the 50-basis point US rate cut on September 18, subsequent releases of strong economic data and limited signs of easing inflation in the US have driven yields higher across all bond markets. Notably, the unemployment rate, a key indicator for future rate cuts, improved to 4.1% (Aug: 4.2%), underscoring the resilience of the US
- [Budget 2025: Continuing the reform agenda](https://www.marc.com.my/views/budget-2025-continuing-the-reform-agenda/) - On October 18, 2024, the Malaysian government announced an allocation of RM421.0 billion for Budget 2025, marking a 3.3% increase from the previous year (2024: 1.5%). Of this amount, RM335.0 billion is designated for operating expenditure (2024: RM321.5 billion) while the allocation for development expenditure remains at RM86.0 billion (2024: RM86.0 billion). Budget 2025 underscores
- [Monthly Review: US rate cut sustains foreign inflows](https://www.marc.com.my/views/monthly-review-us-rate-cut-sustains-foreign-inflows/) - Malaysia’s economy started well in 3Q2024, supported by robust external demand and continued recovery in tourism. Exports sustained double-digit growth in August, aligning with an upward trend in the Industrial Production Index. Despite concerns regarding slower economic growth in China, one of Malaysia’s key trading partners, the recent rate cuts and additional fiscal stimulus in
- [Fiscal Sustainability (Part 3) - Surveillance of fiscal health beyond conventional measures](https://www.marc.com.my/views/fiscal-sustainability-part-3-surveillance-of-fiscal-health-beyond-conventional-measures/) - In the previous parts of this series pertaining to fiscal sustainability, we have discussed the country’s revenue, expenditures, and general balance sheet items. In this final part, we delve beyond traditional debt metrics to offer innovative insights into the country’s fiscal health. Fiscal sustainability is often benchmarked by debt-led indicators; however, this runs the risk
- [Monthly Review: Optimism resurfaces, markets poised for anticipated US rate cuts](https://www.marc.com.my/views/monthly-review-optimism-resurfaces-markets-poised-for-anticipated-us-rate-cuts/) - Malaysia’s gross domestic product (GDP) expanded by 5.9% in 2Q2024, surpassing the advance estimate of 5.8% (1Q2024: 4.2%). The nation’s household spending growth rate accelerated, while gross fixed capital formation sustained its strong double-digit growth. Additionally, export growth surged to 12.3% in July (June: 1.7%), driven by a 10.6% (June: 0.9%) broad-based increase in manufacturing
- [Fiscal Sustainability (Part 2): Malaysia’s pathway to a resilient balance sheet](https://www.marc.com.my/views/fiscal-sustainability-part-2-malaysias-pathway-to-a-resilient-balance-sheet/) - This is a multi-part series of articles where we analyse the elements of fiscal sustainability through: i) government revenue and expenditures, ii) on– and off–government balance sheet items, and iii) innovative sustainability ratios. In this second part, we discuss the state of the country’s balance sheet. Government debts can generate positive multiplier effects when allocated
- [Monthly Review: Strong momentum in Malaysia’s growth trajectory](https://www.marc.com.my/views/monthly-review-strong-momentum-in-malaysias-growth-trajectory/) - Malaysia’s advance GDP estimate for 2Q2024 posted a higher-than-expected economic growth of 5.8% (consensus: 4.7%, 1Q2024: 4.2%). This growth was driven by the continued strengthening of the services sector, which grew at 5.6% (1Q2024: 4.7%), marking five consecutive quarters of at least 4.0% growth. With the services sector remaining robust on the back of sustained
- [Fiscal Sustainability (Part 1): Building a robust tax base and containing expenditure](https://www.marc.com.my/views/fiscal-sustainability-part-1-building-a-robust-tax-base-and-containing-expenditure/) - This is a multi-part series of articles where we analyse the elements of fiscal sustainability through: i) government revenue and expenditures, ii) on– and off–government balance sheet items, and iii) innovative sustainability ratios. In this first part, we discuss Malaysia’s fiscal health through taxes and expenditures. Fiscal sustainability enables governments to meet future public expenditure
- [Monthly Review: Broad bond rally gains momentum](https://www.marc.com.my/views/monthly-review-broad-bond-rally-gains-momentum/) - Recent economic data for Malaysia was positive, pointing to a firm start to 2Q2024. Wholesale and retail trade was resilient, with growth accelerating to 7.5% in April (1Q2024: 2.3%), consistent with the higher domestic-oriented production growth for the month. On the external sector, Malaysia’s exports posted another month of strong growth at 7.3% in May
- [Mid-Year Macroeconomic Outlook 2024: Stable global growth in a moderate easing cycle](https://www.marc.com.my/views/mid-year-macroeconomic-outlook-2024-stable-global-growth-in-a-moderate-easing-cycle/) - Global economic growth is expected to sustain a moderate level in 2024. Growth forecasts for advanced European economies remain relatively stable despite lingering weaknesses. The strength of the US economy may moderate the pace of policy rate cuts, potentially leading to a less synchronised global monetary policy easing, compared to some central banks in Europe
- [Monthly Review: Bond market on firmer footing](https://www.marc.com.my/views/monthly-review-bond-market-on-firmer-footing/) - Malaysia’s economy grew by 4.2% in 1Q2024, higher than the advanced estimate of 3.9% (4Q2023: 3.0%), mainly driven by the faster expansion of 4.7% in the services sector (4Q2023: 4.1%). Private consumption registered a healthy 4.7% growth (4Q2023: 4.2%), underpinned by firmer wholesale and retail trade growth of 7.1% in 1Q2024 (4Q2023: 3.7%). Meanwhile, investments
- [Ringgit realignment (Part 4): Money supply and fiscal management](https://www.marc.com.my/views/ringgit-realignment-part-4-money-supply-and-fiscal-management/) - In the previous parts of this series pertaining to ringgit realignment, we have discussed the importance of interest rates, current account surplus, and portfolio flows on the ringgit’s valuation. This final part of the series will discuss the supply of money which plays an integral role in the long-term standing of the ringgit. The price
- [Ringgit realignment (Part 3): Enhancing the attractiveness of Malaysia as an investment destination](https://www.marc.com.my/views/ringgit-realignment-part-3-enhancing-the-attractiveness-of-malaysia-as-an-investment-destination/) - In this multi-part series, we dissect drivers of currency phenomena, including: i) interest rate perceptions, ii) current account (CA) intricacies and the real economy, iii) capital flow dynamics in the financial account, and iv) money supply theories in relation to debt levels and the fiscal position. In this third part, we discuss the impact of
- [Monthly Review: Early signs of interest rate outlook divergence](https://www.marc.com.my/views/monthly-review-early-signs-of-interest-rate-outlook-divergence/) - Malaysia’s economy picked up by 3.9% in 1Q2024 (4Q2023: 3.0%) based on the advanced estimate, close to the official 2024 full-year gross domestic product (GDP) forecast of 4%-5%. The manufacturing sector registered a 1.9% rebound after two quarters of contraction, while growth in the construction sector accelerated to 9.8% (4Q2023: 3.5%). While the services sector
- [Ringgit realignment (Part 2): Prioritising the current account balance and foreign investments](https://www.marc.com.my/views/ringgit-realignment-part-2-prioritising-the-current-account-balance-and-foreign-investments/) - In this multi-part series, we dissect drivers of currency phenomena, including: i) interest rate perceptions, ii) current account intricacies and the real economy, iii) capital flow dynamics in the financial account, and iv) money supply theories in relation to debt levels and the fiscal position. In this second part, we discuss the influence of the
- [Monthly Review: Market adjusts to delay in rate cuts](https://www.marc.com.my/views/monthly-review-market-adjusts-to-delay-in-rate-cuts/) - Bank Negara Malaysia (BNM) projects the domestic economy to grow between 4% and 5% in 2024 (2023: 3.7%), aligning with the government’s estimate while highlighting a potential rebound in the manufacturing sector and a newly forecast contraction in the agricultural sector. Domestic demand remains the anchor of the projection, supported by a lower unemployment rate,
- [MARC Ratings publishes 2023 annual corporate default and ratings transition study](https://www.marc.com.my/views/marc-ratings-publishes-2023-annual-corporate-default-and-ratings-transition-study/) - MARC Ratings today published its 2023 Annual Corporate Default and Ratings Transition Study which tracks corporate ratings assigned by the rating agency since its inception in 1996 through 2023. In 2023, MARC Ratings’ corporate portfolio recorded four rating downgrades and three upgrades, compared to two downgrades and two upgrades in the preceding year. Hence, the
- [Ringgit realignment (Part 1): Interest rates and currency perceptions](https://www.marc.com.my/views/ringgit-realignment-part-1-interest-rates-and-currency-perceptions/) - In this multi-part series of press announcements, we dissect drivers of currency phenomena, including: i) interest rate perceptions, ii) current account intricacies and the real economy, iii) capital flow dynamics in the financial account, and iv) money supply theories in relation to debt levels and the fiscal position. In this first part, we discuss the
- [Monthly Review: Bond sell-off on resilient US economy](https://www.marc.com.my/views/monthly-review-bond-sell-off-on-resilient-us-economy/) - Malaysia registered a slower gross domestic product (GDP) growth of 3.0% in 4Q2023 (advanced estimate: 3.4%; 3Q2023: 3.3%), as growth in the services sector moderated to 4.2% (3Q2023: 5.0%) while that in the manufacturing sector remained tepid at -0.3% (3Q2023: -0.1%). Consequently, the full-year 2023 GDP growth stood at 3.7% (2022: 8.7%). Looking ahead, we
- [2024 Macroeconomic Outlook: Post-tightening global recovery](https://www.marc.com.my/views/2024-macroeconomic-outlook-post-tightening-global-recovery/) - After successfully navigating through an environment of high interest rates to tame inflation in 2023, the global economy is expected to stay resilient amid the anticipated end of monetary tightening. However, challenges remain in the form of the lagged impact of previous rate hikes and the risk of inflation reaccelerating. The US Federal Reserve remains
- [Monthly Review:  Rate cut pushback leading to bond sell-off](https://www.marc.com.my/views/monthly-review-rate-cut-pushback-leading-to-bond-sell-off/) - Malaysia posted a weaker-than-expected advanced gross domestic product (GDP) estimate of 3.4% in 4Q2023 (Consensus: 4.1%; 3Q2023: 3.3%), as growth in the services sector moderated to 4.7% (3Q2023: 5.0%). Consequently, the full-year advanced estimate GDP growth registered 3.8%, below the Budget 2024 estimate of 4.0%. Looking ahead, we project a higher GDP growth of 4.0%-4.5%
- [Effective management of expectations crucial to attract global portfolio investment flows, strengthen ringgit and improve market outcomes](https://www.marc.com.my/views/effective-management-of-expectations-crucial-to-attract-global-portfolio-investment-flows-strengthen-ringgit-and-improve-market-outcomes/) - Global investors closely monitor Malaysia's national plans, which play a crucial role in attracting portfolio flows and influencing financial market outcomes, including the strength of the Malaysian ringgit. These plans provide essential information regarding Malaysia's country risk and sovereign credit risk, shaping global investors' perceptions of financial market valuations, particularly portfolio flows in the equity
- [Monthly Review: Ongoing disinflation sustains market rally](https://www.marc.com.my/views/monthly-review-ongoing-disinflation-sustains-market-rally/) - The latest economic data for Malaysia was mixed but within expectations. Retail trade was resilient, with growth rebounding to a four-month high of 2.4% (Sep: -0.4%), consistent with the higher domestic-oriented production growth for the month. On the external sector, notwithstanding the subdued November exports data of -5.9% (Oct: -4.4%), petroleum and rubber products rebounded
- [Gains in productivity and education are integral to wage policies](https://www.marc.com.my/views/gains-in-productivity-and-education-are-integral-to-wage-policies/) - A country’s economic competitiveness hinges on a solid foundation of quality human capital. The MADANI “Empowering the People” economic framework anchors the government’s commitment to human capital development with measurable goals, including positioning Malaysia in the top 12 of the Global Competitiveness Index (2023: 27th) and top 25 of the Human Development Index (HDI) (2021:
- [Monthly Review: Risk-on market against cautious central banks](https://www.marc.com.my/views/monthly-review-risk-on-market-against-cautious-central-banks/) - Malaysia posted a firmer gross domestic product (GDP) print of 3.3% in 3Q2023 (2Q2023: 2.9%), in line with the advanced estimate, as private consumption rose at a faster pace of 4.6% (2Q2023: 4.3%). Gradual recovery in the tourism industry, together with robust growth in local car sales and credit card purchases should underpin continued resilience
- [Crude palm oil outlook: MARC Ratings forecasts slightly positive trend](https://www.marc.com.my/views/crude-palm-oil-outlook-marc-ratings-forecasts-slightly-positive-trend/) - The palm oil market is expected to show a slightly positive price trend going into 2024. Crude palm oil futures prices for the remainder of the year and into 2024 are projected to range between RM3,700/metric tonne (MT) and RM4,100/MT. The edible oils market is currently recovering from the substantial selling pressures witnessed in sunflower
- [MARC Ratings releases forecasts of key monetary variables: A cautiously optimistic 2024 outlook](https://www.marc.com.my/views/marc-ratings-releases-forecasts-of-key-monetary-variables-a-cautiously-optimistic-2024-outlook/) - The global interest rates outlook is at a crossroads following aggressive monetary policy tightening in advanced economies. The nascent global economic recovery has been uneven thus far, with a confluence of factors shaping the economic landscape and adding uncertainties to the global and domestic interest rate outlook. This includes persistently elevated inflation in the advanced
- [Monthly Review: Escalating geopolitical risks fuel market volatility](https://www.marc.com.my/views/monthly-review-escalating-geopolitical-risks-fuel-market-volatility/) - Domestic consumption remained resilient, while the softer decline in exports together with better-than-expected economic performance and stable industrial production growth in China may indicate a potential rebound in Malaysia’s manufacturing sector. The escalating geopolitical conflicts in the Middle East have led to higher oil prices, reignited concerns about inflation, and heightened overall economic uncertainties. Despite
- [Oil price outlook: MARC Ratings anticipates higher prices](https://www.marc.com.my/views/oil-price-outlook-marc-ratings-anticipates-higher-prices/) - The worldwide energy landscape is currently experiencing a complex interplay of factors that are shaping the oil market's near-term price outlook. Amid ongoing geopolitical conflicts in Eastern Europe and the Middle East, supply disruptions, expectations of steady global gross domestic product (GDP) growth in 2024, and the persistence of medium-term oil dependency despite evolving environmental
- [Budget 2024: Reforms on the horizon, further fiscal consolidation would be beneficial](https://www.marc.com.my/views/budget-2024-reforms-on-the-horizon-further-fiscal-consolidation-would-be-beneficial/) - On October 13, 2023, the Malaysian government tabled its Budget for 2024, the largest on record with an allocation of RM393.8 billion (Budget 2023: RM388.1 billion), albeit slightly lower than the spending amount for 2023 estimated at RM397.1 billion. The government has allocated for a higher operating expenditure of RM303.8 billion (2023 estimate: RM300.1 billion),
- [Recommendations on Malaysia’s ongoing development of wage policies](https://www.marc.com.my/views/recommendations-on-malaysias-ongoing-development-of-wage-policies/) - Malaysia continues to maintain its policy commitment to worker welfare, through its ongoing review of wage policies. In July 2023, Malaysia increased the minimum wage from RM1,200 to RM1,500, extending its applicability to micro-enterprises with a staff size of less than five. The minimum wage of RM1,500 was already in effect since May 2022 for
- [Monthly Review: Global risk-off sentiment drives local yield upsurge](https://www.marc.com.my/views/monthly-review-global-risk-off-sentiment-drives-local-yield-upsurge/) - The latest economic data for Malaysia were mixed. Wholesale trade and domestic-oriented manufacturing production for July were resilient, consistent with the positive industrial production growth. However, the external sector remained weak as the latest exports for August fell at a steeper pace of 18.6% (July: -13.0%), dragged by softer demand from key trade partners. Going
- [GST and other potential anchors to enhance Malaysia’s fiscal position](https://www.marc.com.my/views/gst-and-other-potential-anchors-to-enhance-malaysias-fiscal-position/) - Malaysia continues to maintain its long-term commitment of fiscal consolidation to enhance debt sustainability. In terms of the government’s fiscal balance, this has remained largely stable, excluding during the pandemic period. Over the 10-year period from 2013 to 2022, Malaysia’s fiscal deficit averaged 4.2% of gross domestic product (GDP). Excluding the COVID-19 fund, Malaysia’s fiscal
- [Monthly Review: Improvement in foreign inflows into Malaysia’s markets](https://www.marc.com.my/views/monthly-review-improvement-in-foreign-inflows-into-malaysias-markets/) - Malaysia’s economy registered moderate growth of 2.9% in 2Q2023 (1Q2023: 5.6%), presaged by weaker performance of the external sector. Sustained economic expansion over two consecutive quarters has kept growth on track towards the official year-end gross domestic product (GDP) target of 4%-5%. Private consumption and recovering tourism activities remained key drivers, offsetting the weaker external
- [Monthly Review: Monetary policies in transition could lead to bond market volatilities](https://www.marc.com.my/views/monthly-review-monetary-policies-in-transition-could-lead-to-bond-market-volatilities/) - Malaysia’s latest exports in June fell by 14.1% (May: -0.9%), as exports to the US and EU slumped by double-digits of 19.0% and 21.8%. The weaker external sector performance in 2Q2023 reinforced our views of weaker domestic gross domestic product (GDP) growth for the quarter. A sustained trade moderation coupled with higher interest rates in
- [Malaysia launches visionary MADANI economic narrative](https://www.marc.com.my/views/malaysia-launches-visionary-madani-economic-narrative/) - On July 27 2023, the Malaysian government launched the visionary MADANI economic narrative, a roadmap to pave the way for sustainable growth. The framework will guide Malaysia’s mission of socioeconomic as well as overarching strategic and tactical plans. From the economic perspective, the MADANI framework is timely in view of the upcoming Budget 2024, New
- [Asia a source of stability amid rising uncertainties](https://www.marc.com.my/views/asia-a-source-of-stability-amid-rising-uncertainties/) - Global economic growth is expected to slow down from 3.4% in 2022 to 2.6% in 2023 against the backdrop of monetary policy tightening in advanced economies. While supply chain normalisation should support the recovery, economic momentum in advanced economies will likely remain uneven. The impact of an extended period of rate hikes in the US
- [Monthly Review: Monetary policy divergence exerts pressure on bond market](https://www.marc.com.my/views/monthly-review-monetary-policy-divergence-exerts-pressure-on-bond-market/) - The latest retail and exports data suggest a slower domestic economy in the second quarter of 2023 is imminent given the anticipated slowdown in the global economy. Notably, the second straight month of moderation in the seasonally adjusted volume index of wholesale & retail trade (April: 4.7%, Mar: 9.4%) along with interest rate tightening and
- [Ringgit weakness reflects Malaysia’s economic vulnerability](https://www.marc.com.my/views/ringgit-weakness-reflects-malaysias-economic-vulnerability/) - The sharp weakening in Malaysia’s ringgit has reached an unprecedented low based on its Real Effective Exchange Rate (REER) according to data from the Bank of International Settlements (BIS). The REER is a measure of the exchange rate value weighted by trade and adjusted for inflation. On one hand, it explains that exports from Malaysia
- [Foreigners net buyers of ringgit bonds in January](https://www.marc.com.my/views/foreigners-net-buyers-of-ringgit-bonds-in-january/) - In line with major government bonds, local govvies ended stronger in January. Of note, the 10y yield of Malaysian Government Securities (MGS) fell below 4.0% for the first time since August 2022. Optimism over the Malaysian economy’s prospects had improved following China’s reopening, further helping the situation. This was also supported by the easing consumer
- [Net foreign inflows continued for third straight month in March](https://www.marc.com.my/views/net-foreign-inflows-continued-for-third-straight-month-in-march/) - Net foreign flows into the local bond market extended for the third straight month in March. Rising to RM6.6 billion from February’s RM4.3 billion, there were higher flows into local govvies (Mar: RM7.9 billion; Feb: RM4.7 billion). Local corporate bonds, on the other hand, saw wider net foreign outflows (Mar: RM1.2 billion; Feb: -RM0.4 billion).
- [Extended foreign buying of bonds in February](https://www.marc.com.my/views/extended-foreign-buying-of-bonds-in-february/) - February saw a second consecutive month of net foreign inflows into local govvies, which surged 840% to RM4.7 billion from January’s RM0.5 billion. Consequently, foreign holdings of MGS and GII increased by RM4.0 billion and RM1.0 billion (Jan: RM1.3 billion; RM1.4 billion). Despite February’s net foreign inflows into local govvies, foreign holdings inched lower to
- [Accelerated foreign outflows from bond market due in part to weak ringgit](https://www.marc.com.my/views/accelerated-foreign-outflows-from-bond-market-due-in-part-to-weak-ringgit/) - In October, foreign investors net sold RM6.3 billion worth of local bonds by trimming their holdings to RM248.7 billion or equivalent to 13.3% (September: 13.7%) of total outstanding bonds. It was the second consecutive month of net foreign selling, though considerably larger compared with September’s RM439.0 million. As a result, cumulative foreign flows YTD dipped
- [Local govvies extended gains in December](https://www.marc.com.my/views/local-govvies-extended-gains-in-december/) - Local govvies extended gains in December, spurred by an earlier-than-anticipated reopening of China’s economy. On the local front, signs of abating cost-push pressures on inflation also bode well for bonds. Malaysian Government Securities (MGS) yields shed between 2 bps and 15 bps across all maturities. Worth noting is the sale of RM4.0 billion 3y Government
- [Anxiety Over Future Path of Greenback and Renminbi](https://www.marc.com.my/views/anxiety-over-future-path-of-greenback-and-renminbi/) - It is hardly surprising that the debate on the future direction of the US dollar and emerging market currencies continues to heat up in the news. The dollar’s strength in recent months has grabbed the attention of many, particularly investors, exporters and economists. Greater optimism about the greenback’s prospects has evidently induced portfolio investors to
- [Goodbye GST, Hello SST](https://www.marc.com.my/views/goodbye-gst-hello-sst/) - The sudden change in policy with regards to the Goods and Services Tax (GST) after the 14th General Election last month was met with mixed reaction. Although “GST abolition” was one of its election pledges, not many expected the new government to move swiftly to zero-rate all products and services under GST by June. It
- [World Cup, Argentina and emerging market anxiety](https://www.marc.com.my/views/world-cup-argentina-and-emerging-market-anxiety/) - When Argentina did not secure a victory in its first showing at the 2018 World Cup against Iceland, many of their fans started to feel queasy. We can’t blame them. After all, victory only eluded Argentina three times in the past 40 years since Mario Kempes crushed Holland’s hopes by scoring twice in the memorable
- [Aiming for targeted income groups](https://www.marc.com.my/views/aiming-for-targeted-income-groups/) - We are almost there, according to the World Bank. Malaysia’s aspiration to become a high-income country will be realised in the next few years. The World Bank’s 2017 estimate of Malaysia’s average per capita gross national income (GNI) of US$9,660 is roughly 21 percent below the level needed to achieve high-income-nation status, i.e. US$12,236 or
- [Grab, Uber and the Economy](https://www.marc.com.my/views/grab-uber-and-the-economy/) - Cab drivers are among the best people who can tell us about the state of the economy in any country. They can provide a good glimpse of people’s purchasing power by the number of rides they have with their passengers every day. They also have the habit of re-telling stories that their passengers – who
- [Financial market jitters despite favourable 2018 macro prospects](https://www.marc.com.my/views/financial-market-jitters-despite-favourable-2018-macro-prospects/) - The recent spike in US equity market volatility has evidently drawn a lot of attention. Although the market subsequently rebounded, it went through a very jittery period following a steep 10 percent correction from its peak in the first week of February. The good news is that a majority of analysts are not expecting the
- [2018: THE “WHAT IF” YEAR](https://www.marc.com.my/views/2018-the-what-if-year/) - I remember some years back a popular TV advertisement used the phrase “What if…?” to denote the possibility of a potential scenario unfolding, and how we should be prepared for it. In the context of the global and Malaysian economic landscape, the same “what if” question may have to be asked when looking at the
- [A Tale of US and the Rest of the World](https://www.marc.com.my/views/a-tale-of-us-and-the-rest-of-the-world/) - The US economy looks fabulous at the moment. The job market remains solid with unemployment at its lowest in almost two decades. Prior to the year 2000, one has to go back to the Nixon administration to see a jobless rate of less than 4%. The improvement is also broad-based, i.e. by gender, race and
- [This Time is Different for the Malaysian Budget](https://www.marc.com.my/views/this-time-is-different-for-the-malaysian-budget/) - “This Time is Different: Eight Centuries of Financial Folly” is a breakthrough and eye-opening publication by prominent economists Carmen Reinhart and Ken Rogoff. Reinhart and Rogoff argue that the common belief of today’s economic conditions bearing little resemblance to past disasters is misleading. In fact, crises tend to recur because people have short memories of
- [Going Beyond Statistics](https://www.marc.com.my/views/going-beyond-statistics/) - As the government explained prior to tabling Budget 2019, this is not an ordinary Budget. Budget 2019 is meant to put Malaysia on a clean slate and move forward by removing some imbalances and excesses and strengthen the fundamentals of the economy. As such, we can label it as ‘the new beginning’ for Malaysia’s
- [Trouble ahead with cheaper oil?](https://www.marc.com.my/views/trouble-ahead-with-cheaper-oil-2/) - With Brent crude oil prices dipping below USD60 per barrel in late-November, concerns over the possible impact of this phenomenon on the Malaysian economy have naturally emerged. For one thing, Malaysia’s economic performance has always been closely tied to crude oil price trends. Plunging prices in mid-2014 and in 2015 had caused growth to soften
- [2Q2022 GDP: Growth currently consumption-driven, but will recede](https://www.marc.com.my/views/2q2022-gdp-growth-currently-consumption-driven-but-will-recede-20220811/) - Posted Date : August 11, 2022 We opine that Malaysia's real gross domestic product (GDP) growth will likely pick up strongly by 8.5% y-o-y in 2Q2022, compared with the 5.0% recorded in 1Q2022. Our upbeat assessment is premised on the ongoing strength in private consumption growth, as suggested by high-frequency indicators despite a substantial uptick
- [BNM to continue on a monetary tightening path amid foreign bond outflows, rising inflation risks and weakened ringgit](https://www.marc.com.my/views/bnm-to-continue-on-a-monetary-tightening-path-amid-foreign-bond-20220825-outflows-rising-inflation-risks-and-weakened-ringgit/) - Posted Date: August 25, 2022 Local govvies mostly rallied in July, reflecting the movements in major government bond markets. Major government bond yields were lifted by stronger haven demand as concerns about a recession escalated after a recent stream of economic data, from the US to Europe, flashed signs of a slowing global economy. On
- [Net foreign inflows in August amid easing of inflation fears](https://www.marc.com.my/views/net-foreign-inflows-in-august-amid-easing-of-inflation-fears/) - After two consecutive months of outflows, the local bond market recorded net foreign inflows as investors returned to emerging markets amid easing inflationary fears. In August, the local bond market logged net foreign inflows of RM5.6 billion (July: -RM3.5 billion). All segments registered net foreign inflows. Malaysian Government Securities (MGS) led with RM3.5 billion (July:
- [Negative foreign flows with Malaysia bond selloff](https://www.marc.com.my/views/negative-foreign-flows-with-malaysia-bond-selloff-20221028/) - In September, heavy selling pressure amid the global bond rout pushed local government bond yields higher across all maturities. Global financial markets were rattled by stubbornly high inflation, which spurred market expectation of more aggressive monetary tightening ahead after being flagged by major central banks. Because of the selloff, yields of Malaysian Government Securities (MGS)
- [Local govvies mostly rallied, ringgit ended higher in November](https://www.marc.com.my/views/local-govvies-mostly-rallied-ringgit-ended-higher-in-november/) - In November, foreign outflows from the local bond market extended for the third consecutive month, albeit at a slower pace (RM1.0 billion; October: RM6.3 billion). Consequently, cumulative foreign flows YTD fell deeper into negative territory to RM8.9 billion. It is important to note, though, that the outflow was mainly attributed to redemptions of short-term government
- [2Q2022 GDP: Growth currently consumption-driven, but will recede](https://www.marc.com.my/views/2q2022-gdp-growth-currently-consumption-driven-but-will-recede/) - We opine that Malaysia's real gross domestic product (GDP) growth will likely pick up strongly by 8.5% y-o-y in 2Q2022, compared with the 5.0% recorded in 1Q2022. Our upbeat assessment is premised on the ongoing strength in private consumption growth, as suggested by high-frequency indicators despite a substantial uptick in imports. Private consumption will remain
- [BNM to continue on a monetary tightening path amid foreign bond outflows, rising inflation risks and weakened ringgit](https://www.marc.com.my/views/bnm-to-continue-on-a-monetary-tightening-path-amid-foreign-bond-outflows-rising-inflation-risks-and-weakened-ringgit/) - Local govvies mostly rallied in July, reflecting the movements in major government bond markets. Major government bond yields were lifted by stronger haven demand as concerns about a recession escalated after a recent stream of economic data, from the US to Europe, flashed signs of a slowing global economy. On the local front, encouraging government
- [MARC Ratings upgrades 2022 GDP growth forecast to 6.5% despite consecutive OPR hikes](https://www.marc.com.my/views/marc-ratings-upgrades-2022-gdp-growth-forecast-to-6-5-despite-consecutive-opr-hikes/) - Today, Bank Negara Malaysia (BNM) announced its Monetary Policy Committee's (MPC) decision to increase the overnight policy rate (OPR) by 25 basis points to 2.50%. The hike, the third in as many MPC meetings, further rolls back part of the monetary support implemented during the worst of the COVID-19 crisis. After the pandemic emerged in
- [BNM determined to support growth](https://www.marc.com.my/views/bnm-determined-to-support-growth-20220124-2/) - The first Monetary Policy Committee (MPC) meeting of 2022 saw Bank Negara Malaysia (BNM) holding the overnight policy rate (OPR) unchanged at the record low of 1.75%. BNM has been on status quo since July 2020. The decision is in line with our expectation as we deem the current accommodative monetary settings as still necessary
- [Foreign investors reduce local bond holdings, struck by the Fed’s aggressive rate hikes and global risk-off sentiment](https://www.marc.com.my/views/foreign-investors-reduce-local-bond-holdings-struck-by-the-fed-s-aggressive-rate-hikes-and-global-risk-off-sentiment-20220802/) - Posted Date: August 2, 2022 Foreign investors decreased their local bond holdings in June amid the aggressive rate hikes of 75 bps by the US Federal Reserve (Fed) and global risk-off sentiment. June recorded the highest foreign outflows to date, amounting to RM4.1 billion. Consequently, total foreign holdings shrank further to RM253.3 billion (May: RM257.5
- [Narrowing tax base, rising fiscal vulnerability](https://www.marc.com.my/views/narrowing-tax-base-rising-fiscal-vulnerability/)
- [How Bumpy Will 2019 Be?](https://www.marc.com.my/views/how-bumpy-will-2019-be/) - If you were a medical doctor who is trying to diagnose the health condition of a patient named ‘Global Economy’, you will frown when looking at his medical report. First, his body temperature is above normal. A couple of paracetamols every six hours would do, you might think. His blood pressure is also on the
- [Deciphering the Chinese Conundrum](https://www.marc.com.my/views/deciphering-the-chinese-conundrum/) - There has been overwhelming concern over China’s economy in recent times. This can’t be helped, given that the world’s second largest economy has been an important global growth contributor in the past several years. As a percentage of global growth, China contributed roughly 25%-30% in the past few years. Its dominance in the global economy
- [Feeling the vibes of the economy](https://www.marc.com.my/views/feeling-the-vibes-of-the-economy/) - If you’ve watched the preview of Paul Krugman’s online classes, you would’ve noticed him stressing the fact that – contrary to common belief – economics is not about money. It is about people, and it ends up looking at how people behave, e.g. how people earn a living and how they spend their income. Unfortunately,
- [Tapping into young minds](https://www.marc.com.my/views/tapping-into-young-minds/) - The employability of local graduates has always been a contentious issue in Malaysia. The fact that many of them are finding it hard to secure permanent jobs raises important questions: what can be effectively done to entice employers to hire them? What can these graduates do to send proper signals to the market about their
- [Addressing the country’s budget and current account concerns](https://www.marc.com.my/views/addressing-the-country-s-budget-and-current-account-concerns/) - Malaysia’s equity market experienced an outflow of foreign capital to the tune of RM1.3 billion in the first quarter of 2019. The bond market was spared during this period, however, registering net foreign inflows for the first time since December 2018. But a spate of news relating to the possible exclusion of Malaysia from the
- [More red flags on global trade](https://www.marc.com.my/views/more-red-flags-on-global-trade/) - Let’s start with some good news. Malaysia’s headline gross domestic product (GDP) growth remained in mid-4% territory in the first quarter of 2019, exceeding expectations and can be considered respectable against the recent series of unfavourable global developments. Statistics show that domestically, consumers’ buying strength continued to support headline growth. Malaysians are still spending, helped
- [US-China Trade Deal Like a Box of Chocolates](https://www.marc.com.my/views/us-china-trade-deal-like-a-box-of-chocolates/) - In 1994’s Forrest Gump – arguably one of Hollywood’s most memorable films – Tom Hanks taught us how his momma wittily described life: it’s like “a box of chocolates.” He meant that life is so unpredictable that “you’ll never know what you’re gonna get.” Many moviegoers loved that phrase. Twenty-five years later, economists are learning
- [Weighing policy mix options during the downcycle](https://www.marc.com.my/views/weighing-policy-mix-options-during-the-downcycle/) - Recent global macro data suggests that economic uncertainties have continued to rise. Numerous signs are there – June’s global manufacturing Purchasing Managers’ Index (PMI) fell to its lowest level since the second half of 2012. The PMI report further revealed that business optimism plunged to a record low, while new orders contracted at the fastest
- [Gauging consumer and business optimism](https://www.marc.com.my/views/gauging-consumer-and-business-optimism/) - Malaysia’s second-quarter economic growth somewhat surprised many. Save for economists who have looked at leading indicators during the period, laymen might not have foreseen the rebound in economic activity during the quarter. Hence, the 4.9% expansion that topped the preceding quarter’s 4.5% growth came as a surprise. Where did the growth come from? This is
- [Should Malaysia tolerate slower growth?](https://www.marc.com.my/views/should-malaysia-tolerate-slower-growth/) - MALAYSIA'S economic growth has lost steam over the last decade with the average annual GDP growth pace coming in at 5.33%. This was a significant drop from the average annual growth pace of 9.27% in the decade before the 1997 Asian financial crisis. Concurrently, the country's revenue-to-GDP is on a decline since the early-1990s, from
- [No let-up in rating pressure](https://www.marc.com.my/views/no-let-up-in-rating-pressure/)
- [PART ONE: SPV 2030, RMK-12 and transitional growth](https://www.marc.com.my/views/part-one-spv-2030-rmk-12-and-transitional-growth/)
- [PART TWO: SPV2030, RMK-12 and transitional growth](https://www.marc.com.my/views/part-two-spv2030-rmk-12-and-transitional-growth-20210426/)
- [PART THREE: SPV 2030, RMK-12 and transitional growth](https://www.marc.com.my/views/part-three-spv-2030-rmk-12-and-transitional-growth/)
- [A “mirage-culous” 1Q2021 GDP performance](https://www.marc.com.my/views/a-mirage-culous-1q2021-gdp-performance/)
- [Lockdown without being locked in](https://www.marc.com.my/views/lockdown-without-being-locked-in/)
- [A strong rebound, but still far from a full recovery](https://www.marc.com.my/views/a-strong-rebound-but-still-far-from-a-full-recovery/)
- [The 12th Malaysia Plan](https://www.marc.com.my/views/the-12th-malaysia-plan/)
- [3Q2021 GDP: W-shaped recovery, green shoots delayed](https://www.marc.com.my/views/3q2021-gdp-w-shaped-recovery-green-shoots-delayed/)

## Leaderships

- [Lee Jin Ghee](https://www.marc.com.my/leadership/lee-jin-ghee-kirby-rating-committee/) - Kirby Lee Jin Ghee has more than 17 years of debt capital market experience, encompassing structured finance, project finance, and large, complex corporate finance restructuring transactions covering the Southeast Asian region. He is also experienced in credit rating for a wide range of industries and corporate borrowers in Malaysia. He was formerly the Head of
- [Arshad Mohamed Ismail](https://www.marc.com.my/leadership/arshad-mohamed-ismail/) - Arshad Mohamed Ismail is the GCEO of MARC. He has vast experience in banking and finance, especially in the areas of corporate banking, debt capital markets, Islamic finance, asset management, and development finance. Prior to MARC, Arshad was President and CEO of Export-Import Bank of Malaysia Berhad (EXIM Bank), and before that, President and GCEO
- [Arshad Mohamed Ismail](https://www.marc.com.my/leadership/arshad-mohamed-ismail-2/) - Arshad Mohamed Ismail is the GCEO of MARC. He has vast experience in banking and finance, especially in the areas of corporate banking, debt capital markets, Islamic finance, asset management, and development finance. Prior to MARC, Arshad was President and CEO of Export-Import Bank of Malaysia Berhad (EXIM Bank), and before that, President and GCEO
- [Tan Sri Dr Nik Norzrul Thani N.Hassan Thani](https://www.marc.com.my/leadership/tan-sri-dr-nik-norzrul-thani-bin-n-hassan-thani/) - Tan Sri Dr Nik Norzrul Thani is the Executive Chairman of Zaid Ibrahim & Co., one of Malaysia’s largest law firms. Before joining Zaid Ibrahim & Co., he worked at international law firm Baker & McKenzie. In 2017, he was appointed Chairman of the Malaysia-Singapore Business Council by the Ministry of International Trade & Industry.
- [Lim Hun Soon @ David Lim](https://www.marc.com.my/leadership/lim-hun-soon-david-lim/) - Lim Hun Soon @ David Lim is an Independent Non-Executive Director of MARC Berhad. David is a highly experienced chartered accountant and corporate governance expert with over three decades of leadership in financial auditing, ethics, and strategic advisory roles. He has deep expertise in auditing, compliance and board processes from his extensive career at KPMG.
- [Taufiq Kamal](https://www.marc.com.my/leadership/taufiq-kamal-head-ratings-portfolio-property-and-conglomerates-marc-ratings-berhad/) - Taufiq Kamal is the Deputy Chief Rating Officer of MARC Ratings Berhad and a member of the Rating Committee effective 1 August 2025. He has been with MARC for over 17 years and has extensive experience in corporate credit analysis and rating advisory across a broad range of sectors. He is responsible for ratings in
- [Vikraman Kalia Purumal](https://www.marc.com.my/leadership/vikraman-kalia-purumal/) - Vikraman Kalia Purumal, CFA, is the Chief Executive Officer of MARC Data Sdn Bhd. In his role, he oversees the strategic direction and operations of MARC Data, a credit reporting agency focused on data analytics and innovation in credit intelligence. Vikraman brings over 18 years of financial services experience, encompassing investment management, strategic advisory, and
- [Dr Ray Choy](https://www.marc.com.my/leadership/dr-ray-choy/) - Dr Ray Choy is the Chief Economist at MARC Ratings Berhad, where he leads the research team covering macroeconomics and financial markets. With experience in global financial markets since 2002, Dr Ray’s expertise spans economic research, foreign exchange, commodities, equity and fixed income investments, and credit risk ratings. Prior to joining MARC, he had led
- [Hafiza Abdul Rashid](https://www.marc.com.my/leadership/hafiza-abdul-rashid-deputy-chief-ratings-officer-marc-ratings-berhad/) - Hafiza Abdul Rashid is the Chief Rating Officer of MARC Ratings Berhad and was appointed to the Rating Committee on 1 April 2025. She oversees the agency’s rating operations and analytical functions. Prior to her current role, she served as Rating Portfolio Head for Infrastructure and Telecommunications, where she led credit assessments across key infrastructure-related
- [Badrul Hisham Zawawi](https://www.marc.com.my/leadership/badrul-hisham-zawawi/) - Badrul Hisham Zawawi is the Chief Commercial Officer of MARC, where he oversees the Group’s business origination and development, ESG solutions, training initiatives, and strategic communications. He plays a key role in supporting MARC Group’s business diversification efforts and the expansion of its service offerings. With over 25 years of experience in the banking and
- [Mohammad Farish Mohd Noor](https://www.marc.com.my/leadership/mohammad-farish-mohd-noor-chief-financial-officer-marc/) - Mohammad Farish Mohd Noor has served as MARC’s CFO since 2022, bringing over 29 years of experience in corporate finance, strategic planning, and financial operations across Malaysia and Australia. He plays a key role in shaping the Group’s financial strategy, ensuring sound fiscal governance and long-term sustainability. Throughout his career, Farish has led initiatives focused
- [Dr Alwin Long](https://www.marc.com.my/leadership/dr-alwin-long/) - Dr Alwin Long is a research fellow for the United Nations Sustainable Development Solutions Network (UNSDSN) and a pioneer in low-carbon energy transitions in Malaysia. His work focuses on developing inclusive and sustainable energy models that address both environmental and social dimensions. Dr Long is also a Fellow of the ASEAN Academy of Engineering and
- [Dr Gary William Theseira](https://www.marc.com.my/leadership/dr-gary-william-theseira/) - Dr Gary Theseira chairs the council of Climate Governance Malaysia (CGM), the Malaysian Chapter of the Climate Governance initiative under the World Economic Forum. He is also an adjunct faculty member at the Asia School of Business (ASB), serves on the board of the Centre for Environment, Technology and Development Malaysia (CETDEM), and is advisor
- [Krishna Kumar](https://www.marc.com.my/leadership/krishna-kumar/) - Krishna Kumar is a highly experienced professional with over 28 years of expertise in investment banking, credit, trade finance, consumer and business banking, and risk management. He has held various senior roles in the industry, including Chief Financial Services Officer at Agrobank, Head of Commercial and SME Finance at Al Rajhi Bank, and Head of
- [Sharizad Juma'at](https://www.marc.com.my/leadership/sharizad-jumaat-chairman-of-the-rating-committee/) - Sharizad Juma’at has more than 30 years of debt capital market experience, encompassing equity, treasury, fixed income, credit analysis, private equity, and property investment. Her most recent roles were as CEO of RHB Islamic International Asset Management Berhad, Head of Institutional Business of RHB Asset Management (RHBAM) Group, and Regional Head of RHBAM Islamic Business
- [Wendy Cheong](https://www.marc.com.my/leadership/wendy-cheong-non-independent-non-executive-director/) - Wendy Cheong is Managing Director-Regional Head of Asia Pacific (APAC) for Moody’s Ratings, and CEO of Moody’s Ratings Singapore. As Moody’s senior representative in APAC, Wendy is responsible for regional operations, strategy, support functions and regulatory relations. She is an executive board member for all of Moody’s Ratings’ entities in APAC and a non-executive director
- [Dato’ Wan Mohd Fadzmi Che Wan Othman Fadzilah](https://www.marc.com.my/leadership/dato-wan-mohd-fadzmi-che-wan-othman-fadzilah/) - Dato’ Wan Mohd Fadzmi Che Wan Othman Fadzilah has over 25 years of experience in domestic and international banking. He specialises in managing large-scale financial institutions, with a strong emphasis on global market revenue generation, asset and liability management, risk management and product strategy.
- [Haziq Najmuddin Johan Zainuddin](https://www.marc.com.my/leadership/haziq-najmuddin-johan-zainuddin/) - Haziq is the Rating Portfolio Head for Infrastructure, Telecommunications and Utilities at MARC Ratings. With nearly six years of experience at MARC, he has conducted credit and financial analyses of corporates, project finance entities, and financial institutions to support sukuk and bond ratings, developing deep sectoral expertise in these key sectors. Haziq holds a Bachelor
- [Leslie Jong Vui Min](https://www.marc.com.my/leadership/leslie-jong-vui-min/) - Leslie Jong Vui Min is the Head of ESG/Sustainability at MARC Solutions Sdn Bhd. In this capacity, Leslie oversees all of the ESG/Sustainability initiatives under Malaysian Rating Corporation Berhad (MARC). His extensive experience in ESG includes over 10 years of assisting institutions perform comprehensive assessments in the areas of sustainability and forestry. Leslie was the
- [Ng Kok Kheng](https://www.marc.com.my/leadership/ng-kok-kheng-independent-non-executive-director/) - Mr Ng is the CEO of Great Eastern General Insurance (Malaysia) Berhad (GEGM). He is a Director of Persatuan Insurans Am Malaysia (PIAM) and has been on the Management Committee (now Board of Directors) of PIAM since 2017, Convenor of the Finance and ERM Sub-Committee from 2018 to 2022, Convenor of the Technical Committee from
- [Dr Mohd Nordin Mohd Zain](https://www.marc.com.my/leadership/dr-mohd-nordin-mohd-zain/) - Dr Mohd Nordin Mohd Zain was appointed as an Independent Non-Executive Director of MARC Ratings Berhad. Dr Mohd Nordin has over 35 years of experience in various capacities in corporate banking, education, regulatory and professional practice, particularly internal audit, financial reporting and risk management. He currently serves as an Investment Committee member of a subsidiary
- [Amita Shyam Shrivastava](https://www.marc.com.my/leadership/amita-shyam-shrivastava/) - Ms Amita Shyam Shrivastava was appointed as a Non-Independent Non-Executive Director of MARC Ratings Berhad. She has vast experience in credit rating, fixed income research, commercial banking and consumer finance. As Vice President of the Asia Pacific Regional Management team at Moody’s Investors Service (MIS), she develops and implements strategic initiatives for MIS businesses, with
- [Tan Nyat Chuan](https://www.marc.com.my/leadership/tan-nyat-chuan-independent-non-executive-director/) - Mr Tan has 37 years of banking and payments experience in the financial industry, of which 32 years were with Bank Negara Malaysia (BNM). He had worked in Banking Supervision, Treasury Risk Management, and Payments Policy, and had also served as the Chief Audit Executive. His last position with the Central Bank was Assistant Governor
- [Choong Keng Yew](https://www.marc.com.my/leadership/choong-keng-yew/) - Keng Yew is the Head of Operations and Credit at MARC Data. He has over 25 years’ experience in audit, banking and financial services. Prior to joining MARC, he was the Vice President of the Corporate Banking division of MBSB Bank Berhad where he looked into the providing of financing (bilateral and syndication) and unrated
- [Daniel Wan Faizul Wan Zulkefli](https://www.marc.com.my/leadership/daniel-wan-faizul-wan-zulkefli-head-group-it-marc/) - Daniel oversees the overall operation and management of the Group IT department at MARC. He began his career as a Software Engineer at Silverlake Symmetry & Technology Research, initially focusing on the core banking system in Jakarta and later working on a migration project between Bank Islam Brunei Darussalam (BIBD) and the Islamic Development Bank
- [Elmer Lim Chon Meng](https://www.marc.com.my/leadership/elmer-lim-chon-meng/) - Elmer is the Rating Portfolio Head for Financial Services. He is a Chartered Financial Analyst (CFA) charterholder, with extensive experience in bank regulation looking at the financial strength, capital adequacy as well as risk management practices of commercial, Islamic and investment banks. Prior to joining MARC, Elmer served at Bank Negara Malaysia for 13 years,
- [Sharidan Salleh](https://www.marc.com.my/leadership/sharidan-salleh-head-ratings-portfolio-oil-gas-and-power-marc-ratings-berhad/) - Sharidan is the Rating Portfolio Senior Head for Oil & Gas and Power. He has been with MARC for 12 years. He has spent about 20 years working in the local financial services industry in the areas of credit, investment research and private equity investment. Sharidan has Bachelor and Master’s degrees in finance from Universiti
- [Yazmin Abdul Aziz](https://www.marc.com.my/leadership/yazmin-abdul-aziz/) - Yazmin is the Rating Portfolio Head for Structured Finance, Property and Retail. She is a Chartered Financial Analyst (CFA) charterholder with more than 13 years of experience in the financial industry, specialising in financial markets and investment operations. Prior to joining MARC, she was with Bank Negara Malaysia, having served in several positions in the
- [Khaireny Mohamed Khalid](https://www.marc.com.my/leadership/khaireny-mohamed-khalid-head-human-capital-marc/) - Khaireny is MARC's Head of Group Human Capital. Prior to joining MARC, she spent most of her working career in Maybank in two major roles; Talent Management Manager, Group Human Capital and Business Development Manager, Maybank Credit Card Centre. She has vast HR consulting experience in operationalising talent management initiatives aimed at building organisational capabilities
- [Azwa Md Sarif](https://www.marc.com.my/leadership/azwa-md-sarif/) - Azwa Md Sarif is MARC’s Head of Compliance, Governance, Legal & Risk Management. She has more than 20 years of experience in legal, compliance and capital markets in the financial industry. After completing her pupillage with Messrs. Raja Daryl & Loh, she began her career at Amanah Short Deposit Berhad (currently known as MIDF Amanah

## Latest@MARC

- [MARC presents zakat donation to higher learning institutions](https://www.marc.com.my/latestmarc/marc-presents-zakat-donation-to-higher-learning-institutions/) - In an effort to bolster the education sector in the country, Malaysian Rating Corporation Berhad (MARC), one of Malaysia’s leading financial services providers in Malaysia, presented zakat contributions totalling RM68,000 to two esteemed higher learning institutions, Universiti Putra Malaysia (UPM) and Universiti Kebangsaan Malaysia (UKM). These donations were made possible through zakat deductions from MARC
- [MARC commemorates 30th Anniversary with Mount Kinabalu expedition and CSR initiative](https://www.marc.com.my/latestmarc/marc-commemorates-30th-anniversary-with-mount-kinabalu-expedition-and-csr-initiative/) - Arshad Mohamed Ismail, Group Chief Executive Officer of MARC (centre, in jacket), presents the CSR contribution to Daikin Anam, Manager of Kinabalu Park, together with Rexie Meekenddy, Assistant Manager of Kinabalu Park, and representatives of the Kinabalu mountain guides and porters at the CSR Handover Ceremony held at Kinabalu Park, Sabah. MARC employees celebrate at
- [MARC Ratings-assigned Pulau Indah Power Plant sukuk named The Asset Triple A Power Deal of the Year (Malaysia) at The Asset Triple A Sustainable Infrastructure Awards 2026](https://www.marc.com.my/latestmarc/marc-ratings-assigned-pulau-indah-power-plant-sukuk-named-the-asset-triple-a-power-deal-of-the-year-malaysia-at-the-asset-triple-a-sustainable-infrastructure-awards-2026/) - MARC Ratings Berhad congratulates Pulau Indah Power Plant Sdn Bhd (PIPP), a subsidiary of Worldwide Holdings Berhad, on being named Power Deal of the Year (Malaysia) at The Asset Triple A Sustainable Infrastructure Awards 2026 (ASEAN Deal Awards). The award recognises PIPP's Sukuk Wakalah transaction, which The Asset described as the largest power plant financing
- [MARC honours leading capital market performers and sustainable finance achievements at Lead Managers' League Table Awards 2025](https://www.marc.com.my/latestmarc/marc-honours-leading-capital-market-performers-and-sustainable-finance-achievements-at-lead-managers-league-table-awards-2025/) - Malaysian Rating Corporation Berhad (MARC) today honoured leading capital market performers and recognised outstanding sustainable finance achievements at the MARC Lead Managers' League Table Awards 2025, held at Hilton Kuala Lumpur. The annual awards recognise lead managers based on the volume and number of bond and sukuk issuances rated by MARC Ratings during the
- [MARC360 Special Edition Webinar: Global Experts Anticipate Rising Geoeconomic Fragmentation Across ASEAN](https://www.marc.com.my/latestmarc/marc360-special-edition-webinar-global-experts-anticipate-rising-geoeconomic-fragmentation-across-asean/) - Malaysian Rating Corporation Berhad (MARC) today hosted its MARC360 Special Edition Webinar titled “War, Power & Markets: Global Conflicts and the ASEAN Economic Outlook”, where leading economists, geopolitical experts, and market practitioners discussed how rising geopolitical tensions and global power shifts are reshaping ASEAN’s economic, investment, and financial landscape. More than 600 participants joined the
- [MARC Recharge: Bond Beyond Business Pickleball Tournament 2025 serves up high-energy competition and stronger industry ties](https://www.marc.com.my/latestmarc/marc-recharge-bond-beyond-business-pickleball-tournament-2025-serves-up-high-energy-competition-and-stronger-industry-ties/) - The courts at BASE Pickle & Padel Club came alive last weekend when Malaysian Rating Corporation Berhad (MARC) hosted MARC Recharge: Bond Beyond Business Pickleball Tournament 2025, a spirited event that saw bankers, investors and financial sector partners trading volleys, laughter and plenty of competitive fire. Designed as an energising break from boardrooms and year-end
- [MARC Malaysian Bond & Sukuk Conference 2025 hosts dialogue on trade, technology and transformation](https://www.marc.com.my/latestmarc/marc-malaysian-bond-sukuk-conference-2025-hosts-dialogue-on-trade-technology-and-transformation/) - Malaysian Rating Corporation Berhad (MARC) convened the MARC Malaysian Bond & Sukuk Conference 2025 (MMBS 2025) last Friday via Zoom, serving as a platform for in-depth dialogue on how global trade realignment and digital innovation are driving new frontiers in economic and financial transformation. Held under the theme “From Tariffs to Tech: Powering Growth in
- [MARC360 Reflections: Experts Unpack Malaysia's Budget 2026 and Economic Reform Agenda](https://www.marc.com.my/latestmarc/marc360-reflections-experts-unpack-malaysias-budget-2026-and-economic-reform-agenda/) - Malaysian Rating Corporation Berhad (MARC) today hosted “MARC360 Reflections: Analyses of Malaysia’s Budget 2026 and Post-Budget Debates”. The webinar explored Malaysia’s reform momentum, fiscal resilience, and economic prospects for 2026 and beyond, featuring prominent experts from both the public and private sectors. The session began with a presentation by Dr Ray Choy, Chief Economist at
- [MARC Ratings named Best Islamic Rating Agency 2025 at Global Islamic Finance Awards](https://www.marc.com.my/latestmarc/marc-ratings-named-best-islamic-rating-agency-2025-at-global-islamic-finance-awards/) - MARC Ratings Berhad, a wholly-owned subsidiary of Malaysian Rating Corporation Berhad (MARC), has been named Best Islamic Rating Agency 2025 at the 15th Global Islamic Finance Awards (GIFA), held in Kuala Lumpur. The prestigious ceremony was attended by over 400 guests, including Prime Minister Datuk Seri Anwar Ibrahim and Deputy Prime Minister Datuk Seri Dr
- [MARC Ratings wins Best Islamic Rating Agency in Malaysia at The Asset Triple A Islamic Finance Awards](https://www.marc.com.my/latestmarc/marc-ratings-wins-best-islamic-rating-agency-in-malaysia-at-the-asset-triple-a-islamic-finance-awards/) - MARC Ratings Berhad, a wholly-owned subsidiary of Malaysian Rating Corporation Berhad (MARC), has been recognised as Best Islamic Rating Agency in Malaysia at The Asset Triple A Islamic Finance Awards 2025, strengthening its position as a trusted credit rating agency in the Islamic finance sector. The annual awards, organised by Hong Kong–based financial publication The
- [Vikraman Kalia Purumal appointed CEO of MARC Data](https://www.marc.com.my/latestmarc/vikraman-kalia-purumal-appointed-ceo-of-marc-data/) - Malaysian Rating Corporation Berhad (MARC) has appointed Vikraman Kalia Purumal as Chief Executive Officer of MARC Data Sdn Bhd, its wholly-owned data and analytics subsidiary, effective 8 August 2025. Vikraman currently serves as MARC’s Head of Strategy & Transformation, where he has led group-wide strategic planning and organisational transformation, as well as initiatives to strengthen
- [MARC Group CEO appointed CEO of MARC Ratings](https://www.marc.com.my/latestmarc/marc-group-ceo-appointed-ceo-of-marc-ratings/) - Malaysian Rating Corporation Berhad (MARC) has announced key leadership appointments across its group of companies, effective 1 August 2025, as part of its continued efforts to enhance leadership continuity and strategic alignment. Arshad Mohamed Ismail, Group Chief Executive Officer of MARC, has been appointed Chief Executive Officer of MARC Ratings Berhad, the Group’s credit rating
- [MARC and China’s CCXI sign Memorandum of Cooperation to strengthen cross-border credit rating and sustainable finance](https://www.marc.com.my/latestmarc/marc-and-chinas-ccxi-sign-memorandum-of-cooperation-to-strengthen-cross-border-credit-rating-and-sustainable-finance/) - Malaysian Rating Corporation Berhad (MARC) and China Chengxin International Credit Rating Co., Ltd (CCXI), one of China’s leading credit rating agencies, formalised a strategic partnership through the signing of a Memorandum of Cooperation (MoC) at MARC’s headquarters in Kuala Lumpur on 23 July 2025. The MoC signifies a shared commitment to strengthening cross-border collaboration in
- [MARC puts global risks and regional response in focus at economic and geopolitical outlook forum](https://www.marc.com.my/latestmarc/marc-puts-global-risks-and-regional-response-in-focus-at-economic-and-geopolitical-outlook-forum/) - From left: Moderator Dr Ray Choy, Chief Economist at MARC Ratings Berhad; Professor Dr Bridget Welsh, Honorary Research Associate at the University of Nottingham Asia Research Institute Malaysia; Mohd Fraziali Ismail, Assistant Governor of Bank Negara Malaysia (BNM); Professor Dr Ong Kian Ming, former Deputy Minister of the Ministry of Investment, Trade and Industry (MITI)
- [MARC honours top capital market performers at Lead Managers’ League Table Awards 2024](https://www.marc.com.my/latestmarc/marc-honours-top-capital-market-performers-at-lead-managers-league-table-awards-2024/) - Arshad Mohamed Ismail, Group Chief Executive Officer of Malaysian Rating Corporation Berhad (MARC) (centre, pink tie), and Rajan Paramesran, Chief Executive Officer of MARC Ratings Berhad (centre, red tie), pictured with the winners at MARC's Lead Managers’ League Table Awards 2024, held at The Majestic Hotel Kuala Lumpur today. Malaysian Rating Corporation Berhad (MARC) celebrated
- [Sabah’s Renewable Energy sector makes headway at SAREC 2025](https://www.marc.com.my/latestmarc/sabahs-renewable-energy-sector-makes-headway-at-sarec-2025/) - From left: Rajan Paramesran, Chief Executive Officer of MARC Ratings Berhad; Datuk Adzmir Abd Rahman, Chief Executive Officer of Sabah Energy Corporation Sdn Bhd; Datuk Ahmad Naim bin Uddang, Chief Executive Officer of Jetama Sdn Bhd; Yang Berhormat Datuk Dr Yusof Yacob, Chairman of Qhazanah Sabah Berhad; Yang Berhormat Datuk Seri Panglima Masidi Manjun, Minister
- [SAREC 2025 poised to unlock new opportunities in Sabah’s Renewable Energy sector](https://www.marc.com.my/latestmarc/sarec-2025-poised-to-unlock-new-opportunities-in-sabahs-renewable-energy-sector/) - Malaysian Rating Corporation Berhad (MARC), in collaboration with Qhazanah Sabah Berhad (QSB), a wholly-owned investment arm of the Sabah State Government, is proud to announce its upcoming one-day conference titled Sabah Renewable Energy Conference 2025: Corridor to Transform Vision to Reality (SAREC 2025) that is set to take place on April 24, 2025, at Shangri-La
- [MARC announces appointment of new board members](https://www.marc.com.my/latestmarc/marc-announces-appointment-of-new-board-members/) - Malaysian Rating Corporation Berhad (MARC) today announced the appointment of three new members to the Board of Directors of MARC Berhad, as well as two new members to the Board of Directors of MARC Ratings Berhad. Dato’ Wan Mohd Fadzmi Che Wan Othman Fadzilah was appointed as an Independent Non-Executive Director of MARC Berhad. Dato’
- [Spearheading Sustainability: MARC Solutions establishes Sustainability Committee](https://www.marc.com.my/latestmarc/spearheading-sustainability-marc-solutions-establishes-sustainability-committee/) - Dr Gary William Theseira Dr Alwin Long Arshad Mohamed Ismail MARC Solutions Sdn Bhd (MARC Solutions), a wholly-owned subsidiary of Malaysian Rating Corporation Berhad (MARC), has taken a significant step
- [MARC360 Overview delivers key insights into Malaysia's economic and corporate credit outlook for 2025](https://www.marc.com.my/latestmarc/marc360-overview-delivers-key-insights-into-malaysias-economic-and-corporate-credit-outlook-for-2025/) - The MARC360 Overview: MARC Economic and Corporate Credit Outlook 2025 webinar, held earlier today and organised by Malaysian Rating Corporation Berhad (MARC), shed light on what lies ahead for Malaysia’s economy and corporate credit landscape. Moody’s Ratings was MARC’s event partner. The webinar featured presentations by two key voices from MARC Ratings Berhad — Rajan
- [MARC360 Reflections Explores Impacts of Malaysia’s Budget 2025 on Economic Resilience and Growth](https://www.marc.com.my/latestmarc/marc360-reflections-explores-impacts-of-malaysias-budget-2025-on-economic-resilience-and-growth/) - Malaysian Rating Corporation Berhad (MARC) hosted the latest instalment of its MARC360 series, MARC360 Reflections: Analyses of Malaysia's Budget 2025 and Post-Budget Debates, where economic experts, policymakers, and industry stakeholders explored Budget 2025 and its expected impacts on Malaysia’s economic landscape. In his opening remarks, MARC’s Group Chief Executive Officer, Arshad Mohamed Ismail, addressed the
- [MARC360 Reflections: Analyses of Malaysia’s Budget 2025 and Post-Budget Debates](https://www.marc.com.my/latestmarc/marc360-reflections-analyses-of-malaysias-budget-2025-and-post-budget-debates/) - Malaysian Rating Corporation Berhad (MARC) will be hosting the upcoming MARC360 Reflections: Analyses of Malaysia's Budget 2025 and Post-Budget Debates webinar, which will take place on Thursday, November 7, 2024, from 9.30 AM to 11.30 AM via Zoom. This complimentary event will feature prominent thought leaders and experts offering in-depth analyses of Malaysia's Budget 2025
- [MARC and Impac+ collaborate to enhance ESG and sustainability initiatives in Indonesia](https://www.marc.com.my/latestmarc/marc-and-impac-collaborate-to-enhance-esg-and-sustainability-initiatives-in-indonesia/) - Professor Muliaman D. Hadad, Chairman of Impac+ (middle left) shaking hands with Arshad Mohamed Ismail, Group Chief Executive Officer of Malaysian Rating Corporation Berhad (MARC)(middle right) at the MoC signing ceremony in Jakarta. They are flanked by team members from the two organisations. Malaysian Rating Corporation Berhad (MARC) and Impac+, an Indonesian-based sustainability consultancy, have
- [MARC Ratings wins Best Islamic Rating Agency 2024 at 14th Global Islamic Finance Awards](https://www.marc.com.my/latestmarc/marc-ratings-wins-best-islamic-rating-agency-2024-at-14th-global-islamic-finance-awards/) - Chairman of the Global Islamic Finance Awards, Professor Humayon Dar (left), presenting the Best Islamic Rating Agency 2024 Award to Hafiza Abdul Rashid, Chief Rating Officer of MARC Ratings Berhad Malaysian Rating Corporation Berhad (MARC) today announced that its subsidiary, MARC Ratings Berhad, has been honoured with the prestigious title of "Best Islamic Rating Agency
- [MARC concludes the MARC Malaysian Bond & Sukuk Conference 2024 with key insights on APAC data centres and renewable energy](https://www.marc.com.my/latestmarc/marc-concludes-the-marc-malaysian-bond-sukuk-conference-2024-with-key-insights-on-apac-data-centres-and-renewable-energy/) - Malaysian Rating Corporation Berhad (MARC) concluded the MARC Malaysian Bond & Sukuk Conference 2024 (MMBS 2024) today, marking the end of two half-days of engaging discussions on the evolving landscape of Malaysia’s bond and sukuk markets. The event was held virtually under the theme "Charting the Course for Malaysia's Economy" and saw the participation of
- [MARC kicks off the MARC Malaysian Bond & Sukuk Conference 2024 with insightful discussions on Malaysia’s economy](https://www.marc.com.my/latestmarc/marc-kicks-off-the-marc-malaysian-bond-sukuk-conference-2024-with-insightful-discussions-on-malaysias-economy/) - Malaysian Rating Corporation Berhad (MARC) successfully opened the MARC Malaysian Bond & Sukuk Conference 2024 (MMBS 2024) today, themed "Charting the Course for Malaysia's Economy". The virtual conference brings together key industry players, policymakers and thought leaders for insightful discussions on the challenges and opportunities within the bond and sukuk markets. The conference began with
- [MARC and SME Bank forge strategic collaboration to empower entrepreneurs and SMEs in Malaysia](https://www.marc.com.my/latestmarc/marc-and-sme-bank-forge-strategic-collaboration-to-empower-entrepreneurs-and-smes-in-malaysia/) - From left: Arshad Mohamed Ismail, Group Chief Executive Officer, Malaysian Rating Corporation Berhad (MARC); Dato’ Muslim Hussain, Chairman of SME Bank; YB Datuk Ewon Benedick, Minister of Entrepreneur Development and Cooperatives, Malaysia; Datuk Dr Mohammad Hardee Ibrahim, Relief Group President/Chief Executive Officer of SME Bank; and Amirul Imran Ahmat, Chief Executive Officer, CEDAR, during the
- [MARC concludes 28<sup>th</sup> Annual General Meeting](https://www.marc.com.my/latestmarc/marc-concludes-28th-annual-general-meeting/) - Malaysian Rating Corporation Berhad (MARC), one of Malaysia’s leading financial services providers, held its 28th Annual General Meeting (AGM), themed "Excellence Through Synergy" via virtual streaming earlier today. In his review of the company's financial results for the year ended December 31, 2023, MARC Chairman Tan Sri Dr Nik Norzrul Thani N.Hassan Thani reported that
- [MARC appoints Arshad Mohamed Ismail as new Group Chief Executive Officer](https://www.marc.com.my/latestmarc/marc-appoints-arshad-mohamed-ismail-as-new-group-chief-executive-officer/) - Arshad Mohamed Ismail, MARC Group Chief Executive Officer Malaysian Rating Corporation Berhad (MARC) today announced the appointment of Arshad Mohamed Ismail as Group Chief Executive Officer, effective June 1, 2024. Arshad succeeds Datuk Jamaludin Nasir, who will take on an advisory role until the end of his term this coming November. Speaking on behalf of
- [MARC signs MOU with Saigon Ratings](https://www.marc.com.my/latestmarc/marc-signs-mou-with-saigon-ratings/) - Malaysian Rating Corporation Berhad (MARC) is pleased to announce the signing of a Memorandum of Understanding (MOU) with Saigon Phat Thinh Ratings Joint Stock Company (Saigon Ratings). This strategic partnership aims to foster mutually beneficial collaborations between MARC’s subsidiary, MARC Ratings Berhad, and Saigon Ratings, promoting common interests and enhancing credit rating practices in the
- [MARC recognises top performers of its 2023 Lead Managers’ League Tables](https://www.marc.com.my/latestmarc/marc-recognises-top-performers-of-its-2023-lead-managers-league-tables/) - Malaysian Rating Corporation Berhad (MARC), a prominent financial services provider in Malaysia, recognised outstanding performers in its 2023 Lead Managers' League Tables. Earlier this week, MARC presented the trophies to the winning banks. Published annually, the league tables evaluate lead managers based on the volume and number of lead-arranged issuances rated by MARC Ratings each
- [Towards Sustainable Energy: Borneo Energy Transition Conference 2024 unveils key initiatives in Sarawak](https://www.marc.com.my/latestmarc/towards-sustainable-energy-borneo-energy-transition-conference-2024-unveils-key-initiatives-in-sarawak/) - In response to the global imperative to combat climate change and transition to sustainable energy sources, the Borneo Energy Transition Conference 2024 (BETC 2024), powered by Malaysian Rating Corporation Berhad (MARC) and SEDC Energy (SEDCE), is poised to drive the exploration and advancement of sustainable energy solutions. The conference is being held from 26 to
- [MARC collaborates with SEDC Energy for upcoming Borneo Energy Transition Conference 2024](https://www.marc.com.my/latestmarc/marc-collaborates-with-sedc-energy-for-upcoming-borneo-energy-transition-conference-2024/) - MARC's Group Chief Executive Officer Datuk Jamaludin Nasir and SEDC Energy's Chief Executive Officer Robert Hardin paid a courtesy visit earlier today to the Premier of Sarawak, the Right Honourable Datuk Patinggi Tan Sri (Dr) Abang Haji Abdul Rahman Zohari Bin Tun Datuk Abang Haji Openg. Malaysian Rating Corporation Berhad (MARC) and SEDC Energy Sdn
- [MARC Malaysian Bond & Sukuk Conference 2023: Sustainable transition to a greener economy](https://www.marc.com.my/latestmarc/marc-malaysian-bond-sukuk-conference-2023-sustainable-transition-to-a-greener-economy/) - Malaysian Rating Corporation Berhad (MARC) will be hosting its annual MARC Malaysian Bond & Sukuk Conference (MMBS 2023), a three-day virtual event. The conference is scheduled to take place from November 27 to 29, 2023, running from 9:00 am to 12:00 pm each day. The keynote address will be delivered by Datuk Seri Dr Awang
- [MARC Ratings wins Best Islamic Rating Agency 2023 at GIFA](https://www.marc.com.my/latestmarc/marc-ratings-wins-best-islamic-rating-agency-2023-at-gifa/) - Professor Dr Humayon Dar, Chairman of GIFA (left), presenting the "Best Islamic Rating Agency 2023" award to Sharidan Salleh, MARC’s Senior Head of Ratings Portfolio for Oil & Gas and Power (right). Malaysian Rating Corporation Berhad (MARC) today announced that its subsidiary, MARC Ratings Berhad, has been honoured with the prestigious title of "Best Islamic
- [MARC, Qatar Financial Centre Authority and Qatar Stock Exchange join forces to enhance financial markets through strategic collaborations](https://www.marc.com.my/latestmarc/marc-qatar-financial-centre-authority-and-qatar-stock-exchange-join-forces-to-enhance-financial-markets-through-strategic-collaborations/) - From left: Datuk Jamaludin Nasir, Group Chief Executive Officer of MARC, Yousuf Mohamed Al-Jaida, CEO of Qatar Financial Centre, and Hussain Mohammed Al Abdullah, Marketing & Communication Director of Qatar Stock Exchange, at the Memorandum of Collaboration Signing Ceremony in Doha, Qatar. Malaysian Rating Corporation Berhad (MARC) has officially entered into a Memorandum of Collaboration
- [Strategic powerhouse: MARC strengthens leadership team to drive business growth and transformation journey](https://www.marc.com.my/latestmarc/strategic-powerhouse-marc-strengthens-leadership-team-to-drive-business-growth-and-transformation-journey/) - Malaysian Rating Corporation Berhad (MARC), a leading financial services provider in Malaysia, announced today the appointment of key executives, a significant milestone in the company's expansion efforts. Rajan Paramesran is now the Chief Executive Officer (CEO) of MARC Ratings Berhad (MARC Ratings), Hafiza Abdul Rashid is appointed as Chief Rating Officer of MARC Ratings, Badrul
- [MARC concludes 27th Annual General Meeting](https://www.marc.com.my/latestmarc/marc-concludes-27th-annual-general-meeting/) - Malaysian Rating Corporation Berhad (MARC) recently concluded its 27th Annual General Meeting (AGM), themed "Redefining Opportunities, Pushing Boundaries." The meeting took place virtually on 31 May 2023. During the AGM, shareholders approved all agenda items and resolutions proposed by the Board of Directors. In his review of the company's financial results for the year ended
- [MARC recognises high achievers in its 2022 Lead Managers’ League Tables](https://www.marc.com.my/latestmarc/marc-recognises-high-achievers-in-its-2022-lead-managers-league-tables/) - Malaysian Rating Corporation Berhad (MARC), one of Malaysia’s financial services providers, recognised exceptional performers in its 2022 Lead Managers' League Tables during a prestigious awards ceremony held at The Majestic Hotel Kuala Lumpur recently. These league tables, published annually, evaluate lead managers based on the volume and number of lead-arranged issuances rated by MARC Ratings
- [MARC Issues Sector Report On Banking Industry](https://www.marc.com.my/latestmarc/marc-issues-sector-report-on-banking-industry/)
- [MARC Ratings Publishes 2022 Lead Managers' League Tables; recognition given to notable corporates](https://www.marc.com.my/latestmarc/marc-ratings-publishes-2022-lead-managers-league-tables-recognition-given-to-notable-corporates/) - MARC Ratings Berhad has published its 2022 Lead Managers' League Tables. The league tables are published annually, and rank the lead managers by volume and number of lead-arranged issuances rated by MARC Ratings in any given year. CIMB Investment Bank Berhad topped the issued value league table of debt and sukuk programmes/issuances rated by MARC
- [MARC Issues Sector Report On Automotive Industry](https://www.marc.com.my/latestmarc/marc-issues-sector-report-on-automotive-industry/)
- [MARC embarks on corporate realignment to gear up for growth](https://www.marc.com.my/latestmarc/marc-embarks-on-corporate-realignment-to-gear-up-for-growth/)
- [MARC Ratings publishes 2021 Lead Managers' League Tables](https://www.marc.com.my/latestmarc/marc-ratings-publishes-2021-lead-managers-league-tables/)
- [MARC honours high achievers of its 2021 Lead Managers' League Tables](https://www.marc.com.my/latestmarc/marc-honours-high-achievers-of-its-2021-lead-managers-league-tables-20220923/) - MARC presented awards to the high achievers of its Lead Managers' League Tables for 2021, at an awards ceremony held at The Majestic Hotel Kuala Lumpur yesterday. Published annually, the league tables rank the lead managers by volume and number of lead-arranged issuances rated by MARC in any given year. The issue count league table
- [MARC wins double awards for Rating Agency of the Year and Best Sustainability Sukuk](https://www.marc.com.my/latestmarc/marc-wins-double-awards-for-rating-agency-of-the-year-and-best-sustainability-sukuk-20220309/) - MARC is pleased to announce that it has been named Rating Agency of the Year (Malaysia) for the year 2021 by Hong Kong-based The Asset magazine. In addition to this, MARC has also been awarded for its role as the external reviewer of Small Medium Enterprise Development Bank Malaysia Berhad's (SME Bank) RM500 million ASEAN
- [MARC's 26th Annual General Meeting: Thriving Through Adversity](https://www.marc.com.my/latestmarc/marc-s-26th-annual-general-meeting-thriving-through-adversity-20220613/) - Malaysian Rating Corporation Berhad (MARC) held its 26th Annual General Meeting (AGM), themed "Thriving Through Adversity", via virtual streaming on June 13, 2022. "In 2021, MARC's total revenue improved by 25% to RM23.69 million (2020: RM18.99 million). Profit before taxes increased to RM9.69 million (2020: RM6.18 million)," said MARC Chairman Datuk Seri Dr Nik Thani
- [MARC360: <br/> Property Outlook 2023 <br/> Virtual Discussion](https://www.marc.com.my/latestmarc/marc360-property-outlook-2023-virtual-discussion-20221214/) - MARC will be hosting a virtual discussion titled MARC360: Property Outlook 2023 on December 15, 2022, from 9.30am to 10.30am. Among the topics that will be discussed include the domestic and global interest rate outlook for 2023 and how it will affect the economy, current property trends such as sustainable development and the incorporation of
- [MARC Ratings named Best Islamic Rating Agency at GIFA 2022](https://www.marc.com.my/latestmarc/marc-ratings-named-best-islamic-rating-agency-at-gifa-2022-20221007/) - MARC Ratings was recently named the Best Islamic Rating Agency of the Year 2022 at the 12th Global Islamic Finance Awards (GIFA). Held in Djibouti, Africa, the physical awards ceremony was broadcast live across multiple platforms on September 14, 2022. MARC Group CEO Datuk Jamaludin Nasir said of the win, "We are honoured to receive
- [MARC to host economic discourse](https://www.marc.com.my/latestmarc/marc-to-host-economic-discourse-20221206/) - MARC is set to host an economic discourse titled MARC360: Malaysian Economic Outlook and Challenges. To be held on December 7, 2022, from 9.30am to 11.00am, this session will take an in-depth look at economic concerns pertaining to the nation's fiscal health, global economic factors and post-GE15 developments. The session will feature distinguished panellists Dr

## CSR

- [MARCares: MARCketplace Campaign](https://www.marc.com.my/csr/marcares-marcketplace-campaign/) - As Malaysians continue to face unprecedented challenges from the COVID-19 pandemic, we at MARC feel compelled to help the communities around us. As a socially responsible and caring organisation, MARC launched MARCares to help those affected by COVID-19. Our first event supported our nation’s courageous COVID-19 frontliners. MARC had raised funds internally, which were forwarded
- [MARC seeks to expand CSR initiatives; presents donation to MAKNA](https://www.marc.com.my/csr/marc-seeks-to-expand-csr-initiatives-presents-donation-to-makna/) - MARC Chief Business Officer Ahmad Feizal Sulaiman Khan presents the donation to MAKNA Managing Director Farahida Mohd Farid As part of MARC's CSR initiative for the year 2020, MARC presented a cheque amounting to RM60,000 to the National Cancer Council Malaysia (MAKNA) on December 28, 2020. The donation is aimed at supporting the non-governmental
- [MARC presents zakat donation to the underprivileged](https://www.marc.com.my/csr/marc-presents-zakat-donation-to-the-underprivileged-20210511/) - As part of Malaysian Rating Corporation Berhad's (MARC) CSR initiative for the year 2021, MARC made donations amounting to RM55,895 to the underprivileged on May 10, 2021. The donations comprised zakat deductions from MARC staff which were obtained from Majlis Agama Islam Wilayah Persekutuan (MAIWP). The main recipients of this donation were 100 needy
- [MARC presents zakat donation to underprivileged students](https://www.marc.com.my/csr/marc-presents-zakat-donation-to-underprivileged-students/) - In two private events held earlier this month, MARC made donations to asnaf students from two higher learning institutions as part of its corporate social responsibility (CSR) initiative for 2022. The donations, amounting to RM57,500, comprised zakat deductions from MARC staff which were obtained from Majlis Agama Islam Wilayah Persekutuan (MAIWP). MARC's central theme for

## Rating Announcements

- [MARC Ratings affirms Bank Muamalat’s ratings](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-bank-muamalats-ratings-3/) - MARC Ratings has affirmed Bank Muamalat Malaysia Berhad’s (BMMB) financial institution (FI) ratings of A+/MARC-1/Stable and the ratings on instruments under the bank’s existing Sukuk Wakalah Programme of up to RM5.0 billion, as follows: Senior Sukuk Wakalah at A+IS/Stable Tier-2 Subordinated Sukuk Wakalah at AIS/Stable Additional Tier-1 (AT-1) Sukuk Wakalah at BBB+IS/Stable The ratings reflect
- [MARC Ratings affirms ratings on S P Setia’s issuances](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-on-s-p-setias-issuances-2/) - MARC Ratings has affirmed its ratings on S P Setia Berhad’s sukuk programmes as follows: RM3.5 billion Senior and Subordinated Perpetual Sukuk Wakalah Programme (with a sublimit of RM1.5 billion on the Perpetual Sukuk) at AAIS/A+IS RM500.0 million Islamic Commercial Papers Programme at MARC-1IS RM3.0 billion IMTN Programme at AAIS The outlook on the long-term
- [MARC Ratings upgrades SHC Capital’s rating to AA<sub><i>IS</i></sub>](https://www.marc.com.my/rating-announcements/marc-ratings-upgrades-shc-capitals-rating-to-aais/) - MARC Ratings has upgraded its rating on SHC Capital Sdn Bhd’s RM80 million issuance under the company’s RM200 million Islamic Medium-Term Notes (Sukuk Wakalah) Programme to AAIS from AA-IS, with a stable outlook. The outstanding sukuk balance is RM60 million. SHC Capital is a wholly-owned funding vehicle of Tunas Cool Energy Sdn Bhd (TUNAS), a
- [MARC Solutions assigns “Gold” Impact Assessment to Leader Energy Group’s Green Sukuk Framework](https://www.marc.com.my/rating-announcements/marc-solutions-assigns-gold-impact-assessment-to-leader-energy-groups-green-sukuk-framework/) - MARC Solutions has assigned a "Gold" Impact Assessment to Leader Energy Group Berhad’s (LEGB) Green Sukuk Framework. The framework sets forth the guiding principles for LEGB’s undertaking of Green Sukuk Transactions to finance or refinance eligible green projects that are expected to deliver positive environmental impacts. LEGB is an investment holding company operating as an
- [MARC Ratings affirms AAA<sub><i>IS</i></sub> rating on TNB Northern’s sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aaais-rating-on-tnb-northerns-sukuk-4/) - MARC Ratings has affirmed its AAAIS rating on TNB Northern Energy Berhad’s (TNB Northern) outstanding RM1.045 billion sukuk with a stable outlook. TNB Northern is the funding vehicle for TNB Prai Sdn Bhd, the operator of a combined-cycle gas turbine power plant in Seberang Perai Tengah, Penang. The plant comprises two generating units (Unit 10
- [MARC Ratings withdraws rating on Kapar Energy Ventures’ RM2.0 billion sukuk following full redemption](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-rating-on-kapar-energy-ventures-rm2-0-billion-sukuk-following-full-redemption/) - MARC Ratings has withdrawn its AA+IS/Stable rating on Kapar Energy Ventures Sdn Bhd’s RM2.0 billion Sukuk Ijarah following the sukuk’s full redemption upon the final repayment of RM160.0 million on 3 July 2026 and the subsequent cancellation of the programme, as confirmed by the facility agent. Accordingly, MARC Ratings will no longer provide analytical coverage
- [MARC Ratings affirms ratings on Eco World’s Sukuk Wakalah and Perpetual Sukuk Programmes](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-on-eco-worlds-sukuk-wakalah-and-perpetual-sukuk-programmes/) - MARC Ratings has affirmed its AA-IS(cg) rating on Eco World Capital Berhad’s RM3.0 billion Sukuk Wakalah Programme and its AIS(cg) rating on Eco World Perpetual Capital Berhad’s RM2.0 billion Perpetual Sukuk Programme. The outlook on both ratings remains stable. Eco World Capital and Eco World Perpetual Capital are wholly owned funding vehicles of Eco World
- [MARC Ratings upgrades rating on SAJ Capital’s Sukuk Murabahah to AA<sub><i>IS</i></sub>](https://www.marc.com.my/rating-announcements/marc-ratings-upgrades-rating-on-saj-capitals-sukuk-murabahah-to-aais/) - MARC Ratings has upgraded its rating on SAJ Capital Sdn Bhd’s Sukuk Murabahah Programme of up to RM650 million to AAIS from AA-IS, with a stable outlook. SAJ Capital is a wholly-owned funding vehicle of Ranhill Capital Sdn Bhd, which holds an 80% stake in Ranhill SAJ Sdn Bhd, Johor’s sole source-to-tap water services provider.
- [MARC Ratings affirms AAA<sub><i>IS(cg)</i></sub>/MARC-1<sub><i>IS(cg)</i></sub> ratings on F&N Capital’s IMTN/ICP Programmes](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aaaiscg-marc-1iscg-ratings-on-fn-capitals-imtn-icp-programmes/) - MARC Ratings has affirmed its AAAIS(cg)/MARC-1IS(cg) ratings on F&N Capital Sdn Bhd’s Islamic Medium-Term Notes/ Islamic Commercial Papers (IMTN/ICP) Programmes with a combined limit of up to RM3.0 billion. The rating outlook is stable. As F&N Capital is a wholly-owned funding vehicle of Fraser & Neave Holdings Bhd (F&NHB), and the programmes are backed by
- [MARC Solutions' "Gold" Impact Assessment validates Sime Darby Property NEV's Green Finance Framework for sustainable digital infrastructure financing](https://www.marc.com.my/rating-announcements/marc-solutions-gold-impact-assessment-validates-sime-darby-property-nevs-green-finance-framework-for-sustainable-digital-infrastructure-financing/) - Sime Darby Property NEV (Holdings) Sdn Bhd (SDP NEV) has established a RM2.6 billion Sukuk Programme, the world’s first sukuk financing structure dedicated to data centre infrastructure. The sukuk programme is issued under a Green Finance Framework that was assigned a "Gold" Impact Assessment by MARC Solutions Sdn Bhd. Maybank Investment Bank Berhad (Maybank IB)
- [MARC Ratings affirms George Kent’s ratings](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-george-kents-ratings-5/) - MARC Ratings has affirmed the rating of George Kent (Malaysia) Berhad’s Islamic Commercial Papers (ICP) Programme at MARC-1IS and its Islamic Medium-Term Notes (IMTN) Programme at A+IS/Stable. In March 2026, the group redeemed its RM132 million outstanding IMTN using internally generated funds and subsequently issued RM80 million under the existing IMTN Programme. As at end-June
- [MARC Ratings affirms AA- rating on 7-Eleven Holdings’ MTN Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-rating-on-7-eleven-holdings-mtn-programme-5/) - MARC Ratings has affirmed its AA- rating on 7-Eleven Malaysia Holdings Berhad’s (7-Eleven Holdings) RM600.0 million Medium-Term Notes (MTN) Programme with a stable outlook. The programme has an outstanding of RM350.0 million as of 30 June 2026. The rating on 7 Eleven Holdings reflects the group’s strong market position as the largest convenience store operator
- [MARC Ratings affirms AA<sub><i>IS(cg)</i></sub> rating on VS Capital Management](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aaiscg-rating-on-vs-capital-management-4/) - MARC Ratings has affirmed its AAIS(cg) rating on VS Capital Management Sdn Bhd’s Islamic Medium-Term Notes programme of up to RM1.0 billion, with a stable outlook. The rating reflects the credit strength of parent company VS Industry Berhad (VSI), which provides an unconditional and irrevocable guarantee on the programme. VSI’s established track record, strong cash
- [MARC Ratings affirms PLSUKE’s ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-plsukes-ratings-with-stable-outlook-5/) - MARC Ratings has affirmed its A+IS(s) and AAAIS(bg) ratings on Projek Lintasan Sungai Besi-Ulu Klang Sdn Bhd’s (PLSUKE) Sukuk Wakalah Programme of up to RM2.0 billion and bank-guaranteed Facilities of up to RM500.0 million. The latter is guaranteed by Bank Pembangunan Malaysia Berhad (BPMB) which carries a financial institution rating of AAA from MARC Ratings.
- [MARC Ratings affirms AA<sub><i>IS</i></sub> rating on Berapit Mobility’s RM1.5 billion sukuk programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aais-rating-on-berapit-mobilitys-rm1-5-billion-sukuk-programme-2/) - MARC Ratings has affirmed its AAIS rating on Berapit Mobility Sdn Bhd’s (BMSB) RM1.5 billion Sustainability Islamic Medium-Term Notes Programme with a stable outlook. BMSB is a special-purpose vehicle established by its parent, SMH Rail Sdn Bhd, to undertake sale-and-leaseback transactions with Railway Assets Corporation (RAC). Sukuk proceeds were utilised to partially finance the acquisition
- [MARC Ratings affirms TNB Western Energy’s AAA<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-tnb-western-energys-aaais-rating-3/) - MARC Ratings has affirmed its AAAIS rating on TNB Western Energy Berhad’s (TNB Western) outstanding RM3.2 billion sukuk with a stable outlook. TNB Western serves as the funding vehicle for TNB Manjung Five Sdn Bhd, an indirect wholly-owned subsidiary of Tenaga Nasional Berhad (TNB). TNB Manjung Five operates a 1,000MW coal-fired power plant in Manjung,
- [MARC Ratings withdraws rating on Ranhill Sabah Energy II’s RM710.0 million IMTN Programme](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-rating-on-ranhill-sabah-energy-iis-rm710-0-million-imtn-programme/) - MARC Ratings has withdrawn its AAAIS(bg) rating on Ranhill Sabah Energy II Sdn Bhd’s (RSEII) RM710.0 million Islamic Medium-Term Notes (IMTN) Programme following the early redemption of the outstanding RM200.0 million under Tranche 2 on 16 June 2026 and the subsequent cancellation of the programme, as confirmed by the facility agent. Accordingly, MARC Ratings will
- [MARC Ratings affirms Grand Sepadu’s rating with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-grand-sepadus-rating-with-stable-outlook/) - MARC Ratings has affirmed its AAIS rating on Grand Sepadu (NK) Sdn Bhd’s RM210.0 million Sukuk Murabahah with a stable outlook. The sukuk has an outstanding balance of RM15.0 million, which is due for repayment on 11 June 2027. The rating affirmation reflects Grand Sepadu’s low leverage and strong coverage metrics, supported by ongoing debt
- [MARC Ratings affirms Sarawak’s sub-sovereign rating at AAA](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-sarawaks-sub-sovereign-rating-at-aaa-2/) - MARC Ratings has affirmed Sarawak’s sub-sovereign credit rating at AAA with a stable outlook, based on the rating agency’s sub-sovereign rating scale. This is an unsolicited rating based on public information. The affirmation reflects Sarawak’s fiscal flexibility, substantial consolidated funds that provide exceptional debt coverage, and strong political representation. Sarawak’s revenue as a percentage of
- [MARC Ratings affirms ratings on Trusmadi Capital’s Issue 2](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-on-trusmadi-capitals-issue-2/) - MARC Ratings has affirmed its ratings of AAA, AA and A on Trusmadi Capital Sdn Bhd’s Issue 2 Class A (RM220 million), Class B (RM40.0 million) and Class C (RM40.0 million) Medium-Term Notes (MTN). The ratings outlook is stable. As of 24 June 2026, RM220.0 million of Class A MTN and RM40.0 million of Class
- [MARC Ratings affirms Konsortium KAJV's AA-<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-konsortium-kajvs-aa-is-rating-3/) - MARC Ratings has affirmed its AA-IS rating on Konsortium KAJV Sdn Bhd’s (KAJV) RM1.0 billion Sukuk Wakalah Programme with a stable outlook. The rating is anchored by Terengganu’s sub-sovereign AA-/Stable rating and its capacity to meet payment obligations on Facility Payment Certificates (FPC) issued to KAJV for completed works on the Kuala Terengganu Utara water
- [MARC Solutions assigns “Gold” Impact Assessment to Sime Darby Property NEV (Holdings) Sdn Bhd's Green Finance Framework](https://www.marc.com.my/rating-announcements/marc-solutions-assigns-gold-impact-assessment-to-sime-darby-property-nev-holdings-sdn-bhds-green-finance-framework/) - MARC Solutions has assigned a "Gold" Impact Assessment to Sime Darby Property NEV (Holdings) Sdn Bhd’s (SDP NEV) Green Finance Framework. The framework sets forth the guiding principles for SDP NEV’s issuance of green financing instruments to fund eligible assets that contribute towards environmental benefits. SDP NEV is an indirect subsidiary of Sime Darby Property
- [MARC Ratings assigns final ratings to Moneymax Treasure’s RM200 million Tranche 1 under its CP/MTN Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-ratings-to-moneymax-treasures-rm200-million-tranche-1-under-its-cp-mtn-programme/) - MARC Ratings has assigned final ratings of AA-(cg)/MARC-1(cg) to Moneymax Treasure Sdn Bhd’s (MTSB) RM200.0 million Tranche 1 (including RM50.0 million Commercial Papers sub-limit) under its RM500.0 million Commercial Papers/ Medium-Term Notes (CP/MTN) Programme. The rating outlook is stable. The facility is jointly and severally, irrevocably and unconditionally guaranteed by Cash Online Sdn Bhd and
- [MARC Solutions assigns “Gold” Impact Assessment to TH Properties’ Sustainable Finance Framework](https://www.marc.com.my/rating-announcements/marc-solutions-assigns-gold-impact-assessment-to-th-properties-sustainable-finance-framework/) - MARC Solutions has assigned a "Gold" Impact Assessment to TH Properties Sdn Bhd’s (THP) Sustainable Finance Framework. The framework sets forth the guiding principles for THP’s issuance of sustainable financing instruments for eligible projects that contribute towards environmental and social benefits. Established in 1980, THP is a property development company wholly owned by Lembaga Tabung
- [MARC Ratings assigns preliminary AA+<sub><i>IS</i></sub> and MARC-1<sub><i>IS</i></sub> ratings to TH Properties’ proposed sukuk issuances](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-aais-and-marc-1is-ratings-to-th-properties-proposed-sukuk-issuances/) - MARC Ratings has assigned preliminary AA+IS/MARC-1IS ratings to TH Properties Sdn Bhd’s proposed Islamic Medium-Term Notes (IMTN) and Islamic Commercial Papers (ICP) Programmes with a combined aggregate limit of up to RM750 million. The outlook on the long-term rating is stable. The ratings reflect TH Properties' status as a wholly-owned property development and facilities management
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on QSP Semenanjung’s sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-qsp-semenanjungs-sukuk-3/) - MARC Ratings has affirmed its AA-IS rating on Quantum Solar Park (Semenanjung) Sdn Bhd’s (QSP Semenanjung) outstanding RM605.0 million Green Sustainable and Responsible Investment (SRI) Sukuk with a stable outlook. QSP Semenanjung owns three 50MW power plants located in Gurun, Kedah; Jasin, Melaka; and Merchang, Terengganu. The rating is underpinned by QSP Semenanjung’s diversified portfolio
- [MARC Ratings affirms Farm Fresh’s AA-<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-farm-freshs-aa-is-rating-3/) - MARC Ratings has affirmed its AA-IS rating on Farm Fresh Berhad’s Islamic Medium-Term Notes (IMTN) Programme of RM1.0 billion under the Shariah principle of Wakalah Bi Al-Istithmar (Sukuk Wakalah Programme). The rating outlook is stable. The outstanding under the rated programme was RM625.0 million as at end-March 2026. Farm Fresh’s leading market share of 60.0%
- [MARC Solutions highlights rising momentum in sustainability-linked finance following SD Guthrie’s IFN recognition](https://www.marc.com.my/rating-announcements/marc-solutions-highlights-rising-momentum-in-sustainability-linked-finance-following-sd-guthries-ifn-recognition/) - MARC Solutions Sdn Bhd notes that the recognition received by SD Guthrie Berhad (Guthrie) at the Islamic Finance News (IFN) Deals of the Year Awards 2025 reflects the continued progress in the development of sustainability-linked financing within Malaysia’s Islamic capital market. Guthrie’s RM2.1 billion Sustainability-Linked Sukuk was recognised as the Malaysia Deal of the Year
- [MARC Ratings extends MARCWatch Developing on KFH Malaysia](https://www.marc.com.my/rating-announcements/marc-ratings-extends-marcwatch-developing-on-kfh-malaysia-4/) - MARC Ratings has maintained the MARCWatch Developing status on Kuwait Finance House (Malaysia) Berhad (KFH Malaysia), where it has remained since 1 August 2024 following the announcement of its voluntary withdrawal from the Malaysian market and planned wind-down of operations, in alignment with KFH Group’s strategic focus on the Middle East. Progress on the divestment
- [MARC Ratings affirms Ranhill Sabah Energy II's rating with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ranhill-sabah-energy-iis-rating-with-stable-outlook-2/) - MARC Ratings has affirmed its AAAIS(bg) rating on Ranhill Sabah Energy II Sdn Bhd’s (RSEII) outstanding RM200.0 million Islamic Medium-Term Notes (IMTN) Programme with a stable outlook. The rating reflects the unconditional and irrevocable guarantee provided by Bank Pembangunan Malaysia Berhad (BPMB), rated AAA/Stable by MARC Ratings. RSEII owns and operates the 190MW combined-cycle gas
- [MARC Ratings affirms Segi Astana’s MTN rating at AA-](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-segi-astanas-mtn-rating-at-aa/) - MARC Ratings has affirmed its rating on Segi Astana Sdn Bhd’s RM415.0 million ASEAN Green Medium-Term Notes (MTN) at AA-. The rating outlook is stable. Segi Astana is the concessionaire for the integrated complex, gateway@klia2, at the Kuala Lumpur International Airport Terminal 2 (KLIA Terminal 2) in Sepang, Selangor. The rating affirmation reflects Segi Astana’s
- [MARC Ratings affirms CIMB Islamic’s ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-cimb-islamics-ratings-with-stable-outlook-3/) - MARC Ratings has affirmed CIMB Islamic Bank Berhad’s (CIMB Islamic) financial institution (FI) ratings at AAA/MARC-1 with a stable outlook. Concurrently, the rating agency has affirmed its ratings on CIMB Islamic’s sukuk programmes as follows: RM10.0 billion Senior Sukuk Wakalah Programme (Sukuk Wakalah) at AAAIS/Stable RM5.0 billion Tier 2 Junior Sukuk Programme at AA+IS/Stable CIMB
- [MARC Ratings affirms CIMB Group’s ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-cimb-groups-ratings-with-stable-outlook-3/) - MARC Ratings has affirmed its AA+/MARC-1 corporate credit ratings on CIMB Group Holdings Berhad (CIMB Group) and the AA rating on the group’s RM10.0 billion Basel III–compliant Tier 2 Subordinated Debt Programme. The outlook on all ratings is stable. CIMB Group is a non-operating financial holding company overseeing one of Malaysia’s largest banking groups, with
- [MARC Ratings affirms CIMB Bank’s ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-cimb-banks-ratings-with-stable-outlook-3/) - MARC Ratings has affirmed its financial institution ratings on CIMB Bank Berhad at AAA/MARC-1. The rating agency has concurrently affirmed its AA+ rating on the bank’s existing RM10.0 billion Basel III–compliant Tier 2 Subordinated Debt Programme. The ratings outlook is stable. CIMB Bank’s ratings reflect its systemic importance to the domestic banking system, underpinned by
- [MARC Ratings affirms MARC-1<sub><i>IS</i></sub>/A<sub><i>IS</i></sub> ratings on Gabungan AQRS’ ICP/IMTN Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-marc-1is-ais-ratings-on-gabungan-aqrs-icp-imtn-programme-4/) - MARC Ratings has affirmed its MARC-1IS/AIS ratings on Gabungan AQRS Berhad’s (GBG) RM200 million Islamic Commercial Papers/ Islamic Medium-Term Notes (ICP/IMTN) Programme with a stable outlook. The ratings affirmation reflects GBG’s established construction track record, that supports its ability to secure infrastructure contracts alongside its property development activities. This is moderated by limited near-term earnings
- [MARC Ratings assigns preliminary ratings to Moneymax Treasure’s proposed RM200 million Tranche 1 under its proposed CP/MTN Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-ratings-to-moneymax-treasure-sdn-bhds-proposed-rm200-million-tranche-1-under-its-proposed-cp-mtn-programme/) - MARC Ratings has assigned preliminary AA-(cg)/MARC-1(cg) ratings with a stable outlook to Moneymax Treasure Sdn Bhd’s (MTSB) proposed RM200.0 million Tranche 1 (including RM50.0 million CP sub-limit) under a proposed RM500.0 million CP/MTN Programme. The facility is jointly and severally, irrevocably and unconditionally guaranteed by Cash Online Sdn Bhd (COSB) and its Singapore-listed parent, MoneyMax
- [MARC Ratings affirms UiTM Solar Power Dua’s AA-<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-uitm-solar-power-duas-aa-is-rating-2/) - MARC Ratings has affirmed its AA-IS rating on UiTM Solar Power Dua Sdn Bhd’s outstanding RM77.0 million Green Sustainable and Responsible Investment Sukuk with a stable outlook. UiTM Solar Power Dua owns and operates a 25MWac solar power plant in Pasir Gudang, Johor. The plant achieved its commercial operations date on 2 December 2020. The
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> and A- ratings on Kesturi's Senior Sukuk and Junior Bonds](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-and-a-ratings-on-kesturis-senior-sukuk-and-junior-bonds-3/) - MARC Ratings has affirmed the AA-IS rating on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (Kesturi) RM2.3 billion Sukuk Musharakah (Senior Sukuk) and the A- rating on Kesturi’s RM180 million Redeemable Secured Junior Bonds, with a stable outlook. The rating differential reflects the Junior Bonds’ subordinated position. Kesturi owns and operates Duta-Ulu Kelang Expressway Phase 1
- [MARC Ratings upgrades Sinar Kamiri’s sukuk rating](https://www.marc.com.my/rating-announcements/marc-ratings-upgrades-sinar-kamiris-sukuk-rating/) - MARC Ratings has upgraded Sinar Kamiri Sdn Bhd’s outstanding RM155.0 million Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah to AAIS from AA-IS and revised the outlook to stable from positive. The rating upgrade reflects Sinar Kamiri’s consistently strong operating performance and financial metrics that have exceeded expectations. The plant has maintained a high average
- [MARC Ratings affirms ratings on Kinabalu Capital’s Issue 3](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-on-kinabalu-capitals-issue-3-4/) - MARC Ratings has affirmed its long-term ratings of AAA, AA and A on Kinabalu Capital Sdn Bhd’s Issue 3 of RM113 million Class A, RM21 million Class B and RM11 million Class C Medium-Term Notes (MTN). The ratings outlook is stable. The affirmed ratings reflect loan-to-value (LTV) ratios for the MTN classes that are within
- [MARC Ratings assigns final rating of AA<sub><i>IS</i></sub> to Evyap Sabun Malaysia’s Sukuk Wakalah Programme of up to RM1.0 billion](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-rating-of-aais-to-evyap-sabun-malaysias-sukuk-wakalah-programme-of-up-to-rm1-0-billion/) - MARC Ratings has assigned a final rating of AAIS to Evyap Sabun Malaysia Sdn Bhd’s RM1.0 billion Islamic Medium-Term Notes (Sukuk Wakalah) Programme with a stable outlook. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way from the
- [MARC Ratings assigns final rating of AA+<sub><i>IS</i></sub> to TNB Kuala Muda Solar’s proposed ASEAN Green SRI Sukuk Wakalah](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-rating-of-aais-to-tnb-kuala-muda-solars-proposed-asean-green-sri-sukuk-wakalah/) - MARC Ratings has assigned a final rating of AA+IS to TNB Kuala Muda Solar Sdn Bhd’s (TKMS) proposed ASEAN Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah of up to RM1.05 billion with a stable outlook. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions
- [MARC Ratings affirms OCK’s MARC-1<sub><i>IS</i></sub> and AA-<sub><i>IS</i></sub> ratings](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ocks-marc-1is-and-aa-is-ratings-2/) - MARC Ratings has affirmed OCK Group Berhad’s (OCK) Islamic Commercial Papers (ICP) and Sukuk Murabahah Programme ratings at MARC-1IS and AA-IS/Stable, respectively. The assessment incorporates the proposed ICP upsize to RM500.0 million (from RM200.0 million), bringing the combined programme limit to RM1.5 billion. The ratings reflect OCK’s stable operating performance and resilient tower business model,
- [MARC Ratings affirms PTP’s Sukuk Murabahah Programme rating at AA<sub><i>IS</i></sub>](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ptps-sukuk-murabahah-programme-rating-at-aais/) - MARC Ratings has affirmed its rating on port operator Pelabuhan Tanjung Pelepas Sdn Bhd’s (PTP) RM3.5 billion Islamic Medium-Term Notes (Sukuk Murabahah) Programme at AAIS. The rating outlook is stable. The rating affirmation is driven by PTP’s strong position as a major container transshipment port supported by the expertise of and continued investments by its
- [MARC Ratings withdraws ratings on Sunway Treasury Sukuk’s RM10.0 billion ICP/IMTN Programme](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-ratings-on-sunway-treasury-sukuks-rm10-0-billion-icp-imtn-programme/) - MARC Ratings has withdrawn its ratings of MARC-1IS(cg)/AA-IS(cg) on Sunway Treasury Sukuk Sdn Bhd’s RM10.0 billion Islamic Commercial Papers/ Islamic Medium-Term Notes (ICP/IMTN) Programme following the full redemption of the outstanding amount and the programme’s expiry on 19 March 2026, as confirmed by the facility agent. MARC Ratings’ analytical coverage of Sunway Berhad now comprises
- [MARC Ratings affirms rating on Cagamas MBS’ asset-backed Sukuk Musyarakah](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-rating-on-cagamas-mbs-asset-backed-sukuk-musyarakah/) - MARC Ratings has affirmed its AAAIS rating on Cagamas MBS Berhad’s RM2,110.0 million asset-backed Sukuk Musyarakah issuance (CMBS 2007-1-i) with a stable outlook. The rating reflects the strong credit enhancement provided by the securitised assets — government staff house financing serviced through monthly salary or pension deductions — and the accumulated cash flows backing CMBS
- [MARC Ratings withdraws rating on AFA PRIME Berhad](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-rating-on-afa-prime-berhad/) - MARC Ratings has withdrawn its AA-IS rating on AFA PRIME Berhad’s RM2.5 billion Senior Sukuk Musharakah Programme following the early redemption of the outstanding RM900 million on 31 March 2026 and subsequent cancellation of the programme, as confirmed by the facility agent. Accordingly, MARC Ratings will no longer provide analytical coverage on AFA PRIME Berhad.
- [MARC Ratings withdraws rating on TSH Sukuk Murabahah’s IMTN Programme](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-rating-on-tsh-sukuk-murabahahs-imtn-programme/) - MARC Ratings has withdrawn its rating of AA-IS/Stable on TSH Sukuk Murabahah Sdn Bhd’s RM150 million Islamic Medium-Term Notes (IMTN) Programme following the issuer’s request to terminate the programme. TSH Sukuk Murabahah Sdn Bhd is the funding vehicle for TSH Resources Berhad. There were no outstanding issuances under the programme as confirmed by the facility
- [MARC Ratings assigns final ratings to WCT’s RM5.0 billion Sukuk Wakalah Programmes](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-ratings-to-wcts-rm5-0-billion-sukuk-wakalah-programmes/) - MARC Ratings has assigned final ratings of A+IS/A-IS to WCT Holdings Berhad’s (WCT) RM5.0 billion Islamic Medium-Term Notes (IMTN)/ Perpetual Sukuk Programmes. The outlook on the ratings is positive. The rating agency has reviewed the final documentation for the programmes and is satisfied that the terms and conditions have not changed in any material way
- [MARC Ratings affirms Top Glove unit’s RM3.0 billion IMTN/ Perpetual Sukuk Programme ratings at AA-<sub><i>IS(cg)</i></sub>/A<sub><i>IS(cg)</i></sub>](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-top-glove-units-rm3-0-billion-imtn-perpetual-sukuk-programme-ratings-at-aa-iscg-aiscg-2/) - MARC Ratings has affirmed its ratings on TG Treasury Berhad’s RM3.0 billion Islamic Medium-Term Notes (IMTN)/ Perpetual Sukuk Programmes at AA-IS(cg)/AIS(cg). The outlook on all ratings is stable. The sukuk programmes carry an irrevocable and unconditional guarantee from TG Treasury’s parent company Top Glove Corporation Bhd (Top Glove); therefore, the senior-ranked IMTN rating reflects the
- [MARC Ratings revises rating outlook on Sunway’s issuances to positive](https://www.marc.com.my/rating-announcements/marc-ratings-revises-rating-outlook-on-sunways-issuances-to-positive/) - MARC Ratings has revised its outlook on Sunway Group’s sukuk programme ratings to positive from stable. The list of issuances is appended at the end of this press release. The outlook revision is premised on the prospect of significant improvements in group leverage measures from the impending listing of group healthcare entity Sunway Healthcare Holdings
- [MARC Ratings assigns preliminary rating to proposed Sukuk Wakalah Programme; affirms Evyap Malaysia’s rating](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-rating-to-proposed-sukuk-wakalah-programme-affirms-evyap-malaysias-rating/) - MARC Ratings has assigned a preliminary rating of AAIS to Evyap Sabun Malaysia Sdn Bhd’s (Evyap Malaysia) proposed RM1.0 billion Sukuk Wakalah Programme. Concurrently, the rating agency has affirmed Evyap Malaysia’s RM500.0 million Sukuk Wakalah Programme rating at AAIS. The outlook on the ratings is stable. The rating considers Evyap Malaysia’s vertically integrated and sizeable
- [MARC Ratings assigns preliminary rating of AA+<sub><i>IS</i></sub> to TNB Kuala Muda Solar’s proposed ASEAN Green SRI Sukuk Wakalah](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-rating-of-aais-to-tnb-kuala-muda-solars-proposed-asean-green-sri-sukuk-wakalah/) - MARC Ratings has assigned a preliminary rating of AA+IS to TNB Kuala Muda Solar Sdn Bhd’s (TKMS) proposed ASEAN Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah of up to RM1.05 billion with a stable outlook. TKMS is a special-purpose vehicle established to develop, own and operate a 500MWac solar photovoltaic plant in Bukit Selambau,
- [MARC Ratings extends MARCWatch Developing on KFH Malaysia](https://www.marc.com.my/rating-announcements/marc-ratings-extends-marcwatch-developing-on-kfh-malaysia-3/) - MARC Ratings has maintained the MARCWatch Developing status of Kuwait Finance House (Malaysia) Berhad (KFH Malaysia), which has remained on MARCWatch since 1 August 2024 after KFH Malaysia announced its voluntary withdrawal from the Malaysian market and the planned wind-down of its operations, in line with KFH Group’s strategic reorientation towards the Middle East region.
- [MARC Ratings withdraws rating on DUKE 3’s Sukuk Wakalah Programme following exchange completion](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-rating-on-duke-3s-sukuk-wakalah-programme-following-exchange-completion/) - MARC Ratings has withdrawn its rating of AA-IS/Stable on Lebuhraya DUKE Fasa 3 Sdn Bhd’s (DUKE 3) Sukuk Wakalah Programme (up to RM3.64 billion) following the exchange of the outstanding RM3.63 billion on 23 February 2026 for Sukuk Murabahah A under the new Sukuk Murabahah Programme (up to RM5.5 billion) and the subsequent cancellation of
- [MARC Ratings upgrades Leader Energy’s sukuk programme rating](https://www.marc.com.my/rating-announcements/marc-ratings-upgrades-leader-energys-sukuk-programme-rating/) - MARC Ratings has upgraded its rating on Leader Energy Sdn Bhd’s outstanding RM200 million ASEAN Green Sustainable and Responsible Investment Sukuk Wakalah to AAIS from AA-IS and revised the outlook to stable from positive. Leader Energy is the investment holding company of two solar power project companies, Leader Solar Energy Sdn Bhd (LSE I) and
- [MARC Ratings assigns final rating of AA-<sub><i>IS</i></sub> to DUKE 3’s Sukuk Murabahah](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-rating-of-aa-is-to-duke-3s-sukuk-murabahah/) - MARC Ratings has assigned a final rating of AA-IS/Stable to Lebuhraya DUKE Fasa 3 Sdn Bhd’s (DUKE 3) Sukuk Murabahah Programme of up to RM5.5 billion. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way from the draft
- [MARC Ratings maintains AA-<sub><i>IS</i></sub> rating on DUKE 3’s Sukuk Murabahah and Sukuk Wakalah](https://www.marc.com.my/rating-announcements/marc-ratings-maintains-aa-is-rating-on-duke-3s-sukuk-murabahah-and-sukuk-wakalah/) - MARC Ratings has maintained its preliminary AA-IS rating on Lebuhraya DUKE Fasa 3 Sdn Bhd’s (DUKE 3) proposed Sukuk Murabahah Programme (up to RM5.5 billion) and AA-IS rating on DUKE 3’s Sukuk Wakalah Programme (up to RM3.64 billion), both with a stable outlook. The preliminary AA-IS rating was assigned to the Sukuk Murabahah on 14
- [MARC Ratings assigns preliminary ratings to WCT’s proposed RM5.0 billion Sukuk Wakalah Programmes](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-ratings-to-wcts-proposed-rm5-0-billion-sukuk-wakalah-programmes/) - MARC Ratings has assigned preliminary ratings of A+IS/A-IS to WCT Holdings Berhad’s (WCT) proposed RM5.0 billion Islamic Medium-Term Notes (IMTN)/ Perpetual Sukuk Programmes. Concurrently, the rating agency affirmed the ratings on WCT’s existing programmes: RM1.0 billion Medium-Term Notes Programme at A+ RM1.5 billion Sukuk Murabahah Programme at A+IS Perpetual Subordinated Sukuk Musharakah Programme (Perpetual Sukuk)
- [MARC Ratings affirms AA+<sub><i>IS</i></sub> rating on Sime Darby Property’s Sukuk Musharakah Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aais-rating-on-sime-darby-propertys-sukuk-musharakah-programme-4/) - MARC Ratings has affirmed its rating on Sime Darby Property Berhad’s (SD Property) RM4.5 billion Islamic Medium-Term Notes (IMTN) Programme (Sukuk Musharakah) at AA+IS with a stable outlook. The outstanding under the rated programme stood at RM2.2 billion as at 2 December 2025. The rating continues to reflect SD Property’s strong sales track record from
- [MARC Ratings assigns final ratings to Sunway Treasury Sukuk’s ICP/IMTN (Sukuk Mudharabah) Programme of up to RM3.0 billion](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-ratings-to-sunway-treasury-sukuks-icp-imtn-sukuk-mudharabah-programme-of-up-to-rm3-0-billion/) - MARC Ratings has assigned final ratings of MARC-1IS(cg) /AA-IS(cg) to Sunway Treasury Sukuk Sdn Bhd’s Sukuk Mudharabah Programme of up to RM3.0 billion. The outlook on the long-term rating is stable. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any
- [MARC Ratings affirms Pac Lease’s ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-pac-leases-ratings-with-stable-outlook-3/) - MARC Ratings has affirmed its AA/MARC-1 ratings on Pac Lease Berhad’s Medium-Term Notes/ Commercial Papers (MTN/CP) Programmes, which have a combined limit of RM1.5 billion. The long-term rating outlook is stable. The ratings affirmation reflects Pac Lease’s position as a major player in the domestic industrial hire purchase (IHP) segment, with a strong track record
- [MARC Ratings affirms Sunway Healthcare Treasury's rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-sunway-healthcare-treasurys-rating-2/) - MARC Ratings has affirmed its rating of AAIS(cg) on Sunway Healthcare Treasury Sdn Bhd’s Islamic Medium-Term Notes (Sukuk Wakalah) Programme of up to RM5.0 billion. The rating outlook is stable. The rating reflects the credit strength of parent Sunway Healthcare Holdings Berhad (SHH), based on the unconditional and irrevocable guarantee from SHH on the programme.
- [MARC Ratings assigns final ratings to S P Setia’s Sukuk Wakalah of up to RM3.5 billion](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-ratings-to-s-p-setias-sukuk-wakalah-of-up-to-rm3-5-billion/) - MARC Ratings has assigned final ratings of AAIS/A+IS to S P Setia Berhad’s Sukuk Wakalah Programme of up to RM3.5 billion, comprising Senior Sukuk Wakalah (Islamic Medium-Term Notes) and Perpetual Sukuk Wakalah, with a sub-limit of RM1.5 billion for the Perpetual Sukuk Wakalah. The outlook on the ratings is stable. The rating agency has reviewed
- [MARC Ratings affirms AAA rating on Credit Guarantee Corporation Malaysia](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aaa-rating-on-credit-guarantee-corporation-malaysia-2/) - MARC Ratings has affirmed its financial institution rating of AAA on Credit Guarantee Corporation Malaysia Berhad (CGC) with a stable outlook. The rating reflects MARC Ratings’ assessment of very high government support for CGC, underpinned by its longstanding policy mandate to support micro, small and medium enterprises (MSME) financing, Bank Negara Malaysia’s (BNM) majority ownership
- [MARC Ratings affirms ratings of MARC-1<sub><i>IS</i></sub>/AA-<sub><i>IS</i></sub> on UDA’s ICP/IMTN Programmes](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-of-marc-1is-aa-is-on-udas-icp-imtn-programmes/) - MARC Ratings has affirmed its MARC-1IS/AA-IS ratings on UDA Holdings Berhad’s (UDA) Islamic Commercial Papers/ Islamic Medium-Term Notes (ICP/IMTN) Programmes. The affirmation takes into account the proposed increase in ICP to RM300.0 million from RM100.0 million and in IMTN to RM2.0 billion from RM1.0 billion, resulting in a combined limit of up to RM2.0 billion
- [MARC Ratings affirms MARC-1<sub><i>IS</i></sub>/AA-<sub><i>IS</i></sub> ratings on Malakoff Power’s sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-marc-1is-aa-is-ratings-on-malakoff-powers-sukuk/) - MARC Ratings has affirmed its ratings on Malakoff Power Berhad’s (MPower) outstanding RM1.44 billion Sukuk Murabahah at AA-IS and its RM1.2 billion Islamic Commercial Papers/ Islamic Medium-Term Notes (ICP/IMTN) Programmes (RM250.0 million IMTN currently outstanding) at MARC-1IS/AA-IS, with a stable outlook. MPower, a wholly-owned subsidiary of Malakoff Corporation Berhad (Malakoff), provides operations and maintenance services
- [MARC Ratings affirms Tan Chong Motor’s sukuk rating at A<sub><i>IS</i></sub>, maintains negative outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-tan-chong-motors-sukuk-rating-at-ais-maintains-negative-outlook/) - MARC Ratings has affirmed its AIS rating on Tan Chong Motor Holdings Berhad’s (TCMH) RM1.5 billion Islamic Medium-Term Notes (Sukuk Murabahah) Programme. The rating outlook remains negative. TCMH’s business performance remained weak, as vehicle sales decreased and domestic market share declined to about 0.8% as of end-September 2025 (2024: 1%; 2020–2023 average: 2.3%), mainly due
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on Tanjung Bin O&M’s sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-tanjung-bin-oms-sukuk-3/) - MARC Ratings has affirmed its AA-IS rating on Tanjung Bin O&M Berhad’s (TBOM) outstanding RM165.0 million Sukuk Wakalah with a stable outlook. The rating reflects the credit strength of TBOM’s parent, Malakoff Power Berhad (MPower, AA-IS/Stable) which has provided an unconditional and irrevocable undertaking to cover any finance service reserve account (FSRA) shortfall for the
- [MARC Ratings affirms Bank Pembangunan’s ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-bank-pembangunans-ratings-with-stable-outlook-2/) - MARC Ratings has affirmed its financial institution rating of AAA on Bank Pembangunan Malaysia Berhad (BPMB) and its AAAIS rating on the bank’s RM11.0 billion Islamic Medium-Term Notes (IMTN) Programme. The outlook on both ratings is stable. The ratings reflect MARC Ratings’ expectation of a very high likelihood of government support for BPMB, given its
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on LBS’ IMTN Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-lbs-imtn-programme/) - MARC Ratings has affirmed its AA-IS rating on LBS Bina Group Berhad’s (LBS) RM750.0 million Islamic Medium-Term Notes (IMTN) Programme with a stable outlook. The current amount outstanding under the programme is RM600.0 million. The rating reflects LBS’ strong track record in affordable and mid-market residential developments, good near-term earnings visibility from sizeable unbilled sales,
- [MARC Ratings affirms Singer’s rating with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-singers-rating-with-stable-outlook/) - MARC Ratings has affirmed its rating of A/Stable on Singer (Malaysia) Sdn Bhd’s (Singer) RM300.0 million Medium-Term Notes (MTN) Programme. The rating reflects Singer’s strong position as an established domestic provider of consumer durable and motorcycle credit sales and hire-purchase financing, supported by a long operating history and high profit margins. These strengths are tempered
- [MARC Ratings affirms Chailease Berjaya’s AA-<sub><i>(cg)</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-chailease-berjayas-aa-cg-rating-2/) - MARC Ratings has affirmed its rating of AA-(cg)/Stable on Chailease Berjaya Credit Sdn Bhd’s (CBC) RM1.0 billion Medium-Term Notes (MTN) Programme. The programme is unconditionally and irrevocably guaranteed by CBC’s ultimate holding company, Chailease Holding Company Limited (CHC). Accordingly, the rating reflects the credit strength of CHC which carries a public information rating of AA-/Stable.
- [MARC Ratings affirms AAA<sub><i>IS</i></sub> rating on TNB Power Generation’s sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aaais-rating-on-tnb-power-generations-sukuk-3/) - MARC Ratings has affirmed its AAAIS rating on TNB Power Generation Sdn Bhd’s (TPGSB) Sukuk Wakalah Programme of up to RM10.0 billion with a stable outlook. TPGSB’s rating is aligned with that of its parent Tenaga Nasional Berhad (TNB, AAA/Stable), reflecting TPGSB’s role as TNB’s key energy generation arm, and their strong operational and financial
- [MARC Ratings affirms IMR-2 rating on Kenanga Investors and Kenanga Islamic Investors](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-imr-2-rating-on-kenanga-investors-and-kenanga-islamic-investors-3/) - MARC Ratings has affirmed its investment manager rating (IMR) of IMR-2 on Kenanga Investors Berhad (KIB) and KIB’s wholly-owned subsidiary Kenanga Islamic Investors Berhad (KIIB). KIIB’s rating is aligned with its parent, KIB, reflecting its strategic role in advancing the group’s Islamic finance objectives and its high degree of operational integration with KIB. KIIB shares
- [MARC Ratings affirms SIBS’ AA-<sub><i>IS</i></sub>/MARC-1<sub><i>IS</i></sub> ratings](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-sibs-aa-is-marc-1is-ratings/) - MARC Ratings has affirmed its ratings of AA-IS and MARC-1IS on SIBS Sdn Bhd’s Islamic Medium-Term Notes (IMTN) Programme of up to RM3.0 billion and Islamic Commercial Papers (ICP) Programme of up to RM500.0 million, with a combined aggregate limit of up to RM3.0 billion. The long-term rating outlook is stable. The affirmed ratings reflect
- [MARC Ratings affirms UEM Edgenta’s AA<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-uem-edgentas-aais-rating/) - MARC Ratings has affirmed its rating of AAIS on UEM Edgenta Berhad’s Islamic Medium-Term Notes (IMTN) Programme of up to RM1.0 billion. The rating outlook is stable. The rating affirmation is premised on UEM Edgenta’s established track record in providing healthcare support services (HSS) under government and private contracts in Malaysia and overseas, and highway
- [MARC Ratings affirms AA- rating on STM Lottery’s MTN Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-rating-on-stm-lotterys-mtn-programme-4/) - MARC Ratings has affirmed its rating of AA- on STM Lottery Sdn Bhd’s RM800.0 million 15-year Medium-Term Notes (MTN) Programme with a stable outlook. Proceeds from issuances under the programme had been used to refinance maturing notes under the previous rated programme. The rating affirmation reflects STM Lottery’s position as the largest licensed number forecast
- [MARC Ratings affirms Malaysia’s sovereign rating at AAA](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-malaysias-sovereign-rating-at-aaa-4/) - MARC Ratings has affirmed its unsolicited public information sovereign rating on Malaysia at AAA with a stable outlook based on the rating agency’s national rating scale. The AAA rating reflects Malaysia’s credit strengths, including an open and increasingly diversified economy, sound monetary policy, a resilient financial sector, and continued progress in structural and institutional reforms.
- [MARC Ratings affirms Cerah Sama’s AA-<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-cerah-samas-aa-is-rating-3/) - MARC Ratings 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 RM230.0 million. The affirmation reflects resilient traffic on Cerah Sama’s mature Cheras-Kajang Highway, stable cash flow, strong liquidity, and an accommodative sukuk repayment profile. Leverage remains high but is improving. Average
- [MARC Ratings affirms AA<sub><i>IS</i></sub> rating on IOI Properties’ unit’s RM3.0 billion Sukuk Murabahah Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aais-rating-on-ioi-properties-units-rm3-0-billion-sukuk-murabahah-programme-3/) - MARC Ratings has affirmed its AAIS rating on Fortune Premiere Sdn Bhd’s RM3.0 billion Multi-Currency Islamic Medium-Term Notes (Sukuk Murabahah) Programme. The rating outlook is stable. Fortune Premiere is a wholly-owned funding vehicle of IOI Properties Group Berhad (IOI Properties). The rating reflects the credit strength of IOI Properties which has provided an unconditional and
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on MRCB’s RM5.0 billion IMTN Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-mrcbs-rm5-0-billion-imtn-programme-2/) - MARC Ratings has affirmed its AA-IS rating on Malaysian Resources Corporation Berhad’s (MRCB) Islamic Medium-Term Notes (IMTN) Programme (Sukuk Murabahah) of up to RM5.0 billion, with a stable outlook. The rating reflects MRCB’s longstanding track record in property and construction — particularly in transit-oriented developments (TOD) — its substantial infrastructure order book, and its status
- [MARC Ratings assigns final rating of MARC-1<sub><i>IS</i></sub> to Khazanah’s RM1.0 billion ICP Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-rating-of-marc-1is-to-khazanahs-rm1-0-billion-icp-programme/) - MARC Ratings has assigned a final rating of MARC-1IS to Khazanah Nasional Berhad’s (Khazanah) Islamic Commercial Papers (ICP) Programme of up to RM1.0 billion in nominal value. The rating is based on the rating agency’s assessment of Khazanah’s corporate credit rating at AAA/Stable. The rating agency has reviewed the final documentation for the programme and
- [MARC Ratings affirms FGV’S AA-<sub><i>IS</i></sub> rating with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-fgvs-aa-is-rating-with-stable-outlook/) - MARC Ratings has affirmed its rating of AA-IS on FGV Holdings Berhad’s (FGV) Sukuk Murabahah Programme of up to RM3.0 billion. The outlook on the rating is stable. The current outstanding under the rated programme stood at RM1.3 billion as at end-October 2025. The rating affirmation reflects FGV’s sizeable and integrated palm oil operations, improved
- [MARC Ratings affirms UEM Sunrise’s ratings](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-uem-sunrises-ratings-4/) - MARC Ratings has affirmed its ratings of MARC-1IS/AA-IS on UEM Sunrise Berhad’s Islamic Commercial Papers (ICP)/ Islamic Medium-Term Notes (IMTN) Programme (ICP/IMTN-3) with a combined nominal value of RM4.0 billion. Concurrently, the rating agency has also affirmed its rating of AA-IS on UEM Sunrise’s two IMTN Programmes (IMTN-1 and IMTN-2) of RM2.0 billion each. The
- [MARC Ratings affirms AA+<sub><i>IS</i></sub> rating on Kapar Energy Ventures’ sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aais-rating-on-kapar-energy-ventures-sukuk-2/) - MARC Ratings has affirmed its AA+IS rating on Kapar Energy Ventures Sdn Bhd’s (KEV) outstanding RM160.0 million Sukuk Ijarah with a stable outlook. The affirmed rating benefits from a two-notch uplift from KEV’s standalone rating due to expected support from Tenaga Nasional Berhad (TNB, AAA/stable), which has 60.0% ownership of KEV through its wholly-owned subsidiary
- [MARC Ratings affirms rating of AA-<sub><i>IS</i></sub> on MMC’s Sukuk Murabahah Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-rating-of-aa-is-on-mmcs-sukuk-murabahah-programme/) - MARC Ratings has affirmed its rating of AA-IS on MMC Corporation Berhad’s (MMC) Sukuk Murabahah Programme of up to RM3.5 billion. The rating outlook is stable. As of 28 November 2025, the Sukuk Murabahah has an outstanding of RM2.1 billion. MMC’s strong competitive position and longstanding track record across key sectors of the economy, namely
- [MARC Solutions assigns "Gold" Impact Assessment to JCorp's Sustainable Finance Framework](https://www.marc.com.my/rating-announcements/marc-solutions-assigns-gold-impact-assessment-to-jcorps-sustainable-finance-framework/) - MARC Solutions has assigned a "Gold" Impact Assessment to Johor Corporation’s (JCorp) Sustainable Finance Framework. The framework outlines JCorp’s approach to undertaking sustainability finance transactions to deliver environmental and social (E&S) benefits. JCorp, established in 1968 under the Johor State Economic Development Corporation Enactment, is the state’s principal development institution and Malaysia’s largest state economic
- [MARC Ratings affirms Point Zone’s AA<sub><i>IS(cg)</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-point-zones-aaiscg-rating/) - MARC Ratings has affirmed its AAIS(cg)/Stable rating on Point Zone (M) Sdn Bhd’s Sukuk Wakalah Programme. Point Zone is a funding vehicle established by KPJ Healthcare Berhad (KPJ) solely to issue the sukuk, and the rating is based on KPJ’s credit strength under its corporate guarantee. The rating affirmation reflects KPJ’s strong business profile, anchored
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on MMC Port Holdings’ sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-mmc-port-holdings-sukuk-4/) - MARC Ratings has affirmed its rating of AA-IS on MMC Port Holdings Berhad’s RM1.0 billion Sukuk Murabahah Programme with a stable outlook. The rating affirmation reflects the strong collective credit profile of port operators under MMC Port which continue to demonstrate robust operational track records and strong cash flow generation, enabling steady dividend upstreaming to
- [MARC Ratings affirms ratings on DRB-HICOM’s sukuk programmes](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-on-drb-hicoms-sukuk-programmes/) - MARC Ratings has affirmed its ratings on DRB-HICOM Berhad’s RM3.5 billion Sukuk Programme and RM2.0 billion Perpetual Sukuk Musharakah Programme at AA-IS and AIS. The outlook on the ratings is stable. The two-notch rating differential between the programmes reflects the subordination of the perpetual sukuk to the senior sukuk. The outstanding under the programmes stood
- [MARC Ratings assigns final rating of A+<sub><i>IS</i></sub> to Yinson Holdings’ IMTN Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-rating-of-ais-to-yinson-holdings-imtn-programme/) - MARC Ratings has assigned a final rating of A+IS to Yinson Holdings Berhad’s (YHB) Islamic Medium-Term Notes (IMTN) (Sukuk Wakalah) Programme of up to RM2.0 billion. The rating outlook is stable. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any
- [MARC Ratings extends MARCWatch Developing on KFH Malaysia amid planned withdrawal from the market](https://www.marc.com.my/rating-announcements/marc-ratings-extends-marcwatch-developing-on-kfh-malaysia-amid-planned-withdrawal-from-the-market/) - MARC Ratings has maintained its MARCWatch Developing status on Kuwait Finance House (Malaysia) Berhad (KFH Malaysia), under surveillance since 1 August 2024, after the bank’s decision to voluntarily exit the Malaysian market and wind down operations as part of parent KFH Group’s strategy to focus on the Middle East region. MARC Ratings considers KFH Malaysia
- [MARC Solutions assigns “Gold” Impact Assessment to Sunway Cochrane’s Green Sukuk Framework](https://www.marc.com.my/rating-announcements/marc-solutions-assigns-gold-impact-assessment-to-sunway-cochranes-green-sukuk-framework/) - MARC Solutions has assigned a "Gold" Impact Assessment to Sunway Cochrane Sdn Bhd’s (Sunway Cochrane) Green Sukuk Framework. The framework sets forth the guiding principles for Sunway Cochrane’s issuance of green sukuk for Eligible Projects that contribute towards environmental benefits. Sunway Cochrane is a property development company jointly owned by Sunway Berhad, through its subsidiary
- [MARC Ratings affirms Penang Port’s AA-<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-penang-ports-aa-is-rating-4/) - MARC Ratings has affirmed its rating of AA-IS on Penang Port Sdn Bhd’s (PPSB) Islamic Medium-Term Notes Issuance Programme of up to RM1.0 billion. The outlook on the rating is stable. PPSB’s position as the key trade gateway port in northern Peninsular Malaysia, handling both container and conventional cargo, as well as its ability to
- [MARC Ratings assigns sub-sovereign rating of AAA to Penang](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-sub-sovereign-rating-of-aaa-to-penang/) - MARC Ratings has assigned an unsolicited sub-sovereign credit rating of AAA with a stable outlook to the state of Penang. The rating reflects Penang’s low debt burden, dynamic economy anchored by high value–added sectors, resilient labour market supported by sustained investment inflows, and stable political environment. Penang has one of the most dynamic economies in
- [MARC Ratings withdraws rating on Cellco’s Issue 2](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-rating-on-cellcos-issue-2/) - MARC Ratings has withdrawn its rating of AAIS on Cellco Capital Berhad’s (Cellco) RM130 million Islamic Medium-Term Notes (Issue 2) under its Sukuk Ijarah Programmes of up to RM1.0 billion, following a request from the company, which is currently reassessing the overall structure and strategy for the issuance. There is no outstanding under Issue 2.
- [MARC Ratings assigns final rating to S P Setia’s ICP Programme of up to RM500.0 million](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-rating-to-s-p-setias-icp-programme-of-up-to-rm500-0-million/) - MARC Ratings has assigned a final rating of MARC-1IS to S P Setia Berhad’s RM500.0 million Islamic Commercial Papers (ICP) Programme. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way from the draft documentation on which the preliminary
- [MARC Ratings affirms MARC-1<sub><i>IS</i></sub>/AA<sub><i>IS</i></sub> rating on Northport’s RM1.0 billion Sukuk Wakalah Programmes](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-marc-1is-aais-rating-on-northports-rm1-0-billion-sukuk-wakalah-programmes/) - MARC Ratings has affirmed its ratings of MARC-1IS/AAIS on Northport (Malaysia) Bhd’s RM1.0 billion Islamic Commercial Papers (ICP) Programme/ Islamic Medium-Term Notes (IMTN) Programme (Sukuk Wakalah Programmes). The ICP programme has a sublimit of RM500 million. The long-term rating outlook is stable. The current outstanding under the programme comprises RM500.0 million IMTN. Northport’s well-established operational
- [MARC Ratings affirms SME Bank’s ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-sme-banks-ratings-with-stable-outlook/) - MARC Ratings has affirmed its financial institution rating on Small Medium Enterprise Development Bank Malaysia Berhad (SME Bank) at AAA, and its ratings on the bank’s existing Islamic Medium-Term Notes/ Islamic Commercial Papers Programmes (with a combined limit of RM3.0 billion) at AAAIS/MARC-1IS. The outlook on the ratings is stable. The affirmation reflects SME Bank’s
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on ACSB’s RM535.0 million Sukuk Murabahah Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-acsbs-rm535-0-million-sukuk-murabahah-programme-4/) - MARC Ratings has affirmed its AA-IS rating on AZRB Capital Sdn Bhd’s (ACSB) RM535.0 million Islamic Medium-Term Notes (Sukuk Murabahah) Programme with a stable outlook. Currently, RM350.0 million is outstanding under the programme. ACSB is a funding vehicle for Ahmad Zaki Resources Berhad (AZRB). The proceeds of RM535.0 million from issuances under the programme have
- [MARC Ratings affirms MBSB’s ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-mbsbs-ratings-with-stable-outlook/) - MARC Ratings has affirmed MBSB Berhad’s A+/MARC-1 corporate credit ratings with a stable outlook. The ratings reflect MBSB’s role as a non-operating financial holding company whose credit profile mirrors that of its core, wholly-owned subsidiary, MBSB Bank Berhad (A+/Stable). With no borrowings, and earnings mainly coming from MBSB Bank’s dividends, MBSB’s performance is closely tied
- [MARC Ratings affirms MBSB Bank’s ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-mbsb-banks-ratings-with-stable-outlook-2/) - MARC Ratings has affirmed MBSB Bank Berhad’s A+ financial institution (FI) rating and the A+IS rating on the bank’s RM5.0 billion Sustainability Sukuk Wakalah Programme. In line with the rating agency’s revised methodology for rating Basel III–compliant capital instruments, MARC Ratings has also revised the ratings of instruments under the bank’s Sukuk Wakalah Programme of
- [MARC Ratings affirms Cellco’s Issue 1’s MARC-1<sub><i>IS</i></sub>/AA<sub><i>IS</i></sub> ratings](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-cellcos-issue-1s-marc-1is-aais-ratings/) - MARC Ratings has affirmed its ratings of MARC-1IS /AAIS on Cellco Capital Berhad’s (Cellco) RM520 million Issue 1 under its Islamic Commercial Papers/ Islamic Medium-Term Notes Programme (Sukuk Ijarah) with a combined limit of up to RM1.0 billion. The long-term rating outlook is stable. Cellco is a special-purpose vehicle established to raise funds under the
- [MARC Ratings affirms Kenanga Investment Bank’s ratings with outlook revised to stable](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-kenanga-investment-banks-ratings-with-outlook-revised-to-stable/) - MARC Ratings has affirmed its long-term and short-term financial institution (FI) ratings of A+/MARC-1 on Kenanga Investment Bank Berhad (Kenanga). Concurrently, the long-term rating outlook has been revised to stable from positive. The ratings affirmation reflects Kenanga’s strong market position in the domestic stockbroking industry. The outlook revision reflects the bank’s overall performance which has
- [MARC Ratings assigns final rating of AA+<sub><i>IS</i></sub> to Pulau Indah Power Plant’s Sukuk Wakalah](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-rating-of-aais-to-pulau-indah-power-plants-sukuk-wakalah/) - MARC Ratings has assigned a final rating of AA+IS to Pulau Indah Power Plant Sdn Bhd’s (PIPP) Islamic Medium-Term Notes (IMTN) (Sukuk Wakalah) Programme of up to RM3.0 billion. The rating outlook is stable. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not
- [MARC Ratings withdraws rating on TTM SPV’s RM600.0 million Sukuk Murabahah on full redemption](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-rating-on-ttm-spvs-rm600-0-million-sukuk-murabahah-on-full-redemption/) - MARC Ratings has withdrawn its rating of AAAIS/Stable on TTM Sukuk Berhad’s (TTM SPV) RM600.0 million Sukuk Murabahah following the full redemption of the final RM60.0 million on 14 November 2025, as confirmed by the facility agent. Accordingly, MARC Ratings will no longer provide analytical coverage of TTM SPV.
- [MARC Ratings affirms Amanat Lebuhraya Rakyat’s AAA<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-amanat-lebuhraya-rakyats-aaais-rating-3/) - MARC Ratings has affirmed its AAAIS rating on Amanat Lebuhraya Rakyat Berhad’s (ALR) RM5.5 billion Sukuk Programme, with a stable outlook. The rating reflects ALR’s strong operating cash flow from its mature and resilient toll road portfolio in the Klang Valley, and its robust debt service capacity. Solid liquidity and a zero-dividend policy under the
- [MARC Ratings affirms OSK unit’s Sukuk/MCMTN ratings](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-osk-units-sukuk-mcmtn-ratings-3/) - MARC Ratings has affirmed its ratings of AAIS /AA on funding vehicle OSK Rated Bond Sdn Bhd’s (OSKRB) Sukuk Murabahah/ Multi-Currency Medium-Term Notes (Sukuk/MCMTN) Programmes with a combined limit of up to RM3.5 billion. The ratings’ outlook is stable. The ratings apply only to ringgit-denominated sukuk/notes under the programmes. The programmes carry an unconditional and
- [MARC Ratings assigns final rating of AA<sub><i>IS</i></sub> to Tadau Energy’s Sukuk Wakalah](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-rating-of-aais-to-tadau-energys-sukuk-wakalah/) - MARC Ratings has assigned a final rating of AAIS to Tadau Energy Sdn Bhd’s ASEAN Green Sustainable and Responsible Investment Sukuk Wakalah of up to RM215 million with a stable outlook. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any
- [MARC Ratings assigns preliminary ratings to Sunway Treasury Sukuk’s proposed RM3.0 billion Sukuk Mudharabah Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-ratings-to-sunway-treasury-sukuks-proposed-rm3-0-billion-sukuk-mudharabah-programme/) - MARC Ratings has assigned preliminary ratings of MARC-1IS(cg)/AA-IS(cg) to Sunway Treasury Sukuk Sdn Bhd’s proposed RM3.0 billion Islamic Commercial Papers (ICP)/ Islamic Medium-Term Notes (IMTN) Programme (Sukuk Mudharabah Programme). The rating outlook is stable. Proceeds from issuances under the proposed programme will mainly be used to fund working capital and refinance existing debt and intercompany
- [MARC Ratings affirms Power Root’s AA-<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-power-roots-aa-is-rating/) - MARC Ratings has affirmed its rating of AA-IS on Power Root Berhad’s RM500.0 million Islamic Medium-Term Notes (Sukuk Wakalah) Programme. The rating outlook is stable. The affirmation reflects Power Root’s established position in the instant beverage sector, supported by an extensive sales network and stable financial performance, characterised by consistent cash flow and a healthy
- [MARC assigns preliminary rating of AA-<sub><i>IS</i></sub>/stable to The Holstein Milk Company’s proposed RM1.0 billion Sukuk Wakalah Programme](https://www.marc.com.my/rating-announcements/marc-assigns-preliminary-rating-of-aa-is-stable-to-the-holstein-milk-companys-proposed-rm1-0-billion-sukuk-wakalah-programme/) - Posted Date: April 16, 2021 MARC has assigned a preliminary rating of AA-IS with a stable outlook to The Holstein Milk Company Sdn Bhd's (THMC) proposed RM1.0 billion Sukuk Wakalah Programme. THMC is an integrated dairy farming player with operations ranging from cattle breeding and milk processing in Malaysia and Australia, to distribution of dairy
- [MARC Ratings assigns final ratings to SD Guthrie’s Sukuk Wakalah Programme of up to RM5.0 billion](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-ratings-to-sd-guthries-sukuk-wakalah-programme-of-up-to-rm5-0-billion/) - MARC Ratings has assigned final ratings of AAAIS to SD Guthrie Berhad’s Senior Islamic Medium-Term Notes (Senior Sukuk Wakalah) and AAIS to the Subordinated Perpetual Islamic Notes (Perpetual Sukuk Wakalah) under a Sukuk Wakalah Programme with a combined limit of RM5.0 billion. The outlook on the ratings is stable. The rating agency has reviewed the
- [MARC Ratings revises rating outlook on cocoa grinder Guan Chong’s sukuk programme to stable](https://www.marc.com.my/rating-announcements/marc-ratings-revises-rating-outlook-on-cocoa-grinder-guan-chongs-sukuk-programme-to-stable/) - MARC Ratings has revised its outlook on cocoa grinder Guan Chong Berhad’s (GCB) sukuk programme rating to stable from negative. The rating remains at AA-IS. The outlook revision is premised on the prospect of a more accommodative cocoa bean price environment that would ease GCB’s working capital requirements, hence, leverage over the near-to-medium term. Cocoa
- [MARC Ratings assigns preliminary A+<sub><i>IS</i></sub> rating to Yinson's proposed sukuk programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-ais-rating-to-yinsons-proposed-sukuk-programme/) - MARC Ratings has assigned a preliminary rating of A+IS to Yinson Holdings Berhad’s (YHB) proposed RM2.0 billion Islamic Medium-Term Notes (IMTN) (Sukuk Wakalah II) as well as affirmed its ratings of A+IS on the RM1.0 billion IMTN Programme (Sukuk Wakalah I) and A-IS on the RM1.0 billion Subordinated Perpetual Islamic Notes Programme (perpetual sukuk). The
- [MARC Ratings affirms AA- rating on Central Impression’s existing Fixed Rate Serial Bonds](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-rating-on-central-impressions-existing-fixed-rate-serial-bonds/) - MARC Ratings has affirmed its AA- rating on Central Impression Sdn Bhd’s (CISB) outstanding RM45.0 million Fixed Rate Serial Bonds. The rating outlook is stable. The rating affirmation reflects the credit strength of AEON Co (M) Berhad (AEON) which, as the principal lessee of CISB’s AEON Mall Ipoh Klebang, makes fixed lease payments that are
- [MARC Ratings affirms Agrobank's ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-agrobanks-ratings-with-stable-outlook/) - MARC Ratings has affirmed Bank Pertanian Malaysia Berhad’s (Agrobank) financial institution rating at AAA and the bank’s Islamic Medium-Term Notes Programme rating at AAAIS. The ratings outlook is stable. The affirmation reflects MARC Ratings’ view of a very high likelihood of government support for the development financial institution, given the government’s full ownership and Agrobank’s
- [MARC Ratings affirms PLUS’ AAA<sub><i>IS(s)</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-plus-aaaiss-rating-3/) - MARC Ratings has affirmed its AAAIS(s) rating on Projek Lebuhraya Usahasama Berhad’s (PLUS) RM25.2 billion Islamic Medium-Term Notes Programme (sukuk programme) with a stable outlook. The rating incorporates a two-notch uplift from PLUS' standalone rating, reflecting the government’s irrevocable and unconditional Letter of Undertaking (LoU) to cover any shortfall in the LoU finance service cover
- [MARC Ratings assigns final rating of AAA<sub><i>IS</i></sub> to PNB Merdeka Ventures’ Sukuk Wakalah Programme of up to RM6.0 billion](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-rating-of-aaais-to-pnb-merdeka-ventures-sukuk-wakalah-programme-of-up-to-rm6-0-billion/) - MARC Ratings has assigned a final rating of AAAIS to PNB Merdeka Ventures Sdn. Berhad’s (PNBMV) Merdeka Sukuk Wakalah Programme of up to RM6.0 billion with a stable outlook. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way
- [MARC Ratings affirms Tenaga Nasional’s AAA rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-tenaga-nasionals-aaa-rating-2/) - MARC Ratings has affirmed Tenaga Nasional Berhad’s (TNB) corporate credit rating at AAA with a stable outlook. TNB’s strong credit profile is underpinned by its monopoly over electricity transmission in Peninsular Malaysia and Sabah, as well as its status as the largest domestic electricity producer, distributor and retailer. A supportive Incentive-Based Regulation framework enables TNB
- [MARC Ratings affirms KAF Investment Bank’s ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-kaf-investment-banks-ratings-with-stable-outlook/) - MARC Ratings has affirmed its financial institution ratings of AA-/MARC-1 on KAF Investment Bank Berhad (KAF IB) with a stable outlook. KAF IB’s consistent earnings record, strong capitalisation and liquidity, and conservative, low-risk investment strategy remain key rating drivers, moderated by its sensitivity to sudden interest rate changes. KAF IB primarily earns from capital gains
- [MARC Ratings assigns final rating of MARC-1<sub><i>IS</i></sub> to Sunsuria’s RM500.0 million Islamic Commercial Papers Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-rating-of-marc-1is-to-sunsurias-rm500-0-million-islamic-commercial-papers-programme/) - MARC Ratings has assigned a final rating of MARC-1IS to Sunsuria Berhad’s Islamic Commercial Papers (ICP) Programme of up to RM500.0 million. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way from the draft documentation on which the
- [MARC Ratings affirms Jimah East Power’s AA-<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-jimah-east-powers-aa-is-rating-2/) - MARC Ratings has affirmed its AA-IS rating on Jimah East Power Sdn Bhd’s (JEP) outstanding RM7.97 billion Sukuk Murabahah with a stable outlook. The affirmed rating is underpinned by JEP’s stable cash flow from its 2x1,000MW ultra-supercritical coal plant, backed by a 25-year power purchase agreement (PPA) with indirect 70% shareholder Tenaga Nasional Berhad (TNB,
- [MARC Ratings affirms PETRONAS Dagangan’s MARC-1<sub><i>IS</i></sub>/AAA<sub><i>IS</i></sub> ratings](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-petronas-dagangans-marc-1is-aaais-ratings/) - MARC Ratings has affirmed its MARC-1IS/AAAIS ratings on PETRONAS Dagangan Berhad’s (PDB) RM10.0 billion nominal value Islamic Commercial Papers/ Islamic Medium-Term Notes (ICP/IMTN) Programmes. The long-term rating outlook is stable. The affirmation reflects PDB’s well-established track record, leading position in domestic petroleum retailing, robust liquidity, low leverage, and strategic role as the Petroliam Nasional Berhad
- [MARC Ratings affirms ratings of A<sub><i>IS(cg)</i></sub>/MARC-1<sub><i>IS(cg)</i></sub> on SkyWorld Capital’s IMTN/CP Programmes](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-of-aiscg-marc-1iscg-on-skyworld-capitals-imtn-cp-programmes/) - MARC Ratings has affirmed its ratings of AIS(cg)/MARC-1IS(cg) on special purpose funding vehicle SkyWorld Capital Berhad’s RM300.0 million Islamic Medium-Term Notes/ Islamic Commercial Papers (IMTN/ICP) Programmes. The rating outlook is stable. The ratings reflect the credit profile of parent SkyWorld Development Berhad (SkyWorld) which has extended an irrevocable and unconditional guarantee on the programmes. The
- [MARC Ratings affirms Johor Port Berhad’s ratings at MARC-1<sub><i>IS</i></sub>/AA-<sub><i>IS</i></sub>](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-johor-port-berhads-ratings-at-marc-1is-aa-is/) - MARC Ratings has affirmed its ratings on port operator Johor Port Berhad’s (JPB) Islamic Commercial Papers (ICP) and Islamic Medium-Term Notes (IMTN) Programmes at MARC-1IS and AA-IS. The outlook on the long-term rating has been maintained at positive. The programmes have a combined aggregate limit of RM1.0 billion with the current outstanding comprising entirely IMTNs
- [MARC affirms Senai-Desaru Expressway's BBB-IS rating](https://www.marc.com.my/rating-announcements/marc-affirms-senai-desaru-expressways-bbb-is-rating/) - Posted Date: April 30, 2020 MARC affirms its BBB-IS rating on Senai-Desaru Expressway Berhad's (SDEB) RM1.89 billion Islamic Medium-Term Notes (Restructured Sukuk) Programme with a stable outlook. SDEB is the concessionaire of the 77-km tolled inter-urban Senai-Desaru Expressway (SDE) in Johor, which links the towns of Senai and Desaru with a connecting highway to Pasir
- [MARC affirms Senai-Desaru Expressway’s BBB-IS rating; but revises outlook to negative](https://www.marc.com.my/rating-announcements/marc-affirms-senai-desaru-expressways-bbb-is-rating-but-revises-outlook-to-negative/) - Posted Date: April 5, 2021 MARC has affirmed its BBB-IS rating on Senai-Desaru Expressway Berhad's (SDEB) RM1.89 billion Islamic Medium-Term Notes Programme (Restructured Sukuk) and revised the outlook to negative from stable. The rating affirmation is based on SDEB's adequate near-term liquidity and the Restructured Sukuk's accommodative back-ended amortisation structure with a step-up profit feature
- [MARC downgrades Senai-Desaru Expressway’s rating to BBIS and maintains outlook at negative](https://www.marc.com.my/rating-announcements/marc-downgrades-senai-desaru-expressways-rating-to-bbis-and-maintains-outlook-at-negative/) - 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
- [MARC Ratings downgrades Senai-Desaru Expressway's rating to B+IS and maintains negative outlook](https://www.marc.com.my/rating-announcements/marc-ratings-downgrades-senai-desaru-expressways-rating-to-bis-and-maintains-negative-outlook/) - MARC Ratings has downgraded its rating on Senai-Desaru Expressway Berhad's (SDEB) RM1.89 billion Islamic Medium-Term Notes Programme (Restructured Sukuk) to B+IS from BBIS and maintained the outlook at negative. SDEB is the concessionaire of the 77-km tolled inter-urban Senai-Desaru Expressway (SDE) in Johor, which links the towns of Senai and Desaru with a connecting highway
- [MARC Ratings withdraws Senai-Desaru Expressway’s rating](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-senai-desaru-expressways-rating/) - MARC Ratings has withdrawn its rating of B+/Negative on Senai-Desaru Expressway Berhad's (SDEB) Islamic Medium-Term Notes of up to RM1.89 billion (Restructured Sukuk). SDEB has on October 20, 2022, informed that it has obtained approval from sukukholders to withdraw the rating, supported by a letter from Malaysian Trustees Berhad dated September 29, 2022, evincing the
- [MARC Ratings affirms Zetrix AI’s AA-<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-zetrix-ais-aa-is-rating/) - MARC Ratings has affirmed its AA-IS/Stable rating on Zetrix AI Berhad’s Islamic Medium-Term Notes (IMTN) Programme, which has been upsized to RM2.0 billion from RM1.0 billion. The rating reflects Zetrix AI’s strong non-concession revenue, high operating margins, and healthy cash flow generation. These strengths are tempered by growth challenges for its blockchain platform, rising debt
- [MARC Solutions assigns “Gold” Impact Assessment to SIDSB’s Sustainable Finance Framework](https://www.marc.com.my/rating-announcements/marc-solutions-assigns-gold-impact-assessment-to-sidsbs-sustainable-finance-framework/) - MARC Solutions has assigned a "Gold" Impact Assessment to Sunway Iskandar Development Sdn Bhd’s (SIDSB) Sustainable Finance Framework. The framework sets forth the guiding principles for SIDSB’s issuance of sustainable finance instruments for Eligible Projects that contribute towards environmental and social (E&S) benefits. Established in 2012, SIDSB is an indirect wholly-owned subsidiary of Sunway Berhad
- [MARC affirms AA- rating on Central Impression’s existing Fixed Rate Serial Bonds](https://www.marc.com.my/rating-announcements/marc-affirms-aa-rating-on-central-impressions-existing-fixed-rate-serial-bonds/) - Posted Date: October 5, 2021 MARC has affirmed its AA- rating on Central Impression Sdn Bhd's (CISB) outstanding RM75 million Fixed Rate Serial Bonds. The rating outlook remains negative and is premised on our concern over the company's liquidity position if an ongoing plan to clear its tax arrears of RM10 million is not realised.
- [“Silver” Sustainability Sukuk Assessment assigned to MBSB Bank’s ASEAN SRI Sustainability Sukuk Framework](https://www.marc.com.my/rating-announcements/silver-sustainability-sukuk-assessment-assigned-to-mbsb-banks-asean-sri-sustainability-sukuk-framework/) - Posted Date: February 22, 2022 MARC Ratings has assigned a "Silver" Sustainability Sukuk Assessment to MBSB Bank Berhad's ASEAN Sustainable and Responsible Investment (SRI) Sustainability Sukuk Framework (the Framework). The Framework identifies a total of 13 Eligible Categories, each of which contributes to one or more sustainability objectives and United Nations' Sustainable Development Goals (SDGs).
- [MARC Ratings issues update on Malakoff Power’s ratings](https://www.marc.com.my/rating-announcements/marc-ratings-issues-update-on-malakoff-powers-ratings/) - MARC Ratings notes the recent fire incident at Tanjung Bin Energy Sdn Bhd (TBE), one of Malakoff Corporation Berhad’s (Malakoff) independent power producers, which has resulted in the plant’s full shutdown to allow for investigation and rectification. The extent of the loss and the restart timeline have yet to be determined. The rating agency is
- [MARC Ratings upgrades MBSB Bank’s Structured Covered Sukuk Murabahah Tranche 4 rating to AAA<sub><i>IS</i></sub>](https://www.marc.com.my/rating-announcements/marc-ratings-upgrades-mbsb-banks-structured-covered-sukuk-murabahah-tranche-4-rating-to-aaais/) - MARC Ratings has upgraded MBSB Bank Berhad’s Structured Covered Sukuk Murabahah Tranche 4 rating to AAAIS from AA+IS, with a stable outlook. The rating upgrade reflects Tranche 4’s full cash collateralisation. As of end-June 2025, RM293.2 million was held in the designated account to cover RM285.0 million in outstanding obligations, representing 102.9% overcollateralisation. MBSB Bank
- [MARC Ratings revises Orkim’s rating outlook to positive](https://www.marc.com.my/rating-announcements/marc-ratings-revises-orkims-rating-outlook-to-positive/) - MARC Ratings has affirmed its AA-IS rating on Orkim Berhad’s Islamic Medium-Term Notes (IMTN) Programme of up to RM1.0 billion and revised the outlook to positive from stable. The outlook revision is premised on the company’s proposed initial public offering (IPO), which will result in Permodalan Nasional Berhad (PNB) and Unit Trust Funds under its
- [MARC Ratings affirms AA<sub><i>IS</i></sub> rating on Northport’s RM1.5 billion Sukuk Musharakah](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aais-rating-on-northports-rm1-5-billion-sukuk-musharakah/) - MARC Ratings has affirmed its AAIS rating on Northport (Malaysia) Bhd’s RM1.5 billion Sukuk Musharakah Programme with a stable outlook. Northport’s well-established operational track record as a key port operator in Port Klang, healthy cash flow generation and strong balance sheet profile remain key rating drivers. The rating is mainly moderated by the susceptibility of
- [MARC Ratings assigns preliminary rating of MARC-1<sub><i>IS</i></sub> to Khazanah’s proposed RM1.0 billion ICP Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-rating-of-marc-1is-to-khazanahs-proposed-rm1-0-billion-icp-programme/) - MARC Ratings has assigned a preliminary rating of MARC-1IS to Khazanah Nasional Berhad’s (Khazanah) proposed Islamic Commercial Papers (ICP) Programme of up to RM1.0 billion in nominal value. The rating is based on the rating agency’s assessment of Khazanah’s corporate credit rating at AAA/Stable. The rating reflects Khazanah’s status as a government-related entity established to
- [MARC Ratings affirms Evyap Malaysia’s rating of AA<sub><i>IS</i></sub>](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-evyap-malaysias-rating-of-aais/) - MARC Ratings has affirmed Evyap Sabun Malaysia Sdn Bhd’s (Evyap Malaysia) RM500.0 million Sukuk Wakalah Programme rating at AAIS. The rating outlook remains stable. The rating continues to be supported by Evyap Malaysia’s vertically integrated and sizeable oleochemical operations, diversified customer base, and healthy operating performance. These strengths are moderated by exposure to feedstock price
- [MARC Ratings affirms Cagamas’ ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-cagamas-ratings-with-stable-outlook-3/) - MARC Ratings has affirmed its ratings on Cagamas Berhad’s bond and sukuk issuances as follows: AAA/AAAIS on Conventional and Islamic Medium-Term Notes (MTN/IMTN) Programmes of up to RM80.0 billion MARC-1/MARC-1IS on Conventional and Islamic Commercial Papers (CP/ICP) Programmes with a combined aggregate limit of RM20.0 billion AAA/AAAIS on Conventional and Islamic Medium-Term Notes (MTN/IMTN) Programmes
- [MARC Ratings affirms PLNG2’s AAA<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-plng2s-aaais-rating/) - MARC Ratings has affirmed its AAAIS rating on Pengerang LNG (Two) Sdn Bhd’s (PLNG2) Islamic Medium-Term Notes (IMTN) Programme of up to RM3.0 billion. The rating outlook is stable. PLNG2, 65%-owned by PETRONAS Gas Berhad, owns a regasification terminal with a capacity of 3.5 million tonnes per annum and has been supplying natural gas to
- [MARC Ratings affirms TTM SPV’s AAA<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ttm-spvs-aaais-rating-3/) - MARC Ratings has affirmed its AAAIS rating on TTM Sukuk Berhad’s (TTM SPV) RM600.0 million Sukuk Murabahah with a stable outlook. The rating reflects the rating agency’s assessment of strong support for the Trans Thailand-Malaysia project, a strategic joint venture between national oil companies Petroliam Nasional Berhad (PETRONAS, Malaysia) and PTT Public Company Limited (PTT,
- [MARC Ratings affirms Southern Power’s sukuk rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-southern-powers-sukuk-rating-2/) - MARC Ratings has affirmed its AA-IS rating on Southern Power Generation Sdn Bhd’s (Southern Power) outstanding RM2.9 billion Sukuk Wakalah with a stable outlook. Southern Power owns a 2x720MW combined-cycle gas-fired power plant in Pasir Gudang, Johor. Tenaga Nasional Berhad (TNB, AAA/Stable) indirectly owns 70% of Southern Power through its wholly-owned subsidiary TNB Power Generation
- [MARC Ratings affirms rating on TSH at AA-<sub><i>IS</i></sub>](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-rating-on-tsh-at-aa-is/) - MARC Ratings has affirmed TSH Sukuk Murabahah Sdn Bhd’s RM150 million Islamic Medium-Term Notes Programme rating at AA-IS with a stable outlook. TSH Sukuk Murabahah is the funding vehicle for TSH Resources Berhad (TSH) which has provided an irrevocable and unconditional undertaking to meet the purchase obligations of its subsidiary. TSH’s favourable maturity profile of
- [MARC Ratings assigns final ratings of MARC-1<sub><i>IS</i></sub> and AAA<sub><i>IS</i></sub> to Pantai Holdings' ICP and IMTN Programmes](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-ratings-of-marc-1is-and-aaais-to-pantai-holdings-icp-and-imtn-programmes/) - MARC Ratings has assigned final ratings of MARC-1IS and AAAIS to Pantai Holdings Sdn Bhd’s existing Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme, collectively “Sukuk Programmes”, with a combined aggregate limit of up to RM15 billion. The long-term rating outlook is stable. The rating agency has reviewed the final documentation for
- [MARC Solutions assigns "Gold" Impact Assessment to Tadau Energy's Green Finance Framework](https://www.marc.com.my/rating-announcements/marc-solutions-assigns-gold-impact-assessment-to-tadau-energys-green-finance-framework/) - MARC Solutions has assigned a "Gold" Impact Assessment to Tadau Energy Sdn Bhd’s Green Finance Framework. The framework sets forth the guiding principles for Tadau Energy’s issuance of green financing to fund Eligible Projects that contribute towards environmental benefits. Tadau Energy is a power generation company driving the adoption of photovoltaic and other renewable energy
- [MARC Ratings assigns preliminary rating of AA<sub><i>IS</i></sub> to Tadau Energy's proposed Sukuk Wakalah](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-rating-of-aais-to-tadau-energys-proposed-sukuk-wakalah/) - MARC Ratings has assigned a preliminary rating of AAIS to Tadau Energy Sdn Bhd’s proposed ASEAN Green Sustainable and Responsible Investment Sukuk Wakalah of up to RM215 million with a stable outlook. Proceeds from the issuance will primarily be used to refinance Tadau Energy’s existing sukuk, which will be cancelled following the planned refinancing. The
- [MARC Ratings affirms CGS MY’s ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-cgs-mys-ratings-with-stable-outlook/) - MARC Ratings has affirmed its AA/Stable non-bank financial institution rating on CGS International Securities Malaysia Sdn Bhd (CGS MY) and the MARC-1 rating on CGS MY’s Commercial Papers (CP) Programme of up to RM1.0 billion in nominal value. The ratings reflect CGS MY’s strong standing in Malaysia’s stockbroking sector, consistently ranking among the top two
- [MARC Ratings affirms China’s sovereign rating at AAA](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-chinas-sovereign-rating-at-aaa-3/) - MARC Ratings has affirmed the People’s Republic of China's (China) sovereign rating at AAA with a stable outlook based on the rating agency’s national rating scale. This is an unsolicited rating based on public information. The AAA rating reflects several credit strengths, including the nation’s competitiveness in the global supply chain, robust external position, and
- [MARC Ratings assigns preliminary rating of AA-<sub><i>IS</i></sub> to DUKE 3’s proposed Sukuk Murabahah and affirms its Sukuk Wakalah rating at AA-<sub><i>IS</i></sub>](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-rating-of-aa-is-to-duke-3s-proposed-sukuk-murabahah-and-affirms-its-sukuk-wakalah-rating-at-aa-is/) - MARC Ratings has assigned a preliminary rating of AA-IS to Lebuhraya DUKE Fasa 3 Sdn Bhd’s (DUKE 3) proposed Sukuk Murabahah Programme (Sukuk Murabahah) and affirmed its AA-IS rating on the Sukuk Wakalah Programme of up to RM3.64 billion (Sukuk Wakalah), both with a stable outlook. The Sukuk Murabahah will be issued in exchange for
- [MARC Solutions assigns “Gold” Impact Assessment to Guthrie’s Sustainable Finance and Sustainability-linked Financing Framework](https://www.marc.com.my/rating-announcements/marc-solutions-assigns-gold-impact-assessment-to-guthries-sustainable-finance-and-sustainability-linked-financing-framework/) - MARC Solutions has assigned a “Gold” Impact Assessment to both the Sustainable Finance and Sustainability-linked Finance components of SD Guthrie Berhad’s (Guthrie) Sustainability Financing Framework. The framework was established to outline the group’s approach to undertaking sustainability finance transactions to deliver environmental and social (E&S) benefits. Guthrie is a global producer of certified sustainable palm
- [MARC Ratings assigns preliminary ratings of MARC-1<sub><i>IS</i></sub> and AAA<sub><i>IS</i></sub> to Pantai Holdings’ ICP and IMTN Programmes](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-ratings-of-marc-1is-and-aaais-to-pantai-holdings-icp-and-imtn-programmes/) - MARC Ratings has assigned ratings of MARC-1IS and AAAIS to Pantai Holdings Sdn Bhd’s existing Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme (collectively Sukuk Programmes) with a combined aggregate limit of up to RM15 billion. The long-term rating outlook is stable. Pantai Holdings is a wholly-owned subsidiary of IHH Healthcare Berhad
- [MARC Ratings affirms SD Guthrie’s ratings; assigns preliminary ratings on proposed Sukuk Wakalah Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-sd-guthries-ratings-assigns-preliminary-ratings-on-proposed-sukuk-wakalah-programme/) - MARC Ratings has affirmed its corporate credit rating on SD Guthrie Berhad at AAA. In addition, the rating on SD Guthrie’s existing Perpetual Subordinated Sukuk Programme has been affirmed at AAIS. Concurrently, the rating agency has assigned preliminary ratings of AAAIS to SD Guthrie’s proposed Senior Islamic Medium-Term Notes (Senior Sukuk Wakalah), and AAIS to
- [MARC Ratings affirms YNH’s rating at BB<sub><i>IS</i></sub> with negative outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ynhs-rating-at-bbis-with-negative-outlook/) - MARC Ratings has affirmed its BBIS rating with a negative outlook on YNH Property Berhad’s (YNH) RM700 million Islamic Medium-Term Notes Programme (Sukuk Wakalah). The rating takes into account the challenges faced by YNH, as reflected in its credit profile, notwithstanding recent asset monetisation efforts that helped the company meet certain financial obligations. However, YNH
- [MARC Ratings assigns preliminary rating of MARC-1<sub><i>IS</i></sub> to Sunsuria’s proposed RM500.0 million Islamic Commercial Papers Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-rating-of-marc-1is-to-sunsurias-proposed-rm500-0-million-islamic-commercial-papers-programme/) - MARC Ratings has assigned a preliminary rating of MARC-1IS to Sunsuria Berhad’s proposed Islamic Commercial Papers (ICP) Programme of up to RM500.0 million. The rating agency has concurrently affirmed the rating of A+IS on the property developer’s RM500.0 million Sukuk Wakalah Programme. The rating outlook is stable. The long-term rating reflects Sunsuria’s conservative approach to
- [MARC Ratings affirms Celcom Networks’ AAA<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-celcom-networks-aaais-rating-2/) - MARC Ratings has affirmed its AAAIS/Stable rating on Celcom Networks Sdn Bhd’s (CNSB) Sukuk Murabahah Programme of RM5.0 billion. CNSB is a wholly-owned subsidiary of Celcom Berhad, which, in turn, is entirely owned by CelcomDigi Berhad. CNSB provides network telecommunication (telco) services to the group. The rating reflects the credit profile of CNSB’s ultimate shareholder,
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on MHB’s sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-mhbs-sukuk-2/) - MARC Ratings has affirmed its AA-IS rating on Malaysia Marine and Heavy Engineering Holdings Berhad’s (MHB) RM1.0 billion Sukuk Murabahah Programme with a stable outlook. There is no outstanding amount under the programme to date. The rating incorporates a one-notch uplift, reflecting MHB’s membership in the Petroliam Nasional Berhad (PETRONAS) group and the expectation of
- [MARC Ratings affirms AA<sub><i>IS</i></sub> rating on Berapit Mobility’s RM1.5 billion sukuk programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aais-rating-on-berapit-mobilitys-rm1-5-billion-sukuk-programme/) - MARC Ratings has affirmed its AAIS rating on Berapit Mobility Sdn Bhd’s (BMSB) RM1.5 billion Sustainability Islamic Medium-Term Notes (IMTN) Programme with a stable outlook. BMSB is a special-purpose vehicle established by parent SMH Rail Sdn Bhd to undertake sale-and-leaseback transactions with government statutory body Railway Assets Corporation (RAC). Proceeds from the sukuk issuance were
- [MARC Ratings assigns preliminary rating of AA+<sub><i>IS</i></sub> to Pulau Indah Power Plant’s proposed Sukuk Wakalah](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-rating-of-aais-to-pulau-indah-power-plants-proposed-sukuk-wakalah/) - MARC Ratings has assigned a preliminary rating of AA+IS to Pulau Indah Power Plant Sdn Bhd’s (PIPP) proposed Islamic Medium-Term Notes (IMTN) (Sukuk Wakalah) Programme of up to RM3.0 billion. The rating outlook is stable. PIPP owns and operates a 2x600MW combined-cycle gas turbine plant in Pulau Indah, Selangor, under a 21-year power purchase agreement
- [MARC Ratings affirms MARC-1<sub><i>IS</i></sub> rating on Titijaya’s ICP Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-marc-1is-rating-on-titijayas-icp-programme/) - MARC Ratings has affirmed its MARC-1IS rating on Titijaya Land Berhad’s (Titijaya) RM300 million Islamic Commercial Papers (ICP) Programme. The rating affirmation mainly reflects Titijaya’s healthy balance sheet, characterised by low leverage and a strong liquidity position relative to group borrowings. The group’s credit strength is also underpinned by its established property development track record
- [MARC Ratings discontinues coverage of MIDF and MBSB Investment Bank (formerly MIDF Amanah Investment Bank)](https://www.marc.com.my/rating-announcements/marc-ratings-discontinues-coverage-of-midf-and-mbsb-investment-bank-formerly-midf-amanah-investment-bank/) - MARC Ratings has discontinued independent analytical coverage of Malaysian Industrial Development Finance Berhad (MIDF) and MBSB Investment Bank Berhad (MBSB IB) (formerly known as MIDF Amanah Investment Bank Berhad), at the request of both entities following their acquisition by MBSB Berhad. Accordingly, MARC Ratings has withdrawn its corporate credit rating of A+/MARC-1 on MIDF and
- [MARC Ratings affirms AA+/MARC-1 ratings on China Construction Bank (Malaysia)](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-marc-1-ratings-on-china-construction-bank-malaysia/) - MARC Ratings has affirmed its AA+/MARC-1 financial institution ratings on China Construction Bank (Malaysia) Berhad (CCBM) with a stable outlook. CCBM’s long-term rating is one notch below the AAA rating of its parent, China Construction Bank Corporation (CCB), accorded based on publicly available information. The notching reflects CCBM’s strategic importance to CCB, which has expressed
- [MARC Ratings maintains MARCWatch Developing on KFH Malaysia amid planned withdrawal from the market](https://www.marc.com.my/rating-announcements/marc-ratings-maintains-marcwatch-developing-on-kfh-malaysia-amid-planned-withdrawal-from-the-market/) - MARC Ratings has maintained its MARCWatch Developing status on Kuwait Finance House (Malaysia) Berhad (KFH Malaysia), where the bank has been placed under this surveillance since 1 August 2024. The action follows KFH Malaysia’s decision to voluntarily withdraw from the Malaysian market and wind down its banking business in the country, in line with its
- [MARC Ratings affirms AA-IS rating on WM Senibong Capital's RM1.0 billion Sukuk Wakalah Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-wm-senibong-capitals-rm1-0-billion-sukuk-wakalah-programme/) - MARC Ratings has affirmed its AA-IS rating on special purpose vehicle WM Senibong Capital Berhad’s (WMSC) Islamic Medium-Term Notes (Sukuk Wakalah) Programme of up to RM1.0 billion. The rating outlook is stable. WMSC is wholly owned by WM Senibong Sdn Bhd. The rating affirmation considers WM Senibong’s well-established track record in niche property development in
- [MARC Ratings affirms EDOTCO Malaysia’s AA+<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-edotco-malaysias-aais-rating-3/) - MARC Ratings has affirmed its AA+IS rating on EDOTCO Malaysia Sdn Bhd’s RM3.0 billion Islamic Medium-Term Notes Programme with a stable outlook. The affirmation continues to reflect EDOTCO Malaysia and its subsidiaries’ (collectively EDOTCO Malaysia Group) leading position in the growing domestic telecommunication tower industry, the underlying stability of its business model that provides strong
- [MARC Ratings affirms sub-sovereign rating of AA- on Terengganu](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-sub-sovereign-rating-of-aa-on-terengganu/) - MARC Ratings has affirmed its sub-sovereign credit rating of AA- with a stable outlook on the state of Terengganu, based on the rating agency’s sub-sovereign rating scale. This rating is unsolicited and based on publicly available information. Terengganu’s rating is underpinned by the continued strength in its downstream oil and gas industries, namely refined petroleum
- [MARC Ratings affirms Putrajaya Bina's Sukuk Wakalah Programme rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-putrajaya-binas-sukuk-wakalah-programme-rating-2/) - MARC Ratings has affirmed its AAAIS rating on Putrajaya Bina Sdn Bhd’s (PBSB) RM1.58 billion Islamic Medium-Term Notes (Sukuk Wakalah) Programme. The rating outlook is stable. The rating affirmation is premised on the quantum of periodic payment streams from the Malaysian government (AAA/Stable) in the form of availability charges (AC) that is deemed sufficient to
- [MARC Ratings affirms ratings on Putrajaya Holdings' sukuk programmes](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-on-putrajaya-holdings-sukuk-programmes-4/) - MARC Ratings has affirmed its ratings on Putrajaya Holdings Sdn Bhd’s (PJH) sukuk programmes as follows: RM1.0 billion 20-year Sukuk Wakalah Programme (due in 2041) at AAAIS RM370.0 million Sukuk Musharakah Programme (due in 2030) at AAAIS; and RM3.0 billion Sukuk Musharakah Programme (due in 2032) at AAAIS The outlook for all ratings is stable.
- [MARC Ratings affirms SAJ Capital’s AA-<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-saj-capitals-aa-is-rating-3/) - MARC Ratings has affirmed its AA-IS rating on SAJ Capital Sdn Bhd’s Sukuk Murabahah of up to RM650 million with a stable outlook. SAJ Capital is a wholly-owned funding vehicle of Ranhill Capital Sdn Bhd, which holds an 80% stake in Ranhill SAJ Sdn Bhd, the sole provider of source-to-tap water in Johor. As sukuk
- [MARC Solutions assigns “Gold” Impact Assessment to PNBMV’s Sustainable Finance Framework](https://www.marc.com.my/rating-announcements/marc-solutions-assigns-gold-impact-assessment-to-pnbmvs-sustainable-finance-framework/) - MARC Solutions has assigned a "Gold" Impact Assessment to PNB Merdeka Ventures Sdn. Berhad’s (PNBMV) Sustainable Finance Framework. The framework sets forth the guiding principles for PNBMV’s issuance of sustainable financing to fund Eligible Projects that contribute towards environmental and social benefits. Incorporated in June 2000, PNBMV is a wholly-owned subsidiary of Permodalan Nasional Berhad
- [MARC Ratings assigns preliminary rating of AAA<sub><i>IS</i></sub> to PNB Merdeka Ventures’ proposed Sukuk Wakalah Programme of up to RM6.0 billion](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-rating-of-aaais-to-pnb-merdeka-ventures-proposed-sukuk-wakalah-programme-of-up-to-rm6-0-billion/) - MARC Ratings has assigned a preliminary rating of AAAIS to PNB Merdeka Ventures Sdn. Berhad’s (PNBMV) proposed Merdeka Sukuk Wakalah Programme of up to RM6.0 billion with a stable outlook. The assigned rating is equalised to Permodalan Nasional Berhad’s (PNB) corporate credit rating of AAA/Stable which is based on publicly available information. The rating equalisation
- [MARC Ratings affirms ratings on UMW’s Sukuk Programmes](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-on-umws-sukuk-programmes/) - MARC Ratings has affirmed its AA+IS rating on UMW Holdings Berhad’s (UMW) RM2.0 billion Islamic Medium-Term Notes (Sukuk Musharakah) Programme and its AA-IS rating on the RM2.0 billion Perpetual Sukuk Programme. The outlook on all ratings is stable. The rating affirmation is premised on UMW’s continued leading market position in the domestic automotive market that
- [MARC Ratings revises JB Cocoa’s outlook to stable](https://www.marc.com.my/rating-announcements/marc-ratings-revises-jb-cocoas-outlook-to-stable/) - MARC Ratings has revised the rating outlook on JB Cocoa Sdn Bhd’s RM500.0 million Islamic Medium-Term Notes (Sukuk Wakalah) Programme to stable from negative. The rating on the Sukuk Wakalah programme has been affirmed at A+IS. JB Cocoa is a wholly-owned key manufacturing subsidiary of Singapore-based JB Foods Limited. The parent company has provided a
- [MARC Ratings assigns final rating of A<sub><i>IS(cg)</i></sub> to Eco World’s RM2.0 billion Perpetual Sukuk Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-rating-of-aiscg-to-eco-worlds-rm2-0-billion-perpetual-sukuk-programme/) - MARC Ratings has assigned a final rating of AIS(cg) to Eco World Perpetual Capital Berhad’s RM2.0 billion Perpetual Sukuk Wakalah (Perpetual Sukuk) Programme. The rating outlook is stable. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way from
- [MARC Ratings affirms ratings on Yinson’s programmes](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-on-yinsons-programmes-2/) - MARC Ratings has affirmed its A+IS and A-IS ratings on Yinson Holdings Berhad’s (YHB) RM1.0 billion Islamic Medium-Term Notes Programme (Senior Sukuk) and RM1.0 billion Subordinated Perpetual Islamic Notes Programme (Perpetual Sukuk). The two-notch rating differential between the Senior Sukuk and Perpetual Sukuk reflects MARC Ratings’ application of its notching approach to subordinated debt and
- [MARC Ratings affirms Sabah’s sub-sovereign rating at AAA](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-sabahs-sub-sovereign-rating-at-aaa-2/) - MARC Ratings has affirmed Sabah’s sub-sovereign credit rating at AAA with a stable outlook, based on the rating agency’s sub-sovereign rating scale. This is an unsolicited rating based on public information. The affirmation reflects Sabah’s continued fiscal strength, underpinned by substantial natural resource wealth which contributes to the state’s revenue, sizeable fiscal buffers, and strong
- [MARC Ratings affirms MARC-1 rating on Merchantrade’s Commercial Papers Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-marc-1-rating-on-merchantrades-commercial-papers-programme/) - MARC Ratings has affirmed its MARC-1 rating on Merchantrade Asia Sdn Bhd’s (Merchantrade) Multi-Currency Commercial Papers (CP) Programme of up to RM200 million in nominal value. The rating is confined to ringgit-denominated issuances under the programme. The affirmed rating reflects Merchantrade’s established position in retail cross-border money transfers, accounting for 25% of domestic outbound remittances
- [MARC Ratings assigns AAA corporate credit rating to Pantai Holdings](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-aaa-corporate-credit-rating-to-pantai-holdings/) - MARC Ratings has assigned a corporate credit rating of AAA with a stable outlook to Pantai Holdings Sdn Bhd, a wholly-owned subsidiary of IHH Healthcare Berhad (IHH or “the Group”). Pantai Holdings, operating as IHH Healthcare Malaysia, operates 18 hospitals nationwide and contributed approximately 17% of the Group’s consolidated revenue and 19% of consolidated EBITDA
- [MARC Ratings affirms AAA<sub><i>IS</i></sub> rating on TNB Northern’s sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aaais-rating-on-tnb-northerns-sukuk-3/) - MARC Ratings has affirmed its AAAIS rating on TNB Northern Energy Berhad’s (TNB Northern) outstanding RM1.08 billion sukuk with a stable outlook. TNB Northern is the funding vehicle for TNB Prai Sdn Bhd, which operates a combined-cycle gas turbine power plant (comprising two power generation units — Unit 10 and Unit 20 — with an
- [MARC Ratings affirms SHC Capital’s AA-<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-shc-capitals-aa-is-rating-2/) - MARC Ratings has affirmed its AA-IS rating on SHC Capital Sdn Bhd’s RM80 million issuance under its RM200 million Islamic Medium-Term Notes (Sukuk Wakalah) Programme with a stable outlook. SHC Capital is a wholly-owned funding vehicle of Tunas Cool Energy Sdn Bhd (TUNAS), which is a subsidiary of Sin Heng Chan (Malaya) Berhad. TUNAS owns
- [MARC Ratings assigns sub-sovereign rating of AA- to Kedah](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-sub-sovereign-rating-of-aa-to-kedah/) - MARC Ratings has assigned a sub-sovereign credit rating of AA- with a stable outlook to the state of Kedah, based on the rating agency’s sub-sovereign rating scale. This is an unsolicited rating based on public information. Kedah’s rating is underpinned by its rising economic growth potential, supported by an expanding industrial base, and generally prudent
- [MARC Ratings affirms AA- rating on 7-Eleven Holdings’ MTN Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-rating-on-7-eleven-holdings-mtn-programme-4/) - MARC Ratings has affirmed its AA- rating on 7-Eleven Malaysia Holdings Berhad’s (7-Eleven Holdings) RM600.0 million Medium-Term Notes (MTN) Programme with a stable outlook. The programme has an outstanding of RM350.0 million. 7-Eleven Holdings’ entrenched market position in the domestic convenience store segment and its long operating track record remain key rating strengths. These strengths
- [MARC Ratings affirms AFA PRIME’s AA-<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-afa-primes-aa-is-rating/) - MARC Ratings has affirmed its AA-IS /Stable rating on AFA PRIME Berhad’s (formerly ANIH Berhad) RM2.5 billion Senior Sukuk Musharakah Programme. The current outstanding amount is RM1.1 billion. AFA PRIME is the toll concessionaire for the 60-km Kuala Lumpur-Karak Highway (KL-Karak) and the 174.5-km East Coast Expressway Phase 1 (ECE1). Since MARC Ratings’ last review,
- [MARC Ratings affirms Bank Muamalat’s ratings](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-bank-muamalats-ratings-2/) - MARC Ratings has affirmed its financial institution ratings of A+/MARC-1/Stable on Bank Muamalat Malaysia Berhad (BMMB). The rating agency has concurrently affirmed its ratings on the bank’s Sukuk Wakalah Programme of up to RM5.0 billion as follows: Senior Sukuk Wakalah at A+IS /Stable Tier-2 Subordinated Sukuk Wakalah at AIS /Stable Additional Tier-1 (AT-1) Sukuk Wakalah
- [MARC Ratings affirms Alam Flora’s MARC-1<sub><i>IS</i></sub>/AA<sub><i>IS</i></sub> ratings](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-alam-floras-marc-1is-aais-ratings-2/) - MARC Ratings has affirmed its MARC-1IS/AAIS ratings on Alam Flora Sdn Bhd’s RM700 million Islamic Commercial Papers/ Islamic Medium-Term Notes (ICP/IMTN) Programmes with a stable outlook. The affirmation reflects Alam Flora’s stable cash flows under its 22-year waste collection and public cleansing concession agreement with the government (ending 31 August 2033), strong liquidity, and proven
- [MARC Ratings assigns final ratings to Northport’s RM1.0 billion Sukuk Wakalah Programmes](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-ratings-to-northports-rm1-0-billion-sukuk-wakalah-programmes/) - MARC Ratings has assigned final ratings of MARC-1IS/AAIS to Northport (Malaysia) Bhd’s RM1.0 billion Islamic Commercial Papers (ICP) Programme/ Islamic Medium-Term Notes (IMTN) Programme (Sukuk Wakalah Programmes). The ICP programme has a sublimit of RM500 million. The long-term rating outlook is stable. The rating agency has reviewed the final documentation for the programmes and is
- [MARC Ratings affirms ratings on Sunway Group’s issuances](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-on-sunway-groups-issuances-2/) - MARC Ratings has affirmed its ratings on Sunway Group’s issuances as follows: Sunway Berhad’s RM2.0 billion Commercial Papers/ Medium-Term Notes (CP/MTN) Programme at MARC-1/AA- Sunway Berhad’s RM5.0 billion Perpetual Sukuk Programme at AIS Sunway Treasury Sukuk Sdn Bhd’s RM10.0 billion Islamic Medium-Term Notes (IMTN) Programme at AA-IS; and Sunway Treasury Sukuk Sdn Bhd’s RM10.0 billion
- [MARC Ratings affirms AAA<sub><i>IS(cg)</i></sub>/MARC-1<sub><i>IS(cg)</i></sub> ratings on F&N Capital’s IMTN and ICP Programmes](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aaaiscg-marc-1iscg-ratings-on-fn-capitals-imtn-and-icp-programmes-3/) - MARC Ratings has affirmed its ratings of AAAIS(cg)/MARC-1IS(cg) on F&N Capital Sdn Bhd’s Islamic Medium-Term Notes (IMTN)/ Islamic Commercial Papers (ICP) Programmes with a combined limit of up to RM3.0 billion. The rating outlook is stable. F&N Capital is a wholly-owned funding vehicle of Fraser & Neave Holdings Bhd (F&NHB) which has provided an unconditional
- [MARC Ratings affirms rating of A<sub><i>IS</i></sub> on HCK’s RM2.0 billion sukuk programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-rating-of-ais-on-hcks-rm2-0-billion-sukuk-programme/) - MARC Ratings has affirmed its rating of AIS on HCK Cap Access Berhad’s RM2.0 billion Islamic Medium-Term Notes (IMTN) Programme. HCK Cap Access is a wholly-owned funding vehicle of HCK Capital Group Berhad (HCK). The rating outlook is stable. HCK has completed several mixed-development projects with educational establishments being a catalyst for sales. Completed projects
- [MARC Ratings assigns sub-sovereign rating of AAA to Selangor](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-sub-sovereign-rating-of-aaa-to-selangor/) - MARC Ratings has assigned an unsolicited sub-sovereign credit rating of AAA with a stable outlook to the state of Selangor. The rating reflects the state’s robust and sizeable economy, low debt burden, healthy reserves, and strong socioeconomic fundamentals, all of which underpin its long-term development trajectory. Selangor contributed RM406.1 billion, or 25.9%, to Malaysia’s real
- [MARC Ratings publishes revised rating methodology on debt securities/sukuk issued by M-REITs](https://www.marc.com.my/rating-announcements/marc-ratings-publishes-revised-rating-methodology-on-debt-securities-sukuk-issued-by-m-reits/) - MARC Ratings has revised its rating methodology on debt securities/sukuk issued by Malaysian Real Estate Investment Trusts (M-REITs). The revision does not represent fundamental shifts in MARC Ratings’ approach on the rating methodology applied to M-REITs but is intended to provide enhanced clarity and in-depth guidance on the rating agency’s assessment. MARC Ratings has provided
- [MARC Ratings assigns sub-sovereign rating of AA+ to Perak](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-sub-sovereign-rating-of-aa-to-perak/) - MARC Ratings has assigned a sub-sovereign credit rating of AA+ with a stable outlook to the state of Perak, based on the rating agency’s sub-sovereign rating scale. The rating is unsolicited. This rating reflects Perak’s prudent fiscal management, its commitment to strategic, development-oriented spending, and a commendable low debt burden, all of which are significantly
- [MARC Ratings assigns sub-sovereign rating of AAA to Johor](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-sub-sovereign-rating-of-aaa-to-johor/) - MARC Ratings has assigned an unsolicited sub-sovereign credit rating of AAA with a stable outlook to the state of Johor. This rating reflects Johor’s resilient and expanding economy, persistent fiscal surpluses, exceptionally low debt levels, and stable political environment that underpins its long-term development trajectory. Johor holds a significant position in Malaysia’s economy, contributing RM148.2
- [MARC Ratings withdraws rating on Northport’s RM1.5 billion Sukuk Musharakah Programme](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-rating-on-northports-rm1-5-billion-sukuk-musharakah-programme/) - MARC Ratings has withdrawn its AAIS rating on Northport (Malaysia) Bhd’s RM1.5 billion Sukuk Musharakah Programme. The rating withdrawal follows the cancellation of the programme as confirmed by the facility agent on 2 July 2025. The rating agency highlights that Northport has proposed RM1.0 billion Sukuk Wakalah Programmes, comprising Islamic Commercial Papers and Islamic Medium-Term
- [MARC Ratings revises Tropicana’s ratings outlook to positive](https://www.marc.com.my/rating-announcements/marc-ratings-revises-tropicanas-ratings-outlook-to-positive/) - MARC Ratings has revised its ratings outlook on Tropicana Corporation Berhad’s RM1.5 billion Islamic Medium-Term Notes (IMTN) (Sukuk Wakalah), RM1.5 billion IMTN (Sukuk Wakalah), and RM2.0 billion Perpetual Sukuk programmes to positive from stable. Concurrently, the ratings on the programmes have been affirmed at AIS, AIS and A-IS. The positive outlook is premised on the
- [MARC Ratings affirms AA<sub><i>IS(cg)</i></sub> rating on VS Capital Management](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aaiscg-rating-on-vs-capital-management-3/) - MARC Ratings has affirmed its rating of AAIS(cg) on VS Capital Management Sdn Bhd’s Islamic Medium-Term Notes (IMTN) Programme of up to RM1.0 billion. The rating outlook is stable. VS Capital Management is a wholly-owned funding vehicle of VS Industry Berhad (VSI) which has provided an unconditional and irrevocable guarantee on the IMTN programme. Accordingly,
- [MARC Ratings affirms ratings on Trusmadi Capital’s Issue 1 MTN and CP](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-on-trusmadi-capitals-issue-1-mtn-and-cp-3/) - MARC Ratings has affirmed its ratings on Trusmadi Capital Sdn Bhd’s Issue 1 RM235 million Class A, RM40 million Class B and RM25 million Class C Medium-Term Notes (MTN) at AAA, AA, and A. The rating agency has also affirmed its MARC-1 rating on Trusmadi Capital’s Issue 1 RM300 million Commercial Papers (CP). The MTN
- [MARC Ratings affirms ratings on S P Setia’s issuances](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-on-s-p-setias-issuances/) - MARC Ratings has affirmed its ratings on S P Setia Berhad’s sukuk programmes as follows: RM3.5 billion Islamic Medium-Term Notes (IMTN)/ Perpetual Sukuk Programme with a sublimit of RM1.5 billion on the Perpetual Sukuk at AAIS/A+IS RM500.0 million Islamic Commercial Papers Programme at MARC-1IS RM3.0 billion IMTN Programme at AAIS The outlook on the long-term
- [MARC Ratings affirms Gas Malaysia’s AAA<sub><i>IS</i></sub>/MARC-1<sub><i>IS</i></sub> ratings](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-gas-malaysias-aaais-marc-1is-ratings-2/) - MARC Ratings has affirmed its AAAIS /MARC-1IS ratings on Gas Malaysia Distribution Sdn Bhd’s (GMD) Islamic Medium-Term Notes (IMTN)/ Islamic Commercial Papers (ICP) Programmes with a combined limit of up to RM1.0 billion. The rating outlook is stable. As of end-May 2025, the amounts outstanding under the IMTN/ICP programmes were RM280.0 million and RM150.0 million.
- [MARC Solutions publishes revised Impact Assessment Methodology for sustainable finance instruments and frameworks](https://www.marc.com.my/rating-announcements/marc-solutions-publishes-revised-impact-assessment-methodology-for-sustainable-finance-instruments-and-frameworks/) - MARC Solutions has revised its assessment methodology for providing second party opinions on sustainable finance instruments and frameworks. The revisions are intended to better align with recent trends in sustainable financing, reflecting the company’s continuous emphasis on a forward-looking perspective. The change in the document title to “Impact Assessment Methodology” from “Impact Bond Assessment Methodology”
- [MARC Ratings maintains Guan Chong’s outlook at negative](https://www.marc.com.my/rating-announcements/marc-ratings-maintains-guan-chongs-outlook-at-negative-2/) - MARC Ratings has affirmed its rating of AA-IS on Guan Chong Berhad’s (GCB) RM800.0 million Sukuk Wakalah Programme. The rating outlook remains negative. The rating outlook reflects GCB’s continued high reliance on short-term borrowings to fund working capital requirements amid a high cocoa bean price that has led to an elevated leverage ratio. This notwithstanding,
- [MARC Ratings affirms George Kent’s ratings](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-george-kents-ratings-4/) - MARC Ratings has affirmed its MARC-1IS and A+IS ratings on George Kent (Malaysia) Berhad’s RM100.0 million Islamic Commercial Papers (ICP) and RM500.0 million Islamic Medium-Term Notes (IMTN), which have a combined programme limit of RM500.0 million. The long-term rating outlook is stable. As of end-May 2025, RM132.0 million was outstanding under the IMTN, while there
- [MARC Ratings affirms Konsortium KAJV's AA-<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-konsortium-kajvs-aa-is-rating-2/) - MARC Ratings has affirmed its AA-IS rating on Konsortium KAJV Sdn Bhd’s (KAJV) RM1.0 billion Sukuk Wakalah Programme with a stable outlook. The rating reflects Terengganu’s sub-sovereign AA-/Stable rating and the state government’s creditworthiness in meeting its payment obligations on the Facility Payment Certificates (FPC) issued for work completed by KAJV on the Kuala Terengganu
- [MARC Ratings affirms UiTM Solar Power Dua’s AA-<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-uitm-solar-power-duas-aa-is-rating/) - MARC Ratings has affirmed its AA-IS rating on UiTM Solar Power Dua Sdn Bhd’s outstanding RM82.0 million Green Sustainable and Responsible Investment (SRI) Sukuk with a stable outlook. UiTM Solar Power Dua owns and operates a 25MWac solar power plant in Pasir Gudang, Johor. The rating reflects the strength of the 21-year power purchase agreement
- [MARC Ratings affirms MARC-1<sub><i>IS</i></sub>/A<sub><i>IS</i></sub> ratings on Gabungan AQRS’ ICP/IMTN Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-marc-1is-ais-ratings-on-gabungan-aqrs-icp-imtn-programme-3/) - MARC Ratings has affirmed its ratings of MARC-1IS /AIS on Gabungan AQRS Berhad’s (GBG) RM200 million Islamic Commercial Papers (ICP)/ Islamic Medium-Term Notes (IMTN) Programme. The long-term rating outlook is stable. The ratings affirmation incorporates GBG’s established construction track record that would enable the group to secure new infrastructure contracts, and the company’s improving liquidity
- [MARC Ratings affirms rating of AA-<sub><i>IS(cg)</i></sub> on Eco World’s RM3.0 billion Sukuk Wakalah Programme and assigns rating of A<sub><i>IS(cg)</i></sub> to its unit’s proposed RM2.0 billion Perpetual Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-rating-of-aa-iscg-on-eco-worlds-rm3-0-billion-sukuk-wakalah-programme-and-assigns-rating-of-aiscg-to-its-units-proposed-rm2-0-billion-perpetual-programme/) - MARC Ratings has affirmed its rating of AA-IS(cg) on Eco World Capital Berhad’s RM3.0 billion Islamic Medium-Term Notes (Sukuk Wakalah) Programme. Concurrently, MARC Ratings has assigned a preliminary rating of AIS(cg) to Eco World Perpetual Capital Berhad’s proposed RM2.0 billion Perpetual Sukuk Wakalah (Perpetual Sukuk) Programme. All ratings carry a stable outlook. Eco World Capital
- [MARC Ratings withdraws rating on Putrajaya Holdings' RM1.5 billion Sukuk Musharakah MTN Programme](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-rating-on-putrajaya-holdings-rm1-5-billion-sukuk-musharakah-mtn-programme/) - MARC Ratings has withdrawn its AAAIS rating on Putrajaya Holdings Sdn Bhd’s (PJH) RM1.5 billion Sukuk Musharakah Medium-Term Notes (MTN) Programme. The rating withdrawal follows the full redemption of the outstanding RM230.0 million on 11 April 2025 and subsequent cancellation of the programme, as confirmed by the facility agent. MARC Ratings will continue to provide
- [MARC Ratings affirms CIMB Bank’s ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-cimb-banks-ratings-with-stable-outlook-2/) - MARC Ratings has affirmed its financial institution ratings on CIMB Bank Berhad at AAA/MARC-1. The rating agency has concurrently affirmed its AA+ rating on the bank’s existing RM10.0 billion Basel III-compliant Tier 2 Subordinated Debt Programme. The ratings outlook is stable. The affirmation reflects CIMB Bank’s systemic importance within the domestic banking system, with its
- [MARC Ratings affirms CIMB Group’s ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-cimb-groups-ratings-with-stable-outlook-2/) - MARC Ratings has affirmed its corporate credit ratings of AA+/MARC-1 on CIMB Group Holdings Berhad (CIMB Group) and AA rating on the group’s RM10.0 billion Basel III-compliant Tier 2 Subordinated Debt Programme. The outlook on all ratings is stable. CIMB Group is the non-operating financial holding company of the country’s second-largest banking group with total
- [MARC Ratings affirms CIMB Islamic’s ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-cimb-islamics-ratings-with-stable-outlook-2/) - MARC Ratings has affirmed CIMB Islamic Bank Berhad’s (CIMB Islamic) financial institution (FI) ratings at AAA/MARC-1/Stable. Concurrently, the rating agency has affirmed its ratings on CIMB Islamic’s sukuk issuances as follows: • RM10.0 billion Senior Sukuk Wakalah Programme (Sukuk Wakalah) at AAAIS/Stable • RM5.0 billion Tier 2 Junior Sukuk Programme at AA+IS/Stable CIMB Islamic’s FI
- [MARC Ratings withdraws rating on Central Impression's Fixed Rate Serial Bonds](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-rating-on-central-impressions-fixed-rate-serial-bonds/) - MARC Ratings has withdrawn its AA- rating on Central Impression Sdn Bhd’s (CISB) RM120.0 million Fixed Rate Serial Bonds. The rating withdrawal follows the early redemption of the outstanding RM15.0 million on 3 April 2025 and subsequent cancellation of the programme, as confirmed by the facility agent. Accordingly, MARC Ratings will no longer provide analytical
- [MARC Ratings withdraws rating on MBSB Bank’s Tranche 3 Structured Covered Sukuk Murabahah](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-rating-on-mbsb-banks-tranche-3-structured-covered-sukuk-murabahah/) - MARC Ratings has withdrawn its rating of AAAIS on MBSB Bank Berhad’s Tranche 3 under the RM2.295 billion Structured Covered Sukuk Murabahah facility. The rating withdrawal follows the full redemption of the outstanding RM90.0 million on 29 May 2025, as confirmed by the facility agent. MARC Ratings’ analytical coverage on the Structured Covered Sukuk Murabahah
- [MARC Ratings upgrades Grand Sepadu’s rating to AA<sub><i>IS</i></sub>; outlook stable](https://www.marc.com.my/rating-announcements/marc-ratings-upgrades-grand-sepadus-rating-to-aais-outlook-stable/) - MARC Ratings has upgraded its rating on Grand Sepadu (NK) Sdn Bhd’s RM210.0 million Sukuk Murabahah to AAIS from AA-IS. Concurrently, the rating outlook has been revised to stable from positive. The upgrade reflects Grand Sepadu’s strengthened financial profile, driven by ongoing debt reduction, consistent traffic demand and cash flow generation, and a demonstrated track
- [MARC Ratings affirms Ranhill Sabah Energy II’s rating with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ranhill-sabah-energy-iis-rating-with-stable-outlook/) - MARC Ratings has affirmed its AAAIS(bg) rating on Ranhill Sabah Energy II Sdn Bhd’s (RSEII) outstanding RM250.0 million Islamic Medium-Term Notes Programme with a stable outlook. The rating reflects the unconditional and irrevocable guarantee provided by Bank Pembangunan Malaysia Berhad (BPMB), rated AAA/Stable by MARC Ratings. RSEII owns and operates the 190MW combined-cycle gas turbine
- [MARC Ratings extends MARCWatch Developing on KFH Malaysia](https://www.marc.com.my/rating-announcements/marc-ratings-extends-marcwatch-developing-on-kfh-malaysia-2/) - MARC Ratings has extended its MARCWatch Developing status on Kuwait Finance House (Malaysia) Berhad (KFH Malaysia), where the bank has been placed under this surveillance since August 1, 2024. The action resulted from KFH Malaysia’s decision to voluntarily withdraw from the Malaysian market and wind down its banking business in the country, which is in
- [MARC Ratings revises WCT Holdings’ outlook to positive](https://www.marc.com.my/rating-announcements/marc-ratings-revises-wct-holdings-outlook-to-positive/) - MARC Ratings has affirmed its ratings on WCT Holdings Berhad’s (WCT) debt and sukuk programmes, and revised the ratings outlook to positive from stable. The positive outlook has factored in the potential improvement in the group’s balance sheet from the utilisation of part proceeds from WCT’s disposal of three mall assets into Paradigm Real Estate
- [MARC Ratings affirms TNB Western Energy’s AAA<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-tnb-western-energys-aaais-rating-2/) - MARC Ratings has affirmed its AAAIS rating on TNB Western Energy Berhad’s (TNB Western) outstanding RM3.5 billion sukuk with a stable outlook. TNB Western serves as the funding vehicle for TNB Manjung Five Sdn Bhd, a wholly-owned indirect subsidiary of Tenaga Nasional Berhad (TNB). TNB Manjung Five operates a 1,000MW coal-fired power plant in Manjung,
- [MARC Ratings affirms OCK’s MARC-1<sub><i>IS</i></sub> and AA-<sub><i>IS</i></sub> ratings](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ocks-marc-1is-and-aa-is-ratings/) - MARC Ratings has affirmed OCK Group Berhad’s (OCK) Islamic Commercial Papers (ICP) Programme rating at MARC-1IS and its Sukuk Murabahah Programme rating at AA-IS/Stable. The rating agency has considered the potential reduction in OCK’s ICP Programme to RM200.0 million (from RM500.0 million) and the concurrent increase in its Sukuk Murabahah Programme to RM1.0 billion (from
- [MARC Solutions assigns “Gold” Impact Assessment to PTP’s Sustainability Sukuk Framework](https://www.marc.com.my/rating-announcements/marc-solutions-assigns-gold-impact-assessment-to-ptps-sustainability-sukuk-framework/) - MARC Solutions has assigned a "Gold" Impact Assessment to Pelabuhan Tanjung Pelepas Sdn Bhd’s (PTP) Sustainability Sukuk Framework. The framework sets forth the guiding principles for PTP’s issuance of sustainable financing to fund Eligible Projects that contribute towards environmental and social benefits. PTP is a joint venture between MMC Port Holdings Sdn Bhd (70% shareholding)
- [MARC Ratings maintains PTP’s AA<sub><i>IS</i></sub> rating on proposed upsize of Sukuk Murabahah Programme](https://www.marc.com.my/rating-announcements/marc-ratings-maintains-ptps-aais-rating-on-proposed-upsize-of-sukuk-murabahah-programme/) - MARC Ratings has affirmed its AAIS/Stable rating on port operator Pelabuhan Tanjung Pelepas Sdn Bhd’s (PTP) Islamic Medium-Term Notes (Sukuk Murabahah) Programme which will be upsized to RM3.5 billion from RM2.15 billion. The rating reflects PTP’s strong position as a major container transshipment port operator in the region, improved operating efficiency and healthy cash flow
- [MARC Ratings affirms A+<sub><i>IS</i></sub> rating on Sunsuria’s RM500.0 million Sukuk Wakalah Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ais-rating-on-sunsurias-rm500-0-million-sukuk-wakalah-programme-4/) - MARC Ratings has affirmed its rating of A+IS on Sunsuria Berhad’s RM500.0 million Sukuk Wakalah Programme. The rating outlook is stable. The total outstanding amount under the programme stood at RM106 million as at end-February 2025. Sunsuria’s conservative approach to property development, healthy overall take-up rates and low-to-moderate leverage position remain key rating drivers. Moderating
- [MARC Ratings assigns final ratings of AAA/AAA<sub><i>IS</i></sub> to Cagamas’ RM80.0 billion MTN/IMTN Programmes](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-ratings-of-aaa-aaais-to-cagamas-rm80-0-billion-mtn-imtn-programmes/) - MARC Ratings has assigned final ratings of AAA/AAAIS to Cagamas Berhad’s RM80.0 billion Conventional/Islamic Medium-Term Notes (MTN/IMTN) Programmes. The outlook on the ratings is stable. The rating agency has reviewed the final documentation for the programmes and is satisfied that the terms and conditions have not changed in any material way from the draft documentation
- [MARC Ratings withdraws rating on UiTM Solar Power’s Sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-rating-on-uitm-solar-powers-sukuk/) - MARC Ratings has withdrawn its A+IS rating on UiTM Solar Power Sdn Bhd’s RM240.0 million Sukuk Programme. The rating withdrawal follows the full redemption of the outstanding amount under the programme and the subsequent cancellation of the programme, as confirmed by the facility agent on May 20, 2025. Accordingly, MARC Ratings will no longer provide
- [MARC Ratings affirms ratings on Bank Pembangunan following acquisition of two development financial institutions](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-on-bank-pembangunan-following-acquisition-of-two-development-financial-institutions/) - MARC Ratings has affirmed its AAA financial institution (FI) rating on Bank Pembangunan Malaysia Berhad (BPMB) following the bank’s acquisition of two development financial institutions (DFI), namely Small Medium Enterprise Development Bank Malaysia Berhad (SME Bank) and Export-Import Bank of Malaysia Berhad (EXIM Bank). BPMB acquired the DFIs from Minister of Finance (Incorporated) (MOF Inc).
- [MARC Ratings affirms Farm Fresh’s AA-<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-farm-freshs-aa-is-rating-2/) - MARC Ratings has affirmed its AA-IS rating on Farm Fresh Berhad’s Islamic Medium-Term Notes (IMTN) Programme of RM1.0 billion under the Shariah principle of Wakalah Bi Al-Istithmar. The rating outlook is stable. The outstanding under the rated programme was RM300.0 million as at end-February 2025. The rating affirmation reflects Farm Fresh’s healthy market position in
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on QSP Semenanjung’s Sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-qsp-semenanjungs-sukuk-2/) - MARC Ratings has affirmed its AA-IS rating on Quantum Solar Park (Semenanjung) Sdn Bhd’s (QSP Semenanjung) outstanding RM665.0 million Green Sustainable and Responsible Investment (SRI) Sukuk with a stable outlook. QSP Semenanjung owns three 50MW power plants located in Gurun, Kedah; Jasin, Melaka; and Merchang, Terengganu. The rating is underpinned by QSP Semenanjung’s diversified portfolio
- [MARC Ratings affirms PLSUKE’s ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-plsukes-ratings-with-stable-outlook-4/) - MARC Ratings has affirmed its A+IS(s) and AAAIS(bg) ratings on Projek Lintasan Sungai Besi-Ulu Klang Sdn Bhd’s (PLSUKE) Sukuk Wakalah Programme of up to RM2.0 billion and bank-guaranteed Facilities of up to RM500.0 million. The latter is guaranteed by Bank Pembangunan Malaysia Berhad which carries a financial institution rating of AAA from MARC Ratings. All
- [MARC Ratings assigns preliminary ratings to S P Setia’s proposed sukuk programmes](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-ratings-to-s-p-setias-proposed-sukuk-programmes/) - MARC Ratings has assigned preliminary ratings to S P Setia Berhad’s proposed sukuk programmes as follows: RM3.5 billion Islamic Medium-Term Notes (IMTN)/ Perpetual Sukuk Programme with a sublimit of RM1.5 billion on the Perpetual Sukuk at AAIS /A+IS. The ratings outlook is stable. RM500.0 million Islamic Commercial Papers Programme at MARC-1IS. MARC Ratings maintains its
- [MARC Ratings revises Sinar Kamiri’s rating outlook to positive](https://www.marc.com.my/rating-announcements/marc-ratings-revises-sinar-kamiris-rating-outlook-to-positive/) - MARC Ratings has revised its rating outlook on Sinar Kamiri Sdn Bhd’s outstanding RM170.0 million ASEAN Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah to positive from stable. Concurrently, the AA-IS rating on the Sukuk Wakalah has been affirmed. The rating agency will upgrade Sinar Kamiri’s rating within the next 6–12 months provided the current
- [MARC Ratings publishes revised rating methodologies on financial institutions and Basel III-compliant capital instruments](https://www.marc.com.my/rating-announcements/marc-ratings-publishes-revised-rating-methodologies-on-financial-institutions-and-basel-iii-compliant-capital-instruments/) - MARC Ratings has revised its rating methodologies on financial institutions (FIs) as well as debt issuances qualifying for Basel III capital treatment issued by FIs and their financial holding companies. The methodology revisions do not represent fundamental shifts in MARC Ratings’ approaches but are intended to better align with recent trends in the financial services
- [MARC Ratings affirms Top Glove unit’s RM3.0 billion IMTN/ Perpetual Sukuk Programme ratings at AA-<sub><i>IS(CG)</i></sub>/A<sub><i>IS(CG)</i></sub>](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-top-glove-units-rm3-0-billion-imtn-perpetual-sukuk-programme-ratings-at-aa-iscg-aiscg/) - MARC Ratings has affirmed its ratings on funding vehicle TG Treasury Berhad’s RM3.0 billion Islamic Medium-Term Notes (IMTN)/ Perpetual Sukuk Programme at AA-IS(cg)/AIS(cg). The outlook on the ratings is stable. The IMTN/ Perpetual Sukuk carry an irrevocable and unconditional guarantee from TG Treasury’s parent Top Glove Corporation Bhd (Top Glove); therefore, the senior-ranked IMTN rating
- [MARC Ratings affirms Sarawak's sub-sovereign rating at AAA](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-sarawaks-sub-sovereign-rating-at-aaa/) - MARC Ratings has affirmed Sarawak’s sub-sovereign credit rating at AAA with a stable outlook, based on its sub-sovereign rating scale. The rating reflects Sarawak’s substantial fiscal buffers, persistent fiscal surpluses, and strong political representation. As of 2023, Sarawak’s consolidated funds (cash and investments) stood at RM26.9 billion, equivalent to 14.8% of the state’s gross domestic
- [MARC Ratings assigns final ratings to Trusmadi Capital’s Issue 2 MTN](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-ratings-to-trusmadi-capitals-issue-2-mtn/) - MARC Ratings has assigned final long-term ratings of AAA (Class A MTN of up to RM220 million), AA (Class B MTN of up to RM40 million) and A (Class C MTN of up to RM40 million) to Trusmadi Capital Sdn Bhd’s Issue 2 under the Medium-Term Notes (MTN) Programme of RM3.0 billion. The outlook on
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> and A- ratings on Kesturi's Senior Sukuk and Junior Bonds](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-and-a-ratings-on-kesturis-senior-sukuk-and-junior-bonds-2/) - MARC Ratings has affirmed its AA-IS and A- ratings on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (Kesturi) RM2.3 billion Sukuk Musharakah (Senior Sukuk) and RM180 million Redeemable Secured Junior Bonds with a stable outlook. The rating differential between the Senior Sukuk and Junior Bonds reflects the latter’s subordinated status in line with the rating agency’s
- [MARC Ratings affirms ratings on Kinabalu Capital’s Issue 3](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-on-kinabalu-capitals-issue-3-3/) - MARC Ratings has affirmed its long-term ratings of AAA, AA and A on Kinabalu Capital Sdn Bhd’s Issue 3 of RM113 million Class A, RM21 million Class B and RM11 million Class C Medium-Term Notes (MTN). The ratings outlook is stable. The affirmed ratings reflect the loan-to-value (LTV) ratios of the classes under the issuances
- [MARC Ratings revises Leader Energy’s rating outlook to positive](https://www.marc.com.my/rating-announcements/marc-ratings-revises-leader-energys-rating-outlook-to-positive/) - MARC Ratings has affirmed its AA-IS rating on Leader Energy Sdn Bhd’s outstanding RM215.0 million ASEAN Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah. Concurrently, the rating outlook has been revised to positive from stable. Leader Energy is the investment holding company of two solar power project companies, Leader Solar Energy Sdn Bhd (LSE I)
- [MARC Ratings upgrades Segi Astana’s MTN rating to AA-](https://www.marc.com.my/rating-announcements/marc-ratings-upgrades-segi-astanas-mtn-rating-to-aa-2/) - MARC Ratings has upgraded its rating on Segi Astana Sdn Bhd’s RM415.0 million ASEAN Green Medium-Term Notes (MTN) to AA- from A+. The rating outlook has been revised to stable from positive. Segi Astana is the concessionaire for the integrated complex, gateway@klia2, at Kuala Lumpur International Airport Terminal 2 (KLIA Terminal 2) in Sepang, Selangor.
- [MARC Ratings maintains rating on MMC’s upsized sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-maintains-rating-on-mmcs-upsized-sukuk/) - MARC Ratings has maintained its AA-IS rating on MMC Corporation Berhad’s (MMC) Sukuk Murabahah Programme following an upsize of the programme limit to RM3.5 billion from RM2.5 billion. The rating outlook remains stable. Proceeds from issuances under the upsized programme will be used to fund working capital for its engineering projects, among others. The rating
- [MARC Ratings withdraws Top Glove unit’s Perpetual Sukuk rating](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-top-glove-units-perpetual-sukuk-rating/) - MARC Ratings has withdrawn its AIS(cg) rating on TG Excellence Berhad’s RM3.0 billion Perpetual Sukuk Programme. TG Excellence is a special funding vehicle of Top Glove Corporation Berhad. The rating withdrawal follows the full redemption of the outstanding RM1.18 billion under the programme on February 27, 2025, and the cancellation of the same as confirmed
- [MARC Ratings extends MARCWatch Developing on KFH Malaysia](https://www.marc.com.my/rating-announcements/marc-ratings-extends-marcwatch-developing-on-kfh-malaysia/) - MARC Ratings has extended its MARCWatch Developing status on Kuwait Finance House (Malaysia) Berhad (KFH Malaysia), where it has been since August 1, 2024. The action was in response to KFH Malaysia’s decision to voluntarily withdraw from the Malaysian market and wind down its banking business in the country, in line with its parent KFH
- [MARC Ratings assigns final ratings of AA-<sub><i>IS(cg)</i></sub></strong>/A<sub><i>IS(cg)</i></sub> to TG Treasury’s RM3.0 billion IMTN/ Perpetual Sukuk Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-ratings-of-aa-iscg-aiscg-to-tg-treasurys-rm3-0-billion-imtn-perpetual-sukuk-programme/) - MARC Ratings has assigned final ratings of AA-IS(cg)/AIS(cg) to TG Treasury Berhad’s RM3.0 billion Islamic Medium-Term Notes (IMTN)/ Perpetual Sukuk Programme with a stable outlook. TG Treasury is a wholly-owned funding vehicle of Top Glove Corporation Bhd which has provided an irrevocable and unconditional guarantee on the programme. The rating agency has reviewed the final
- [MARC Ratings assigns “Gold” Impact Assessment to Northport’s Sustainability Sukuk Framework](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-gold-impact-assessment-to-northports-sustainability-sukuk-framework/) - MARC Ratings has assigned a "Gold" Impact Assessment to Northport (Malaysia) Bhd’s (Northport) Sustainability Sukuk Framework. The framework has been established to set the guiding principles for Northport’s issuance of Sustainability Sukuk for eligible projects that contribute towards environmental and social benefits. Northport is a key port operator serving Port Klang, handling conventional cargo and
- [MARC Ratings assigns preliminary ratings to Northport’s proposed RM1.0 billion Sukuk Wakalah Programmes](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-ratings-to-northports-proposed-rm1-0-billion-sukuk-wakalah-programmes/) - MARC Ratings has assigned preliminary ratings of MARC-1IS/AAIS to Northport (Malaysia) Bhd’s proposed RM1.0 billion Islamic Commercial Papers (ICP) Programme/ Islamic Medium-Term Notes (IMTN) Programme (Sukuk Wakalah Programmes). The ICP programme has a sublimit of RM500 million. The long-term rating outlook is stable. Proceeds from issuances under the proposed Sukuk Wakalah Programmes will mainly be
- [MARC Ratings affirms ratings on Cagamas MBS’ asset-backed Sukuk Musyarakah and fixed rate serial bonds](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-on-cagamas-mbs-asset-backed-sukuk-musyarakah-and-fixed-rate-serial-bonds-4/) - MARC Ratings has affirmed its AAA and AAAIS ratings on Cagamas MBS Berhad’s asset-backed fixed rate serial bonds (CMBS 2005-2 and CMBS 2007-2) and Sukuk Musyarakah issuance (CMBS 2007-1-i). The outlook on all ratings is stable. Cagamas MBS was established to undertake the securitisation of government staff housing loans/financings. Repayment of the securitised loans/financings facilitated
- [MARC Ratings assigns final rating of AA-<sub><i>IS</i></sub> to Orkim’s RM1.0 billion sukuk programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-rating-of-aa-is-to-orkims-rm1-0-billion-sukuk-programme/) - MARC Ratings has assigned a final rating of AA-IS to Orkim Sdn Bhd’s Islamic Medium-Term Notes (IMTN) Programme of up to RM1.0 billion with a stable outlook. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way from the
- [MARC Ratings publishes final Data Center rating methodology](https://www.marc.com.my/rating-announcements/marc-ratings-publishes-final-data-center-rating-methodology/) - MARC Ratings has published its final Data Center rating methodology upon completing the market consultation on the exposure draft that was published recently. The rating agency took cognisance of market feedback and has incorporated relevant comments to strengthen the robustness of the methodology. Among these are those related to the tiering structures and cooling configurations
- [MARC Ratings assigns preliminary ratings to Trusmadi Capital’s proposed Issue 2](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-ratings-to-trusmadi-capitals-proposed-issue-2/) - MARC Ratings has assigned preliminary ratings of AAA (Class A MTN of up to RM220 million), AA (Class B MTN of up to RM40 million) and A (Class C MTN of up to RM40 million) to Trusmadi Capital Sdn Bhd’s Issue 2 (Trusmadi Issue 2) under its Medium-Term Notes (MTN) Programme of RM3.0 billion. The
- [MARC Ratings assigns “Gold” Impact Assessment to Sentral REIT’s Sustainable Finance Framework](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-gold-impact-assessment-to-sentral-reits-sustainable-finance-framework/) - MARC Ratings has assigned a "Gold" Impact Assessment to Sentral REIT’s (SENTRAL) Sustainable Finance Framework. The framework was established to outline how the real estate investment trust (REIT) plans to undertake sustainable finance transactions to deliver environmental and social benefits. SENTRAL’s investment objective is to acquire and invest in commercial properties to achieve long-term growth
- [MARC Ratings assigns A+/MARC-1 ratings to MIDF and MIDF Amanah Investment Bank](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-a-marc-1-ratings-to-midf-and-midf-amanah-investment-bank/) - MARC Ratings has assigned corporate credit ratings of A+/MARC-1 to Malaysian Industrial Development Finance Berhad (MIDF). Concurrently, MIDF’s wholly-owned subsidiary, MIDF Amanah Investment Bank Berhad (MAIB), has been accorded financial institution ratings of A+/MARC-1. MAIB is highly integrated with MIDF and is the core subsidiary of the group, accounting for about 90% of the group’s
- [MARC Ratings assigns “Gold” impact assessment to KPJ Healthcare subsidiary Point Zone (M)’s sustainability sukuk framework](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-gold-impact-assessment-to-kpj-healthcare-subsidiary-point-zone-ms-sustainability-sukuk-framework/) - MARC Ratings Berhad (MARC Ratings) has assigned a "Gold" Sustainability Sukuk Assessment to the Sustainability Sukuk Framework (SSF) of Point Zone (M) Sdn Bhd (PZSB), a wholly-owned subsidiary of KPJ Healthcare Berhad (KPJ Healthcare). This assessment reflects the highly impactful combination of green and social projects or activities that the proceeds raised from the issuance
- [MARC Ratings assigns “Silver” Impact Assessment to Amanat Lebuhraya Rakyat’s Sustainability Sukuk Framework](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-silver-impact-assessment-to-amanat-lebuhraya-rakyats-sustainability-sukuk-framework/) - MARC Ratings has assigned a "Silver" Sustainability Sukuk Assessment to Amanat Lebuhraya Rakyat Berhad's (ALR) Sustainability Sukuk Framework (the Framework). MARC also opines that the Framework is aligned with the core components of the Securities Commission Malaysia's (SC) Sustainable and Responsible Investment (SRI) Sukuk Framework. A company managed by a board of directors, ALR was
- [MARC Ratings affirms AAA rating on Credit Guarantee Corporation Malaysia](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aaa-rating-on-credit-guarantee-corporation-malaysia/) - MARC Ratings has affirmed its financial institution rating of AAA on Credit Guarantee Corporation Malaysia Berhad (CGC) with a stable outlook. The rating reflects MARC Ratings’ assessment of very high governmental support to CGC based on CGC’s policy role in supporting micro, small and medium-sized enterprises (MSMEs) in the country, and Bank Negara Malaysia’s (BNM)
- [MARC Ratings affirms Malaysia’s sovereign rating at AAA](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-malaysias-sovereign-rating-at-aaa-3/) - MARC Ratings has affirmed its public information sovereign rating on Malaysia at AAA with a stable outlook based on its national rating scale. The AAA rating reflects the country’s credit strengths, which include an open and increasingly diversified economy, steady economic growth, effective monetary policies and a resilient financial sector. In 2024, Malaysia’s gross domestic
- [MARC Ratings affirms MYEG’s AA-<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-myegs-aa-is-rating-2/) - MARC Ratings has affirmed its rating of AA-IS with a stable outlook on MY E.G. Services Berhad’s (MYEG) Islamic Medium-Term Notes Programme of up to RM1.0 billion in nominal value. The rating affirmation incorporates MYEG’s well-established position as a concessionaire for e-government services, diversified revenue from non-concession businesses, high operating margin and healthy cash flow
- [MARC Ratings maintains OSK unit’s Sukuk/MCMTN ratings on proposed upsize of up to RM3.5 billion](https://www.marc.com.my/rating-announcements/marc-ratings-maintains-osk-units-sukuk-mcmtn-ratings-on-proposed-upsize-of-up-to-rm3-5-billion/) - MARC Ratings has maintained its ratings of AAIS/AA on funding vehicle OSK Rated Bond Sdn Bhd’s Sukuk Murabahah/ Multi-Currency Medium-Term Notes (Sukuk/MCMTN) Programmes which will be upsized to RM3.5 billion from RM2.0 billion. The ratings outlook is stable. The programmes carry an unconditional and irrevocable guarantee from OSK Holdings Berhad (OSK). The ratings continue to
- [MARC Ratings affirms Cerah Sama’s AA-<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-cerah-samas-aa-is-rating-2/) - MARC Ratings 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 RM270.0 million. The rating affirmation reflects the traffic resilience on Cerah Sama’s mature Cheras-Kajang Highway and the company’s stable cash flow generation. The rating also reflects Cerah Sama’s strong liquidity position
- [MARC Ratings withdraws rating on MBSB Bank’s Tranche 2 Structured Covered Sukuk Murabahah](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-rating-on-mbsb-banks-tranche-2-structured-covered-sukuk-murabahah/) - MARC Ratings has withdrawn its rating of AAAIS on MBSB Bank Berhad’s Tranche 2 under the RM2.295 billion Structured Covered Sukuk Murabahah facility. The rating withdrawal follows the full redemption of the outstanding amount of RM55.0 million on December 10, 2024, as confirmed by the facility agent. MARC Ratings’ analytical coverage on the Structured Covered
- [MARC Ratings affirms Cellco’s MARC-1<sub><i>IS</i></sub>/AA<sub><i>IS</i></sub> ratings](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-cellcos-marc-1is-aais-ratings-3/) - MARC Ratings has affirmed its ratings of MARC-1IS /AAIS on Cellco Capital Berhad’s (Cellco) RM520 million Issue 1 issued under its Islamic Commercial Papers/ Islamic Medium-Term Notes (Sukuk Ijarah) Programme with a combined limit of up to RM1.0 billion. The rating outlook is stable. Cellco is a special-purpose entity set up to raise funds via
- [MARC Ratings affirms Sunway Healthcare Treasury’s rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-sunway-healthcare-treasurys-rating/) - MARC Ratings has affirmed its rating of AAIS(cg) on Sunway Healthcare Treasury Sdn Bhd’s (SH Treasury) Islamic Medium-Term Notes (Sukuk Wakalah) Programme of up to RM5.0 billion. The rating outlook is stable. The rating reflects the credit strength of parent Sunway Healthcare Holdings Sdn Bhd (SHH), based on SHH’s unconditional and irrevocable guarantee on the
- [MARC Ratings affirms AA+<sub><i>IS</i></sub></strong> rating on Sime Darby Property’s Sukuk Musharakah Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aais-rating-on-sime-darby-propertys-sukuk-musharakah-programme-3/) - MARC Ratings has affirmed its rating on Sime Darby Property Berhad’s (SD Property) RM4.5 billion Islamic Medium-Term Notes (IMTN) Programme (Sukuk Musharakah) at AA+IS with a stable outlook. The outstanding under the rated programme stood at RM1.4 billion as at November 30, 2024. The rating continues to reflect SD Property’s strong sales track record from
- [MARC Ratings upgrades UEM Edgenta’s sukuk rating to AA<sub><i>IS</i></sub></strong>](https://www.marc.com.my/rating-announcements/marc-ratings-upgrades-uem-edgentas-sukuk-rating-to-aais/) - MARC Ratings has upgraded its rating on UEM Edgenta Berhad’s Islamic Medium-Term Notes (IMTN) under its RM1.0 billion Sukuk Murabahah Programme to AAIS from AA-IS. Accordingly, the rating outlook has been revised to stable from positive. The outstanding sukuk remains at RM250.0 million. The rating upgrade is premised on UEM Edgenta’s strengthened business profile underpinned
- [MARC Ratings publishes exposure draft on Data Center Rating Methodology](https://www.marc.com.my/rating-announcements/marc-ratings-publishes-exposure-draft-on-data-center-rating-methodology/) - MARC Ratings has published its exposure draft on data center methodology for public consultation, the highlights of which are as follows: • Guidance on the approach that will be taken in the rating of transactions involving data centers • Key factors assessed by the rating agency for greenfield data centers • Discussion on the transaction
- [MARC Ratings affirms FGV’s rating of AA-<sub><i>IS</i></sub> with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-fgvs-rating-of-aa-is-with-stable-outlook/) - MARC Ratings has affirmed its rating of AA-IS on FGV Holdings Berhad’s (FGV) Sukuk Murabahah Programme of up to RM3.0 billion with a stable outlook. FGV’s sizeable and integrated palm oil operations, improving production metrics on accelerated replanting efforts at its estates, and healthy balance sheet are key drivers of the rating affirmation. Moderating rating
- [MARC Ratings affirms ratings of MARC-1<sub><i>IS</i></sub>/AA-<sub><i>IS</i></sub> on UDA’s ICP/IMTN Programmes of up to RM1.0 billion](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-of-marc-1is-aa-is-on-udas-icp-imtn-programmes-of-up-to-rm1-0-billion/) - MARC Ratings has affirmed its ratings of MARC-1IS/AA-IS on UDA Holdings Berhad’s (UDA) Islamic Commercial Papers (ICP) Programme of up to RM100.0 million and Islamic Medium-Term Notes (IMTN) Programme of up to RM1.0 billion with a combined aggregate limit of up to RM1.0 billion. The long-term rating outlook is stable. The ratings incorporate MARC Ratings’
- [MARC Ratings extends MARCWatch Developing on KFH Malaysia](https://www.marc.com.my/rating-announcements/marc-ratings-extends-marcwatch-developing-placement-on-kfh-malaysia/) - MARC Ratings has extended its MARCWatch Developing placement on Kuwait Finance House (Malaysia) Berhad’s (KFH Malaysia) financial institution ratings, where they have been since August 1, 2024. The placement was in response to KFH Malaysia’s decision to voluntarily withdraw from the Malaysian market and wind down its banking business in the country, in line with
- [MARC Ratings assigns final ratings of AA-<sub><i>IS</i></sub></strong>/MARC-1<sub><i>IS</i></sub></strong> to SIBS’ RM3.0 billion Sukuk Wakalah Programmes](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-ratings-of-aa-is-marc-1is-to-sibs-rm3-0-billion-sukuk-wakalah-programmes/) - MARC Ratings has assigned final ratings of AA-IS and MARC-1IS to SIBS Sdn Bhd’s Islamic Medium-Term Notes (IMTN) Programme of up to RM3.0 billion and Islamic Commercial Papers (ICP) Programme of up to RM500.0 million, with a combined aggregate limit of up to RM3.0 billion (Sukuk Wakalah Programmes). The rating outlook is stable. The rating
- [MARC Ratings affirms ‘A’ rating on Singer’s RM300.0 million MTN Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-a-rating-on-singers-rm300-0-million-mtn-programme-2/) - MARC Ratings has affirmed its rating of A/Stable on Singer (Malaysia) Sdn Bhd’s RM300.0 million Medium-Term Notes (MTN) Programme. The outstanding amount as at end-September 2024 stood at RM150.0 million. Singer’s well-established domestic track record in the credit sale and hire-purchase financing of consumer durables and motorcycles, and its high profit margins are key drivers
- [MARC Ratings affirms Chailease Berjaya’s AA-<sub><i>(cg)</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-chailease-berjayas-aa-cg-rating/) - MARC Ratings has affirmed its rating of AA-(cg)/Stable on Chailease Berjaya Credit Sdn Bhd’s (CBC) RM1.0 billion Medium-Term Notes (MTN) Programme. The programme is unconditionally and irrevocably guaranteed by CBC’s ultimate holding company, Chailease Holding Company Limited (CHC). Accordingly, the rating reflects the credit strength of CHC which carries a public information rating of AA-/Stable.
- [MARC Ratings affirms LBS Bina's AA-<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-lbs-binas-aa-is-rating/) - MARC Ratings has affirmed its AA-IS rating on LBS Bina Group Berhad’s Islamic Medium-Term Notes Programme of up to RM750.0 million with a stable outlook. The affirmed rating is underpinned by LBS Bina’s strong developmental track record, healthy operating margins and large unbilled sales. Moderating the rating are the group’s exposure to demand risk for
- [MARC Ratings affirms AA<sub><i>IS</i></sub> rating on IOI Properties’ unit’s RM3.0 billion Sukuk Murabahah Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aais-rating-on-ioi-properties-units-rm3-0-billion-sukuk-murabahah-programme-2/) - MARC Ratings 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 is stable. Fortune Premiere is a wholly-owned funding vehicle of IOI Properties Group Berhad (IOI Properties). The rating reflects the credit strength of IOI Properties which has provided an unconditional and
- [MARC Ratings affirms Bank Pembangunan’s ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-bank-pembangunans-ratings-with-stable-outlook/) - MARC Ratings has affirmed its financial institution rating of AAA on Bank Pembangunan Malaysia Berhad (BPMB) and the AAAIS rating on the bank’s Islamic Medium-Term Notes (IMTN) Programme. The IMTN Programme will be upsized to RM11.0 billion from the existing RM5.0 billion limit to support BPMB’s funding requirements as well as refinance its existing sukuk.
- [MARC Ratings assigns preliminary ratings of AA-<sub><i>IS(CG)</i></sub>/A<sub><i>IS(CG)</i></sub> to TG Treasury’s proposed RM3.0 billion IMTN/ Perpetual Sukuk Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-ratings-of-a-iscg-aiscg-to-tg-treasurys-proposed-rm3-0-billion-imtn-perpetual-sukuk-programme/) - MARC Ratings has assigned preliminary ratings of AA-IS(cg)/AIS(cg) to TG Treasury Berhad’s proposed RM3.0 billion Islamic Medium-Term Notes (IMTN)/ Perpetual Sukuk Programme. Concurrently, MARC Ratings has affirmed its rating of AIS(cg) on TG Excellence Berhad’s RM3.0 billion Perpetual Sukuk Wakalah Programme. The outlook on all ratings is stable. TG Treasury and TG Excellence are wholly-owned
- [MARC Ratings assigns final short-term rating of MARC-1<sub><i>IS</i></sub> to Titijaya’s ICP](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-short-term-rating-of-marc-1is-to-titijayas-icp/) - MARC Ratings has assigned a final short-term rating of MARC-1IS to Titijaya Land Berhad’s (Titijaya) RM300 million Islamic Commercial Papers (ICP) Programme. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way from the draft documentation on which the
- [MARC Ratings assigns preliminary rating of A<sub><i>IS</i></sub> to HCK’s proposed RM2.0 billion Sukuk Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-rating-of-ais-to-hcks-proposed-rm2-0-billion-sukuk-programme/) - MARC Ratings has assigned a preliminary rating of AIS to HCK Cap Access Berhad’s proposed Islamic Medium-Term Notes (IMTN) Programme of up to RM2.0 billion with a stable outlook. HCK Cap Access is a wholly-owned funding vehicle of HCK Capital Group Berhad (HCK). The programme allows for the issuance of senior IMTN and/or subordinated perpetual
- [MARC Ratings affirms Pac Lease’s ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-pac-leases-ratings-with-stable-outlook-2/) - MARC Ratings has affirmed its ratings of AA/MARC-1 on Pac Lease Berhad’s Medium-Term Notes/ Commercial Papers (MTN/CP) Programmes with a combined limit of RM1.5 billion. The long-term rating outlook is stable. As of October 31, 2024, the outstanding issuances stood at RM535 million MTNs and RM280 million CPs. Pac Lease’s strong market position and lengthy
- [MARC Ratings assigns preliminary rating of AA-<sub><i>IS</i></sub> to Orkim’s RM1.0 billion Sukuk Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-rating-of-aa-is-to-orkims-rm1-0-billion-sukuk-programme/) - MARC Ratings has assigned a preliminary rating of AA-IS to Orkim Sdn Bhd’s proposed Islamic Medium-Term Notes (IMTN) Programme of up to RM1.0 billion with a stable outlook. Orkim’s leading position in the domestic transportation of clean petroleum products (CPP) and ownership of the largest fleet in the domestic CPP tanker segment (end-June 2024: 15
- [MARC Ratings affirms AAA<sub><i>IS</i></sub> rating on TNB Power Generation’s sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aaais-rating-on-tnb-power-generations-sukuk-2/) - MARC Ratings has affirmed its AAAIS rating on TNB Power Generation Sdn Bhd’s (TPGSB) Sukuk Wakalah Programme of up to RM10.0 billion with a stable outlook. TPGSB’s rating is equalised with that of its parent, Tenaga Nasional Berhad (TNB, AAA/Stable), due to its status as the key energy generation arm of TNB, and the significant
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on Tanjung Bin O&M’s sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-tanjung-bin-oms-sukuk-2/) - MARC Ratings has affirmed its AA-IS rating on Tanjung Bin O&M Berhad’s outstanding RM165.0 million Sukuk Wakalah with a stable outlook. The rating reflects the credit strength of Tanjung Bin O&M’s parent, Malakoff Power Berhad (MPower)(AA-IS/Stable), which has provided an unconditional and irrevocable undertaking to top up any shortfall in the finance service reserve account
- [MARC Ratings affirms ratings on Malakoff Power’s sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-on-malakoff-powers-sukuk/) - MARC Ratings has affirmed its AA-IS rating on Malakoff Power Berhad’s (MPower) outstanding RM1.77 billion Sukuk Murabahah, and MARC-1IS/AA-IS ratings on MPower’s RM1.2 billion Islamic Commercial Papers/ Islamic Medium-Term Notes (ICP/IMTN) Programmes, under which the current outstanding is RM5.0 million. The ratings outlook is stable. MPower is wholly owned by Malakoff Corporation Berhad (Malakoff), and
- [MARC Ratings affirms UEM Sunrise's ratings](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-uem-sunrises-ratings-3/) - MARC Ratings has affirmed its ratings of MARC-1IS/AA-IS on UEM Sunrise Berhad’s Islamic Commercial Papers (ICP)/ Islamic Medium-Term Notes (IMTN) Programme (ICP/IMTN-3) with a combined nominal value of RM4.0 billion. Concurrently, the rating agency has also affirmed its rating of AA-IS on UEM Sunrise’s two RM2.0 billion IMTN Programmes (IMTN-1 and IMTN-2). The ratings outlook
- [MARC Ratings assigns AAA<sub><i>IS</i></sub>/AA+<sub><i>IS</i></sub> ratings on MBSB Bank’s RM2.295 billion Structured Covered Sukuk Murabahah facility](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-aaais-aais-ratings-on-mbsb-banks-rm2-295-billion-structured-covered-sukuk-murabahah-facility/) - MARC Ratings has assigned ratings to MBSB Bank Berhad’s Structured Covered Sukuk Murabahah as follows: Tranche 2 and Tranche 3 at AAAIS Tranche 4 at AA+IS All the tranches carry a stable outlook. The AAAIS ratings on Tranche 2 and Tranche 3 are premised on their fully cash-collateralised positions. As at end-June 2024, Tranche 2
- [MARC Ratings affirms MBSB Bank’s ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-mbsb-banks-ratings-with-stable-outlook/) - MARC Ratings has affirmed its financial institution (FI) rating of A+ on MBSB Bank Berhad and its A+IS rating on the bank’s RM5.0 billion Sustainability Sukuk Wakalah Programme. Concurrently, the rating agency has assigned ratings on MBSB Bank’s existing Sukuk Wakalah Programme of up to RM10.0 billion as follows: Senior Sukuk Wakalah at A+IS Tier-2
- [MARC Ratings assigns A+/MARC-1 ratings to MBSB](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-a-marc-1-ratings-to-mbsb/) - MARC Ratings has assigned long-term/short-term corporate credit ratings of A+/MARC-1 to MBSB Berhad, with a stable outlook. MBSB’s long-term rating is aligned with the rating of its core wholly-owned banking subsidiary, MBSB Bank (A+/Stable), premised on the fact that MBSB is a non-operating financial holding company with no borrowings and whose performance is closely linked
- [MARC Ratings affirms TTM SPV’s AAA<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ttm-spvs-aaais-rating-2/) - MARC Ratings has affirmed its AAAIS rating on TTM Sukuk Berhad’s (TTM SPV) RM600.0 million Sukuk Murabahah with a stable outlook. TTM SPV is a wholly-owned funding vehicle of Trans Thai-Malaysia (Thailand) Limited (TTMT) for the construction of two gas pipelines to transport natural gas from the Malaysia-Thailand Joint Development Area in the Gulf of
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on ACSB’s RM535.0 million Sukuk Murabahah Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-acsbs-rm535-0-million-sukuk-murabahah-programme-3/) - MARC Ratings has affirmed its AA-IS rating on AZRB Capital Sdn Bhd’s (ACSB) RM535.0 million Islamic Medium-Term Notes (Sukuk Murabahah) Programme with a stable outlook. The outstanding under the programme was RM435.0 million as at end-September 2024. As a funding vehicle for Ahmad Zaki Resources Berhad (AZRB), ACSB facilitates the subscription of Redeemable Convertible Preference
- [MARC Ratings affirms PETRONAS Dagangan’s ICP/IMTN ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-petronas-dagangans-icp-imtn-ratings-with-stable-outlook/) - MARC Ratings has affirmed its MARC-1IS/AAAIS ratings on PETRONAS Dagangan Berhad’s (PDB) RM10.0 billion nominal value Islamic Commercial Papers/ Islamic Medium-Term Notes (ICP/IMTN) Programmes. The long-term rating outlook is stable. The affirmed ratings reflect PDB’s well-established track record and its very strong market position in the domestic retailing and marketing of petroleum products. The ratings
- [MARC Ratings affirms Amanat Lebuhraya Rakyat’s AAA<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-amanat-lebuhraya-rakyats-aaais-rating-2/) - MARC Ratings has affirmed its AAAIS rating on Amanat Lebuhraya Rakyat Berhad’s (ALR) RM5.5 billion Sukuk Programme with a stable outlook. The affirmation reflects ALR’s sound credit metrics, backed by ample liquidity and strong cash flow generation from its mature and resilient toll road assets, and supported by a tight transaction structure with no dividend
- [MARC Ratings affirms PETRONAS Dagangan’s ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-petronas-dagangans-ratings-with-stable-outlook/) - MARC Ratings has affirmed its MARC-1IS/AAAIS ratings on PETRONAS Dagangan Berhad’s (PDB) RM10.0 billion nominal value Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme. The ratings outlook is stable. The affirmed ratings reflect PDB’s well-established track record and its very strong market position in the domestic retailing and marketing of petroleum products.
- [MARC Ratings affirms AA- rating on STM Lottery's MTN Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-rating-on-stm-lotterys-mtn-programme-3/) - MARC Ratings has affirmed its rating of AA- on STM Lottery Sdn Bhd’s RM800.0 million 15-year Medium-Term Notes (MTN) Programme with a stable outlook. The rating affirmation considers STM Lottery’s key position as the leading licensed number forecast operator in the country, its long operating track record, as well as strong cash flow generation relative
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on MRCB’s RM5.0 billion IMTN Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-mrcbs-rm5-0-billion-imtn-programme/) - MARC Ratings has affirmed its rating of AA-IS with a stable outlook on Malaysian Resources Corporation Berhad’s (MRCB) Islamic Medium-Term Notes Programme (Sukuk Murabahah) of up to RM5.0 billion. The affirmed rating is mainly driven by MRCB’s established property track record, particularly in transit-oriented developments (TOD), and further growth in its sizeable construction order book.
- [MARC Ratings affirms ratings on SD Guthrie](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-on-sd-guthrie/) - MARC Ratings has affirmed SD Guthrie Berhad’s corporate credit rating at AAA. Concurrently, the rating agency has also affirmed its rating on SD Guthrie’s Perpetual Subordinated Sukuk Programme (Perpetual Sukuk) of up to RM3.0 billion at AAIS. The two-notch rating differential between SD Guthrie’s corporate credit rating and the Perpetual Sukuk rating is in line
- [MARC Ratings affirms MMC’s RM2.5 billion sukuk programme at AA-<sub><i>IS</i></sub>](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-mmcs-rm2-5-billion-sukuk-programme-at-aa-is/) - MARC Ratings has affirmed its rating of AA-IS on MMC Corporation Berhad’s (MMC) RM2.5 billion Sukuk Murabahah Programme with a stable outlook. MMC group’s strong competitive strength and longstanding track record in key sectors of the economy, namely ports and logistics, engineering, and energy and utilities, remain the key rating drivers. The rating is moderated
- [MARC Ratings affirms IMR-2 rating on Kenanga Investors and Kenanga Islamic Investors](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-imr-2-rating-on-kenanga-investors-and-kenanga-islamic-investors-2/) - MARC Ratings has affirmed its investment manager rating (IMR) of IMR-2 on Kenanga Investors Berhad (KIB) and KIB’s wholly-owned subsidiary Kenanga Islamic Investors Berhad (KIIB). KIIB is rated at the same level as parent KIB, reflecting its strategic role in supporting the group’s objectives in Islamic finance, and the high level of operational integration between
- [MARC Ratings assigns final rating of AA<sub><i>IS</i></sub> to Berapit Mobility’s RM1.5 billion sukuk programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-rating-of-aais-to-berapit-mobilitys-rm1-5-billion-sukuk-programme/) - MARC Ratings has assigned a final rating of AAIS to Berapit Mobility Sdn Bhd’s RM1.5 billion Sustainability Islamic Medium-Term Notes (IMTN) Programme. The rating outlook is stable. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way from the
- [MARC Ratings affirms AA<sub><i>IS</i></sub> rating on Northport’s RM1.5 billion Sukuk Musharakah](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aais-rating-on-northports-rm1-5-billion-sukuk-musharakah-2/) - MARC Ratings has affirmed its rating of AAIS on Northport (Malaysia) Bhd’s RM1.5 billion Sukuk Musharakah Programme with a stable outlook. Northport’s well-established operational track record as a key port operator in Port Klang and healthy profitability remain key rating drivers. The rating is mainly moderated by concerns on global trade flows and higher capex
- [MARC Ratings upgrades rating on KPJ-related entity’s sukuk programme to AA<sub><i>IS(cg)</i></sub>](https://www.marc.com.my/rating-announcements/marc-ratings-upgrades-rating-on-kpj-related-entitys-sukuk-programme-to-aaiscg/) - MARC Ratings has upgraded its rating on Point Zone (M) Sdn Bhd’s Sukuk Wakalah Programme to AAIS(cg) from AA-IS(cg) and accordingly revised the rating outlook to stable from positive. The rating reflects the credit strength of Point Zone’s parent KPJ Healthcare Berhad (KPJ) which has provided an unconditional and irrevocable guarantee on the sukuk programme.
- [MARC Ratings assigns final rating of A<sub><i>IS</i></sub> to Tropicana’s RM1.5 billion IMTN Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-rating-of-ais-to-tropicanas-rm1-5-billion-imtn-programme/) - MARC Ratings has assigned a final rating of AIS to Tropicana Corporation Berhad’s RM1.5 billion Islamic Medium-Term Notes (IMTN) (Sukuk Wakalah) Programme. The rating outlook is stable. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way from the
- [MARC Ratings affirms Terengganu’s sub-sovereign rating at AA-](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-terengganus-sub-sovereign-rating-at-aa/) - MARC Ratings has affirmed Terengganu’s sub-sovereign credit rating at AA- with a stable outlook based on the rating agency’s sub-sovereign rating scale. The rating reflects Terengganu’s healthy fiscal position, supported by its low debt levels, and substantial oil and gas resources. Terengganu has steadily reduced its debt, supported by the federal government’s strategic decision to
- [MARC Ratings maintains Guan Chong’s outlook at negative](https://www.marc.com.my/rating-announcements/marc-ratings-maintains-guan-chongs-outlook-at-negative/) - MARC Ratings has affirmed its rating of AA-IS on Guan Chong Berhad’s (GCB) RM800.0 million Sukuk Wakalah Programme. The rating outlook remains negative. The negative rating outlook primarily reflects the continued high and volatile cocoa bean price environment that has led to a sizeable increase in GCB’s working capital requirements. The rating agency would revise
- [MARC Ratings affirms Southern Power's sukuk rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-southern-powers-sukuk-rating/) - MARC Ratings has affirmed its AA-IS rating on Southern Power Generation Sdn Bhd’s (Southern Power) outstanding Sukuk Wakalah of RM3.2 billion with a stable outlook. Southern Power owns a 2x720MW combined-cycle gas-fired power plant in Pasir Gudang, Johor. The company is 70% indirectly owned by Tenaga Nasional Berhad (TNB) through its wholly-owned subsidiary TNB Power
- [MARC Ratings affirms PLUS’ AAA<sub><i>IS(s)</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-plus-aaaiss-rating-2/) - MARC Ratings has affirmed its AAAIS(s) rating on Projek Lebuhraya Usahasama Berhad’s (PLUS) RM25.2 billion Islamic Medium-Term Notes Programme (sukuk programme) with a stable outlook. The rating incorporates a two-notch rating uplift from PLUS' standalone rating and reflects the irrevocable and unconditional Letter of Undertaking (LoU) from the government that would cover any cash shortfall
- [MARC Ratings assigns final rating of AA-<sub><i>IS</i></sub> to WM Senibong Capital’s RM1.0 billion Sukuk Wakalah Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-rating-of-aa-is-to-wm-senibong-capitals-rm1-0-billion-sukuk-wakalah-programme/) - MARC Ratings has assigned a final rating of AA-IS to special purpose vehicle WM Senibong Capital Berhad’s (WMSC) Islamic Medium-Term Notes (Sukuk Wakalah) Programme of up to RM1.0 billion. The rating outlook is stable. WMSC is wholly owned by WM Senibong Sdn Bhd. The rating agency has reviewed the final documentation for the programme and
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on MMC Port Holdings’ sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-mmc-port-holdings-sukuk-3/) - MARC Ratings has affirmed its AA-IS rating on MMC Port Holdings Sdn Bhd’s RM1.0 billion Sukuk Murabahah Programme with a stable outlook. The rating affirmation is premised on the strength of the credit profile of MMC Port’s port subsidiaries which have healthy operating track records and strong cash flow generation abilities that provide dividend income
- [MARC Ratings assigns final rating of MARC-1 to Merchantrade’s RM200 million Multi-Currency Commercial Papers Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-rating-of-marc-1-to-merchantrades-rm200-million-multi-currency-commercial-papers-programme/) - MARC Ratings has assigned a final rating of MARC-1 to Merchantrade Asia Sdn Bhd’s (Merchantrade) Multi-Currency Commercial Papers Programme of up to RM200 million in nominal value. The rating is confined to the ringgit-denominated issuance under the programme. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms
- [MARC Ratings revises Kenanga Investment Bank’s rating outlook to positive from stable](https://www.marc.com.my/rating-announcements/marc-ratings-revises-kenanga-investment-banks-rating-outlook-to-positive-from-stable/) - MARC Ratings has affirmed its long-term and short-term financial institution (FI) ratings of A+/MARC-1 on Kenanga Investment Bank Berhad (Kenanga). Concurrently, the long-term rating outlook has been revised to positive from stable. The outlook revision reflects the positive outcome from Kenanga’s revenue diversification strategy that has improved its overall profitability metrics and provides headroom against
- [MARC Ratings assigns AA<sub><i>IS</i></sub> rating to Cellco’s Issue 2](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-aais-rating-to-cellcos-issue-2/) - MARC Ratings has assigned a rating of AAIS to Cellco Capital Berhad’s (Cellco) RM130 million Islamic Medium-Term Notes (Issue 2) to be issued under its Sukuk Ijarah Programmes of up to RM1.0 billion. The rating outlook is stable. The RM130 million will be the second issuance under the Sukuk Ijarah Programmes after the RM520 million
- [MARC Ratings affirms Celcom Networks’ AAA<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-celcom-networks-aaais-rating/) - MARC Ratings has affirmed its AAAIS/Stable rating on Celcom Networks Sdn Bhd’s (CNSB) Sukuk Murabahah Programme of RM5.0 billion. CNSB is wholly owned by Celcom Berhad, which, in turn, is 100%-owned by CelcomDigi Berhad, and provides network telecommunication (telco) services to the group. MARC Ratings considers the overall credit profile of CNSB’s ultimate shareholder, CelcomDigi,
- [MARC Ratings affirms Bank Muamalat’s ratings](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-bank-muamalats-ratings/) - MARC Ratings has affirmed its financial institution ratings of A+/MARC-1/Stable on Bank Muamalat Malaysia Berhad. The rating agency has concurrently affirmed its ratings on the bank’s Sukuk Wakalah Programme of up to RM5.0 billion as follows: Senior Sukuk Wakalah at A+IS /Stable Tier-2 Subordinated Sukuk Wakalah at A-IS /Stable Additional Tier-1 (AT-1) Sukuk Wakalah at
- [MARC Ratings withdraws rating on Kimanis Power’s Sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-rating-on-kimanis-powers-sukuk/) - MARC Ratings has withdrawn its AAIS rating on Kimanis Power Sdn Bhd’s RM1.16 billion Sukuk Programme. The rating withdrawal follows the full redemption of the outstanding RM330.0 million under the programme and the subsequent cancellation of the programme, as confirmed by the facility agent on October 9, 2024. Accordingly, MARC Ratings will no longer provide
- [MARC Ratings maintains JB Cocoa’s outlook at negative](https://www.marc.com.my/rating-announcements/marc-ratings-maintains-jb-cocoas-outlook-at-negative/) - MARC Ratings has affirmed its rating of A+IS on JB Cocoa Sdn Bhd’s RM500.0 million Islamic Medium-Term Notes (Sukuk Wakalah) Programme. The rating outlook remains negative. JB Cocoa is a wholly-owned key manufacturing subsidiary of Singapore-based JB Foods Limited, which has provided a corporate guarantee on the programme. Accordingly, the rating assessment considers the consolidated
- [MARC Ratings affirms OSK unit’s Sukuk/MCMTN ratings](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-osk-units-sukuk-mcmtn-ratings-2/) - MARC Ratings has affirmed its ratings of AAIS /AA on funding vehicle OSK Rated Bond Sdn Bhd’s Sukuk Murabahah/Multi-Currency Medium-Term Notes (Sukuk/MCMTN) Programmes with a combined limit of up to RM2.0 billion. The ratings outlook is stable. The ratings apply only to ringgit-denominated sukuk/notes under the programmes. The programmes carry an unconditional and irrevocable guarantee
- [MARC Ratings affirms MARC-1<sub><i>IS</i></sub>/A<sub><i>IS</i></sub> ratings on Gabungan AQRS’ ICP/IMTN Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-marc-1is-ais-ratings-on-gabungan-aqrs-icp-imtn-programme-2/) - MARC Ratings has affirmed its ratings of MARC-1IS /AIS on Gabungan AQRS Berhad’s (GBG) RM200 million Islamic Commercial Papers (ICP)/Islamic Medium-Term Notes (IMTN) Programme. The long-term rating outlook is stable. As of end-September 2024, GBG had an outstanding RM53.0 million IMTN and RM74.0 million ICP under the rated programme. The long-term rating mainly incorporates GBG’s
- [MARC Ratings affirms CGS MY’s ratings](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-cgs-mys-ratings/) - MARC Ratings has affirmed its non-bank financial institution rating of AA/Stable on CGS International Securities Malaysia Sdn Bhd (CGS MY) and the MARC-1 rating on CGS MY’s Commercial Papers Programme of up to RM1.0 billion in nominal value. The ratings reflect CGS MY’s growing business profile in the domestic stockbroking industry. CGS MY has been
- [MARC Ratings downgrades Tan Chong Motor’s IMTN rating to A<sub><i>IS</i></sub>](https://www.marc.com.my/rating-announcements/marc-ratings-downgrades-tan-chong-motors-imtn-rating-to-ais/) - MARC Ratings has lowered its rating on Tan Chong Motor Holdings Berhad’s (TCMH) RM1.5 billion Islamic Medium-Term Notes (Sukuk Murabahah) Programme to AIS from A+IS. The rating outlook is negative. The rating action reflects the negative impact on TCMH’s credit profile from declining vehicle sales over the years, resulting in reduced domestic market share to
- [MARC Ratings assigns final rating of AA-<sub><i>IS</i></sub> to Power Root’s RM500.0 million Sukuk Wakalah Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-rating-of-aa-is-to-power-roots-rm500-0-million-sukuk-wakalah-programme/) - MARC Ratings has assigned a final rating of AA-IS to Power Root Berhad’s RM500.0 million Islamic Medium-Term Notes (Sukuk Wakalah) Programme. The rating outlook is stable. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way from the draft
- [MARC Ratings affirms Kuwait's sovereign credit rating at AAA](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-kuwaits-sovereign-credit-rating-at-aaa/) - MARC Ratings has affirmed the State of Kuwait’s sovereign credit rating at AAA with a stable outlook based on the rating agency’s national rating scale. The rating reflects Kuwait’s strong fiscal and external balance sheets, underpinned by its strong position in the global oil market. Kuwait ranked as the fifth-largest Organization of the Petroleum Exporting
- [MARC Ratings assigns preliminary ratings of AA-<sub><i>IS</i></sub>/MARC-1<sub><i>IS</i></sub>to SIBS’ proposed RM3.0 billion IMTN/ICP programmes](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-ratings-of-aa-is-marc-1isto-sibs-proposed-rm3-0-billion-imtn-icp-programmes/) - MARC Ratings has assigned preliminary ratings of AA-IS and MARC-1IS to SIBS Sdn Bhd’s proposed Islamic Medium-Term Notes (IMTN) Programme of up to RM3.0 billion and Islamic Commercial Papers (ICP) Programme of up to RM500.0 million, with a combined aggregate limit of up to RM3.0 billion. The rating outlook is stable. The assigned ratings incorporate
- [MARC Ratings affirms EDOTCO Malaysia’s AA+<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-edotco-malaysias-aais-rating-2/) - MARC Ratings has affirmed its AA+IS rating on EDOTCO Malaysia Sdn Bhd’s RM3.0 billion Islamic Medium-Term Notes Programme (Sukuk Wakalah Programme) with a stable outlook. The rating reflects EDOTCO Malaysia and its subsidiaries’ (EDOTCO Malaysia group) leading market position in the growing domestic telecommunication (telco) tower industry, the underlying stability of its business model that
- [MARC Ratings affirms Jimah East Power’s AA-<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-jimah-east-powers-aa-is-rating/) - MARC Ratings has affirmed its AA-IS rating on Jimah East Power Sdn Bhd’s (JEP) outstanding RM8.24 billion Sukuk Murabahah with a stable outlook. The affirmed rating is underpinned by JEP’s predictable cash flow from its 2x1,000-MW ultra-supercritical coal plant under a 25-year power purchase agreement (PPA) with its indirect 70% shareholder, Tenaga Nasional Berhad (TNB).
- [MARC Ratings withdraws rating on Masteel's RM130.0 million guaranteed Sukuk Ijarah Programme](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-rating-on-masteels-rm130-0-million-guaranteed-sukuk-ijarah-programme/) - MARC Ratings has withdrawn its rating of AAAIS(bg)/Stable on Malaysia Steel Works (KL) Bhd’s (Masteel) RM130.0 million Sukuk Ijarah Programme guaranteed by Bank Pembangunan Malaysia Berhad at the request of the issuer. There is no outstanding under the programme which will expire on December 1, 2025. Following the withdrawal, MARC Ratings will no longer provide
- [MARC Ratings affirms PLNG2’s rating with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-plng2s-rating-with-stable-outlook-3/) - MARC Ratings has affirmed its rating of AAAIS on Pengerang LNG (Two) Sdn Bhd’s (PLNG2) Islamic Medium-Term Notes Programme of up to RM3.0 billion. The rating outlook is stable. PLNG2 owns a regasification terminal with a capacity of up to 3.5 million tonnes per annum (mtpa), through which natural gas has been substantially supplied to
- [MARC Ratings upgrades DRB-HICOM’s Sukuk Programmes ratings](https://www.marc.com.my/rating-announcements/marc-ratings-upgrades-drb-hicoms-sukuk-programmes-ratings/) - MARC Ratings has upgraded DRB-HICOM Berhad’s RM3.5 billion Sukuk Programme rating to AA-IS from A+IS. Accordingly, the rating outlook has been revised to stable from positive. The rating upgrade incorporates DRB-HICOM’s strengthened credit profile from the robust performance of its automotive operations in recent years, particularly its key subsidiary PROTON Holdings Berhad. Improving leverage and
- [MARC Ratings affirms AA+<sub><i>IS</i></sub> rating on Kapar Energy Ventures’ sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aais-rating-on-kapar-energy-ventures-sukuk/) - MARC Ratings has affirmed its AA+IS rating on Kapar Energy Ventures Sdn Bhd’s (KEV) outstanding RM320.0 million Sukuk Ijarah with a stable outlook. The affirmed rating benefits from a two-notch uplift from KEV’s standalone rating due to expected support from Tenaga Nasional Berhad (AAA/Stable), which has 60.0% ownership of KEV through its wholly-owned subsidiary TNB
- [MARC Ratings affirms SAJ Capital's AA-<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-saj-capitals-aa-is-rating-2/) - MARC Ratings has affirmed its AA-IS rating on SAJ Capital Sdn Bhd’s Sukuk Murabahah of up to RM650 million with a stable outlook. SAJ Capital is a wholly-owned funding vehicle of Ranhill Capital Sdn Bhd, which owns 80% of Ranhill SAJ Sdn Bhd. As the dividends from Ranhill SAJ form the source of the profit
- [MARC Ratings affirms Penang Port’s AA-<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-penang-ports-aa-is-rating-3/) - MARC Ratings has affirmed its rating on Penang Port Sdn Bhd’s (PPSB) Islamic Medium-Term Notes Issuance Programme of up to RM1.0 billion at AA-IS with a stable outlook. The rating affirmation considers PPSB’s strong track record as the operator of Penang Port, the key trade gateway port in northern Peninsular Malaysia that handles container and
- [MARC Ratings affirms Sabah’s sub-sovereign rating at AAA](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-sabahs-sub-sovereign-rating-at-aaa/) - MARC Ratings has affirmed Sabah’s sub-sovereign credit rating at AAA with a stable outlook based on the rating agency’s sub-sovereign rating scale. The AAA rating reflects Sabah’s substantial fiscal buffers, high revenue base from its abundant natural resources and strong institutional framework. Sabah’s fiscal surpluses have led to consolidated funds reaching RM5.4 billion in 2022
- [MARC Ratings assigns preliminary AAA/AAA<sub><i>IS</i></sub> ratings to Cagamas’ proposed MTN/IMTN Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-aaa-aaais-ratings-to-cagamas-proposed-mtn-imtn-programme/) - MARC Ratings has assigned preliminary ratings of AAA/AAAIS to Cagamas Berhad’s proposed Conventional/Islamic Medium-Term Notes (MTN/IMTN) Programmes with a combined limit of up to RM80.0 billion. Concurrently, the rating agency has affirmed its ratings on Cagamas’ bonds and sukuk issuances as follows: MARC-1/MARC-1IS on Conventional/Islamic Commercial Papers (CCP/ICP) Programmes with a combined limit of RM20.0
- [MARC Ratings assigns “Gold” Impact Assessment to Berapit Mobility's Sustainable Finance Framework](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-gold-impact-assessment-to-berapit-mobilitys-sustainable-finance-framework/) - MARC Ratings has assigned a "Gold" Impact Assessment to Berapit Mobility Sdn Bhd’s (BMSB) Sustainability Sukuk Framework. The framework has been established to set the guiding principles for BMSB’s issuance of Sustainability Sukuk for eligible projects that contribute towards environmental and social benefits. BMSB, incorporated in September 2023, is a subsidiary of SMH Rail Sdn
- [MARC Ratings assigns preliminary rating of AA<sub><i>IS</i></sub> to Berapit Mobility’s proposed RM1.5 billion sukuk programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-rating-of-aais-to-berapit-mobilitys-proposed-rm1-5-billion-sukuk-programme/) - MARC Ratings has assigned a preliminary rating of AAIS to Berapit Mobility Sdn Bhd’s (BMSB) proposed Sustainability Islamic Medium-Term Notes Programme (sukuk programme) of up to RM1.5 billion. The outlook on the rating is stable. The rating reflects the size and predictability of operating cash flow under the long lease agreements of 25 years, the
- [MARC Ratings assigns preliminary AA-<sub><i>IS</i></sub> rating to Power Root’s proposed RM500.0 million Sukuk Wakalah Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-aa-is-rating-to-power-roots-proposed-rm500-0-million-sukuk-wakalah-programme/) - MARC Ratings has assigned a preliminary rating of AA-IS to Power Root Berhad’s proposed RM500.0 million Islamic Medium-Term Notes (IMTN) Programme. The rating outlook is stable. The assigned rating is premised on Power Root’s established position in the instant beverage sector, supported by an extensive sales network, and its steady financial performance, characterised by sustained
- [MARC Ratings upgrades Evyap Malaysia’s RM500.0 million Sukuk Wakalah Programme rating to AA<sub><i>IS</i></sub>](https://www.marc.com.my/rating-announcements/marc-ratings-upgrades-evyap-malaysias-rm500-0-million-sukuk-wakalah-programme-rating-to-aais/) - MARC Ratings has upgraded Evyap Sabun Malaysia Sdn Bhd’s (Evyap Malaysia) RM500.0 million Sukuk Wakalah Programme rating to AAIS from AA-IS and accordingly revised the rating outlook to stable from positive. Evyap Malaysia’s healthy operational and financial performance, and sustained strong credit metrics since the initial rating was assigned in 2020 are key rating drivers
- [MARC Ratings affirms SME Bank’s financial institution rating with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-sme-banks-financial-institution-rating-with-stable-outlook-3/) - MARC Ratings has affirmed its financial institution rating on Small Medium Enterprise Development Bank Malaysia Berhad (SME Bank) at AAA. The rating agency has also affirmed its AAAIS/MARC-1IS ratings on the bank’s existing Islamic Medium-Term Notes Programme/ Islamic Commercial Papers Programme with a combined limit of RM3.0 billion. The rating outlook is stable. The affirmation
- [MARC Ratings affirms ratings of A<sub><i>IS(cg)</i></sub>/MARC-1<sub><i>IS(cg)</i></sub> on SkyWorld Capital’s IMTN/CP Programmes of up to RM300.0 million](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-of-aiscg-marc-1iscg-on-skyworld-capitals-imtn-cp-programmes-of-up-to-rm300-0-million/) - MARC Ratings has affirmed its ratings of AIS(cg)/MARC-1IS(cg) on special purpose funding vehicle SkyWorld Capital Berhad’s RM300.0 million Islamic Medium-Term Notes/Islamic Commercial Papers (IMTN/ICP) Programmes. The rating outlook is stable. The ratings reflect the credit profile of parent SkyWorld Development Berhad (SkyWorld) which has extended an irrevocable and unconditional guarantee on the programmes. As at
- [MARC Ratings affirms TSH’s rating of AA-<sub><i>IS</i></sub> with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-tshs-rating-of-aa-is-with-stable-outlook/) - MARC Ratings has affirmed its rating of AA-IS on special purpose funding vehicle TSH Sukuk Murabahah Sdn Bhd’s RM150 million Islamic Medium-Term Notes (IMTN) Programme with a stable outlook. The rating assessment on TSH Sukuk Murabahah is based on the credit profile of parent TSH Resources Berhad (TSH) which has provided an irrevocable and unconditional
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on MHB’s sukuk with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-mhbs-sukuk-with-stable-outlook/) - MARC Ratings has affirmed its AA-IS rating on Malaysia Marine and Heavy Engineering Holdings Berhad’s (MHB) RM1.0 billion Sukuk Murabahah Programme with a stable outlook. Currently, the programme has no outstanding amount. The rating incorporates a one-notch uplift on MHB’s standalone rating premised on MARC Ratings’ assessment of the company’s status as a member of
- [MARC Ratings affirms Putrajaya Bina's Sukuk Wakalah Programme rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-putrajaya-binas-sukuk-wakalah-programme-rating/) - MARC Ratings has affirmed its AAAIS rating on Putrajaya Bina Sdn Bhd’s (PBSB) RM1.58 billion Islamic Medium-Term Notes (Sukuk Wakalah) Programme. The rating outlook is stable. The rating affirmation is mainly premised on the sufficiency of the periodic payment streams from the Malaysian government in the form of availability charges (AC) to meet the financial
- [MARC Ratings affirms ratings on Putrajaya Holdings' sukuk programmes](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-on-putrajaya-holdings-sukuk-programmes-3/) - MARC Ratings has affirmed its ratings on Putrajaya Holdings Sdn Bhd’s (PJH) sukuk programmes with a stable outlook. The list of sukuk programmes is appended at the end of this press announcement. The credit strength of the Malaysian government as the principal lessee of government buildings in Putrajaya under individual long-term lease-and-sublease agreements with PJH
- [MARC Ratings affirms CIMB Islamic’s ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-cimb-islamics-ratings-with-stable-outlook/) - MARC Ratings has affirmed CIMB Islamic Bank Berhad’s (CIMB Islamic) financial institution (FI) ratings of AAA/MARC-1/Stable. Concurrently, the rating agency has affirmed its ratings on CIMB Islamic’s sukuk issuances as follows: RM10.0 billion Senior Sukuk Wakalah Programme (Sukuk Wakalah) at AAAIS/Stable RM5.0 billion Tier 2 Junior Sukuk Programme at AA+IS/Stable CIMB Islamic’s FI ratings are
- [MARC Ratings affirms CIMB Group’s ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-cimb-groups-ratings-with-stable-outlook/) - MARC Ratings has affirmed its long- and short-term corporate credit ratings of AA+/MARC-1 on CIMB Group Holdings Berhad (CIMB Group). The rating agency has concurrently affirmed its AA rating on the group’s RM10.0 billion Basel III-compliant Tier 2 Subordinated Debt Programme. The ratings outlook is stable. CIMB Group is Malaysia’s second-largest banking group with total
- [MARC Ratings affirms CIMB Bank’s ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-cimb-banks-ratings-with-stable-outlook/) - MARC Ratings has affirmed its financial institution ratings on CIMB Bank Berhad at AAA/MARC-1. The rating agency has concurrently affirmed its AA+ rating on the bank’s existing RM10.0 billion Basel III-compliant Tier 2 Subordinated Debt Programme. The ratings outlook is stable. The affirmation reflects the bank’s high systemic importance as the second-largest bank by assets
- [MARC Ratings assigns “Gold” Impact Assessment to Johor Plantations Group’s Sustainable Finance Framework](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-gold-impact-assessment-to-johor-plantations-groups-sustainable-finance-framework/) - MARC Ratings has assigned a "Gold" Impact Assessment to Johor Plantations Group Berhad’s (JPG) Sustainable Finance Framework. The framework was established to outline how JPG plans to undertake sustainable finance transactions to deliver environmental and social benefits. JPG is involved throughout the value chain of the palm oil business, from cultivating oil palms to producing
- [MARC Ratings revises UiTM Solar’s rating outlook to stable from positive](https://www.marc.com.my/rating-announcements/marc-ratings-revises-uitm-solars-rating-outlook-to-stable-from-positive/) - MARC Ratings has affirmed its A+IS rating on UiTM Solar Power Sdn Bhd’s (UiTM Solar) outstanding RM172.3 million Green Sustainable and Responsible Investment (SRI) Sukuk. The outlook has been revised to stable from positive. UiTM Solar is a project company incorporated to develop a 50MWac solar power plant in Gambang, Pahang. The affirmed rating is
- [MARC Ratings assigns preliminary short-term rating of MARC-1<sub><i>IS</i></sub> to Titijaya’s proposed ICP](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-short-term-rating-of-marc-1is-to-titijayas-proposed-icp/) - MARC Ratings has assigned a preliminary short-term rating of MARC-1IS to Titijaya Land Berhad’s (Titijaya) proposed RM300 million Islamic Commercial Papers (ICP) Programme. Concurrently, the rating agency has affirmed its existing MARC-1IS rating on the group’s RM150 million ICP programme which will expire on November 8, 2024. The new programme will replace the existing programme on expiry.
- [MARC Ratings affirms AA<sub><i>IS(CG)</i></sub> rating on VS Capital Management](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aaiscg-rating-on-vs-capital-management-2/) - MARC Ratings has affirmed its rating of AAIS(CG) on special purpose funding vehicle VS Capital Management Sdn Bhd’s Islamic Medium-Term Notes (IMTN) Programme of up to RM1.0 billion. The rating outlook is stable. The rating reflects the credit strength of parent VS Industry Berhad (VSI) which has provided an unconditional and irrevocable guarantee on the
- [MARC Ratings affirms SHC Capital’s rating at AA-<sub><i>IS</i></sub>](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-shc-capitals-rating-at-aa-is/) - MARC Ratings has affirmed its AA-IS rating on SHC Capital Sdn Bhd’s RM80 million issuance under its RM200 million Islamic Medium-Term Notes (Sukuk Wakalah) Programme with a stable outlook. SHC Capital is a wholly-owned funding vehicle of Tunas Cool Energy Sdn Bhd (TUNAS), a subsidiary of Sin Heng Chan (Malaya) Berhad. TUNAS owns a district
- [MARC Ratings revises Johor Port Berhad’s rating outlook to positive](https://www.marc.com.my/rating-announcements/marc-ratings-revises-johor-port-berhads-rating-outlook-to-positive/) - MARC Ratings has affirmed its ratings on port operator Johor Port Berhad’s (JPB) Islamic Commercial Papers Programme and Islamic Medium-Term Notes (IMTN) Programme at MARC-1IS and AA-IS, and revised the outlook on the long-term rating to positive from stable. The programmes have a combined aggregate limit of RM1.0 billion and the current outstanding comprising entirely
- [MARC Ratings revises DUKE 3’s rating outlook to negative](https://www.marc.com.my/rating-announcements/marc-ratings-revises-duke-3s-rating-outlook-to-negative/) - MARC Ratings has affirmed its AA-IS rating on toll concessionaire Lebuhraya DUKE Fasa 3 Sdn Bhd’s (DUKE 3) outstanding RM3.64 billion Sukuk Wakalah. The rating outlook has been revised to negative from stable. DUKE 3 is the concessionaire for the 32-km Setiawangsa-Pantai Expressway (SPE) that connects Middle Ring Road 2 at Wangsa Maju to Kerinchi
- [MARC Ratings assigns preliminary rating of A<sub><i>IS</i></sub> to Tropicana’s proposed RM1.5 billion IMTN Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-rating-of-ais-to-tropicanas-proposed-rm1-5-billion-imtn-programme/) - MARC Ratings has assigned a preliminary rating of AIS to Tropicana Corporation Berhad’s proposed RM1.5 billion Islamic Medium-Term Notes (IMTN) (Sukuk Wakalah) and concurrently affirmed its ratings of AIS on the RM1.5 billion IMTN (Sukuk Wakalah) and A-IS on the RM2.0 billion Perpetual Sukuk. The outlook on all ratings is stable. Proceeds from the initial
- [MARC Ratings affirms Agrobank’s AAA financial institution rating with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-agrobanks-aaa-financial-institution-rating-with-stable-outlook/) - MARC Ratings has affirmed its financial institution rating of AAA on Bank Pertanian Malaysia Berhad (Agrobank). Concurrently, the rating agency has also affirmed its rating of AAAIS on Agrobank’s Islamic Medium-Term Notes Programme. The ratings outlook is stable. The ratings reflect MARC Ratings’ view of a very high probability of government support for Agrobank. This
- [MARC Ratings affirms KAF Investment Bank’s financial institution ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-kaf-investment-banks-financial-institution-ratings-with-stable-outlook-3/) - MARC Ratings has affirmed its financial institution (FI) ratings of AA-/MARC-1 on KAF Investment Bank Berhad (KAF IB) with a stable outlook. KAF IB’s longstanding track record of sound performance, strong capitalisation and liquidity levels, underpinned by a conservative investment strategy, remain key rating drivers. The susceptibility of KAF IB’s performance to sudden changes in
- [MARC Ratings affirms Tenaga Nasional’s AAA rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-tenaga-nasionals-aaa-rating/) - MARC Ratings has affirmed Tenaga Nasional Berhad’s (TNB) corporate credit rating at AAA with a stable outlook. TNB’s strong credit profile reflects its monopoly on electricity transmission in Peninsular Malaysia and Sabah, its status as the largest domestic electricity producer, distributor and retailer, and the favourable incentive-based regulation framework under which it is able to
- [MARC Ratings places Kuwait Finance House Malaysia’s ratings on MARCWatch Developing](https://www.marc.com.my/rating-announcements/marc-ratings-places-kuwait-finance-house-malaysias-rating-on-marcwatch-developing/) - MARC Ratings has placed its financial institution (FI) ratings of AA+/MARC-1 on Kuwait Finance House (Malaysia) Berhad (KFH Malaysia) on MARCWatch Developing. The rating action follows the announcement on July 31, 2024, by KFH Malaysia that it will voluntarily withdraw from the Malaysian market and wind down its banking business in the country. MARC Ratings
- [MARC Ratings affirms A+<sub><i>IS</i></sub> rating on Sunsuria’s RM500.0 million Sukuk Wakalah Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ais-rating-on-sunsurias-rm500-0-million-sukuk-wakalah-programme-3/) - MARC Ratings has affirmed its rating of A+IS on Sunsuria Berhad’s RM500.0 million Sukuk Wakalah Programme. The rating outlook is stable. The rating affirmation incorporates Sunsuria’s conservative property development approach, healthy overall take-up rates and low inventory level. The rating also factors in the group’s low-to-moderate leverage position and healthy liquidity position. Moderating the rating
- [MARC Ratings assigns preliminary rating of AA-<sub><i>IS</i></sub> to WM Senibong Capital’s proposed RM1.0 billion Sukuk Wakalah Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-rating-of-aa-is-to-wm-senibong-capitals-proposed-rm1-0-billion-sukuk-wakalah-programme/) - MARC Ratings has assigned a preliminary rating of AA-IS to special purpose vehicle WM Senibong Capital Berhad’s (WMSC) proposed Islamic Medium-Term Notes (Sukuk Wakalah) Programme of up to RM1.0 billion. The rating outlook is stable. WMSC is wholly owned by WM Senibong Sdn Bhd. The rating reflects the credit strength of property developer WM Senibong
- [MARC Ratings affirms UiTM Solar Power Dua’s sukuk rating at AA-<sub><i>IS</i></sub>](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-uitm-solar-power-duas-sukuk-rating-at-aa-is-3/) - MARC Ratings has affirmed its AA-IS rating on UiTM Solar Power Dua Sdn Bhd’s outstanding RM87.0 million Green Sustainable and Responsible Investment (SRI) Sukuk with a stable outlook. UiTM Solar Power Dua owns and operates a 25MWac solar power plant in Pasir Gudang, Johor. The affirmed rating reflects the strength of the 21-year power purchase
- [MARC Ratings assigns “Gold” Impact Assessment to TNB Power Generation’s Sustainability Sukuk Framework](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-gold-impact-assessment-to-tnb-power-generations-sustainability-sukuk-framework/) - MARC Ratings has assigned a "Gold" Impact Assessment to TNB Power Generation Sdn Bhd’s (TPGSB) Sustainability Sukuk Framework that has now been expanded to encompass the development and operation of other renewable energy projects or assets, in addition to the Nenggiri Hydroelectric Power Plant Project. TPGSB will issue Sustainability Sukuk from its existing Sukuk Wakalah
- [MARC Ratings affirms ratings on UMW’s IMTN and Perpetual Sukuk Programmes](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-on-umws-imtn-and-perpetual-sukuk-programmes-3/) - MARC Ratings has affirmed its AA+IS rating on UMW Holdings Berhad’s (UMW) RM2.0 billion Islamic Medium-Term Notes Programme (Sukuk Musharakah) and its AA-IS rating on the RM2.0 billion Perpetual Sukuk Programme. The outlook for all ratings is stable. UMW’s longstanding leading position in the domestic automotive market, significant automotive sales in recent years that have
- [MARC Ratings affirms George Kent’s ratings](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-george-kents-ratings-3/) - MARC Ratings has affirmed its ratings of MARC-1IS and A+IS on George Kent (Malaysia) Berhad’s RM100.0 million Islamic Commercial Papers Programme and RM500.0 million Islamic Medium-Term Notes Programme, subject to a combined limit of RM500.0 million. The rating outlook is stable. The affirmed ratings continue to reflect George Kent’s strong liquidity position and healthy balance
- [MARC Ratings affirms AA- rating on Central Impression’s outstanding Fixed Rate Serial Bonds](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-rating-on-central-impressions-outstanding-fixed-rate-serial-bonds/) - MARC Ratings has affirmed its AA- rating on Central Impression Sdn Bhd’s (CISB) outstanding RM30.0 million Fixed Rate Serial Bonds. The rating outlook is stable. The rating reflects the credit strength of AEON Co (M) Berhad (AEON), which, as the principal lessee of CISB-owned AEON Mall Ipoh Klebang, makes periodic fixed lease payments under a
- [MARC Ratings assigns “Gold” Impact Assessment to Bank Kerjasama Rakyat Malaysia’s Sustainability Sukuk Framework](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-gold-impact-assessment-to-bank-kerjasama-rakyat-malaysias-sustainability-sukuk-framework/) - MARC Ratings has assigned a "Gold" Impact Assessment to Bank Kerjasama Rakyat Malaysia Berhad’s (Bank Rakyat) Sustainability Sukuk Framework. The framework has been established to set the guiding principles for Bank Rakyat’s issuance of Sustainability Sukuk for eligible projects that contribute towards environmental and social benefits. Bank Rakyat is the largest Islamic cooperative bank in
- [MARC Ratings affirms AAA<sub><i>IS</i></sub> rating on TNB Northern’s sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aaais-rating-on-tnb-northerns-sukuk-2/) - MARC Ratings has affirmed its AAAIS rating on TNB Northern Energy Berhad’s (TNB Northern) outstanding RM1.15 billion sukuk with a stable outlook. TNB Northern is the funding vehicle for TNB Prai Sdn Bhd, which operates a combined-cycle gas turbine power plant (comprising two power generation units — Unit 10 and Unit 20 — with an
- [MARC Ratings affirms ratings on Yinson’s programmes](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-on-yinsons-programmes/) - MARC Ratings has affirmed its A+IS rating on Yinson Holdings Berhad’s RM1.0 billion Islamic Medium-Term Notes Programme (Senior Sukuk). Concurrently, the rating agency has also affirmed its A-IS rating on the group’s RM1.0 billion Subordinated Perpetual Islamic Notes Programme (Perpetual Sukuk). The two-notch rating differential between the instruments reflects the subordinated structure of the Perpetual
- [MARC Ratings affirms AA<sub><i>IS</i></sub> rating on S P Setia’s RM3.0 billion IMTN Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aais-rating-on-s-p-setias-rm3-0-billion-imtn-programme-3/) - MARC Ratings has affirmed its AAIS rating on S P Setia Berhad’s RM3.0 billion Islamic Medium-Term Notes (IMTN) Programme with a stable outlook. The rating reflects S P Setia’s established domestic market position in township development, its proven sales track record, and considerable landbank in strategic locations that would continue to provide strong developmental opportunities.
- [MARC Ratings assigns final ratings of MARC-1<sub><i>IS</i></sub>/AA-<sub><i>IS</i></sub> to Malakoff Power’s RM1.2 billion ICP/IMTN programmes](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-ratings-of-marc-1is-aa-is-to-malakoff-powers-rm1-2-billion-icp-imtn-programmes/) - MARC Ratings has assigned final ratings of MARC-1IS/AA-IS to Malakoff Power Berhad’s RM1.2 billion Islamic Commercial Papers and Islamic Medium-Term Notes (ICP/IMTN) programmes. The rating outlook is stable. The rating agency has reviewed the final documentation for the programmes and is satisfied that the terms and conditions have not changed in any material way from
- [MARC Ratings revises Segi Astana’s MTN rating outlook to positive](https://www.marc.com.my/rating-announcements/marc-ratings-revises-segi-astanas-mtn-rating-to-positive/) - MARC Ratings has affirmed Segi Astana Sdn Bhd’s RM415.0 million ASEAN Green Medium-Term Notes (MTN) rating at A+ and revised the rating outlook to positive from stable. Segi Astana is the concessionaire for the integrated complex, gateway@klia2, at Kuala Lumpur International Airport Terminal 2 (KLIA Terminal 2) in Sepang, Selangor. The gateway@klia2 complex comprises a
- [MARC Ratings affirms AAA<sub><i>IS</i></sub> rating on Aman Sukuk’s RM10.0 billion IMTN Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aaais-rating-on-aman-sukuks-rm10-0-billion-imtn-programme-2/) - MARC Ratings has affirmed its AAAIS rating on Aman Sukuk Berhad’s (Aman) Islamic Medium-Term Notes (IMTN) Programme of up to RM10.0 billion. The rating affirmation reflects the credit strength of the Malaysian government as the sole obligor of rental payment streams to meet the obligations under this programme. Aman has informed it will undertake an
- [MARC Ratings affirms ratings on Sunway Group’s issuances](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-on-sunway-groups-issuances/) - MARC Ratings has affirmed its ratings on Sunway Group’s issuances with a stable outlook. The list of issuances is appended at the end of this press release. Sunway Group’s long operating track record and strong market position in key sectors of the economy remain key drivers of the ratings affirmation. This is moderated by increasing
- [MARC Ratings withdraws Islamic Development Bank’s ratings](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-islamic-development-banks-ratings/) - MARC Ratings has withdrawn its financial institution ratings of AAA/MARC-1 on Islamic Development Bank (IsDB), as well as its AAAIS rating on the Sukuk Wakalah Programme of RM400 million issued by Tadamun Services Berhad, a trust established by IsDB. The ratings withdrawal follows the expiry of the programme as confirmed by the facility agent on
- [MARC Ratings assigns preliminary MARC-1 rating to Merchantrade’s proposed RM200 million Multi-Currency Commercial Papers Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-marc-1-rating-to-merchantrades-proposed-rm200-million-multi-currency-commercial-papers-programme/) - MARC Ratings has assigned a preliminary rating of MARC-1 to Merchantrade Asia Sdn Bhd’s (Merchantrade) proposed Multi-Currency Commercial Papers (CP) Programme of up to RM200 million in nominal value. The rating is confined to ringgit-denominated issuance under the proposed programme, with the initial drawdown expected to be around RM50 million to RM70 million. The rating
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on Leader Energy’s sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-leader-energys-sukuk-3/) - MARC Ratings has affirmed its AA-IS rating on Leader Energy Sdn Bhd’s outstanding ASEAN Green Sustainable and Responsible Investment Sukuk Wakalah of RM230.0 million with a stable outlook. The rating affirmation incorporates the strong operational track record of the two solar plants held by Leader Energy’s wholly-owned project companies, Leader Solar Energy Sdn Bhd (LSE
- [MARC Ratings affirms AAA<sub><i>IS(cg)</i></sub>/MARC-1<sub><i>IS(cg)</i></sub> ratings on F&N Capital’s IMTN and ICP Programmes](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aaaiscg-marc-1iscg-ratings-on-fn-capitals-imtn-and-icp-programmes-2/) - MARC Ratings has affirmed its ratings of AAAIS(cg) /MARC-1IS(cg) on F&N Capital Sdn Bhd’s Islamic Medium-Term Notes (IMTN) and Islamic Commercial Papers (ICP) programmes with a combined limit of up to RM3.0 billion. The outlook is stable. F&N Capital is a funding vehicle of Fraser & Neave Holdings Bhd (F&NHB) which has provided an unconditional
- [MARC Ratings downgrades YNH’s rating to BB<sub><i>IS</i></sub> upon removing rating from negative watch](https://www.marc.com.my/rating-announcements/marc-ratings-downgrades-ynhs-rating-to-bbis-upon-removing-rating-from-negative-watch/) - MARC Ratings has removed YNH Property Berhad’s (YNH) Islamic Medium-Term Notes Programme (Sukuk Wakalah) rating from MARCWatch Negative placement and concurrently downgraded the rating to BBIS. The rating had been on negative watch since January 18, 2024, precipitated by YNH’s weak financial position, delayed asset disposals and material issues concerning its key shareholder that have
- [MARC Ratings assigns final rating of MARC-1<sub><i>IS</i></sub> to OCK’s ICP Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-rating-of-marc-1is-to-ocks-icp-programme/) - MARC Ratings has assigned a final rating of MARC-1IS to OCK Group Berhad’s (OCK) RM500.0 million Islamic Commercial Papers (ICP) Programme. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way from the draft documentation on which the preliminary
- [MARC Ratings affirms Alam Flora’s MARC-1<sub><i>IS</i></sub>/AA<sub><i>IS</i></sub> ratings](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-alam-floras-marc-1is-aais-ratings/) - MARC Ratings has affirmed its MARC-1IS/AAIS ratings on Alam Flora Sdn Bhd’s RM700 million Islamic Commercial Papers and Islamic Medium-Term Notes (ICP/IMTN) Programmes with a stable outlook. The affirmation reflects Alam Flora’s stable cash flows derived from its 22-year waste collection and public cleansing concession agreement with the government ending 2033, as well as its
- [MARC Ratings withdraws Bina Darulaman’s RM100.0 million ICP Programme rating](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-bina-darulamans-rm100-0-million-icp-programme-rating/) - MARC Ratings has withdrawn its rating of MARC-2IS on Bina Darulaman Berhad’s RM100.0 million Islamic Commercial Papers (ICP) Programme. The rating withdrawal follows the expiry of the programme as confirmed by the facility agent on June 25, 2024. Accordingly, MARC Ratings will no longer provide analytical coverage on the issuer.
- [MARC Ratings affirms China’s sovereign rating at AAA](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-chinas-sovereign-rating-at-aaa-2/) - MARC Ratings has affirmed the People’s Republic of China's (China) sovereign rating at AAA with a stable outlook based on its national rating scale. The AAA rating reflects several credit strengths that include the country’s large, diversified and internationally competitive economy, proactive fiscal and monetary approaches, and robust external position. As the world’s second-largest economy,
- [MARC Ratings affirms AA- rating on 7-Eleven Holdings’ MTN Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-rating-on-7-eleven-holdings-mtn-programme-3/) - MARC Ratings has affirmed its AA- rating on 7-Eleven Malaysia Holdings Berhad’s (7-Eleven Holdings) RM600.0 million Medium-Term Notes (MTN) Programme with a stable outlook. The rating affirmation reflects 7-Eleven Holdings’ entrenched market position in the domestic convenience store segment, long operating track record, and healthy debt and liquidity coverage which has been strengthened by the
- [MARC Ratings withdraws insurer financial strength rating on International General Insurance](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-insurer-financial-strength-rating-on-international-general-insurance/) - MARC Ratings has withdrawn its insurer financial strength rating of AA+ on Bermuda-based International General Insurance Co Ltd. The rating carried a stable outlook. The rating withdrawal is at the request of the issuer.
- [MARC Ratings affirms Eco World Capital’s <strong>AA-<sub><i>IS(cg)</i></sub></strong> rating on upsized programme of RM3.0 billion](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-eco-world-capitals-aa-iscg-rating-on-upsized-programme-of-rm3-0-billion/) - MARC Ratings has maintained its rating of AA-IS(cg) on funding vehicle Eco World Capital Berhad’s Islamic Medium-Term Notes (Sukuk Wakalah) Programme which has now been upsized to RM3.0 billion from RM1.2 billion. The outlook on the rating is stable. Eco World Development Group Berhad (EcoWorld) has provided an unconditional and irrevocable guarantee on the programme.
- [MARC Ratings affirms TNB Power Generation’s AAA<sub><i>IS</i></sub> sukuk rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-tnb-power-generations-aaais-sukuk-rating/) - MARC Ratings has affirmed its AAAIS rating on TNB Power Generation Sdn Bhd’s (TPGSB) Sukuk Wakalah Programme of up to RM10.0 billion with a stable outlook. TPGSB is a wholly-owned energy generation arm of Tenaga Nasional Berhad (TNB). It owns and operates 12 power plants and manages three power plants belonging to TNB with a
- [MARC Ratings revises Grand Sepadu’s rating outlook to positive](https://www.marc.com.my/rating-announcements/marc-ratings-revises-grand-sepadus-rating-outlook-to-positive/) - MARC Ratings has affirmed its rating of AA-IS on Grand Sepadu (NK) Sdn Bhd’s RM210.0 million Sukuk Murabahah. Concurrently, the rating outlook has been revised to positive from stable. The outlook revision considers Grand Sepadu’s steadily improving leverage and coverage ratios, supported by a disciplined approach to dividend distribution. Its overall debt has continued to
- [MARC Ratings affirms Trusmadi Capital’s Issue 1 MTN and CP ratings](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-trusmadi-capitals-issue-1-mtn-and-cp-ratings/) - MARC Ratings has affirmed its ratings on Trusmadi Capital Sdn Bhd’s Issue 1 RM235 million Class A, RM40 million Class B and RM25 million Class C Medium-Term Notes (MTN) at AAA, AA, and A. The rating agency has also affirmed its MARC-1 rating on Trusmadi Capital’s Issue 1 RM300 million Commercial Papers (CP). The MTN
- [MARC Ratings affirms ratings on China Construction Bank (Malaysia)](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-on-china-construction-bank-malaysia-2/) - MARC Ratings has affirmed its AA+/MARC-1 financial institution (FI) ratings on China Construction Bank (Malaysia) Berhad (CCBM) with a stable outlook. The long-term FI rating of AA+ is notched down from the AAA FI rating of its parent, China Construction Bank Corporation (CCB). The one-notch rating differential is in line with MARC Ratings’ notching criteria
- [MARC Ratings revises ANIH’s rating outlook to stable](https://www.marc.com.my/rating-announcements/marc-ratings-revises-anihs-rating-outlook-to-stable/) - MARC Ratings has revised its outlook on ANIH Berhad’s RM2.5 billion Senior Sukuk Musharakah Programme to stable from negative. Concurrently, the AA-IS rating on the programme has been affirmed. The stable outlook reflects the abatement of the uncertainty surrounding the approval process for ANIH to restructure its shareholdings. MARC Ratings understands that the change in
- [MARC Ratings affirms TNB Western Energy’s AAA<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-tnb-western-energys-aaais-rating/) - MARC Ratings has affirmed its AAAIS rating on TNB Western Energy Berhad’s (TNB Western) outstanding RM3.7 billion sukuk with a stable outlook. TNB Western is a funding vehicle for TNB Manjung Five Sdn Bhd, the owner and operator of a 1,000MW coal-fired power plant in Manjung, Perak, under a power purchase agreement (PPA) with Tenaga
- [MARC Ratings affirms Ranhill Sabah Energy II’s rating with a stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ranhill-sabah-energy-iis-rating-with-a-stable-outlook/) - MARC Ratings has affirmed its AAAIS(bg) rating on Ranhill Sabah Energy II Sdn Bhd’s (RSEII) (formerly known as Ranhill Powertron II Sdn Bhd) outstanding RM300.0 million Islamic Medium-Term Notes (IMTN) Programme with a stable outlook. The rating affirmation reflects the unconditional and irrevocable guarantee on the programme from Bank Pembangunan Malaysia Berhad, which carries a
- [MARC Ratings affirms Gas Malaysia’s AAA<sub><i>IS</i></sub>/MARC-1<sub><i>IS</i></sub> ratings](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-gas-malaysias-aaais-marc-1is-ratings/) - MARC Ratings has affirmed its AAAIS /MARC-1IS ratings on Gas Malaysia Distribution Sdn Bhd’s (GMD) Islamic Medium-Term Notes Programme and Islamic Commercial Papers Programme with a combined limit of up to RM1.0 billion. The ratings outlook is stable. As at end-December 2023, the outstanding amount under the programmes stood at RM330.2 million. The ratings reflect
- [MARC Ratings affirms AAA<sub><i>IS(fg)</i></sub> rating on Masteel's RM130.0 million guaranteed Sukuk Ijarah Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aaaisfg-rating-on-masteels-rm130-0-million-guaranteed-sukuk-ijarah-programme/) - MARC Ratings has affirmed its AAAIS(fg) rating on Malaysia Steel Works (KL) Bhd's (Masteel) RM130.0 million Danajamin Nasional Berhad-guaranteed Sukuk Ijarah Programme with a stable outlook. The affirmed rating and outlook are based on MARC Ratings' assessment of credit strength of Danajamin (AAA/Stable) which has provided an unconditional and irrevocable financial guarantee insurance on the
- [MARC Ratings assigns “Gold” Impact Assessment to Paramount’s Sustainability-Linked Financing Framework](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-gold-impact-assessment-to-paramounts-sustainability-linked-financing-framework/) - MARC Ratings has assigned a "Gold" Impact Assessment to Paramount Corporation Berhad’s Sustainability-Linked Financing Framework. The framework has been established to set the guiding principles for Paramount’s issuance of Sustainability-Linked Financing to achieve sustainability performance targets (SPTs) in relation to selected key performance indicators (KPIs). Bursa Malaysia-listed Paramount has been involved in property development since
- [MARC Ratings affirms FI rating of AAA on Credit Guarantee Corporation Malaysia](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-fi-rating-of-aaa-on-credit-guarantee-corporation-malaysia/) - MARC Ratings has affirmed its financial institution (FI) rating of AAA with a stable outlook on Credit Guarantee Corporation Malaysia Berhad (CGC). The rating is driven by 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 (BNM), its
- [MARC Ratings affirms PLSUKE’s ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-plsukes-ratings-with-stable-outlook-3/) - MARC Ratings has affirmed its A+IS(s) and AAAIS(bg) ratings on Projek Lintasan Sungai Besi-Ulu Klang Sdn Bhd’s (PLSUKE) Sukuk Wakalah Programme of up to RM2.0 billion and bank-guaranteed Facilities of up to RM500.0 million. The latter is guaranteed by Bank Pembangunan Malaysia Berhad which carries a financial institution rating of AAA from MARC Ratings. All
- [MARC Ratings affirms Konsortium KAJV's AA-<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-konsortium-kajvs-aa-is-rating/) - MARC Ratings has affirmed its AA-IS rating on Konsortium KAJV Sdn Bhd’s (KAJV) RM1.0 billion Sukuk Wakalah Programme with a stable outlook. The rating mirrors Terengganu’s sub-sovereign AA-/Stable rating and reflects the capacity of the Terengganu state government to meet its payment obligations due on the Facility Payment Certificates (FPC) it issued for work completed
- [MARC Ratings affirms Farm Fresh’s AA-<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-farm-freshs-aa-is-rating/) - MARC Ratings has affirmed its AA-IS rating on Farm Fresh Berhad’s Islamic Medium-Term Notes (IMTN) Programme of RM1.0 billion under the Shariah principle of Wakalah Bi Al-Istithmar. The rating outlook is stable. The outstanding under the rated programme stood at RM300.0 million as at end-April 2024. The rating affirmation is driven by Farm Fresh’s strengths
- [MARC Ratings withdraws Bank Muamalat’s RM2.0 billion Senior Sukuk Programme rating](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-bank-muamalats-rm2-0-billion-senior-sukuk-programme-rating/) - MARC Ratings has withdrawn its rating of A+IS on Bank Muamalat Malaysia Berhad’s RM2.0 billion Senior Sukuk Programme. The rating withdrawal follows the termination of the programme as confirmed by the facility agent on April 23, 2024. MARC Ratings’ analytical coverage on Bank Muamalat’s issuance is now limited to the bank’s RM5.0 billion Sukuk Wakalah
- [MARC Ratings revises Tropicana’s ratings outlook to stable](https://www.marc.com.my/rating-announcements/marc-ratings-revises-tropicanas-ratings-outlook-to-stable/) - MARC Ratings has revised its outlook on Tropicana Corporation Berhad’s rated programmes to stable from negative. Concurrently, the ratings on the programmes, the RM1.5 billion Islamic Medium-Term Notes (IMTN) (Sukuk Wakalah) and RM2.0 billion Perpetual Sukuk, have been affirmed at AIS and A-IS. The outlook revision considers the improved credit profile of Tropicana, driven by
- [MARC Ratings withdraws UEM Edgenta’s ICP rating](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-uem-edgentas-icp-rating/) - MARC Ratings has withdrawn its MARC-1IS rating on UEM Edgenta Berhad’s sub-limit RM300.0 million Islamic Commercial Papers (ICP) Programme under its RM1.0 billion Sukuk Murabahah Programme. The rating withdrawal follows the expiry of the ICP Programme as confirmed by the facility agent on April 30, 2024. Our analytical coverage on UEM Edgenta is now limited
- [MARC Ratings affirms Kimanis Power’s AA<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-kimanis-powers-aais-rating/) - MARC Ratings has affirmed its AAIS rating on Kimanis Power Sdn Bhd’s (KPSB) outstanding RM400.0 million Sukuk Programme with a stable outlook. KPSB owns a 285MW combined-cycle gas-fired power plant in Kimanis Bay, Sabah. The rating continues to be underpinned by KPSB’s 21-year power purchase agreement (PPA) with Sabah Electricity Sdn Bhd (SESB), which effectively
- [MARC Ratings affirms PTP’s Sukuk Murabahah rating at AA<sub><i>IS</i></sub>](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ptps-sukuk-murabahah-rating-at-aais/) - MARC Ratings has affirmed its rating on port operator Pelabuhan Tanjung Pelepas Sdn Bhd’s (PTP) RM2.15 billion Islamic Medium-Term Notes (Sukuk Murabahah Programme) at AAIS. The rating outlook is stable. The rating affirmation is driven by PTP’s strong position as the operator of a key container transhipment port in the region that has benefitted from
- [MARC Ratings assigns preliminary MARC-1<sub><i>IS</i></sub> rating to OCK’s proposed ICP Programme and affirms its Tranche 1 Sukuk rating at AA-<sub><i>IS</i></sub>](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-marc-1is-rating-to-ocks-proposed-icp-programme-and-affirms-its-tranche-1-sukuk-rating-at-aa-is/) - MARC Ratings has assigned a preliminary MARC-1IS rating to OCK Group Berhad’s (OCK) proposed RM500.0 million Islamic Commercial Papers (ICP) Programme. The rating agency has concurrently affirmed its AA-IS/Stable rating on OCK’s RM400.0 million Tranche 1 Sukuk Murabahah under its RM700 million Sukuk Murabahah Programme. As at end-February 2024, the outstanding amount under the Sukuk
- [MARC Ratings extends MARCWatch Negative on YNH's rating](https://www.marc.com.my/rating-announcements/marc-ratings-extends-marcwatch-negative-on-ynhs-rating/) - MARC Ratings has extended its MARCWatch Negative placement on YNH Property Berhad’s (YNH) Islamic Medium-Term Notes Programme (Sukuk Wakalah) following a rating downgrade to BBB-IS. The rating was at BBB+IS when it was first placed on negative watch on January 18, 2024. The rating action reflects MARC Ratings’ heightened concerns on YNH’s continued weak financial
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> and A- ratings on Kesturi's Senior Sukuk and Junior Bonds](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-and-a-ratings-on-kesturis-senior-sukuk-and-junior-bonds/) - MARC Ratings has affirmed its AA-IS and A- ratings on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (Kesturi) RM2.3 billion Sukuk Musharakah (Senior Sukuk) and RM180 million Redeemable Secured Junior Bonds with a stable outlook. The rating differential between the Senior Sukuk and Junior Bonds reflects the latter’s subordinated status in line with the rating agency’s
- [MARC Ratings revises rating outlook of cocoa grinders Guan Chong and JB Cocoa to negative](https://www.marc.com.my/rating-announcements/marc-ratings-revises-rating-outlook-of-cocoa-grinders-guan-chong-and-jb-cocoa-to-negative/) - MARC Ratings has revised its rating outlook on the sukuk programmes of its rated cocoa grinders, Guan Chong Berhad (AA-IS) and JB Cocoa Sdn Bhd (A+IS), to negative from stable. The rating action is driven by the prevailing abnormal price environment for cocoa beans, having risen steeply from USD3,835/MT to USD9,193/MT between end-October 2023 and
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on QSP Semenanjung’s sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-qsp-semenanjungs-sukuk/) - MARC Ratings has affirmed its AA-IS rating on Quantum Solar Park (Semenanjung) Sdn Bhd’s (QSP Semenanjung) outstanding RM750.0 million Green Sustainable and Responsible Investment (SRI) Sukuk with a stable outlook. QSP Semenanjung owns three 50MW power plants located in Gurun, Kedah; Jasin, Melaka; and Merchang, Terengganu. The rating affirmation reflects the good track record of
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on Sinar Kamiri’s sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-sinar-kamiris-sukuk-2/) - MARC Ratings has affirmed its AA-IS rating on Sinar Kamiri Sdn Bhd’s outstanding RM185.0 million Green Sustainable and Responsible Investment Sukuk Wakalah. The rating outlook is stable. The rating affirmation reflects Sinar Kamiri’s stable operational performance, steady cash flow generation and adequate finance service coverage ratio (FSCR) profile. The rating is underpinned by a 21-year
- [MARC Ratings affirms ratings on Cagamas MBS’ asset-backed Sukuk Musyarakah and fixed rate serial bonds](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-on-cagamas-mbs-asset-backed-sukuk-musyarakah-and-fixed-rate-serial-bonds-3/) - MARC Ratings has affirmed its AAAIS and AAA ratings on Cagamas MBS Berhad’s asset-backed Sukuk Musyarakah issuance (CMBS 2007-1-i) and fixed rate serial bonds (CMBS 2005-2; CMBS 2007-2). The outlook on all ratings is stable. Cagamas MBS was established to undertake the securitisation of government staff housing loans/financings. The affirmed ratings and outlook reflect the
- [MARC Ratings affirms ratings on Kinabalu Capital’s Issue 3](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-on-kinabalu-capitals-issue-3-2/) - MARC Ratings has affirmed its long-term ratings of AAA, AA and A on Kinabalu Capital Sdn Bhd’s Issue 3 of RM113 million Class A, RM21 million Class B and RM11 million Class C Medium-Term Notes (MTN). The outlook on all ratings is stable. The affirmed ratings reflect the loan-to-value (LTV) ratios of the classes under
- [MARC Ratings assigns final rating of AA<sub><i>IS(cg)</i></sub> to Sunway Healthcare Treasury’s IMTN Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-rating-of-aaiscg-to-sunway-healthcare-treasurys-imtn-programme/) - MARC Ratings has assigned a final rating of AAIS(cg) to Sunway Healthcare Treasury Sdn Bhd’s Islamic Medium-Term Notes (IMTN) Programme of up to RM5.0 billion with a stable outlook. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way
- [MARC Ratings assigns preliminary rating of AA<sub><i>IS(cg)</i></sub> to Sunway Healthcare Treasury’s IMTN Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-rating-of-aaiscg-to-sunway-healthcare-treasurys-imtn-programme/) - MARC Ratings has assigned a preliminary rating of AAIS(cg) to Sunway Healthcare Treasury Sdn Bhd’s (SH Treasury) existing unrated Islamic Medium-Term Notes (IMTN) Programme of up to RM5.0 billion with a stable outlook. The rating reflects the credit strength of parent Sunway Healthcare Holdings Sdn Bhd (SHH), on account of the unconditional and irrevocable guarantee
- [MARC Ratings revises Segi Astana’s MTN rating to A+](https://www.marc.com.my/rating-announcements/marc-ratings-revises-segi-astanas-mtn-rating-to-a/) - MARC Ratings has revised its rating on Segi Astana Sdn Bhd’s RM415.0 million ASEAN Green Medium-Term Notes (MTN) from AA- to A+ following the downgrade of parent WCT Holdings Berhad’s rating to A+ from AA-. WCT Holdings has provided a liquidity support undertaking to Segi Astana to ensure funds are sufficient or a refinancing is
- [MARC Ratings lowers Top Glove unit’s Perpetual Sukuk Wakalah Programme rating to A<sub><i>IS(cg)</i></sub> and revises outlook to stable](https://www.marc.com.my/rating-announcements/marc-ratings-lowers-top-glove-units-perpetual-sukuk-wakalah-programme-rating-to-aiscg-and-revises-outlook-to-stable/) - MARC Ratings has lowered its rating on TG Excellence Berhad’s RM3.0 billion Perpetual Sukuk Wakalah Programme to AIS(cg) from A+IS(cg). TG Excellence is a wholly-owned funding vehicle of Top Glove Corporation Bhd which has provided an irrevocable and unconditional guarantee on the perpetual sukuk programme. The rating action follows the downgrade of Top Glove’s corporate
- [MARC Ratings assigns “Gold” Impact Assessment to Malaysia Rail Link’s SDG Sukuk Framework](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-gold-impact-assessment-to-malaysia-rail-links-sdg-sukuk-framework/) - MARC Ratings has assigned a "Gold" Impact Assessment to Malaysia Rail Link Sdn Bhd’s (MRL) SDG Sukuk Framework. The framework has been established to set the guiding principles for MRL’s issuance of SDG Sukuk for specific eligible projects that contribute towards environmental and social benefits. MRL, a special purpose vehicle company wholly owned by Malaysia’s
- [MARC Ratings lowers WCT Holdings’ ratings](https://www.marc.com.my/rating-announcements/marc-ratings-lowers-wct-holdings-ratings/) - MARC Ratings has downgraded its ratings on WCT Holdings Berhad’s RM1.0 billion Medium-Term Notes (MTN) Programme to A+ from AA-, and RM1.5 billion Sukuk Murabahah Programme to A+IS from AA-IS. Concurrently, the rating on WCT Holdings' RM1.0 billion Perpetual Sukuk Musharakah Programme has been lowered to A-IS from AIS. The ratings outlook has been revised
- [MARC Ratings removes ANIH’s rating from MARCWatch Negative](https://www.marc.com.my/rating-announcements/marc-ratings-removes-anihs-rating-from-marcwatch-negative/) - MARC Ratings has removed ANIH Berhad’s rating from MARCWatch Negative placement where it has been since May 25, 2023. The placement was due to the uncertainties stemming from the new supplemental concession agreement (SCA) between ANIH and the government signed on November 17, 2022, including the potential weakening of its financial profile following the abolishment
- [MARC Ratings removes UMW’s ratings from MARCWatch Developing and maintains ratings at AA+<sub><i>IS</i></sub> and AA-<sub><i>IS</i></sub>](https://www.marc.com.my/rating-announcements/marc-ratings-removes-umws-ratings-from-marcwatch-developing-and-maintains-ratings-at-aais-and-aa-is/) - MARC Ratings has removed UMW Holdings Berhad’s (UMW) sukuk programme ratings from MARCWatch Developing, where they have been placed since August 25, 2023. The rating action then was taken to assess the potential impact from the significant change in UMW’s shareholding structure following the sale of Permodalan Nasional Berhad’s (PNB) 61.18% equity stake to Sime
- [MARC Ratings assigns final rating of A-<sub><i>IS</i></sub> to Yinson’s Perpetual Sukuk Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-rating-of-a-is-to-yinsons-perpetual-sukuk-programme/) - MARC Ratings has assigned a final rating of A-IS to Yinson Holdings Berhad’s RM1.0 billion Subordinated Perpetual Islamic Notes Programme. The rating outlook is stable. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way from the draft documentation
- [MARC Ratings assigns final rating of AA-<sub><i>IS</i></sub>  to LBS Bina’s RM750.0 million sukuk programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-rating-of-aa-is-to-lbs-binas-rm750-0-million-sukuk-programme/) - MARC Ratings has assigned a final rating of AA-IS to LBS Bina Group Berhad’s RM750 million Islamic Medium-Term Notes Programme. The rating outlook is stable. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way from the draft documentation
- [MARC Ratings downgrades YNH’s IMTN programme rating to BBB+<sub><i>IS</i></sub>](https://www.marc.com.my/rating-announcements/marc-ratings-downgrades-ynhs-imtn-programme-rating-to-bbbis/) - MARC Ratings has downgraded its rating on YNH Property Berhad’s (YNH) Islamic Medium-Term Notes Programme (Sukuk Wakalah) to BBB+IS from AIS and concurrently placed the rating on MARCWatch Negative. The downgrade reflects the heightened concerns on YNH’s weak liquidity position vis-à-vis its financial obligations, compounded by further delays in sale of assets that would have
- [MARC Ratings revises UEM Edgenta’s rating outlook to positive](https://www.marc.com.my/rating-announcements/marc-ratings-revises-uem-edgentas-rating-outlook-to-positive/) - MARC Ratings 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 its Sukuk Murabahah Programme of up to RM1.0 billion. Concurrently, the rating outlook has been revised to positive from stable. The outstanding sukuk currently stands at RM250.0 million. The rating affirmation incorporates
- [MARC Ratings affirms ‘A’ rating on Singer’s RM300.0 million MTN programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-a-rating-on-singers-rm300-0-million-mtn-programme/) - MARC Ratings has affirmed its rating of A/Stable on Singer (Malaysia) Sdn Bhd’s RM300.0 million Medium-Term Notes (MTN) Programme. The outstanding amount as at end-September 2023 stood at RM101.0 million. The rating reflects Singer’s long and profitable track record in selling and financing consumer durables and motorcycles, supported by strong operating profit margins. Moderating factors
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on Tanjung Bin O&M’s sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-tanjung-bin-oms-sukuk/) - MARC Ratings has affirmed its AA-IS rating on Tanjung Bin O&M Berhad’s outstanding RM165.0 million Sukuk Wakalah with a stable outlook. The rating reflects the credit strength of Tanjung Bin O&M’s parent, Malakoff Power Berhad (MPower) (AA-IS /Stable), which has provided an unconditional and irrevocable undertaking to top up any shortfall in the finance service
- [MARC Ratings affirms AA+<sub><i>IS</i></sub> rating on Sime Darby Property’s Sukuk Musharakah Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aais-rating-on-sime-darby-propertys-sukuk-musharakah-programme-2/) - MARC Ratings has affirmed its rating on Sime Darby Property Berhad’s (SD Property) RM4.5 billion Islamic Medium-Term Notes (IMTN) Programme (Sukuk Musharakah) at AA+IS with a stable outlook. The outstanding under the rated programme stood at RM1.4 billion as of November 30, 2023. SD Property’s strong sales track record in well-established townships, and strong balance
- [MARC Ratings affirms AA<sub><i>IS</i></sub> rating on IOI Properties’ unit’s RM3.0 billion Sukuk Murabahah programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aais-rating-on-ioi-properties-units-rm3-0-billion-sukuk-murabahah-programme/) - MARC Ratings has affirmed its rating of AAIS on Fortune Premiere Sdn Bhd’s RM3.0 billion Multi-Currency Islamic Medium-Term Notes Programme (Sukuk Murabahah). The rating outlook is stable. Fortune Premiere is a funding vehicle of IOI Properties Group Berhad (IOI Properties) which has provided an unconditional and irrevocable guarantee on the programme. IOI Properties’ entrenched position
- [MARC Ratings affirms AAA rating on Credit Guarantee Corporation](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aaa-rating-on-credit-guarantee-corporation/) - MARC Ratings has affirmed its financial institution rating of AAA on Credit Guarantee Corporation Malaysia Berhad (CGC) with a stable outlook. The affirmed rating considers the government’s 78.6% ownership of CGC through Bank Negara Malaysia as well as CGC’s key public policy role focused on facilitating access to financing for micro, small and medium-sized enterprises
- [MARC Ratings affirms Cellco’s MARC-1<sub><i>IS</i></sub>/AA<sub><i>IS</i></sub> ratings](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-cellcos-marc-1is-aais-ratings-2/) - MARC Ratings has affirmed its ratings of MARC-1IS /AAIS on Cellco Capital Berhad’s (Cellco) RM520 million Issue 1 issued under its Islamic Commercial Papers/Islamic Medium-Term Notes Programme (Sukuk Ijarah) with a combined limit of up to RM1.0 billion. The ratings outlook is stable. Cellco is a funding vehicle for its parent, Stealth Solutions Sdn Bhd,
- [MARC Ratings affirms Cerah Sama’s AA-<sub><i>IS</i></sub> sukuk rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-cerah-samas-aa-is-sukuk-rating/) - MARC Ratings 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 RM300.0 million. The rating continues to reflect the resilient traffic performance of the mature Cheras-Kajang Highway and its stable cash flow generation. Cerah Sama’s strong liquidity position and accommodative sukuk repayment
- [MARC Ratings affirms MARC-1<sub><i>IS</i></sub>/AA-<sub><i>IS</i></sub> ratings on UDA’s ICP/IMTN programmes](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-marc-1is-aa-is-ratings-on-udas-icp-imtn-programmes/) - MARC Ratings has affirmed its ratings of MARC-1IS /AA-IS on UDA Holdings Berhad’s (UDA) Islamic Commercial Papers (ICP) Programme of up to RM100.0 million and Islamic Medium-Term Notes (IMTN) Programme of up to RM1.0 billion, with a combined aggregate limit of up to RM1.0 billion. The ratings outlook is stable. The ratings incorporate a one-notch
- [MARC Ratings affirms MBSB Bank’s financial institution rating with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-mbsb-banks-financial-institution-rating-with-stable-outlook-2/) - MARC Ratings has affirmed its financial institution rating of A+ on MBSB Bank Berhad as well as its A+IS rating on the bank’s RM5.0 billion Sustainability Sukuk Wakalah Programme. The ratings outlook is stable. The ratings affirmation reflects MBSB Bank’s sound capitalisation and the rating agency’s expectation of continued support to the bank from major
- [MARC Ratings affirms TTM SPV’s AAA<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ttm-spvs-aaais-rating/) - MARC Ratings has affirmed its AAAIS rating on TTM Sukuk Berhad’s (TTM SPV) RM600.0 million Sukuk Murabahah with a stable outlook. TTM SPV is the funding vehicle of Trans Thai-Malaysia (Thailand) Limited (TTMT) for the construction of two gas pipelines to transport natural gas from the Malaysia-Thailand Joint Development Area (JDA) in the Gulf of
- [MARC Ratings assigns final rating of MARC-1 to CGS-CIMB’s Commercial Papers Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-rating-of-marc-1-to-cgs-cimbs-commercial-papers-programme/) - MARC Ratings has assigned a final rating of MARC-1 to CGS-CIMB Securities Berhad’s (CGS-CIMB) RM1.0 billion Commercial Papers Programme. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way from the draft documentation on which the preliminary rating was
- [MARC Ratings assigns preliminary rating of A-<sub><i>IS</i></sub> to Yinson’s perpetual sukuk programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-rating-of-a-is-to-yinsons-perpetual-sukuk-programme/) - MARC Ratings has assigned a preliminary rating of A-IS to Yinson Holdings Berhad’s RM1.0 billion Subordinated Perpetual Islamic Notes Programme (perpetual sukuk). Concurrently, the rating agency has affirmed the existing A+IS rating on the group’s RM1.0 billion Islamic Medium-Term Notes (IMTN) Programme (senior sukuk). The two-notch rating differential between Yinson’s perpetual sukuk and senior sukuk
- [MARC Ratings assigns preliminary ratings of MARC-1<sub><i>IS</i></sub>/AA-<sub><i>IS</i></sub> to Malakoff Power’s proposed RM1.2 billion ICP/IMTN programmes](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-ratings-of-marc-1is-aa-is-to-malakoff-powers-proposed-rm1-2-billion-icp-imtn-programmes/) - MARC Ratings has assigned preliminary ratings of MARC-1IS/AA-IS to Malakoff Power Berhad’s (MPower) proposed Islamic Commercial Papers / Islamic Medium-Term Notes (ICP/IMTN) programmes of up to RM1.2 billion with a stable outlook. Concurrently, the rating agency has also affirmed its AA-IS rating on MPower’s outstanding RM2.09 billion Sukuk Murabahah with a stable outlook. MPower, a
- [MARC Ratings assigns rating of AA-<sub><i>IS</i></sub> to FGV](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-rating-of-aa-is-to-fgv/) - MARC Ratings has assigned a rating of AA-IS to FGV Holdings Berhad’s (FGV) Sukuk Murabahah Programme of up to RM3.0 billion. The then unrated programme was established in December 2021 with a limit of RM500.0 million and will be upsized to the current limit. The outlook on the rating is stable. The assigned rating incorporates
- [MARC Ratings revises Point Zone’s outlook to positive; affirms rating at AA-<sub><i>IS(cg)</i></sub>](https://www.marc.com.my/rating-announcements/marc-ratings-revises-point-zones-outlook-to-positive-affirms-rating-at-aa-iscg/) - MARC Ratings has affirmed its AA-IS(cg) rating on Point Zone (M) Sdn Bhd’s Sukuk Wakalah Programme guaranteed by KPJ Healthcare Berhad (KPJ). The rating outlook has been revised to positive from stable. Point Zone is a funding conduit set up by KPJ solely for the purpose of issuing the sukuk. The rating reflects the credit
- [MARC Ratings affirms AA- rating on STM Lottery’s MTN Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-rating-on-stm-lotterys-mtn-programme-2/) - MARC Ratings has affirmed its rating of AA- on STM Lottery Sdn Bhd’s RM800.0 million 15-year Medium-Term Notes (MTN) Programme with a stable outlook. The rating affirmation considers STM Lottery’s entrenched domestic market presence as a number forecast operator (NFO), well-established operating track record and strong cash flow generation relative to its debt obligations. Operating
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on ACSB’s RM535.0 million Sukuk Murabahah programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-acsbs-rm535-0-million-sukuk-murabahah-programme-2/) - MARC Ratings has affirmed its AA-IS rating on AZRB Capital Sdn Bhd’s (ACSB) issuance of RM535.0 million Islamic Medium-Term Notes (Sukuk Murabahah) with a stable outlook. ACSB is a funding vehicle for Ahmad Zaki Resources Berhad (AZRB) to facilitate the subscription of Redeemable Convertible Preference Shares (RCPS-i) of related company Peninsular Medical Sdn Bhd (PMSB).
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on Jimah East Power’s sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-jimah-east-powers-sukuk-2/) - MARC Ratings has affirmed its AA-IS rating on Jimah East Power Sdn Bhd’s (JEP) outstanding RM8.50 billion Sukuk Murabahah with a stable outlook. The rating affirmation reflects JEP’s predictable cash flows from its 2x1,000-MW ultra-supercritical coal plant under a 25-year power purchase agreement (PPA) with Tenaga Nasional Berhad (TNB). The rating also reflects its operational
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on MMC Port Holdings’ sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-mmc-port-holdings-sukuk-2/) - MARC Ratings has affirmed its AA-IS rating on MMC Port Holdings Sdn Bhd’s RM1.0 billion Sukuk Murabahah Programme with a stable outlook. The rating affirmation is driven by the group’s strong competitive position and well-established operational track record of its port operators in providing transshipment and gateway services. The port operators’ healthy cash flow generation,
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on MMC’s RM2.5 billion sukuk programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-mmcs-rm2-5-billion-sukuk-programme-2/) - MARC Ratings has affirmed its rating of AA-IS on MMC Corporation Berhad’s (MMC) RM2.5 billion Sukuk Murabahah Programme with a stable outlook. The key rating drivers for the affirmation are MMC’s competitive strength and longstanding track record in key sectors of the economy, namely ports and logistics, engineering as well as energy and utilities. The
- [MARC Ratings affirms AAA<sub><i>IS</i></sub><sub><i>(bg)</i></sub> rating on Masteel's RM130.0 million guaranteed Sukuk Ijarah Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aaaisbg-rating-on-masteels-rm130-0-million-guaranteed-sukuk-ijarah-programme/) - MARC Ratings has affirmed its AAAIS(bg) rating on Malaysia Steel Works (KL) Bhd’s (Masteel) RM130.0 million Bank Pembangunan Malaysia Berhad–guaranteed Sukuk Ijarah Programme with a stable outlook. On a standalone basis, Masteel’s credit profile incorporates its longstanding track record in the domestic production of steel billets and steel bars, its moderate domestic market position and
- [MARC Ratings affirms Amanat Lebuhraya Rakyat’s AAA<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-amanat-lebuhraya-rakyats-aaais-rating/) - MARC Ratings has affirmed its AAAIS rating on Amanat Lebuhraya Rakyat Berhad’s (ALR) RM5.5 billion sukuk programme, with a stable outlook. The rating reflects the strong cash flow generation capacity of ALR’s portfolio of matured highways in the Klang Valley, its strong debt service ability, and the low capital requirement for operations and maintenance (O&M)
- [MARC Ratings affirms Bank Pembangunan’s financial institution rating with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-bank-pembangunans-financial-institution-rating-with-stable-outlook/) - MARC Ratings has affirmed its financial institution rating of AAA on Bank Pembangunan Malaysia Berhad (BPMB). The rating agency has concurrently affirmed its AAAIS rating on BPMB’s RM5.0 billion Islamic Medium-Term Notes Programme. The outlook on both ratings is stable. The affirmed ratings continue to incorporate MARC Ratings’ expectations of a high probability of government
- [MARC Ratings affirms Chailease Berjaya’s rating with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-chailease-berjayas-rating-with-stable-outlook/) - MARC Ratings has affirmed its rating of AA-(cg) on Chailease Berjaya Credit Sdn Bhd’s (CBC) RM1.0 billion Medium-Term Notes (MTN) Programme. The rating outlook is stable. The programme carries an unconditional and irrevocable guarantee from CBC’s ultimate holding company, Chailease Holding Company Limited (CHC). The rating considers CBC’s strong operating trajectory, which demonstrates the company’s
- [MARC Ratings affirms IMR-2 rating on Kenanga Investors and Kenanga Islamic Investors](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-imr-2-rating-on-kenanga-investors-and-kenanga-islamic-investors/) - MARC Ratings has affirmed its investment manager rating (IMR) of IMR-2 on Kenanga Investors Berhad (KIB) and KIB’s wholly-owned subsidiary, Kenanga Islamic Investors Berhad (KIIB). The rating considers KIB’s well-established investment processes and sound risk management practices. KIIB is well-integrated with the parent in terms of shared resources, centralised support functions and infrastructure. Due to
- [MARC Ratings affirms Kenanga Investment Bank’s ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-kenanga-investment-banks-ratings-with-stable-outlook/) - MARC Ratings has affirmed its financial institution (FI) ratings of A+/MARC-1 on Kenanga Investment Bank Berhad (Kenanga) with a stable outlook. The ratings reflect Kenanga’s strong market position and lengthy experience in the domestic stockbroking industry. The ratings further consider the investment bank’s improving position in the investment and wealth management segment as well as
- [MARC Ratings affirms MYEG’s AA-<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-myegs-aa-is-rating/) - MARC Ratings has affirmed its rating of AA-IS with a stable outlook on MY E.G. Services Berhad’s (MYEG) Islamic Medium-Term Notes (IMTN) Programme of up to RM1.0 billion in nominal value. The current outstanding under the programme stands at RM575 million. The rating affirmation incorporates MYEG’s well-established position as a concessionaire for e-government services, and
- [MARC Ratings affirms OSK unit’s Sukuk/MCMTN ratings](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-osk-units-sukuk-mcmtn-ratings/) - MARC Ratings has affirmed its ratings of AAIS /AA on funding vehicle OSK Rated Bond Sdn Bhd’s Sukuk Murabahah/Multi-Currency Medium-Term Notes (Sukuk/MCMTN) Programmes with a combined limit of up to RM2.0 billion. The ratings outlook is stable. The ratings apply only to ringgit-denominated sukuk/notes under the programmes. The programmes carry an unconditional and irrevocable guarantee
- [MARC Ratings affirms Pac Lease’s ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-pac-leases-ratings-with-stable-outlook/) - MARC Ratings has affirmed its ratings of AA/MARC-1/Stable on Pac Lease Berhad’s Medium-Term Notes (MTN) Programme and Commercial Papers (CP) Programme with a combined limit of RM1.5 billion. The ratings continue to reflect the company’s long track record, strong market position in the domestic industrial hire purchase industry, sound asset quality and good profitability. The
- [MARC Ratings affirms PLUS’ AAA<sub><i>IS(s)</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-plus-aaaiss-rating/) - MARC Ratings has affirmed its AAAIS(s) rating on Projek Lebuhraya Usahasama Berhad’s (PLUS) RM25.2 billion Islamic Medium-Term Notes Programme (sukuk programme) with a stable outlook. The rating incorporates a two-notch rating uplift from PLUS' standalone rating of AA. The uplift is supported by the irrevocable and unconditional Letter of Undertaking (LoU) provided by the government
- [MARC Ratings affirms ratings of A<sub><i>IS(cg)</i></sub>/MARC-1<sub><i>IS(cg)</i></sub> on Skyworld Capital’s IMTN/ICP Programmes of up to RM300.0 million](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-of-aiscg-marc-1iscg-on-skyworld-capitals-imtn-icp-programmes-of-up-to-rm300-0-million/) - MARC Ratings has affirmed its ratings of AIS(cg)/MARC-1IS(cg) on SkyWorld Capital Berhad’s RM300.0 million Islamic Medium-Term Notes/Islamic Commercial Papers (IMTN/ICP) Programmes. The rating outlook is stable. SkyWorld Capital is the funding vehicle of parent SkyWorld Development Berhad (SkyWorld) to undertake the sukuk issuance. SkyWorld has extended an irrevocable and unconditional guarantee on the programme. The
- [MARC Ratings assigns corporate credit rating of AA- to Orkim](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-corporate-credit-rating-of-aa-to-orkim/) - MARC Ratings has assigned a corporate credit rating of AA- to Orkim Sdn Bhd with a stable outlook. The rating reflects Orkim’s leadership position as the largest domestic vessel owner with 16 clean petroleum product (CPP) tankers and two liquified petroleum gas tankers, with an estimated 17% market share by fleet size as of June
- [MARC Ratings assigns preliminary rating of AA-<sub><i>IS</i></sub> to LBS Bina’s RM750.0 million sukuk programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-rating-of-aa-is-to-lbs-binas-rm750-0-million-sukuk-programme/) - MARC Ratings has assigned a preliminary rating of AA-IS to LBS Bina Group Berhad’s proposed Islamic Medium-Term Notes Programme of up to RM750.0 million. The rating outlook is stable. The assigned rating is mainly premised on LBS Bina’s strong sales track record in the affordable and mid-market residential property segment, its sizeable unbilled sales and
- [MARC Ratings assigns ratings to Sunway Group’s existing Perpetual Sukuk and IMTN programmes](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-ratings-to-sunway-groups-existing-perpetual-sukuk-and-imtn-programmes/) - MARC Ratings has assigned ratings to Sunway Group’s existing unrated sukuk and unrated debt as follows: Sunway Berhad’s RM5.0 billion Perpetual Sukuk Programme at AIS Sunway Treasury Sukuk Sdn Bhd's RM10.0 billion Islamic Medium-Term Notes (IMTN) Programme at AA-IS. The outlook on both ratings is stable. The two-notch rating differential between the perpetual sukuk and
- [MARC Ratings downgrades YNH’s IMTN programme rating to A<sub><i>IS</i></sub> with negative outlook](https://www.marc.com.my/rating-announcements/marc-ratings-downgrades-ynhs-imtn-programme-rating-to-ais-with-negative-outlook/) - MARC Ratings has downgraded its rating on YNH Property Berhad’s (YNH) Islamic Medium-Term Notes Programme (Sukuk Wakalah) to AIS. Concurrently, the rating outlook has been revised to negative from stable. The rating actions reflect MARC Ratings’ increased concerns about YNH’s ability to generate sufficient cash flow to meet its financial obligations due to its weak
- [MARC Ratings extends MARCWatch on UMW’s ratings](https://www.marc.com.my/rating-announcements/marc-ratings-extends-marcwatch-on-umws-ratings/) - MARC Ratings has extended its MARCWatch Developing on UMW Holdings Berhad’s (UMW) sukuk programmes, where the ratings have been placed since August 25, 2023. The rating action was based on the then proposed changes to UMW’s shareholding structure. This relates to the proposed sale of Permodalan Nasional Berhad’s (PNB) 61.18% equity stake in UMW to
- [MARC Ratings maintains ANIH on MARCWatch Negative](https://www.marc.com.my/rating-announcements/marc-ratings-maintains-anih-on-marcwatch-negative-2/) - MARC Ratings has extended its MARCWatch Negative on ANIH Berhad’s outstanding Senior Sukuk Musharakah programme of RM1.48 billion, where it has been placed since May 25, 2023. The rating agency notes that the change in ANIH’s shareholding structure is still pending the government’s approval, which the company expects to receive by end-2023. We understand that
- [MARC Ratings provides update on Alpha Circle](https://www.marc.com.my/rating-announcements/marc-ratings-provides-update-on-alpha-circle/) - MARC Ratings highlights that Alpha Circle Sdn Bhd’s Senior Sukuk Musharakah programme of RM595.0 million and Junior Sukuk Musharakah programme of RM55.0 million have expired on November 19, 2023. Both programmes are rated at CIS. Following the expiry of the programmes, MARC Ratings will no longer provide surveillance on the ratings.
- [MARC Ratings revises DRB-HICOM’s ratings outlook to positive](https://www.marc.com.my/rating-announcements/marc-ratings-revises-drb-hicoms-ratings-outlook-to-positive/) - MARC Ratings has revised its ratings outlook on DRB-HICOM Berhad’s Sukuk Programme of up to RM3.5 billion and Perpetual Sukuk Musharakah Programme of up to RM2.0 billion to positive from stable. Meanwhile, the ratings have been affirmed at A+IS and A-IS with the two-notch rating differential between the programmes reflecting the subordination of the perpetual
- [MARC Ratings revises Evyap Malaysia’s rating outlook to positive](https://www.marc.com.my/rating-announcements/marc-ratings-revises-evyap-malaysias-rating-outlook-to-positive/) - MARC Ratings has affirmed its rating on Evyap Sabun Malaysia Sdn Bhd’s (Evyap Malaysia) RM500.0 million Sukuk Wakalah Programme at AA-IS. Concurrently, the rating outlook has been revised to positive from stable. The outlook revision reflects Evyap Malaysia’s ability to maintain healthy operating performance, underpinned by strong cash flow metrics. Its vertically integrated oleochemical production
- [MARC Ratings revises Tan Chong Motor’s rating outlook to negative](https://www.marc.com.my/rating-announcements/marc-ratings-revises-tan-chong-motors-rating-outlook-to-negative/) - MARC Ratings has affirmed its rating of A+IS on Tan Chong Motor Holdings Berhad’s (TCMH) RM1.5 billion Islamic Medium-Term Notes (Sukuk Murabahah) Programme. The rating outlook has been revised to negative from stable. The outlook revision is premised on the continued weakening of the group’s business profile that has resulted in declining market share in
- [MARC Ratings upgrades Titijaya’s ICP rating to MARC-1<sub><i>IS</i></sub>](https://www.marc.com.my/rating-announcements/marc-ratings-upgrades-titijayas-icp-rating-to-marc-1is/) - MARC Ratings has upgraded Titijaya Land Berhad’s (Titijaya) RM150 million Islamic Commercial Papers (ICP) Programme short-term rating to MARC-1IS from MARC-2IS. The upgrade reflects Titijaya’s stronger long-term credit profile, with improved business profile and healthier balance sheet, characterised by lower leverage and higher liquidity. Key factors moderating the rating are the challenging property market conditions
- [MARC Ratings withdraws ratings on Berjaya Land upon early redemption](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-ratings-on-berjaya-land-upon-early-redemption/) - MARC Ratings has withdrawn its ratings of AAA(bg) on Berjaya Land Berhad’s RM500.0 million Medium-Term Notes (MTN) Programme and AAA(bg) on its RM150.0 million MTN Programme. The programmes carried guarantees from Bank Pembangunan Malaysia Berhad and OCBC Bank (Malaysia) Berhad. The ratings withdrawal follows the early redemption of the outstanding amount of RM150.0 million under
- [Impact on 7-Eleven Holdings from disposal of Caring Pharmacy](https://www.marc.com.my/rating-announcements/impact-on-7-eleven-holdings-from-disposal-of-caring-pharmacy/) - MARC Ratings views the credit profile of 7-Eleven Malaysia Holdings Berhad (7-Eleven Holdings) will not be materially impacted from the proposed disposal of its entire 75% stake in Caring Pharmacy Group Berhad to BIG Pharmacy Holdings Sdn Bhd. Accordingly, the rating on 7-Eleven Holdings’ Medium-Term Notes (MTN) Programme remains at AA-/Stable which was affirmed in
- [MARC Ratings affirms EDOTCO Malaysia’s AA+<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-edotco-malaysias-aais-rating/) - MARC Ratings has affirmed its AA+IS rating on EDOTCO Malaysia Sdn Bhd’s RM3.0 billion Islamic Medium-Term Notes Programme (Sukuk Wakalah Programme) with a stable outlook. The rating reflects EDOTCO Malaysia and its subsidiaries’ (EDOTCO Malaysia group) solid market position in the growing domestic telecommunication (telco) tower industry, the underlying stability of its business model that
- [MARC Ratings affirms International General Insurance’s rating at AA+ with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-international-general-insurances-rating-at-aa-with-stable-outlook-2/) - MARC Ratings has affirmed its insurer financial strength rating of AA+ with a stable outlook on Bermuda-based International General Insurance Co Ltd (IGI). The rating is based on Malaysia’s national scale. The rating affirmation reflects IGI’s healthy capitalisation level, prudent reserving approach, and resilient performance underpinned by a well-diversified underwriting portfolio across business lines and
- [MARC Ratings affirms KAF Investment Bank’s financial institution ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-kaf-investment-banks-financial-institution-ratings-with-stable-outlook-2/) - MARC Ratings has affirmed its financial institution (FI) ratings of AA-/MARC-1 on KAF Investment Bank Berhad (KAF IB) with a stable outlook. The ratings incorporate KAF IB’s strong capitalisation and liquidity levels, underpinned by a conservative investment strategy. The long-term FI rating is moderated by the susceptibility of KAF IB’s performance to domestic capital market
- [MARC Ratings affirms Kapar Energy Ventures’ AA+<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-kapar-energy-ventures-aais-rating/) - MARC Ratings has affirmed its AA+IS rating on Kapar Energy Ventures Sdn Bhd’s (KEV) outstanding RM470.0 million Sukuk Ijarah with a stable outlook. The rating benefits from a two-notch uplift from the company’s standalone rating of AA- due to potential support from Tenaga Nasional Berhad (TNB) (AAA/Stable). TNB indirectly owns 60.0% of equity interest in
- [MARC Ratings affirms rating of AA-<sub><i>IS(cg)</i></sub> on Eco World Capital’s RM1.2 billion Sukuk Wakalah Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-rating-of-aa-iscg-on-eco-world-capitals-rm1-2-billion-sukuk-wakalah-programme/) - MARC Ratings has affirmed its rating of AA-IS(cg) on Eco World Capital Berhad’s Islamic Medium-Term Notes (Sukuk Wakalah) Programme of RM1.2 billion. The rating outlook is stable. Eco World Capital is the financing vehicle of parent Eco World Development Group Berhad (EcoWorld) which provided an unconditional and irrevocable guarantee on the programme. The rating affirmation
- [MARC Ratings affirms rating on Bina Darulaman’s ICP Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-rating-on-bina-darulamans-icp-programme/) - MARC Ratings has affirmed its short-term rating of MARC-2IS on Bina Darulaman Berhad’s (BDB) RM100.0 million Islamic Commercial Papers (ICP) Programme. The rating incorporates BDB’s strength in undertaking construction and property projects, improving leverage position, and adequate liquidity to meet short-term operational and financial commitments. The rating also considers the group’s status as a Kedah
- [MARC Ratings affirms ratings on Sime Darby Plantation](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-on-sime-darby-plantation-2/) - MARC Ratings has affirmed Sime Darby Plantation Berhad’s (SD Plantation) corporate credit rating at AAA and Perpetual Subordinated Sukuk Programme rating of up to RM3.0 billion at AAIS. The two-notch rating differential between SD Plantation’s corporate credit rating and the Perpetual Sukuk programme rating is in line with MARC Ratings’ methodology on notching principles of
- [MARC Ratings affirms UEM Sunrise’s ratings](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-uem-sunrises-ratings-2/) - MARC Ratings has affirmed its ratings of MARC-1IS/AA-IS on UEM Sunrise Berhad’s Islamic Commercial Papers (ICP) and Islamic Medium-Term Notes (IMTN) Programme (ICP/IMTN-3) with a combined nominal value of RM4.0 billion. The rating agency has also affirmed its ratings of AA-IS on UEM Sunrise’s two RM2.0 billion IMTN Programmes (IMTN-1 and IMTN-2). The ratings outlook
- [MARC Ratings assigns preliminary rating of MARC-1 to CGS-CIMB’s Commercial Papers Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-rating-of-marc-1-to-cgs-cimbs-commercial-papers-programme/) - MARC Ratings has assigned its preliminary rating of MARC-1 to CGS-CIMB Securities Sdn Bhd’s (CGS-CIMB) proposed Commercial Papers (CP) Programme of up to RM1.0 billion in nominal value. Concurrently, the rating agency has assigned a non-bank financial institution rating of AA to CGS-CIMB with a stable outlook. CGS-CIMB’s growing business profile in the domestic stockbroking
- [MARC Ratings affirms A+<sub><i>IS</i></sub> rating on Sunsuria’s RM500.0 million Sukuk Wakalah Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ais-rating-on-sunsurias-rm500-0-million-sukuk-wakalah-programme-2/) - MARC Ratings has affirmed its rating of A+IS on Sunsuria Berhad’s RM500.0 million Sukuk Wakalah Programme. The rating outlook is stable. The total outstanding amount under the programme stood at RM181.0 million as at end-August 2023. The rating affirmation incorporates Sunsuria’s property development approach, healthy overall take-up rates and low inventory level. The rating also
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on MRCB’s RM5.0 billion Sukuk Murabahah](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-mrcbs-rm5-0-billion-sukuk-murabahah/) - MARC Ratings has affirmed its AA-IS rating on Malaysian Resources Corporation Berhad’s (MRCB) Islamic Medium-Term Notes Programme of up to RM5.0 billion (Sukuk Murabahah) with a stable outlook. MRCB’s established track record in property development with a focus on transit-oriented developments (TOD) and its strong position in the domestic construction sector with sizeable infrastructure contracts
- [MARC Ratings affirms AA<sub><i>IS(cg)</i></sub> rating on VS Capital Management](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aaiscg-rating-on-vs-capital-management/) - MARC Ratings has affirmed its rating of AAIS(cg)/Stable on VS Capital Management Sdn Bhd’s Islamic Medium-Term Notes (IMTN) Programme of up to RM1.0 billion. VS Capital Management is a wholly-owned funding vehicle of VS Industry Berhad (VSI) which has provided an unconditional and irrevocable guarantee on the IMTN. The rating reflects VSI’s strong cash flow
- [MARC Ratings affirms Agrobank’s financial institution rating with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-agrobanks-financial-institution-rating-with-stable-outlook-2/) - MARC Ratings has affirmed its financial institution (FI) rating of AAA on Bank Pertanian Malaysia Berhad (Agrobank). Concurrently, the rating agency has also affirmed its rating of AAAIS on Agrobank’s Islamic Medium-Term Notes Programme. The ratings outlook is stable. The ratings affirmation is premised on Agrobank’s status as a wholly government-owned development financial institution (DFI)
- [MARC Ratings affirms CIMB Bank’s financial institution ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-cimb-banks-financial-institution-ratings-with-stable-outlook-2/) - MARC Ratings has affirmed its financial institution (FI) ratings on CIMB Bank Berhad at AAA/MARC-1. Concurrently, the rating agency has also affirmed its rating of AA+ on the bank’s existing RM10.0 billion Basel III-compliant Tier 2 Subordinated Debt programme. The ratings outlook is stable. CIMB Bank’s high systemic importance in the domestic banking industry, well-established
- [MARC Ratings affirms CIMB Group Holdings’ ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-cimb-group-holdings-ratings-with-stable-outlook-2/) - MARC Ratings has affirmed its long-term and short-term corporate credit ratings of AA+/MARC-1 on CIMB Group Holdings Berhad (CIMB Group) and its issue rating of AA on the group’s RM10.0 billion Basel III-compliant Tier 2 Subordinated Debt programme. The ratings outlook is stable. CIMB Group is Malaysia’s second-largest banking group with total assets of RM720.3
- [MARC Ratings affirms CIMB Islamic's financial institution ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-cimb-islamics-financial-institution-ratings-with-stable-outlook/) - MARC Ratings has affirmed CIMB Islamic Bank Berhad’s (CIMB Islamic) financial institution (FI) ratings of AAA/MARC-1/Stable. Concurrently, the rating agency has also affirmed its ratings on CIMB Islamic’s sukuk issuances as follows: • RM10.0 billion Senior Sukuk Wakalah programme (Sukuk Wakalah) at AAAIS/Stable • RM5.0 billion Tier 2 Junior Sukuk programme at AA+IS/Stable CIMB Islamic’s
- [MARC Ratings affirms PLNG2’s rating with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-plng2s-rating-with-stable-outlook-2/) - MARC Ratings has affirmed its rating of AAAIS on Pengerang LNG (Two) Sdn Bhd’s (PLNG2) Islamic Medium-Term Notes (IMTN) Programme of up to RM3.0 billion. The rating outlook is stable. The rating affirmation incorporates the sizeable and predictable revenue from PLNG2’s regasification services. Under the Incentive-Based Regulation framework, PLNG2’s annual revenue requirement (ARR) is set
- [MARC Ratings affirms ratings on Trusmadi Capital’s Issue 1 MTN and CP](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-on-trusmadi-capitals-issue-1-mtn-and-cp-2/) - MARC Ratings has affirmed its ratings on Trusmadi Capital Sdn Bhd’s Issue 1 RM235 million Class A, RM40 million Class B and RM25 million Class C Medium-Term Notes (MTN) at AAA, AA and A. The rating agency has also affirmed its MARC-1 rating on Trusmadi Capital’s Issue 1 RM300 million Commercial Papers (CP). The MTN
- [MARC Ratings affirms SAJ Capital’s AA-<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-saj-capitals-aa-is-rating/) - MARC Ratings has affirmed its rating of AA-IS on SAJ Capital Sdn Bhd’s Sukuk Murabahah of up to RM650 million with a stable outlook. SAJ Capital is a wholly-owned funding vehicle of Ranhill Capital Sdn Bhd, which owns an 80% stake in Ranhill SAJ Sdn Bhd. As the dividends from Ranhill SAJ form the source
- [MARC Ratings affirms SHC Capital’s AA-<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-shc-capitals-aa-is-rating/) - MARC Ratings has affirmed its AA-IS rating on SHC Capital Sdn Bhd’s RM80 million issuance under its RM200 million Islamic Medium-Term Notes (Sukuk Wakalah) Programme with a stable outlook. There is no further drawdown expected, but any drawdown will require a reassessment of the rating. SHC Capital is a wholly-owned funding vehicle of Tunas Cool
- [MARC Ratings affirms UiTM Solar Power Dua’s sukuk rating at AA-<sub><i>IS</i></sub>](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-uitm-solar-power-duas-sukuk-rating-at-aa-is-2/) - MARC Ratings has affirmed its AA-IS rating on UiTM Solar Power Dua Sdn Bhd’s (UiTM Solar Dua) outstanding RM92.0 million Green Sustainable and Responsible Investment (SRI) sukuk with a stable outlook. UiTM Solar Dua owns and operates a 25MWac solar power plant in Pasir Gudang, Johor. The affirmed rating reflects the strength of the 21-year
- [MARC Ratings affirms UiTM Solar’s rating and revises outlook to positive](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-uitm-solars-rating-and-revises-outlook-to-positive/) - MARC Ratings has affirmed its rating of A+IS on UiTM Solar Power Sdn Bhd’s (UiTM Solar) outstanding Green Sustainable and Responsible Investment Sukuk of RM182.3 million and revised the outlook to positive from stable. The outlook revision reflects the improved operational performance of UiTM Solar’s 50MWac solar photovoltaic plant in Gambang, Kuantan, that is in
- [MARC Ratings assigns final ratings to Bank Muamalat’s RM5.0 billion Sukuk Wakalah programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-ratings-to-bank-muamalats-rm5-0-billion-sukuk-wakalah-programme/) - MARC Ratings has assigned final ratings to Bank Muamalat Malaysia Berhad’s Sukuk Wakalah Programme of up to RM5.0 billion as follows: Senior Sukuk Wakalah at A+IS Tier-2 Subordinated Sukuk Wakalah at A-IS Additional Tier-1 Sukuk Wakalah at BBBIS The outlook on all ratings is stable. The rating agency has reviewed the final documentation for the
- [MARC Ratings assigns preliminary rating of AA-<sub><i>IS</i></sub> to OCK](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-rating-of-aa-is-to-ock/) - MARC Ratings has assigned a preliminary rating of AA-IS/Stable to OCK Group Berhad’s (OCK) proposed RM400 million Tranche 1 to be issued under a proposed RM700 million Sukuk Murabahah Programme. OCK is principally involved in telecommunication network services that comprise tower leasing, provision of full turnkey solutions, and managed services. The rating considers OCK’s stable
- [MARC Ratings upgrades Celcom Networks’ Sukuk Murabahah programme rating to AAA<sub><i>IS</i></sub>](https://www.marc.com.my/rating-announcements/marc-ratings-upgrades-celcom-networks-sukuk-murabahah-programme-rating-to-aaais/) - MARC Ratings has upgraded its rating on Celcom Networks Sdn Bhd’s (CNSB) Sukuk Murabahah programme of RM5.0 billion to AAAIS from AA+IS. The rating outlook is stable. The outstanding under the programme stood at RM1.15 billion as at end-1H2023. The rating action follows from MARC Ratings’ assessment that the merger between CNSB’s parent Celcom Berhad
- [MARC Ratings upgrades Segi Astana’s MTN rating to AA-](https://www.marc.com.my/rating-announcements/marc-ratings-upgrades-segi-astanas-mtn-rating-to-aa/) - MARC Ratings has upgraded its rating on Segi Astana Sdn Bhd’s RM415.0 million ASEAN Green Medium-Term Notes (MTN) to AA- from A+. The upgrade on the MTN rating follows the upgrade on Segi Astana’s standalone rating to A+ from A. Segi Astana’s MTN rating of AA- incorporates a single notch uplift on account of the
- [MARC Ratings withdraws rating on BEWG’s RM400.0 million Sukuk Wakalah on full redemption](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-rating-on-bewgs-rm400-0-million-sukuk-wakalah-on-full-redemption/) - MARC Ratings has withdrawn its rating of AAIS/Stable on BEWG (M) Sdn Bhd’s RM400.0 million Islamic Medium-Term Notes Programme (Sukuk Wakalah). The outstanding under the facility was settled in full on September 14, 2023. The facility was subsequently cancelled on September 15, 2023, as confirmed by the facility agent, ahead of its maturity on July
- [MARC Ratings affirms A+<sub><i>IS</i></sub> rating on JB Cocoa’s Sukuk Wakalah](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ais-rating-on-jb-cocoas-sukuk-wakalah/) - MARC Ratings has affirmed its A+IS rating on JB Cocoa Sdn Bhd’s (JB Cocoa) Islamic Medium-Term Notes (Sukuk Wakalah) programme of up to RM500.0 million with a stable outlook. JB Cocoa is a wholly-owned key manufacturing subsidiary of Singapore-based JB Foods Limited which has provided a corporate guarantee to the programme. Accordingly, the rating assessment
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on Guan Chong’s RM800.0 million sukuk programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-guan-chongs-rm800-0-million-sukuk-programme-2/) - MARC Ratings has affirmed its rating of AA-IS on Guan Chong Berhad’s (GCB) Sukuk Wakalah Programme of up to RM800.0 million with a stable outlook. The outstanding under the programme currently stands at RM600.0 million. GCB's established market position in the midstream cocoa supply chain — as the largest cocoa grinder in Asia and fourth
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on Southern Power’s sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-southern-powers-sukuk-2/) - MARC Ratings has affirmed its AA-IS rating on Southern Power Generation Sdn Bhd’s (Southern Power) outstanding sukuk of RM3.4 billion with a stable outlook. The affirmed rating is driven by the strength of Southern Power’s 21-year power purchase agreement (PPA) under which demand, and fuel price risks are allocated to offtaker Tenaga Nasional Berhad (AAA/Stable).
- [MARC Ratings affirms AAA<sub><i>IS(cg)</i></sub>/MARC-1<sub><i>IS(cg)</i></sub> ratings on F&N Capital’s IMTN and ICP programmes](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aaaiscg-marc-1iscg-ratings-on-fn-capitals-imtn-and-icp-programmes/) - MARC Ratings has affirmed its ratings of AAAIS(cg) /MARC-1IS(cg) on F&N Capital Sdn Bhd’s Islamic Medium-Term Notes (IMTN) and Islamic Commercial Papers (ICP) programmes with a combined limit of up to RM3.0 billion. The ratings outlook is stable. The ratings reflect the credit strength of Fraser & Neave Holdings Bhd (F&NHB), as the parent unconditionally
- [MARC Ratings affirms AAA<sub><i>IS</i></sub> rating on Aman Sukuk’s RM10.0 billion IMTN programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aaais-rating-on-aman-sukuks-rm10-0-billion-imtn-programme/) - MARC Ratings has affirmed its AAAIS rating on Aman Sukuk Berhad’s (Aman) Islamic Medium-Term Notes (IMTN) Programme of up to RM10.0 billion with a stable outlook. The total outstanding amount under the programme stood at RM2.25 billion as at end-July 2023. The rating affirmation reflects the credit strength of the Malaysian government as the sole
- [MARC Ratings affirms George Kent’s ratings](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-george-kents-ratings-2/) - MARC Ratings has affirmed its ratings of MARC-1IS and A+IS on George Kent (Malaysia) Berhad’s (George Kent) RM100.0 million Islamic Commercial Papers (ICP) Programme and RM500.0 million Islamic Medium-Term Notes (IMTN) Programme, subject to a combined limit of RM500.0 million. The ratings outlook is stable. The affirmed ratings continue to reflect George Kent’s strong liquidity
- [MARC Ratings affirms Islamic Development Bank’s AAA/MARC-1 ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-islamic-development-banks-aaa-marc-1-ratings-with-stable-outlook/) - MARC Ratings has affirmed its long-term and short-term financial institution (FI) ratings of AAA/MARC-1/Stable on Islamic Development Bank (IsDB). Concurrently, MARC Ratings has affirmed the rating of AAAIS on the Sukuk Wakalah programme of up to RM400 million issued by Tadamun Services Berhad, a trust established by IsDB. The affirmed FI ratings continue to be
- [MARC Ratings affirms Johor Port Berhad’s rating at MARC-1<sub><i>IS</i></sub>/AA-<sub><i>IS</i></sub>](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-johor-port-berhads-rating-at-marc-1is-aa-is/) - MARC Ratings has affirmed its ratings of MARC-1IS/AA-IS on Johor Port Berhad’s (JPB) Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme with a combined limit of RM1.0 billion. The long-term rating carries a stable outlook. JPB operates Johor Port, a gateway port in Pasir Gudang, under a concession agreement expiring on March
- [MARC Ratings affirms MARC-1<sub><i>IS</i></sub>/A<sub><i>IS</i></sub> ratings on Gabungan AQRS’ ICP/IMTN programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-marc-1is-ais-ratings-on-gabungan-aqrs-icp-imtn-programme/) - MARC Ratings has affirmed its ratings of MARC-1IS /AIS on Gabungan AQRS Berhad’s (GBG) RM200.0 million Islamic Commercial Papers (ICP)/Islamic Medium-Term Notes (IMTN) Programme. The ratings outlook is stable. The total outstanding balance under the programme stood at RM35.0 million ICP as at end-April 2023. The long-term rating mainly reflects GBG’s moderate construction order book
- [MARC Ratings affirms MARC-1<sub><i>IS</i></sub>/AA<sub><i>IS</i></sub> ratings on Alam Flora’s sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-marc-1is-aais-ratings-on-alam-floras-sukuk/) - MARC Ratings has affirmed its MARC-1IS/AAIS ratings on Alam Flora Sdn Bhd’s RM700 million Islamic Commercial Papers and Islamic Medium-Term Notes (ICP/IMTN) programmes with a stable outlook. The rating affirmation remains underpinned by the strength of Alam Flora’s long-term concession agreement (CA) for waste collection and public cleansing with the Government of Malaysia. The affirmation
- [MARC Ratings affirms Penang Port’s AA-<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-penang-ports-aa-is-rating-2/) - MARC Ratings has affirmed its rating on Penang Port Sdn Bhd’s (PPSB) Islamic Medium-Term Notes Issuance Programme of up to RM1.0 billion at AA-IS with a stable outlook. The rating affirmation is driven by the strong operational track record and healthy cash flow generation of PPSB, the operator of Penang Port, a key trade gateway
- [MARC Ratings affirms Putrajaya Bina's sukuk programme rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-putrajaya-binas-sukuk-programme-rating/) - MARC Ratings has affirmed its AAAIS rating on Putrajaya Bina Sdn Bhd’s (PBSB) RM1.58 billion Sukuk Wakalah Programme. The rating outlook is stable. The rating affirmation is premised on the quantum of the periodic payment streams from the Malaysian government (AAA/Stable) in the form of availability charges (AC) that is deemed sufficient to meet the
- [MARC Ratings affirms ratings on Putrajaya Holdings' sukuk programmes](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-on-putrajaya-holdings-sukuk-programmes-2/) - MARC Ratings has affirmed its ratings on Putrajaya Holdings Sdn Bhd’s (PJH) outstanding issuances as follows: • RM1.0 billion 20-year Sukuk Wakalah Programme (due 2041) at AAAIS • RM370.0 million Sukuk Musharakah Programme (due 2030) at AAAIS • RM3.0 billion Sukuk Musharakah Programme (due 2032) at AAAIS; and • RM1.5 billion Sukuk Musharakah Medium-Term Notes
- [MARC Ratings assigns preliminary ratings to Bank Muamalat’s proposed RM5.0 billion Sukuk Wakalah programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-ratings-to-bank-muamalats-proposed-rm5-0-billion-sukuk-wakalah-programme/) - MARC Ratings has assigned preliminary ratings to Bank Muamalat Malaysia Berhad’s proposed Sukuk Wakalah programme of up to RM5.0 billion as follows: • Senior Sukuk Wakalah at A+IS • Tier-2 Subordinated Sukuk Wakalah at A-IS • Additional Tier-1 Sukuk Wakalah (AT-1 Sukuk Wakalah) at BBBIS Concurrently, the rating agency has affirmed its financial institution (FI)
- [MARC Ratings maintains ANIH on MARCWatch Negative](https://www.marc.com.my/rating-announcements/marc-ratings-maintains-anih-on-marcwatch-negative/) - MARC Ratings has maintained the MARCWatch Negative placement of ANIH Berhad’s Senior Sukuk Musharakah programme rating which has a current outstanding of RM1.48 billion. The rating has been placed on MARCWatch since May 25, 2023 to reflect the uncertainties that arose from the new supplemental concession agreement (SCA) between ANIH and the government signed on
- [MARC Ratings places UMW’s ratings on MARCWatch Developing](https://www.marc.com.my/rating-announcements/marc-ratings-places-umws-ratings-on-marcwatch-developing/) - MARC Ratings has placed its ratings on UMW Holdings Berhad’s (UMW) sukuk programmes on MARCWatch Developing. The rating action has been triggered by the proposed sale of Permodalan Nasional Berhad’s (PNB) 61.18% equity stake in UMW to Sime Darby Enterprise Sdn Bhd (SDESB) for a total cash consideration of about RM3.57 billion. The rating agency
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on Grand Sepadu’s RM210.0 million Sukuk Murabahah](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-grand-sepadus-rm210-0-million-sukuk-murabahah-2/) - MARC Ratings has affirmed Grand Sepadu (NK) Sdn Bhd’s RM210.0 million Sukuk Murabahah rating at AA-IS with a stable outlook. The rating affirmation reflects Grand Sepadu’s stable performance, supported by resilient commercial traffic on its mature New North Klang Straits Bypass (NNKSB), improved leverage and coverage ratios driven by stronger revenue and reduced borrowings. However,
- [MARC Ratings affirms Cagamas’ ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-cagamas-ratings-with-stable-outlook-2/) - MARC Ratings has affirmed its ratings on Cagamas Berhad’s bonds and sukuk issuances as follows: MARC-1/MARC-1IS on Conventional and Islamic Commercial Papers (CP/ICP) programmes with a combined aggregate limit of RM20.0 billion AAA/AAAIS on Conventional and Islamic Medium-Term Notes (MTN/IMTN) programmes of up to RM60.0 billion The ratings outlook is stable. The key rating drivers
- [MARC Ratings affirms DUKE 3’s AA-<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-duke-3s-aa-is-rating/) - MARC Ratings has affirmed its AA-IS/Stable rating on Lebuhraya DUKE Fasa 3 Sdn Bhd's (DUKE 3) RM3.64 billion Sukuk Wakalah. DUKE 3 is the concessionaire for the 32-km Setiawangsa-Pantai Expressway (SPE) under a concession that runs through August 5, 2069. The rating continues to incorporate the adequately structured sukuk repayment profile that accommodates traffic ramp-up
- [MARC Ratings affirms KFH Malaysia’s financial institution ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-kfh-malaysias-financial-institution-ratings-with-stable-outlook/) - MARC Ratings has affirmed its long- and short-term financial institution (FI) ratings of AA+/MARC-1 on Kuwait Finance House (Malaysia) Berhad (KFH Malaysia) with a stable outlook. The long-term FI rating of KFH Malaysia is notched down from the rating of its parent Kuwait Finance House KSC (KFH) of AAA/Stable based on public information. The one
- [MARC Ratings affirms ratings on China Construction Bank (Malaysia)](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-on-china-construction-bank-malaysia/) - MARC Ratings has affirmed its long- and short-term financial institution (FI) ratings of AA+/MARC-1 on China Construction Bank (Malaysia) Berhad (CCBM) with a stable outlook. The long-term FI rating is notched down from the FI rating of its parent, China Construction Bank Corporation (CCB) of AAA based on publicly available information. The notching reflects our
- [MARC Ratings affirms ratings on Sunway Group issuances](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-on-sunway-group-issuances-2/) - MARC Ratings has affirmed its MARC-1/AA- ratings on Sunway Berhad’s RM2.0 billion Commercial Papers/Medium-Term Notes (CP/MTN) Programmes. Concurrently, it has also affirmed its ratings of MARC-1IS(cg)/AA-IS(cg) on Sunway’s wholly-owned subsidiary Sunway Treasury Sukuk Sdn Bhd’s issuances under the RM10.0 billion Islamic Commercial Papers/Islamic Medium-Term Notes (ICP/IMTN) Programmes. Sunway has guaranteed the ICP/IMTN issuances of Sunway.
- [MARC Ratings assigns final ratings of MARC-1<sub><i>IS</i></sub>/AAA<sub><i>IS</i></sub> to PETRONAS Dagangan’s RM10.0 billion sukuk programmes](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-ratings-of-marc-1is-aaais-to-petronas-dagangans-rm10-0-billion-sukuk-programmes/) - MARC Ratings has assigned final ratings of MARC-1IS/AAAIS to PETRONAS Dagangan Berhad’s Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme with a combined limit of up to RM10.0 billion in nominal value. The ratings outlook is stable. The rating agency has reviewed the final documentation for the programmes and is satisfied that
- [MARC Ratings downgrades rating on Top Glove unit’s Perpetual Sukuk Wakalah Programme to A+<sub><i>IS(cg)</i></sub>](https://www.marc.com.my/rating-announcements/marc-ratings-downgrades-rating-on-top-glove-units-perpetual-sukuk-wakalah-programme-to-aiscg/) - MARC Ratings has downgraded its rating on TG Excellence Berhad’s RM3.0 billion Perpetual Sukuk Wakalah Programme to A+IS(cg) from AA-IS(cg). TG Excellence is a wholly-owned funding vehicle of Top Glove Corporation Bhd whose corporate credit rating was concurrently lowered to AA from AA+. Top Glove has provided an irrevocable and unconditional guarantee on the perpetual
- [MARC Ratings revises WCT Holdings’ ratings outlook to negative](https://www.marc.com.my/rating-announcements/marc-ratings-revises-wct-holdings-ratings-outlook-to-negative/) - MARC Ratings has affirmed its AA-, AA-IS and AIS ratings on WCT Holdings Berhad’s RM1.0 billion Medium-Term Notes (MTN) Programme, RM1.5 billion Sukuk Murabahah Programme and RM1.0 billion Perpetual Sukuk Musharakah Programme. Concurrently, the rating agency has revised the outlook on all the ratings to negative from stable. The outlook revision is premised on the persistently high
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on MHB’s sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-mhbs-sukuk/) - MARC Ratings has affirmed its AA-IS rating on Malaysia Marine and Heavy Engineering Holdings Berhad’s (MHB) RM1.0 billion Sukuk Murabahah Programme with a stable outlook. There is no outstanding amount under the programme to date. The rating affirmation continues to incorporate MHB’s conservative balance sheet, solid liquidity and strong competitive position as the largest domestic
- [MARC Ratings provides rating update on Alpha Circle's sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-provides-rating-update-on-alpha-circles-sukuk-2/) - MARC Ratings highlights that Alpha Circle Sdn Bhd has not made the principal payment on the outstanding Senior Sukuk Musharakah of RM60 million and Junior Sukuk Musharakah of RM55 million due on May 31, 2023. This is due to insufficient funds in the designated account. We understand that sukukholders are likely to provide further indulgence
- [MARC Ratings withdraws UEM Sunrise’s RM500.0 million ICP rating](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-uem-sunrises-rm500-0-million-icp-rating/) - MARC Ratings has withdrawn its MARC-1IS rating on UEM Sunrise Berhad’s sub-limit RM500.0 million Islamic Commercial Papers (ICP) Programme. The rating withdrawal follows the expiry of the programme as confirmed by the facility agent on May 29, 2023. Following the expiry, UEM Sunrise has only one ICP programme under its ICP/Islamic Medium-Term Notes (ICP/IMTN-3) Programme
- [MARC Ratings places ANIH on MARCWatch Negative](https://www.marc.com.my/rating-announcements/marc-ratings-places-anih-on-marcwatch-negative/) - MARC Ratings has placed its AAIS rating on toll road concessionaire ANIH Berhad’s RM2.5 billion Senior Sukuk Musharakah programme on MARCWatch Negative. The rating action has been precipitated by issues that were raised during the sukukholders’ meeting held on May 9, 2023, in the wake of the new supplemental concession agreement (SCA) ANIH had entered
- [MARC Ratings assigns “Silver” Impact Assessment to Sunway Velocity Three’s Sustainable Financing Framework](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-silver-impact-assessment-to-sunway-velocity-threes-sustainable-financing-framework/) - MARC Ratings has assigned a "Silver" Impact Assessment to Sunway Velocity Three Sdn Bhd’s (SV3) Sustainable Financing Framework. The framework has been established to set the guiding principles for SV3’s issuance of sustainable financing instruments for specific eligible projects that contribute towards environmental and social benefits. SV3, formerly known as Tanda Warisan Sdn Bhd, is
- [MARC Ratings assigns “Gold” Impact Assessment to Malakoff Corporation’s Sustainable Finance Framework](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-gold-impact-assessment-to-malakoff-corporations-sustainable-finance-framework/) - MARC Ratings has assigned a "Gold" Impact Assessment to Malakoff Corporation Berhad’s (Malakoff) Sustainable Finance Framework. The framework has been established to set the guiding principles for Malakoff’s issuance of sustainable financing instruments for specific eligible projects that contribute towards environmental and social benefits. Malakoff stands as Malaysia's largest independent power producer with a total
- [MARC Ratings affirms Malaysia’s sovereign rating at AAA](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-malaysias-sovereign-rating-at-aaa-2/) - MARC Ratings has affirmed its public information sovereign rating of AAA/Stable on Malaysia based on its national rating scale. The AAA rating reflects the country’s credit strengths, including a competitive and diversified economy that has maintained a relatively steady growth trajectory. Malaysia has consistently posted a current account (CA) surplus, which contributes to a stable
- [MARC Ratings affirms MARC-2<sub><i>IS</i></sub> rating on Titijaya's ICP Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-marc-2is-rating-on-titijayas-icp-programme/) - MARC Ratings has affirmed its short-term rating of MARC-2IS on Titijaya Land Berhad's (Titijaya) RM150 million Islamic Commercial Papers (ICP) Programme. The outstanding under the programme stood at RM30.0 million as of November 15, 2022. The rating affirmation incorporates Titijaya's track record in developing projects in and around matured areas which has afforded moderate-to-strong take-up
- [MARC affirms MARC-2<sub><i>IS</i></sub> rating on Titijaya's ICP Programme](https://www.marc.com.my/rating-announcements/marc-affirms-marc-2is-rating-on-titijayas-icp-programme/) - Posted Date: November 26, 2021 MARC has affirmed its rating of MARC-2IS on Titijaya Land Berhad's (Titijaya) RM150 million Islamic Commercial Papers (ICP) Programme. The outstanding notes under the programme stood at RM70.0 million as at end-September 2021. The rating incorporates Titijaya's track record in developing projects in and around mature housing areas, and its
- [MARC Ratings assigns final rating of AAA<sub><i>IS</i></sub> to Amanat Lebuhraya Rakyat](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-rating-of-aaais-to-amanat-lebuhraya-rakyat/) - MARC Ratings has assigned a final rating of AAAIS to Amanat Lebuhraya Rakyat Berhad's (ALR) sukuk programme of up to RM5.5 billion. The rating outlook is stable. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way from the
- [MARC Ratings assigns AAA<sub><i>IS</i></sub> preliminary rating to Amanat Lebuhraya Rakyat Berhad](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-aaais-preliminary-rating-to-amanat-lebuhraya-rakyat-berhad/) - MARC Ratings has assigned a preliminary rating of AAAIS to Amanat Lebuhraya Rakyat Berhad's (ALR) proposed sukuk programme of up to RM5.5 billion. The rating outlook is stable. The assigned rating reflects the strength and the proven revenue-generating capacity of ALR's portfolio of matured highways in the Klang Valley, the healthy finance service capacity under
- [MARC Ratings assigns “Gold” Impact Assessment to LBS’ Sustainable Financing Framework](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-gold-impact-assessment-to-lbs-sustainable-financing-framework/) - MARC Ratings has assigned a "Gold" Impact Assessment to LBS Bina Group Berhad’s (LBS) Sustainable Financing Framework. The framework has been established to set the guiding principles for LBS’ sustainable financing instruments for specific eligible projects that contribute towards environmental and social benefits. MARC Ratings has assessed the framework and is satisfied that it is
- [MARC Ratings assigns “Gold” Impact Assessment to Solarvest Holdings’ Sustainability Sukuk Framework](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-gold-impact-assessment-to-solarvest-holdings-sustainability-sukuk-framework/) - MARC Ratings has assigned a "Gold" Impact Assessment to Solarvest Holdings Berhad’s (Solarvest) Sustainability Sukuk Framework (the Framework). The Framework has been established to set the guiding principles for Solarvest’s issuances of Islamic financing instruments for specific eligible projects. MARC Ratings has assessed the Framework and is satisfied that it is aligned with the core
- [MARC Ratings assigns final rating of AA-<sub><i>IS</i></sub> to OCK](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-rating-of-aa-is-to-ock/) - MARC Ratings has assigned a final rating of AA-IS/Stable to OCK Group Berhad’s (OCK) proposed RM400 million Tranche 1 to be issued under a proposed RM700 million Sukuk Murabahah Programme. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material
- [MARC affirms Kenanga Investment Bank's FI ratings at A+/MARC-1](https://www.marc.com.my/rating-announcements/marc-affirms-kenanga-investment-banks-fi-ratings-at-a-marc-1-2/) - MARC has affirmed its long-term and short-term financial institution (FI) ratings of A+ and MARC-1 on Kenanga Investment Bank Berhad (Kenanga) with a stable outlook. The affirmed ratings are primarily premised on Kenanga’s strong competitive position in the retail stockbroking business in Malaysia, its healthy capital position, its moderate profitability metrics and adequate funding profile.
- [MARC Ratings affirms AA<sub><i>IS</i></sub> rating on BEWG’S RM400.0 million Sukuk Wakalah](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aais-rating-on-bewgs-rm400-0-million-sukuk-wakalah/) - MARC Ratings has affirmed BEWG (M) Sdn Bhd's (BEWG) RM400 million Sukuk Wakalah rating of AAIS with a stable outlook. BEWG is a 100%-subsidiary of Hong Kong–based Beijing Enterprises Water Group Limited (BEWGL), principally involved in the water treatment and distribution facilities project in Kemaman for the Terengganu state government. The rating incorporates the credit
- [MARC Ratings affirms China’s sovereign rating at AAA](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-chinas-sovereign-rating-at-aaa/) - MARC Ratings has affirmed its public information foreign currency sovereign rating of AAA/stable on the People's Republic of China based on its national rating scale. The rating reflects several credit strengths, including a large, well-diversified, and resilient economy. Unlike many other countries, China had avoided an economic contraction during the first year of COVID-19 in
- [MARC Ratings affirms Farm Fresh’s rating at AA-<sub><i>IS</i></sub> with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-farm-freshs-rating-at-aa-is-with-stable-outlook/) - MARC Ratings has affirmed its rating of AA-IS on Farm Fresh Berhad's Islamic Medium-Term Notes (IMTN) Programme of RM1.0 billion under the Shariah principle of Wakalah Bi Al-Istithmar. The rating outlook is stable. The rating affirmation reflects Farm Fresh's growing sales track record for its wide range of dairy products, and strong domestic market position
- [MARC Ratings assigns final rating of AA-<sub><i>IS</i></sub> to MMC Port's Sukuk Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-rating-of-aa-is-to-mmc-ports-sukuk-programme/) - MARC Ratings has assigned a final rating of AA-IS to MMC Port Holdings Sdn Bhd's (MMC Port) RM1.0 billion Sukuk Murabahah Programme. The outlook on the rating is stable. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way
- [MARC Ratings affirms MBSB Bank's financial institution rating with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-mbsb-banks-financial-institution-rating-with-stable-outlook/) - MARC Ratings has affirmed its financial institution (FI) rating of A+ on MBSB Bank Berhad and concurrently affirmed its A+IS rating on MBSB Bank's RM5.0 billion Sukuk Wakalah programme. The ratings outlook is stable. MBSB Bank's sound capitalisation levels and strong support from its ultimate shareholder Employees Provident Fund (EPF) remain key rating drivers. The
- [“Gold” Impact Assessment assigned to Leader Energy Sdn Bhd’s proposed ASEAN Green SRI Sukuk Wakalah](https://www.marc.com.my/rating-announcements/gold-impact-assessment-assigned-to-leader-energy-sdn-bhds-proposed-asean-green-sri-sukuk-wakalah/) - MARC has assigned a "Gold" Impact Assessment to Leader Energy Sdn Bhd's (LESB) proposed ASEAN Green SRI Sukuk Wakalah of up to RM260.0 million. LESB is the holding company of the project entities that are operating two solar photovoltaic (PV) power projects totalling 49 MWac in Kuala Muda, Kedah. LESB will use the proceeds from
- [MARC Ratings affirms AAA/MARC-1 ratings on F&N Capital's IMTN and ICP programmes](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aaa-marc-1-ratings-on-fn-capitals-imtn-and-icp-programmes/) - MARC Ratings has affirmed its ratings of AAAIS(cg) /MARC-1IS(cg) on F&N Capital Sdn Bhd's Islamic Medium-Term Notes (IMTN) and Islamic Commercial Papers (ICP) programmes with a combined limit of up to RM3.0 billion. The ratings outlook is stable. F&N Capital is a funding vehicle of Fraser & Neave Holdings Bhd (F&NHB) which has provided an
- [MEX II ratings downgraded to D](https://www.marc.com.my/rating-announcements/mex-ii-ratings-downgraded-to-d/) - 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
- [MARC Ratings withdraws CIMB Bank’s RM5.0 billion debt/sukuk programme ratings](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-cimb-banks-rm5-0-billion-debt-sukuk-programme-ratings/) - Posted Date: January 27, 2022 MARC Ratings has withdrawn its ratings of AA+/AA+IS on CIMB Bank Berhad's RM5.0 billion Tier 2 Subordinated Debt and Junior Sukuk programmes. The ratings withdrawal follows the termination of the programmes as confirmed by the facility agent. MARC Ratings' analytical coverage on CIMB Bank's issuance is now limited to the
- [MARC Ratings places UiTM Solar's rating on MARCWatch Negative](https://www.marc.com.my/rating-announcements/marc-ratings-places-uitm-solars-rating-on-marcwatch-negative/) - Posted Date: 28 January, 2022 MARC Ratings has placed its rating of AA-IS on UiTM Solar Power Sdn Bhd's (UiTM Solar) outstanding RM202.3 million Green SRI Sukuk on MARCWatch Negative. UiTM Solar owns and operates a 50MW solar plant in Gambang, Pahang. The rating agency had on November 26, 2021, highlighted that the plant became
- [MARC Ratings assigns preliminary rating of AA-<sub><i>IS</i></sub>(CG) to KPJ-guaranteed RM3.0 billion Sukuk Wakalah](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-rating-of-aa-iscg-to-kpj-guaranteed-rm3-0-billion-sukuk-wakalah/) - Posted Date: January 13, 2022 MARC Ratings has assigned a preliminary rating of AA-IS(CG) to Point Zone (M) Sdn Bhd's proposed Islamic Medium-Term Notes (Sukuk Wakalah) programme of up to RM3.0 billion with a stable outlook. The rating reflects the credit strength of KPJ Healthcare Berhad (KPJ Healthcare) on the basis of a corporate guarantee
- [MARC Ratings assigns preliminary rating of A+<sub><i>IS</i></sub> to MBSB Bank’s proposed RM5.0 billion Sukuk Wakalah programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-rating-of-ais-to-mbsb-banks-proposed-rm5-0-billion-sukuk-wakalah-programme/) - Posted Date: January 14, 2022 MARC Ratings has assigned its financial institution (FI) rating of A+ to MBSB Bank Berhad and a preliminary rating of A+IS to the bank's proposed RM5.0 billion Sukuk Wakalah programme. The outlook on the ratings is stable. MBSB Bank's strength in banking and financing, particularly in personal financing, and a
- [MARC Ratings withdraws KEXIM’s FI and MTN ratings](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-kexims-fi-and-mtn-ratings/) - Posted Date: February 7, 2022 MARC Ratings has withdrawn its financial institution (FI) rating of AAA on the Export-Import Bank of Korea (KEXIM), as well as its AAA rating on KEXIM's Medium-Term Notes (MTN) programme of RM1.0 billion. The rating withdrawal on the MTN programme follows its expiry on February 2, 2022. With this withdrawal,
- [MARC Ratings revises Tropicana's ratings outlook to negative](https://www.marc.com.my/rating-announcements/marc-ratings-revises-tropicanas-ratings-outlook-to-negative/) - Posted Date: February 15, 2022 MARC Ratings has revised the ratings outlook to negative from stable on its A+IS and AIS ratings on Tropicana Corporation Berhad's RM1.5 billion Islamic Medium-Term Notes Programme (Sukuk Wakalah) and RM2.0 billion Perpetual Sukuk Programme (Perpetual Sukuk). The outlook revision highlights the rating agency's increasing concern over the rise in
- [MARC Ratings downgrades Alpha Circle's ratings](https://www.marc.com.my/rating-announcements/marc-ratings-downgrades-alpha-circles-ratings/) - Posted Date: February 15, 2022 MARC Ratings has lowered its ratings on Alpha Circle Sdn Bhd's outstanding RM115 million Senior Sukuk Musharakah to BIS/negative from BBIS/negative and RM55 million Junior Sukuk Musharakah to CIS from BIS/negative. The downgrades reflect Alpha Circle's weakened financial position to fully meet its upcoming senior sukuk payment of RM55 million
- [MARC Ratings assigns ratings to Kinabalu Capital’s Issue 3](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-ratings-to-kinabalu-capitals-issue-3/) - Posted Date: February 25, 2022 MARC Ratings has assigned long-term ratings of AAA, AA and A to Kinabalu Capital Sdn Bhd's Issue 3 of RM113 million Class A, RM21 million Class B and RM11 million Class C Medium-Term Notes (MTN). The ratings outlook is stable. Kinabalu Capital is a special purpose funding vehicle for its
- [MARC Ratings assigns preliminary rating of AA-<sub><i>IS</i></sub> to MMC Port’s proposed RM1.0 billion sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-rating-of-aa-is-to-mmc-ports-proposed-rm1-0-billion-sukuk/) - Posted date: February 15, 2022 MARC Ratings has assigned a preliminary rating of AA-IS to MMC Port Holdings Sdn Bhd's (MMC Port) proposed RM1.0 billion Sukuk Murabahah Programme. The rating carries a stable outlook. The assigned rating is driven by MMC Port's very strong competitive position among transhipment port operators regionally and among gateway port
- [MARC Ratings assigns final ratings of MARC-1<sub><i>IS</i></sub> / AA-<sub><i>IS</i></sub> to UEM Sunrise’s RM4.0 billion ICP/IMTN programmes](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-ratings-of-marc-1is-aa-is-to-uem-sunrises-rm4-0-billion-icp-imtn-programmes/) - Posted Date: February 24, 2022 MARC Ratings has assigned final ratings of MARC-1IS / AA-IS to UEM Sunrise Berhad's Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme with a combined nominal value of RM4.0 billion. The outlook on the ratings is stable. The rating agency has reviewed the final documentation for the
- [MARC Ratings assigns final rating of AA-<sub><i>IS</i></sub>(CG) to KPJ-guaranteed RM3.0 billion Sukuk Wakalah](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-rating-of-aa-iscg-to-kpj-guaranteed-rm3-0-billion-sukuk-wakalah/) - Posted Date: February 28, 2022 MARC Ratings has assigned a final rating of AA-IS(CG) to Point Zone (M) Sdn Bhd's Islamic Medium-Term Notes (Sukuk Wakalah) programme of RM3.0 billion with a stable outlook. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed
- [MARC Ratings assigns a final rating of A+<sub><i>IS</i></sub> to YNH’s RM700 million Sukuk Wakalah Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-a-final-rating-of-ais-to-ynhs-rm700-million-sukuk-wakalah-programme/) - Posted Date: February 28, 2022 MARC Ratings has assigned a final rating of A+IS to YNH Property Berhad's (YNH) Islamic Medium-Term Notes Programme (Sukuk Wakalah) of up to RM700 million with a stable outlook. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not
- [MARC Ratings withdraws rating on TSH Sukuk Ijarah’s IMTN upon full redemption](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-rating-on-tsh-sukuk-ijarahs-imtn-upon-full-redemption/) - Posted Date: March 10, 2022 MARC Ratings has withdrawn its rating of A+IS on TSH Sukuk Ijarah Sdn Bhd's RM300 million Medium-Term Notes (IMTN) Programme. The rating withdrawal follows the full redemption of the outstanding RM15 million and subsequent cancellation of the programme. TSH Sukuk Ijarah is a wholly-owned special purpose funding vehicle of TSH
- [MARC Ratings assigns final rating of A+<sub><i>IS</i></sub> to Tan Chong Motor's Sukuk Murabahah Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-rating-of-ais-to-tan-chong-motors-sukuk-murabahah-programme/) - Posted Date: March 9, 2022 MARC Ratings has assigned a final rating of A+IS to Tan Chong Motor Holdings Berhad's (TCMH) RM1.5 billion Islamic Medium-Term Notes (Sukuk Murabahah) Programme. The rating is confined to a RM500.0 million issuance and any further drawdown will require a reassessment of the rating. The outlook on the rating is
- [MARC Ratings assigns final rating of A+<sub><i>IS</i></sub> to MBSB Bank's RM5.0 billion Sustainability Sukuk Wakalah Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-rating-of-ais-to-mbsb-banks-rm5-0-billion-sustainability-sukuk-wakalah-programme/) - Posted Date: March 9, 2022 MARC Ratings has assigned a final rating of A+IS to MBSB Bank Berhad's RM5.0 billion Islamic Medium-Term Notes (Sustainability Sukuk Wakalah) Programme. The outlook on the rating is stable. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not
- [MARC Ratings affirms ratings on Cagamas MBS' asset-backed Sukuk Musyarakah and fixed rate serial bonds](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-on-cagamas-mbs-asset-backed-sukuk-musyarakah-and-fixed-rate-serial-bonds/) - Posted Date: March 09, 2022 MARC Ratings has affirmed its AAAIS and AAA ratings on Cagamas MBS Berhad's asset-backed Sukuk Musyarakah issuance (CMBS 2007-1-i) and fixed rate serial bonds issuances (CMBS 2005-2; CMBS 2007-2). The outlook on all ratings is stable. Cagamas MBS was established to undertake the securitisation of conventional and Islamic home financing
- [MARC Ratings withdraws ratings on Kinabalu Capital’s Issue 1 and Issue 2 MTN and CP upon full redemption](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-ratings-on-kinabalu-capitals-issue-1-and-issue-2-mtn-and-cp-upon-full-redemption/) - MARC Ratings has withdrawn its ratings on Kinabalu Capital Sdn Bhd's Issue 1 and Issue 2 Medium-Term Notes (MTN) and Commercial Papers (CP) under the RM3.0 billion MTN and CP Programme. The rating withdrawal follows the completion of the refinancing exercise and full redemption of the outstanding RM20 million Class A MTN rated AAA and
- [MARC Ratings upgrades TSH's rating to AA-<sub><i>IS</i></sub>](https://www.marc.com.my/rating-announcements/marc-ratings-upgrades-tshs-rating-to-aa-is/) - MARC Ratings has upgraded TSH Sukuk Murabahah Sdn Bhd's RM150 million Medium-Term Notes (IMTN) Programme rating to AA-IS from A+IS and affirmed its RM50 million Commercial Papers (ICP) Programme rating at MARC-1IS. The ratings outlook is stable. TSH Sukuk Murabahah is the funding vehicle for parent TSH Resources Berhad (TSH) which has provided an irrevocable
- [MARC Ratings revises Pelabuhan Tanjung Pelepas’ rating outlook to positive](https://www.marc.com.my/rating-announcements/marc-ratings-revises-pelabuhan-tanjung-pelepas-rating-outlook-to-positive/) - MARC Ratings has affirmed its AA-IS rating on port operator Pelabuhan Tanjung Pelepas Sdn Bhd's Islamic Medium-Term Notes (Sukuk Murabahah Programme) and revised the rating outlook to positive from stable. The outlook revision factors in PTP's steadily improving credit profile, reflected by stronger cash flow generation that has led to improvement in debt and interest
- [MARC Ratings extends UITM Solar’s MARCWatch negative placement](https://www.marc.com.my/rating-announcements/marc-ratings-extends-uitm-solars-marcwatch-negative-placement-3/) - MARC Ratings has extended its MARCWatch Negative placement on UiTM Solar Power Sdn Bhd's (UiTM Solar) outstanding RM202.3 million Green SRI Sukuk. The previous placement was made on January 28, 2022, due to the uncertain timing and implementation risk involved in restoring operations at its plant following unexpected damages to its gas-insulated switchgear (GIS) and
- [MARC Ratings downgrades Serba Dinamik's IMTN/ICP ratings to DIS](https://www.marc.com.my/rating-announcements/marc-ratings-downgrades-serba-dinamiks-imtn-icp-ratings-to-dis/) - MARC Ratings has downgraded the ratings of Serba Dinamik Holdings Berhad's Islamic Medium-Term Notes (IMTN) and Islamic Commercial Papers (ICP) programmes from CIS/MARC-4IS to a default rating of DIS. The ratings had been lowered to CIS/MARC-4IS on December 10, 2021 when it failed to meet a coupon payment on an outstanding USD sukuk issued by
- [MARC Ratings assigns preliminary rating of AAA<sub></i>IS</i></sub> to TNB Power Generation’s proposed sukuk programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-rating-of-aaais-to-tnb-power-generations-proposed-sukuk-programme/) - MARC Ratings has assigned a preliminary rating of AAAIS to TNB Power Generation Sdn Bhd's (TPGSB) proposed sukuk programme of up to RM10.0 billion. The rating carries a stable outlook. Commencing operations on October 1, 2020, TPGSB was incorporated to assume the generation assets and liabilities of its parent Tenaga Nasional Berhad (TNB) under a
- [MARC Ratings affirms Top Glove rating at AA+](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-top-glove-rating-at-aa/) - MARC Ratings has affirmed Top Glove Corporation Bhd's (Top Glove) corporate credit rating at AA+ and concurrently affirmed its wholly-owned TG Excellence Berhad's RM3.0 billion Perpetual Sukuk Wakalah Programme rating at AA-IS(CG). The ratings outlook is stable. The rating on the perpetual sukuk reflects its subordination to Top Glove group's senior unsecured obligations. Top Glove's
- [MARC Ratings affirms ratings on Special Coral’s Senior and Subordinated Class MTN](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-on-special-corals-senior-and-subordinated-class-mtn/) - MARC Ratings has affirmed its ratings of AAA, AA and B- on special purpose vehicle Special Coral Sdn Bhd's RM250.0 million Senior Class A Medium-Term Notes (MTN), RM50.0 million Senior Class B MTN and RM800.0 million Subordinated Class MTN under the existing RM1.1 billion MTN programme. The ratings outlook is stable. Special Coral owns about
- [MARC Ratings affirms PLSUKE’s ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-plsukes-ratings-with-stable-outlook/) - MARC Ratings has affirmed its rating on Projek Lintasan Sungai Besi – Ulu Klang Sdn Bhd's (PLSUKE) Sukuk Wakalah Programme of up to RM2.0 billion, with a stable outlook. The rating on PLSUKE's Danajamin-guaranteed Facilities of up to RM500.0 million has been affirmed at AAAIS(fg)/Stable based on the long-term counterparty credit rating of AAA/stable on
- [MARC Ratings affirms AAIS rating on S P Setia’s RM3.0 billion IMTN programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aais-rating-on-s-p-setias-rm3-0-billion-imtn-programme/) - MARC Ratings has affirmed its AAIS rating on S P Setia Berhad's RM3.0 billion Islamic Medium-Term Notes (IMTN) Programme with a stable outlook. The initial proceeds of RM800 million from the issuance had been largely used to fund capital injections into the group's joint venture (JV), Battersea Power Station in the United Kingdom (Battersea Project).
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on QSP Semenanjung's Green SRI Sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-qsp-semenanjungs-green-sri-sukuk/) - MARC Ratings has affirmed its AA-IS rating on Quantum Solar Park (Semenanjung) Sdn Bhd's (QSP Semenanjung) RM1.0 billion Green Sustainable and Responsible Investment (SRI) Sukuk. The rating outlook is stable. QSP Semenanjung has a 100%-ownership in three project companies — QSP (Kedah) Sdn Bhd, QSP (Melaka) Sdn Bhd and QSP (Terengganu) Sdn Bhd — with
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on Konsortium KAJV'S RM1.0 billion Sukuk Wakalah](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-konsortium-kajvs-rm1-0-billion-sukuk-wakalah/) - MARC Ratings has affirmed its AA-IS rating on Konsortium KAJV Sdn Bhd's (KAJV) RM1.0 billion Sukuk Wakalah Programme with a stable outlook. The rating reflects the credit strength of the Terengganu state government to meet its payment obligations due on the Facility Payment Certificates (FPC) it issued for work completed by KAJV for the Kuala
- [MARC Ratings affirms ratings on UMW’s IMTN and Perpetual Sukuk Programmes](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-on-umws-imtn-and-perpetual-sukuk-programmes-2/) - MARC Ratings has affirmed its AA+IS rating on UMW Holdings Berhad’s (UMW) RM2.0 billion Islamic Medium-Term Notes (IMTN) Programme (Sukuk Musharakah) and its AA-IS rating on UMW’s RM2.0 billion Perpetual Sukuk Programme. The two-notch rating differential between the two programmes is in line with MARC Ratings’ methodology on notching principles of subordinated and hybrid instruments.
- [MARC Ratings assigns “Gold” Impact Assessment to MRCB’s Sustainable Financing Framework](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-gold-impact-assessment-to-mrcbs-sustainable-financing-framework/) - MARC Ratings has assigned a "Gold" Impact Assessment to Malaysian Resources Corporation Berhad’s (MRCB) Sustainable Financing Framework. The framework has been established to set the guiding principles for MRCB’s sustainable financing instruments for specific eligible projects that contribute towards environmental and social benefits. MARC Ratings has assessed the framework and is satisfied that it is
- [MARC Ratings affirms TNB Western Energy’s rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-tnb-western-energys-rating/) - MARC Ratings has affirmed its AAAIS rating on TNB Western Energy Berhad’s (TNB Western) outstanding sukuk of RM3.7 billion with a stable outlook. The sukuk had been issued to fund the construction of the 1,000MW coal power plant in Manjung, Perak, for its parent TNB Manjung Five Sdn Bhd (TNB Manjung Five). The plant attained
- [MARC Ratings affirms SME Bank’s financial institution rating with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-sme-banks-financial-institution-rating-with-stable-outlook-2/) - MARC Ratings has affirmed its financial institution (FI) rating of AAA on Small Medium Enterprise Development Bank Malaysia Berhad (SME Bank). Concurrently, the rating agency has affirmed its ratings of AAAIS/MARC-1IS on the bank’s Islamic Medium-Term Notes (IMTN) Programme of up to RM3.0 billion and Islamic Commercial Papers (ICP) Programme of up to RM1.0 billion
- [MARC Ratings affirms rating of TSH at AA-<sub><i>IS</i></sub>](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-rating-of-tsh-at-aa-is/) - MARC Ratings has affirmed TSH Sukuk Murabahah Sdn Bhd’s RM150 million Medium-Term Notes Programme rating at AA-IS with a stable outlook. The outstanding stood at RM90 million as at end-March 2023. TSH Sukuk Murabahah is the funding vehicle for TSH Resources Berhad (TSH) which has provided an irrevocable and unconditional undertaking to meet the purchase
- [MARC Ratings affirms PLSUKE’s ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-plsukes-ratings-with-stable-outlook-2/) - MARC Ratings has affirmed its A+IS(s) rating on Projek Lintasan Sungai Besi – Ulu Klang Sdn Bhd’s (PLSUKE) Sukuk Wakalah Programme of up to RM2.0 billion with a stable outlook. Concurrently, the rating agency has affirmed its rating of AAAIS(bg)/Stable on PLSUKE’s guaranteed facilities of up to RM500.0 million which were previously guaranteed by Danajamin
- [MARC Ratings affirms AAA<sub><i>IS</i></sub> rating on TNB Northern’s sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aaais-rating-on-tnb-northerns-sukuk/) - MARC Ratings has affirmed its AAAIS rating on TNB Northern Energy Berhad’s outstanding sukuk of RM1.22 billion with a stable outlook. TNB Northern is the funding vehicle for TNB Prai Sdn Bhd (TNB Prai), which operates a 1,071.43MW combined-cycle gas turbine power plant (comprising two power generation units — Unit 10 and Unit 20 —
- [MARC Ratings affirms AA<sub><i>IS</i></sub> rating on S P Setia’s RM3.0 billion IMTN programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aais-rating-on-s-p-setias-rm3-0-billion-imtn-programme-2/) - MARC Ratings has affirmed its AAIS rating on S P Setia Berhad’s RM3.0 billion Islamic Medium-Term Notes (IMTN) Programme with a stable outlook. The outstanding under the programme currently stands at RM2.0 billion. The affirmed rating primarily reflects S P Setia's entrenched market position in township development and healthy sales track record, underpinned by sizeable
- [MARC Ratings affirms Tenaga Nasional’s rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-tenaga-nasionals-rating/) - MARC Ratings has affirmed Tenaga Nasional Berhad’s (TNB) corporate credit rating at AAA with a stable outlook. The affirmed rating remains driven by TNB’s status as the principal electricity utility in Malaysia with a monopoly on electricity transmission in Peninsular Malaysia and Sabah, as well as its significant electricity distribution and generation capacity. This is
- [MARC Ratings affirms AAA<sub><i>IS</i></sub>/MARC-1<sub><i>IS</i></sub> ratings on Gas Malaysia](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aaais-marc-1is-ratings-on-gas-malaysia/) - MARC Ratings has affirmed its AAAIS/MARC-1IS ratings on Gas Malaysia Distribution Sdn Bhd’s (GMD) Islamic Medium-Term Notes (IMTN) programme and Islamic Commercial Papers (ICP) programme with a combined limit of up to RM1.0 billion. The outstanding under the programmes stood at RM241.0 million as at end-April 2023. The ratings outlook is stable. GMD is the
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on Konsortium KAJV's RM1.0 billion Sukuk Wakalah](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-konsortium-kajvs-rm1-0-billion-sukuk-wakalah-2/) - MARC Ratings has affirmed its AA-IS rating on Konsortium KAJV Sdn Bhd’s (KAJV) RM1.0 billion Sukuk Wakalah Programme with a stable outlook. The rating reflects the credit strength of the Terengganu state government to meet its payment obligations due on the Facility Payment Certificates (FPC) it issued for work completed by KAJV for the Kuala
- [MARC Ratings affirms AA- rating on 7-Eleven Holdings’ MTN programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-rating-on-7-eleven-holdings-mtn-programme-2/) - MARC Ratings has affirmed its AA- rating on 7-Eleven Malaysia Holdings Berhad’s (7-Eleven Holdings) RM600.0 million Medium-Term Notes (MTN) Programme with a stable outlook. 7-Eleven Holdings’ established market position, strong financial performance and long operating track record in the convenience store segment remain key rating drivers. The rating has incorporated the strong growth prospects of
- [MARC Ratings downgrades Tropicana’s ratings](https://www.marc.com.my/rating-announcements/marc-ratings-downgrades-tropicanas-ratings/) - MARC Ratings has downgraded its ratings on Tropicana Corporation Berhad’s RM1.5 billion Islamic Medium-Term Notes (IMTN) Programme (Sukuk Wakalah) and RM2.0 billion Perpetual Sukuk programme to AIS and A-IS from A+IS and AIS. The outstanding under the Sukuk Wakalah and Perpetual Sukuk programme currently stands at RM1.5 billion and RM648.0 million. The ratings outlook remains
- [MARC Ratings assigns preliminary ratings of MARC-1<sub><i>IS</i></sub>/AAA<sub><i>IS</i></sub>  to Petronas Dagangan’s RM10.0 billion Sukuk programmes](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-ratings-of-marc-1is-aaais-to-petronas-dagangans-rm10-0-billion-sukuk-programmes/) - MARC Ratings has assigned preliminary ratings of MARC-1IS/AAAIS to PETRONAS Dagangan Berhad’s (PDB) Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme with a combined limit of up to RM10.0 billion in nominal value. The ratings outlook is stable. PDB’s well-established domestic track record in the retailing and marketing of petroleum products and
- [MARC Ratings assigns final ratings of A<sub><i>IS(cg)</i></sub>/MARC-1<sub><i>IS(cg)</i></sub> to Skyworld Capital’s RM300 million IMTN/ICP programmes](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-ratings-of-aiscg-marc-1iscg-to-skyworld-capitals-rm300-million-imtn-icp-programmes/) - MARC Ratings has assigned final ratings of AIS(cg)/MARC-1IS(cg) to SkyWorld Capital Berhad’s RM300.0 million Islamic Medium-Term Notes (IMTN) and Islamic Commercial Papers (ICP) programmes with a stable outlook. The rating agency has reviewed the final documentation for the programmes and is satisfied that the terms and conditions have not changed in any material way from
- [MARC Ratings affirms Ranhill Powertron II’s rating with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ranhill-powertron-iis-rating-with-stable-outlook/) - MARC Ratings has affirmed its rating on Ranhill Powertron II Sdn Bhd’s (RPII) RM350.0 million Islamic Medium-Term Notes (IMTN) at AAAIS(bg) with a stable outlook. The affirmation reflects the unconditional and irrevocable guarantee from Bank Pembangunan Malaysia Berhad (BPMB) which carries a financial institution rating of AAA/Stable from MARC Ratings. BPMB replaced Danajamin Nasional Berhad
- [MARC Ratings affirms QSP Semenanjung’s rating with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-qsp-semenanjungs-rating-with-stable-outlook/) - MARC Ratings has affirmed its AA-IS rating on Quantum Solar Park (Semenanjung) Sdn Bhd’s (QSP Semenanjung) outstanding RM775.0 million Green Sustainable and Responsible Investment Sukuk with a stable outlook. QSP Semenanjung owns three 50MW power plants located in Gurun, Kedah; Jasin, Melaka; and Merchang, Terengganu. In 2022, energy generation from the Merchang plant surpassed its
- [MARC Ratings affirms Farm Fresh’s rating at AA-<sub><i>IS</i></sub>](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-farm-freshs-rating-at-aa-is/) - MARC Ratings has affirmed its AA-IS rating on Farm Fresh Berhad’s Islamic Medium-Term Notes (IMTN) Programme of RM1.0 billion under the Shariah principle of Wakalah Bi Al-Istithmar. The rating outlook is stable. Farm Fresh remains the largest vertically integrated dairy farming player domestically with a well-established distribution network. It currently operates 2,829 acres of farmland
- [MARC Ratings affirms AA<sub><i>IS</i></sub> rating on Kimanis Power’s Sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aais-rating-on-kimanis-powers-sukuk-2/) - MARC Ratings has affirmed its AAIS rating on Kimanis Power Sdn Bhd’s (KPSB) outstanding RM485.0 million Sukuk Programme. The outlook on the rating is stable. KPSB’s 285MW combined-cycle gas plant has continued to perform in line with our expectations, meeting all stipulated requirements under its 21-year power purchase agreement (PPA) with offtaker, Sabah Electricity Sdn
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> and A- ratings on Kesturi's RM2.3 billion Senior Sukuk and RM180 million Junior Bonds](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-and-a-ratings-on-kesturis-rm2-3-billion-senior-sukuk-and-rm180-million-junior-bonds/) - MARC Ratings has affirmed its AA-IS and A- ratings on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (Kesturi) RM2.3 billion Sukuk Musharakah (Senior Sukuk) and RM180 million Redeemable Secured Junior Bonds with a stable outlook. Kesturi benefits from its highway routes linking matured and densely populated areas, such as Damansara, Mont Kiara, Sri Hartamas, Ulu Kelang
- [MARC Ratings affirms A+<sub><i>IS</i></sub> rating on Yinson’s Sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ais-rating-on-yinsons-sukuk/) - MARC Ratings has affirmed its A+IS rating on Yinson Holdings Berhad’s Islamic Medium-Term Notes (IMTN) programme of up to RM1.0 billion with a stable outlook. Yinson’s established track record in providing floating, production, storage and offloading vessels (FPSOs) for the oil and gas industry, its strong earnings visibility from sizeable charter contracts, and healthy profit
- [MARC Ratings upgrades PTP’s Sukuk Murabahah rating to AA<sub><i>IS</i></sub>](https://www.marc.com.my/rating-announcements/marc-ratings-upgrades-ptps-sukuk-murabahah-rating-to-aais/) - MARC Ratings has upgraded port operator Pelabuhan Tanjung Pelepas Sdn Bhd’s (PTP) RM2.15 billion Islamic Medium-Term Notes (Sukuk Murabahah Programme) rating to AAIS from AA-IS. The rating outlook is stable. The outstanding under the rated programme stood at RM2.1 billion as at March 13, 2023. The rating upgrade is premised on PTP’s strengthened credit profile,
- [MARC Ratings revises Top Glove’s rating outlook to negative](https://www.marc.com.my/rating-announcements/marc-ratings-revises-top-gloves-rating-outlook-to-negative/) - MARC Ratings has revised the outlook on Top Glove Corporation Bhd’s corporate credit rating to negative from stable on concerns that the impact from the continued tough global market conditions for glove manufacturers will weigh on the group’s performance. Concurrently, the rating outlook on the RM3.0 billion Perpetual Sukuk Wakalah Programme of Top Glove’s wholly-owned
- [MARC Ratings assigns final ratings of MARC-1<sub><i>IS</i></sub>/AA<sub><i>IS</i></sub> to Alam Flora’s RM700.0 million sukuk programmes](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-ratings-of-marc-1is-aais-to-alam-floras-rm700-0-million-sukuk-programmes/) - MARC Ratings has assigned final ratings of MARC-1IS/AAIS to Alam Flora Sdn Bhd’s RM700 million Islamic Commercial Papers and Islamic Medium-Term Notes (ICP/IMTN) programmes. The ratings outlook is stable. The rating agency has reviewed the final documentation for the programmes and is satisfied that the terms and conditions have not changed in any material way
- [MARC Ratings assigns final ratings of MARC-1<sub><i>IS</i></sub>/AA-<sub><i>IS</i></sub> to UDA’s ICP/IMTN Programmes of up to RM1.0 billion](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-ratings-of-marc-1is-aa-is-to-udas-icp-imtn-programmes-of-up-to-rm1-0-billion/) - MARC Ratings has assigned final ratings of MARC-1IS/AA-IS to UDA Holdings Berhad’s Islamic Commercial Papers (ICP) programme of up to RM100.0 million and Islamic Medium-Term Notes (IMTN) programme of up to RM1.0 billion with a combined aggregate limit of up to RM1.0 billion. The rating carries a stable outlook. The rating agency has reviewed the
- [MARC Ratings assigns final ratings of MARC-1/MARC-1<sub><i>IS</i></sub> to Cagamas’ CCP/ICP programmes with a combined aggregate limit of RM20 billion](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-ratings-of-marc-1-marc-1is-to-cagamas-ccp-icp-programmes-with-a-combined-aggregate-limit-of-rm20-billion/) - MARC Ratings has assigned final ratings of MARC-1/MARC-1IS to Cagamas Berhad’s Conventional and Islamic Commercial Papers (CCP/ICP) programmes with a combined aggregate limit of RM20 billion. The ratings outlook is stable. The rating agency has reviewed the final documentation for the programmes and is satisfied that the terms and conditions have not changed in any
- [MARC Ratings assigns final rating of A to Singer’s RM300.0 million MTN Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-rating-of-a-to-singers-rm300-0-million-mtn-programme/) - MARC Ratings has assigned a final rating of A with a stable outlook to Singer (Malaysia) Sdn Bhd’s (Singer) RM300.0 million Medium-Term Notes (MTN) Programme. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way from the draft documentation
- [MARC Ratings assigns “Bronze” Impact Assessment to Global Vision Logistics’ Green Finance Framework](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-bronze-impact-assessment-to-global-vision-logistics-green-finance-framework/) - MARC Ratings has assigned a "Bronze" Impact Assessment to Global Vision Logistics Sdn Bhd’s (GVL) Sustainability Financing Framework (the Framework). GVL is a joint venture company with four shareholders being Hartamas Mentari Sdn Bhd (30%), Swift Haulage Berhad (25%), Ideal Force Sdn Bhd (15%) and Aspen Vision Properties Sdn Bhd (30%), whose principal activities are
- [MARC Ratings affirms ratings on Special Coral’s Senior and Subordinated Class MTN](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-on-special-corals-senior-and-subordinated-class-mtn-2/) - MARC Ratings has affirmed its ratings of AAA, AA and B- on special purpose vehicle Special Coral Sdn Bhd’s RM250.0 million Senior Class A Medium-Term Notes (MTN), RM50.0 million Senior Class B MTN and RM800.0 million Subordinated Class MTN under the existing RM1.1 billion MTN programme. The ratings outlook is stable. Special Coral owns about
- [MARC Ratings affirms ratings on Cagamas MBS' asset-backed Sukuk Musyarakah and fixed rate serial bonds](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-on-cagamas-mbs-asset-backed-sukuk-musyarakah-and-fixed-rate-serial-bonds-2/) - MARC Ratings has affirmed its AAAIS and AAA ratings on Cagamas MBS Berhad’s asset-backed Sukuk Musyarakah issuance (CMBS 2007-1-i) and fixed rate serial bonds issuances (CMBS 2005-2; CMBS 2007-2). The outlook on all ratings is stable. Cagamas MBS was established to undertake the securitisation of conventional and Islamic home financing originated by the Malaysian government.
- [MARC Ratings affirms AA<sub><i>IS</i></sub> rating on BEWG’s RM400.0 million Sukuk Wakalah](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aais-rating-on-bewgs-rm400-0-million-sukuk-wakalah-2/) - MARC Ratings has affirmed BEWG (M) Sdn Bhd’s (BEWG) RM400 million Sukuk Wakalah rating of AAIS with a stable outlook. BEWG, a 100%-subsidiary of Hong Kong-based Beijing Enterprises Water Group Limited (BEWGL), was set up to undertake water and sewerage projects in Malaysia. In November 2015, it won the Terengganu state government’s contract to refurbish
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on Sinar Kamiri's Sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-sinar-kamiris-sukuk/) - MARC Ratings has affirmed its AA-IS rating on Sinar Kamiri Sdn Bhd’s outstanding RM200.0 million Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah. The outlook on the rating is stable. The performance of Sinar Kamiri’s 49MWac solar power plant remained within expectations in 2022. Electricity generation was marginally lower than P90 projections by 1.7%, mainly
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on Leader Energy’s sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-leader-energys-sukuk-2/) - MARC Ratings has affirmed its AA-IS rating on Leader Energy Sdn Bhd’s outstanding ASEAN Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah of RM245.0 million with a stable outlook. Leader Energy is the investment holding company of two solar power project companies Leader Solar Energy Sdn Bhd (LSE I) and Leader Solar Energy II Sdn
- [MARC Ratings withdraws TSH Sukuk Murabahah's RM50 million ICP rating](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-tsh-sukuk-murabahahs-rm50-million-icp-rating/) - MARC Ratings has withdrawn its MARC-1IS rating on TSH Sukuk Murabahah Sdn Bhd’s RM50 million Islamic Commercial Papers (ICP) Programme. The rating withdrawal follows the termination of the programme upon expiry as confirmed by the facility agent on February 3, 2023. The analytical coverage on TSH Sukuk Murabahah is now limited to its RM150 million
- [MARC Ratings assigns "Gold" Impact Assessment to UDA Holdings' Sustainability Sukuk Framework](https://www.marc.com.my/rating-announcements/marc-ratings-has-assigned-a-gold-impact-assessment-to-uda-holdings-berhads-sustainability-sukuk-framework/) - MARC Ratings has assigned a "Gold" Impact Assessment to UDA Holdings Berhad’s (UDA) Sustainability Sukuk Framework (the Framework). The Framework has been established to set the guiding principles for UDA’s issuances of Islamic financing instruments (Sustainability Sukuk) for specific eligible projects. MARC Ratings has assessed the Framework and is satisfied that it is aligned with
- [MARC Ratings withdraws rating on Cagamas MBS’s Tranche 6 under CMBS 2007-1-i on full redemption](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-rating-on-cagamas-mbss-tranche-6-under-cmbs-2007-1-i-on-full-redemption/) - MARC Ratings has withdrawn its rating of AAAIS/Stable on Cagamas MBS Berhad's Tranche 6 under the RM2,110.0 million asset-backed Sukuk Musyarakah issuance (CMBS 2007-1-i). The rating withdrawal follows the full redemption of the outstanding RM320.0 million under Tranche 6 as confirmed by the facility agent. The rating agency's analytical coverage on CMBS 2007-1-i is now
- [MARC ratings assigns final rating of AAA<sub></i>IS</i></sub> to TNB Power Generation’s sukuk programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-rating-of-aaais-to-tnb-power-generations-sukuk-programme/) - MARC Ratings has assigned a final rating of AAAIS to TNB Power Generation Sdn Bhd's (TPGSB) sukuk programme of up to RM10.0 billion. The rating carries at stable outlook. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way
- [MARC Ratings affirms Ranhill Powertron II’s ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ranhill-powertron-iis-ratings-with-stable-outlook/) - MARC Ratings has affirmed its ratings on Ranhill Powertron II Sdn Bhd's (RPII) RM40.0 million outstanding Islamic Medium-Term Notes (IMTN) at AAIS and RM350.0 million outstanding guaranteed IMTN at AAAIS(fg). The ratings outlook is stable. The AAIS rating incorporates the favourable terms under the power purchase agreement (PPA) which allocates demand risk and fuel price
- [MARC Ratings affirms AAIS rating on Kimanis Power’s sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aais-rating-on-kimanis-powers-sukuk/) - MARC Ratings has affirmed its AAIS rating on Kimanis Power Sdn Bhd's (KPSB) outstanding sukuk of RM585.0 million with a stable outlook. The rating affirmation reflects KPSB's steady cash flow generation attributed to the consistent performance of its plant that has continued to exceed the minimum requirements under its Power Purchase Agreement (PPA). Demand risk
- [MARC Ratings affirms AAA<sub></i>IS</i></sub>  rating on TNB Northern Energy’s sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aaais-rating-on-tnb-northern-energys-sukuk/) - MARC Ratings has affirmed its AAAIS rating on TNB Northern Energy Berhad's outstanding sukuk of RM1.32 billion with a stable outlook. The rating and outlook are equalised to Tenaga Nasional Berhad's (TNB) corporate credit rating of AAA/stable, primarily based on the strength of the commitment TNB has extended through an unconditional and irrevocable rolling guarantee
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on Sinar Kamiri's RM245 million Green Sri Sukuk Wakalah](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-sinar-kamiris-rm245-million-green-sri-sukuk-wakalah/) - MARC Ratings has affirmed its AA-IS rating on Sinar Kamiri Sdn Bhd's RM245 million Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah with a stable outlook. Sinar Kamiri is a special purpose project company that owns and operates a 49MWac solar power plant in Sungai Siput, Perak. The rating is primarily driven by Sinar Kamiri's
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on DUKE 3’s RM3.64 billion sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-duke-3s-rm3-64-billion-sukuk/) - MARC Ratings has affirmed its rating on toll concessionaire Lebuhraya DUKE Fasa 3 Sdn Bhd's (DUKE 3) RM3.64 billion Sukuk Wakalah at AA-IS with a stable outlook. The rating incorporates the adequately structured sukuk repayment profile that accommodates the traffic ramp-up on Setiawangsa-Pantai Expressway (SPE). The back-ended financing structure — with the first principal repayment
- [MARC Ratings affirms AA- rating on 7-Eleven Holdings' MTN Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-rating-on-7-eleven-holdings-mtn-programme/) - MARC Ratings has affirmed its AA- rating on 7-Eleven Malaysia Holdings Berhad's (7-Eleven Holdings) RM600.0 million Medium-Term Notes (MTN) Programme with a stable outlook. The outstanding under the programme stood at RM500.0 million as of May 11, 2022. The group's established market position and strong operating track record in the domestic convenience store segment (7-Eleven
- [MARC Ratings withdraws ratings on Cagamas’ RM20 billion CCP/ICP programme upon expiry](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-ratings-on-cagamas-rm20-billion-ccp-icp-programme-upon-expiry/) - MARC Ratings has withdrawn its ratings of MARC-1/MARC-1IS on Cagamas Berhad's Conventional and Islamic Commercial Papers (CCP/ICP) programme with a combined aggregate limit of RM20 billion. The withdrawal follows the expiry of the programme on June 23, 2022 upon full redemption of the outstanding RM400 million under the programme as confirmed by the facility agent.
- [MARC Ratings upgrades Bank Muamalat’s financial institution ratings to A+/MARC-1](https://www.marc.com.my/rating-announcements/marc-ratings-upgrades-bank-muamalats-financial-institution-ratings-to-a-marc-1/) - MARC Ratings has upgraded Bank Muamalat Malaysia Berhad's financial institution ratings to A+/MARC-1 from A/MARC-1 and concurrently upgraded its rating on the bank's Islamic Senior Notes Programme (Senior Sukuk) of up to RM2.0 billion to A+IS. The ratings outlook is stable. The ratings upgrade is premised on Bank Muamalat's continued improvement in its financial performance,
- [MARC Ratings revises rating outlook on Inverfin’s outstanding notes to stable](https://www.marc.com.my/rating-announcements/marc-ratings-revises-rating-outlook-on-inverfins-outstanding-notes-to-stable/) - MARC Ratings has affirmed its rating of AAA on Inverfin Sdn Bhd's outstanding RM160 million Tranche A notes under the Medium-Term Notes (MTN) programme. Concurrently, the rating outlook has been revised to stable from negative. The rating affirmation is based on the loan-to-value (LTV) ratio of the Tranche A notes of 41.9% that is within
- [MARC Ratings affirms SME Bank’s financial institution rating with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-sme-banks-financial-institution-rating-with-stable-outlook/) - MARC Ratings has affirmed its financial institution (FI) rating of AAA on Small Medium Enterprise Development Bank Malaysia Berhad (SME Bank). Concurrently, the rating agency has affirmed its ratings of AAAIS/MARC-1IS on the bank's Islamic Medium Term-Notes (IMTN) Programme of up to RM3.0 billion and Islamic Commercial Papers (ICP) Programme of up to RM1.0 billion
- [MARC Ratings affirms Malaysia’s sovereign rating at AAA](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-malaysias-sovereign-rating-at-aaa/) - MARC Ratings has affirmed its public information local currency sovereign rating of AAA/stable on Malaysia, based on its national sovereign rating scale. Under this rating scale, the sovereign state of Malaysia carries the lowest relative risk for reasons that include its authority to tax and set interest rates. The rating reflects the country's credit strengths
- [MARC Ratings affirms KFH Malaysia's financial institution rating with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-kfh-malaysias-financial-institution-rating-with-stable-outlook/) - MARC Ratings has affirmed its long- and short-term financial institution (FI) ratings of AA+/MARC-1 on Kuwait Finance House (Malaysia) Berhad (KFH Malaysia) with a stable outlook. KFH Malaysia's long-term AA+ FI rating is notched down from the AAA FI rating of its 100%-owned parent Kuwait Finance House KSC (KFH) whose FI rating reflects the very
- [MARC Ratings affirms Kesturi’s ratings and revises outlook to stable](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-kesturis-ratings-and-revises-outlook-to-stable/) - MARC Ratings has affirmed its ratings on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd's (Kesturi) RM2.3 billion Sukuk Musharakah (Senior Sukuk) and RM180 million Redeemable Secured Junior Bonds (Junior Bonds) at AA-IS and A-. The three-notch rating differential between the Senior Sukuk and Junior Bonds reflects the latter's subordination to the Senior Sukuk in regard to
- [MARC Ratings affirms Cagamas' ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-cagamas-ratings-with-stable-outlook/) - MARC Ratings has affirmed its ratings on Cagamas Berhad's bonds and sukuk issuances as follows: MARC-1/MARC-1IS on Conventional and Islamic Commercial Papers (CP/ICP) programmes with a combined aggregate limit of RM20.0 billion AAA/AAAIS on Conventional and Islamic Medium-Term Notes (MTN/IMTN) programmes of up to RM60.0 billion The ratings outlook is stable. The key rating drivers
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on Grand Sepadu’s RM210.0 million Sukuk Murabahah](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-grand-sepadus-rm210-0-million-sukuk-murabahah/) - MARC Ratings has affirmed Grand Sepadu (NK) Sdn Bhd's (Grand Sepadu) RM210.0 million Sukuk Murabahah rating at AA-IS with a stable outlook. The affirmed rating reflects Grand Sepadu's stable performance, underpinned by resilient commercial traffic on its mature New North Klang Straits Bypass (NNKSB). The affirmation also reflects the improvement in leverage and coverage ratios
- [MARC Ratings affirms A+<sub><i>IS</i></sub>  rating on Yinson’s RM1.0 billion IMTN programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ais-rating-on-yinsons-rm1-0-billion-imtn-programme/) - MARC Ratings has affirmed its A+IS rating on Yinson Holdings Berhad's RM1.0 billion Islamic Medium-Term Notes (IMTN) Programme with a stable outlook. Yinson group's strong market position in the floating, production, storage and offloading vessels (FPSOs) business segment, its earnings visibility and healthy profit margins on long-term FPSO contracts remain key rating drivers. The rating
- [MARC Ratings withdraws rating on Talam Transform's Settlement BaIDS upon full redemption](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-rating-on-talam-transforms-settlement-baids-upon-full-redemption/) - MARC Ratings has withdrawn its rating of CIS on Talam Transform Berhad's (Talam) RM134.2 million Settlement Bithaman Ajil Islamic Debt Securities (Settlement BaIDS). The rating withdrawal follows the full redemption of the outstanding RM18 million under the Settlement BaIDS as announced on the BNM FAST website. Upon the redemption, MARC Ratings will no longer provide
- [MARC Ratings withdraws preliminary rating on Sparks Energy 1](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-preliminary-rating-on-sparks-energy-1/) - MARC Ratings has withdrawn its preliminary rating of AA-IS on Sparks Energy 1 Sdn Bhd's RM220.0 million proposed ASEAN Green SRI Sukuk. Sparks Energy 1 is the funding vehicle for two 30MWac solar projects in Kuala Muda, Kedah and Machang, Kelantan. We note that construction of the solar power plants is currently being funded by
- [MARC Ratings extends UITM Solar’s Marcwatch Negative placement](https://www.marc.com.my/rating-announcements/marc-ratings-extends-uitm-solars-marcwatch-negative-placement-2/) - MARC Ratings has extended its MARCWatch Negative placement on UiTM Solar Power Sdn Bhd's outstanding RM202.3 million Green SRI Sukuk pending full resumption of operations at its plant. The initial placement was made on January 28, 2022, due to the cessation of operations at the plant following damage to its gas-insulated switchgear (GIS) and power
- [MARC Ratings assigns preliminary rating of AAIS(cg) to VS Industry's funding vehicle’s proposed RM1.0 billion IMTN programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-rating-of-aaiscg-to-vs-industrys-funding-vehicles-proposed-rm1-0-billion-imtn-programme/) - MARC Ratings has assigned a preliminary rating of AAIS(cg) to funding vehicle VS Capital Management Sdn Bhd's Islamic Medium-Term Notes (IMTN) programme of up to RM1.0 billion. The rating outlook is stable. The rating reflects the credit strength of VS Industry Berhad (VSI) on the basis of an unconditional and irrevocable corporate guarantee it will
- [MARC Ratings assigns preliminary rating of AA+<sub><i>IS</i></sub> to edotco Malaysia's proposed RM3.0 billion Sukuk Wakalah Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-rating-of-aais-to-edotco-malaysias-proposed-rm3-0-billion-sukuk-wakalah-programme/) - MARC Ratings has assigned a preliminary rating of AA+IS to edotco Malaysia Sdn Bhd's proposed Islamic Medium-Term Notes Programme (Sukuk Wakalah Programme) of up to RM3.0 billion with a stable outlook. The rating reflects edotco Malaysia's solid market position as one of the country's largest tower companies (towerco), high cash flow visibility from long-term tower
- [MARC Ratings affirms ratings on Sunway Group issuances](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-on-sunway-group-issuances/) - MARC Ratings has affirmed its MARC-1/AA- ratings on Sunway Berhad's issuances under the RM2.0 billion Commercial Papers/Medium-Term Notes (CP/MTN) Programmes. Concurrently, the ratings on Sunway Treasury Sukuk Sdn Bhd's issuances under the RM2.0 billion Sukuk Programme and RM10.0 billion Islamic Commercial Papers/Islamic Medium-Term Notes (ICP/IMTN) Programmes have been affirmed at MARC-1IS(cg)/AA-IS(cg). Sunway Treasury Sukuk is
- [MARC Ratings affirms KAF Investment Bank's financial institution ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-kaf-investment-banks-financial-institution-ratings-with-stable-outlook/) - MARC Ratings has affirmed its financial institution (FI) ratings of AA-/MARC-1 on KAF Investment Bank Berhad (KAF IB) with a stable outlook. KAF IB's low-risk business model, underpinned by a conservative investment strategy, and strong liquidity and capitalisation levels remain key rating drivers. The susceptibility of KAF IB's performance to domestic capital market conditions and
- [MARC Ratings affirms International General Insurance’s rating at AA+ with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-international-general-insurances-rating-at-aa-with-stable-outlook/) - MARC Ratings has affirmed its insurer financial strength rating of AA+ with a stable outlook on Bermuda-based International General Insurance Co Ltd (IGI). The rating affirmation continues to be driven by IGI's well-diversified underwriting portfolio across business lines and countries, and a strong capitalisation level that remains supportive of growth. These strengths are underscored by
- [MARC Ratings affirms CIMB Islamic's financial institution and related issue ratings](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-cimb-islamics-financial-institution-and-related-issue-ratings/) - MARC Ratings has affirmed CIMB Islamic Bank Berhad's (CIMB Islamic) financial institution (FI) ratings of AAA/MARC-1/Stable and concurrently the sukuk issuance ratings as follows: RM10.0 billion senior Sukuk Wakalah programme (Sukuk Wakalah) at AAAIS/Stable RM5.0 billion Tier 2 Junior Sukuk programme at AA+IS/Stable CIMB Islamic's FI ratings are equalised to that of its parent CIMB
- [MARC Ratings affirms CIMB Group Holdings' ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-cimb-group-holdings-ratings-with-stable-outlook/) - MARC Ratings has affirmed its long-term and short-term corporate credit ratings of AA+/MARC-1 on CIMB Group Holdings Berhad (CIMB Group) and its issue rating of AA on the group's RM10.0 billion Basel III-compliant Tier 2 Subordinated Debt Programme. The ratings outlook is stable. CIMB Group is a non-operating financial holding company and is the country's
- [MARC Ratings affirms CIMB Bank's financial institution ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-cimb-banks-financial-institution-ratings-with-stable-outlook/) - MARC Ratings has affirmed its financial institution (FI) ratings on CIMB Bank Berhad at AAA/MARC-1. Concurrently, the rating agency has also affirmed its rating of AA+ on the bank's existing RM10.0 billion Basel III-compliant Tier 2 Subordinated Debt Programme. All the ratings carry a stable outlook. CIMB Bank's high systemic importance in the domestic banking
- [MARC Ratings affirms China Construction Bank (Malaysia)'s financial institution ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-china-construction-bank-malaysias-financial-institution-ratings-with-stable-outlook/) - MARC Ratings has affirmed its long- and short-term financial institution ratings of AA+/MARC-1 on China Construction Bank (Malaysia) Berhad (CCBM) with a stable outlook. CCBM's healthy metrics as reflected by high provisioning levels, strong capital ratios, as well as healthy liquidity and funding positions remain key rating drivers. CCBM's long-term rating of AA+ is notched
- [MARC Ratings withdraws rating on Ranhill Powertron II’s Tranche 1 on full redemption](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-rating-on-ranhill-powertron-iis-tranche-1-on-full-redemption/) - MARC Ratings has withdrawn its AAIS rating on Ranhill Powertron II Sdn Bhd's (RPII) RM360.0 million Tranche 1 under the RM710.0 million Islamic Medium-Term Notes (IMTN) programme. The rating withdrawal follows the full redemption of the tranche as confirmed by the facility agent. The rating agency's analytical coverage on RPII's IMTN programme is now limited
- [MARC Ratings withdraws rating on Cagamas MBS’s Tranche 6 under CMBS 2007-2 on full redemption](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-rating-on-cagamas-mbss-tranche-6-under-cmbs-2007-2-on-full-redemption/) - MARC Ratings has withdrawn its rating of AAA/Stable on Cagamas MBS Berhad's Tranche 6 under the RM2,410.0 million asset-backed Fixed Rate Serial Bonds (CMBS 2007-2). The rating withdrawal follows the full redemption of the outstanding RM250.0 million under Tranche 6 as confirmed by the facility agent. The rating agency's analytical coverage on CMBS 2007-2 is
- [MARC Ratings revises CISB’s rating outlook to stable](https://www.marc.com.my/rating-announcements/marc-ratings-revises-cisbs-rating-outlook-to-stable/) - MARC has affirmed its AA- rating on Central Impression Sdn Bhd's (CISB) outstanding RM60 million Fixed Rate Serial Bonds and concurrently revised the rating outlook to stable from negative. The affirmed rating is driven by the credit strength of AEON Co (M) Berhad (AEON), a 51.7%-owned subsidiary of Japan-based AEON Co Ltd which has an
- [MARC Ratings maintains Tropicana's outlook at negative](https://www.marc.com.my/rating-announcements/marc-ratings-maintains-tropicanas-outlook-at-negative/) - MARC Ratings has affirmed its ratings on Tropicana Corporation Berhad's RM1.5 billion Islamic Medium-Term Notes Programme (Sukuk Wakalah) and RM2.0 billion existing Perpetual Sukuk programme at A+IS and AIS. The ratings outlook remains negative pending completion of the group's ongoing plans of asset disposals and equity raising, expected to be completed by end-2022, to strengthen
- [MARC Ratings assigns preliminary ratings of MARC-1<sub><i>IS</i></sub>/AIS To GBG’s proposed RM200 million ICP/IMTN programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-ratings-of-marc-1is-ais-to-gbgs-proposed-rm200-million-icp-imtn-programme/) - MARC Ratings has assigned preliminary ratings of MARC-1IS /AIS to Gabungan AQRS Berhad's (GBG) proposed RM200 million Islamic Commercial Papers (ICP)/Islamic Medium-Term Notes (IMTN) Programme. The ratings outlook is stable. The ratings reflect GBG's moderate construction order book, its low counterparty risk from the largely government-related construction contracts, and its earnings visibility through 2024. The
- [MARC Ratings assigns preliminary ratings of MARC-1<sub><i>IS</i></sub>/AA-<sub><i>IS</i></sub> to Johor Port Berhad's proposed RM1.0 billion ICP/IMTN](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-ratings-of-marc-1is-aa-is-to-johor-port-berhads-proposed-rm1-0-billion-icp-imtn/) - MARC Ratings has assigned preliminary ratings of MARC-1IS/AA-IS to port operator Johor Port Berhad's (JPB) Islamic Commercial Papers and Islamic Medium-Term Notes (ICP/IMTN) Programme with a combined limit of up to RM1.0 billion. The long-term rating carries a stable outlook. The company operates Johor Port, a gateway port in Pasir Gudang, under a concession agreement
- [MARC Ratings assigns preliminary rating of A+<sub><i>IS</i></sub> to JB Cocoa’s proposed RM500.0 million Sukuk Wakalah programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-rating-of-ais-to-jb-cocoas-proposed-rm500-0-million-sukuk-wakalah-programme/) - MARC Ratings has assigned a preliminary rating of A+IS with a stable outlook to JB Cocoa Sdn Bhd's proposed Islamic Medium-Term Notes (Sukuk Wakalah) programme of up to RM500.0 million. JB Cocoa is a key manufacturing subsidiary of JB Foods Limited, a Singapore Stock Exchange listed company, which has provided a corporate guarantee to the
- [MARC Ratings assigns "Gold" Impact Assessment to Sunway Healthcare Treasury’s Sustainability Financing Framework](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-gold-impact-assessment-to-sunway-healthcare-treasurys-sustainability-financing-framework/) - MARC Ratings has assigned a "Gold" Impact Assessment to Sunway Healthcare Treasury Sdn Bhd’s Sustainability Financing Framework (the Framework). Sunway Healthcare Treasury is a wholly-owned subsidiary of Sunway Healthcare Holdings Sdn Bhd (SHH) where SHH is the immediate holding company of Sunway Healthcare Group (SHG). The Framework sets out the guidelines for issuances of financing
- [MARC Ratings affirms Aman Sukuk’s RM10.0 billion IMTN Programme rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aman-sukuks-rm10-0-billion-imtn-programme-rating/) - MARC Ratings has affirmed its AAAIS rating on Aman Sukuk Berhad's (Aman) Islamic Medium-Term Notes (IMTN) Programme of up to RM10.0 billion with a stable outlook. The rating affirmation reflects the credit strength of the Malaysian government as the sole obligor of the annual sublease rental payments, and the quantum of which is deemed sufficient
- [MARC Ratings affirms Agrobank's financial institution rating with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-agrobanks-financial-institution-rating-with-stable-outlook/) - MARC Ratings has affirmed its financial institution (FI) rating of AAA on Bank Pertanian Malaysia Berhad (Agrobank). Concurrently, the rating agency has affirmed its rating of AAAIS on the bank's Islamic Medium Term-Notes Programme of up to RM1.0 billion. The ratings outlook is stable. The FI rating is driven by Agrobank's status as a wholly
- [MARC Ratings assigns preliminary ratings of MARC-1<sub><i>IS</i></sub>/AA<sub><i>IS</i></sub> to Alam Flora's RM700.0 million sukuk programmes](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-ratings-of-marc-1is-aais-to-alam-floras-rm700-0-million-sukuk-programmes/) - MARC Ratings has assigned preliminary ratings of MARC-1IS/AAIS to Alam Flora Sdn Bhd's RM700.0 million ICP/IMTN programmes with a stable outlook. The assigned ratings are primarily driven by the strength of Alam Flora's 22-year concession agreement (CA) with the Government of Malaysia that provides revenue visibility until 2033. The ratings also incorporate the group's expertise
- [MARC Ratings affirms ratings on UMW’s IMTN and Perpetual Sukuk Programmes](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-on-umws-imtn-and-perpetual-sukuk-programmes/) - MARC Ratings has affirmed its ratings on UMW Holdings Berhad’s (UMW) RM2.0 billion Islamic Medium-Term Notes Programme (Sukuk Musharakah) at AA+IS and RM2.0 billion Perpetual Sukuk Programme (Perpetual Sukuk) at AA-IS. The ratings outlook is stable. UMW’s sizeable market share in the domestic automotive industry, strong revenue generation and healthy capital structure remain key rating
- [MARC Ratings affirms ratings on Putrajaya Holdings' sukuk programmes](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-on-putrajaya-holdings-sukuk-programmes/) - MARC Ratings has affirmed its ratings on Putrajaya Holdings Sdn Bhd's (PJH) outstanding issuances as follows: • RM1.0 billion 20-year Sukuk Wakalah Programme (due 2041) at AAAIS; • RM370.0 million Sukuk Musharakah Programme (due 2030) at AAAIS; • RM3.0 billion Sukuk Musharakah Programme (due 2032) at AAAIS; and • RM1.5 billion Sukuk Musharakah Medium-Term Notes
- [MARC Ratings affirms Putrajaya Bina's IMTN rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-putrajaya-binas-imtn-rating/) - MARC Ratings has affirmed its AAAIS rating on Putrajaya Bina Sdn Bhd's (PBSB) RM1.58 billion Islamic Medium-Term Notes (Sukuk Wakalah) Programme. The rating outlook is stable. The affirmed rating is driven by the steady periodic payment streams in the form of availability charges (AC) from its sole obligor, the Malaysian government (AAA/Stable), the quantum of
- [MARC Ratings affirms Penang Port's AA-<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-penang-ports-aa-is-rating/) - MARC Ratings has affirmed its rating of AA-IS on Penang Port Sdn Bhd's (PPSB) Islamic Medium-Term Notes Issuance Programme of up to RM1.0 billion with a stable outlook. The rating affirmation incorporates PPSB's strength as the operator of Penang Port, a key trade gateway port in northern Peninsular Malaysia, and its cash flow generation ability
- [MARC Ratings affirms MISC’s rating at AAA<sub></i>IS</i></sub> with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-miscs-rating-at-aaais-with-stable-outlook/) - MARC Ratings has affirmed its AAAIS rating on MISC Berhad's RM2.5 billion Islamic Medium-Term Notes (IMTN) programme with a stable outlook. The rating incorporates MISC's position as a domestic leader and a key global player in the energy-related shipping business, its stable revenue generation from long-term liquefied natural gas (LNG), ethane and offshore contracts, and
- [MARC Ratings affirms Malaysia Marine and Heavy Engineering’s rating at AA-<sub><i>IS</i></sub> with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-malaysia-marine-and-heavy-engineerings-rating-at-aa-is-with-stable-outlook/) - MARC Ratings has affirmed its AA-IS rating on Malaysia Marine and Heavy Engineering Holdings Berhad's (MHB) RM1.0 billion Sukuk Murabahah Programme with a stable outlook. The rating reflects MHB's conservative balance sheet, strong liquidity position as well as its strong competitive position as the largest domestic offshore fabricator. These strengths are counterbalanced by the uncertain
- [MARC Ratings affirms Islamic Development Bank’s ratings at AAA/MARC-1 with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-islamic-development-banks-ratings-at-aaa-marc-1-with-stable-outlook/) - MARC Ratings has affirmed its financial institution (FI) ratings of AAA/MARC-1 on Islamic Development Bank (IsDB). The rating agency has concurrently affirmed its AAAIS rating on the Sukuk Wakalah programme of up to RM400 million issued by Tadamun Services Berhad, a trust established by IsDB. The ratings outlook is stable. The FI ratings incorporate IsDB's
- [MARC Ratings affirms George Kent’s ratings](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-george-kents-ratings/) - MARC Ratings has affirmed its ratings of MARC-1IS and A+IS on George Kent (Malaysia) Berhad's (George Kent) RM100.0 million Islamic Commercial Papers (ICP) and RM500.0 million Islamic Medium-Term Notes (IMTN) Programmes, subject to a combined limit of RM500.0 million. The ratings outlook is stable. The rating affirmation is premised on George Kent's strong liquidity position, healthy balance
- [MARC Ratings affirms Gas Malaysia Distribution’s ratings](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-gas-malaysia-distributions-ratings/) - MARC Ratings has affirmed its AAAIS/MARC-1IS ratings on Gas Malaysia Distribution Sdn Bhd's (GMD) Islamic Medium-Term Notes (IMTN) programme and Islamic Commercial Papers (ICP) programme with a combined limit of up to RM1.0 billion. The outstanding amount under the programmes stood at RM331.0 million as at end-July 2022. The ratings outlook is stable. The affirmed
- [MARC Ratings affirms Danajamin's ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-danajamins-ratings-with-stable-outlook/) - MARC Ratings has affirmed its insurer financial strength (IFS) rating of AAA and counterparty credit ratings of AAA/MARC-1 on Danajamin Nasional Berhad (Danajamin). Concurrently, the rating agency has affirmed its ratings of AAAIS and AA+IS on the Senior and Subordinated Sukuk Murabahah of up to RM2.0 billion under its Sukuk Murabahah programme. Currently, there is
- [MARC Ratings affirms Bina Darulaman’s ICP programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-bina-darulamans-icp-programme/) - MARC Ratings has affirmed its short-term rating of MARC-2IS on Bina Darulaman Berhad's (BDB) RM100.0 million Islamic Commercial Papers (ICP) Programme. The rating is driven by BDB's improving business profile in construction and property development, its low-to-moderate leverage position, and adequate liquidity to meet short-term operational and financial commitments. The group's status as a Kedah
- [MARC Ratings affirms Alpha Circle’s ratings](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-alpha-circles-ratings/) - MARC Ratings has maintained its ratings on Alpha Circle Sdn Bhd's outstanding RM80 million Senior Sukuk Musharakah and RM55 million Junior Sukuk Musharakah at BIS and CIS. The senior sukuk's rating outlook has been maintained at negative. The rating actions reflect Alpha Circle's weak financial position to be able to fully meet its remaining sukuk
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on SHC Capital's Sukuk Wakalah programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-shc-capitals-sukuk-wakalah-programme/) - MARC Ratings has affirmed its AA-IS rating on SHC Capital Sdn Bhd's RM80.0 million issuance under its RM200 million Islamic Medium-Term Notes (Sukuk Wakalah) Programme with a stable outlook. There is no further drawdown expected, but any new drawdown will require a re-assessment of the rating. SHC Capital is a wholly-owned funding vehicle of Tunas
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on SAJ Capital’s RM650 million Sukuk Murabahah](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-saj-capitals-rm650-million-sukuk-murabahah/) - MARC Ratings has affirmed its rating of AA-IS on SAJ Capital's Sdn Bhd's Sukuk Murabahah of up to RM650 million with a stable outlook. SAJ Capital is a wholly-owned funding vehicle of Ranhill Capital Sdn Bhd, which owns an 80%-stake in Ranhill SAJ Sdn Bhd, an exclusive provider of treated water in Johor. As the
- [MARC Ratings assigns final rating of A+<sub><i>IS</i></sub> to JB Cocoa’s proposed RM500.0 million Sukuk Wakalah programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-rating-of-ais-to-jb-cocoas-proposed-rm500-0-million-sukuk-wakalah-programme/) - MARC Ratings has assigned a final rating of A+IS with a stable outlook to JB Cocoa Sdn Bhd's proposed Islamic Medium-Term Notes (Sukuk Wakalah) programme of up to RM500.0 million. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on MRCB’s IMTN of up to RM5.0 billion](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-mrcbs-imtn-of-up-to-rm5-0-billion/) - MARC Ratings has affirmed its AA-IS rating on Malaysian Resources Corporation Berhad's (MRCB) Islamic Medium-Term Notes (IMTN) Programme up to RM5.0 billion (Sukuk Murabahah) with a stable outlook. MRCB's longstanding track record as a property developer in transit-oriented developments (TOD), and its sizeable outstanding construction order book comprising large infrastructure projects remain key rating drivers.
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on Leader Energy's Sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-leader-energys-sukuk/) - MARC Ratings has affirmed its AA-IS rating on Leader Energy Sdn Bhd's outstanding ASEAN Green Sustainable and Responsible Investment Sukuk Wakalah of RM245.0 million. The rating outlook is stable. Leader Energy is the investment holding company of two solar power project companies with large-scale solar projects in Kuala Muda, Kedah. The solar power plants have
- [MARC Ratings withdraws ratings on Sunway Treasury Sukuk’s RM2.0 billion programme on expiry](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-ratings-on-sunway-treasury-sukuks-rm2-0-billion-programme-on-expiry/) - MARC Ratings has withdrawn its ratings of MARC-1IS(cg) /AA-IS(cg) on Sunway Treasury Sukuk Sdn Bhd's Islamic Commercial Papers and Islamic Medium-Term Notes (ICP/IMTN) programme with a limit of RM2.0 billion. The withdrawal follows the expiry of the programme on June 6, 2022 as confirmed by the facility agent. The rating agency's analytical coverage is now
- [MARC Ratings withdraws rating on MISC’s IMTN programme upon expiry](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-rating-on-miscs-imtn-programme-upon-expiry/) - MARC Ratings has withdrawn its rating of AAAIS on MISC Berhad's RM2.5 billion Islamic Medium-Term Notes (IMTN) programme. The withdrawal follows the expiry of the programme on September 27, 2022, as confirmed by the facility agent.
- [MARC Ratings withdraws ratings on Danajamin’s RM2.0 billion Sukuk Murabahah programme](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-ratings-on-danajamins-rm2-0-billion-sukuk-murabahah-programme/) - MARC Ratings has withdrawn its ratings of AAAIS/AA+IS on Danajamin Nasional Berhad's (Danajamin) RM2.0 billion Senior and Subordinated Sukuk Murabahah programme. The ratings withdrawal follows the full redemption of the outstanding amount of RM500.0 million under the programme and the subsequent cancellation of the programme. This was confirmed by the facility agent on October 11, 2022.
- [MARC Ratings upgrades Northport’s Sukuk Musharakah rating to AAIS](https://www.marc.com.my/rating-announcements/marc-ratings-upgrades-northports-sukuk-musharakah-rating-to-aais/) - MARC Ratings has upgraded Northport (Malaysia) Bhd's RM1.5 billion Sukuk Musharakah programme rating to AAIS from AA-IS. Concurrently, the rating agency has revised the rating outlook to stable from positive. The rating upgrade is premised on Northport's sustained strong profitability metrics, resulting in strong cash flow from operations (CFO) interest and debt coverage ratios. The
- [MARC Ratings revises Segi Astana’s MTN rating outlook to stable](https://www.marc.com.my/rating-announcements/marc-ratings-revises-segi-astanas-mtn-rating-outlook-to-stable/) - MARC Ratings has affirmed its rating on Segi Astana Sdn Bhd's RM415.0 million ASEAN Green Medium-Term Notes (MTN) facility at A+ and concurrently revised the rating outlook to stable from negative. The current outstanding under the rated facility stands at RM310.0 million. Segi Astana is the concessionaire for the integrated complex, gateway@klia2, at Kuala Lumpur
- [MARC Ratings extends UiTM Solar’s MARCWatch Negative placement](https://www.marc.com.my/rating-announcements/marc-ratings-extends-uitm-solars-marcwatch-negative-placement/) - MARC Ratings has extended its MARCWatch Negative placement on UiTM Solar Power Sdn Bhd's (UiTM Solar) outstanding Green Sustainable and Responsible Investment (SRI) Sukuk of RM192.3 million, where it has been since January 28, 2022. The rating action reflects MARC Ratings' concern on the limited time since the 50MWac plant fully resumed its operations on
- [MARC Ratings revises Kapar Energy Ventures' rating outlook to stable](https://www.marc.com.my/rating-announcements/marc-ratings-revises-kapar-energy-ventures-rating-outlook-to-stable/) - MARC Ratings has affirmed its AA+IS rating on Kapar Energy Ventures Sdn Bhd's (KEV) outstanding RM580.0 million Sukuk Ijarah and concurrently revised the outlook to stable from negative. The outlook revision reflects the improvement in KEV's cash flow protection following better operational metrics recorded by its 2,200MW power plant. Over the last two years, the
- [MARC Ratings assigns preliminary rating of AA-(cg) to Chailease Berjaya’s RM1.0 billion proposed MTN Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-rating-of-aa-cg-to-chailease-berjayas-rm1-0-billion-proposed-mtn-programme/) - MARC Ratings has assigned a preliminary rating of AA-(cg) on Chailease Berjaya Credit Sdn Bhd's (CBC) proposed RM1.0 billion Medium-Term Notes (MTN) Programme. The rating outlook is stable. The programme carries an unconditional and irrevocable guarantee from CBC's ultimate holding company, Chailease Holding Company Limited (CHC). CBC is a 70:30 joint venture between CHC and
- [MARC Ratings assigns preliminary rating of AA-<sub><i>IS</i></sub> to MYEG’s proposed RM1.0 billion IMTN programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-rating-of-aa-is-to-myegs-proposed-rm1-0-billion-imtn-programme/) - MARC Ratings has assigned a preliminary rating of AA-IS to MY E.G. Services Berhad's (MYEG) proposed Islamic Medium-Term Notes (IMTN) programme of up to RM1.0 billion in nominal value. The rating outlook is stable. The assigned rating reflects MYEG's established position as a longstanding concessionaire for e-government services, underpinned by its strong IT infrastructure. The
- [MARC Ratings affirms ratings on Sime Darby Plantation](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-on-sime-darby-plantation/) - MARC Ratings has affirmed Sime Darby Plantation Berhad's (SD Plantation) corporate credit rating at AAA and its Perpetual Subordinated Sukuk Programme's rating of up to RM3.0 billion at AAIS. Both ratings carry a stable outlook. The affirmed corporate credit rating reflects SD Plantation's strong cash flow generating ability from its geographically sizeable and integrated oil
- [MARC Ratings assigns final ratings of MARC-1<sub><i>IS</i></sub>/AA-<sub><i>IS</i></sub> to Johor Port Berhad’s proposed RM1.0 billion ICP/IMTN](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-ratings-of-marc-1is-aa-is-to-johor-port-berhads-proposed-rm1-0-billion-icp-imtn/) - MARC Ratings has assigned final ratings of MARC-1IS/AA-IS to Johor Port Berhad's (JPB) Islamic Commercial Papers and Islamic Medium-Term Notes (ICP/IMTN) programmes with a combined aggregate limit of RM1.0 billion. The long-term rating carries a stable outlook. The rating agency has reviewed the final documentation for the programmes and is satisfied that the terms and
- [MARC Ratings affirms AAA<sub></i>IS</i></sub> rating on TTM Sukuk’s Sukuk Murabahah](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aaais-rating-on-ttm-sukuks-sukuk-murabahah/) - MARC Ratings has affirmed its AAAIS rating on TTM Sukuk Berhad's (TTM SPV) RM600.0 million Sukuk Murabahah with a stable outlook. TTM SPV is the funding vehicle of Trans Thai-Malaysia (Thailand) Ltd (TTMT) for the construction of two gas pipelines to transport natural gas from the Malaysia-Thailand Joint Development Area in the Gulf of Thailand
- [MARC Ratings affirms AA-<sub><i>IS</i></sub>(cg) rating on Point Zone’s RM3.0 billion Sukuk Wakalah](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-iscg-rating-on-point-zones-rm3-0-billion-sukuk-wakalah/) - MARC Ratings has affirmed its rating of AA-IS(cg) on Point Zone (M) Sdn Bhd's (Point Zone) Islamic Medium-Term Notes (Sukuk Wakalah) Programme of up to RM3.0 billion with a stable outlook. Point Zone is a funding vehicle of parent KPJ Healthcare Berhad (KPJ) which has given a corporate guarantee on the Sukuk Wakalah programme. Total
- [MARC Ratings assigns final rating of AA<sub><i>IS(cg)</i></sub> to VS Industry’s funding vehicle’s proposed RM1.0 billion IMTN programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-rating-of-aaiscg-to-vs-industrys-funding-vehicles-proposed-rm1-0-billion-imtn-programme/) - MARC Ratings has assigned a final rating of AAIS(cg) to funding vehicle VS Capital Management Sdn Bhd's Islamic Medium-Term Notes (IMTN) programme of up to RM1.0 billion. The rating carries a stable outlook. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on Guan Chong’s RM800.0 million sukuk programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-guan-chongs-rm800-0-million-sukuk-programme/) - MARC Ratings has affirmed its rating of AA-IS on Guan Chong Berhad's (GCB) Sukuk Wakalah Programme of up to RM800.0 million with a stable outlook. The outstanding under the programme stood at RM300.0 million as of October 17, 2022. The rating affirmation mainly reflects GCB's strong position in the midstream cocoa supply chain as the
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on ACSB's RM535.0 million Sukuk Murabahah programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-acsbs-rm535-0-million-sukuk-murabahah-programme/) - MARC Ratings has affirmed its AA-IS rating on AZRB Capital Sdn Bhd's (ACSB) issuance of RM535.0 million Islamic Medium-Term Notes (Sukuk Murabahah) with a stable outlook. ACSB was set up as a funding vehicle to facilitate the subscription of its sister company Peninsular Medical Sdn Bhd's (PMSB) Redeemable Convertible Preference Shares (RCPS-i). In return, PMSB
- [MARC Ratings assigns final rating of AA+<sub><i>IS</i></sub> to edotco Malaysia’s proposed RM3.0 billion Sukuk Wakalah programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-rating-of-aais-to-edotco-malaysias-proposed-rm3-0-billion-sukuk-wakalah-programme/) - MARC Ratings has assigned a final rating of AA+IS to edotco Malaysia Sdn Bhd's proposed Islamic Medium-Term Notes Programme (Sukuk Wakalah Programme) of up to RM3.0 billion with a stable outlook. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any
- [MARC Ratings assigns AA-<sub><i>IS</i></sub>(cg) rating to Eco World Capital’s proposed RM1.2 billion Sukuk Wakalah programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-aa-iscg-rating-to-eco-world-capitals-proposed-rm1-2-billion-sukuk-wakalah-programme/) - MARC Ratings has assigned a preliminary rating of AA-IS(cg) with a stable outlook to Eco World Capital Berhad's proposed Islamic Medium-Term Notes (Sukuk Wakalah) programme of RM1.2 billion. Eco World Capital is the funding vehicle for parent Eco World Development Group Berhad (EcoWorld) to undertake the issuance of the Sukuk Wakalah. EcoWorld has extended an
- [MARC Ratings affirms UiTM Solar Power Dua’s sukuk rating at AA-<sub><i>IS</i></sub>](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-uitm-solar-power-duas-sukuk-rating-at-aa-is/) - MARC Ratings has affirmed its rating of AA-IS on UiTM Solar Power Dua Sdn Bhd's (UiTM Solar Dua) outstanding Green Sustainable and Responsible Investment (SRI) sukuk of RM97.0 million with a stable outlook. UiTM Solar Dua owns a 25MWac solar power plant in Pasir Gudang, Johor. The plant has been operational since December 2, 2020
- [MARC Ratings affirms UEM Sunrise’s ratings](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-uem-sunrises-ratings/) - MARC Ratings has affirmed its ratings of MARC-1IS /AA-IS on UEM Sunrise Berhad's two Islamic Commercial Papers (ICP) and Islamic Medium-Term Notes (IMTN) programmes (ICP/IMTN-1 and ICP/IMTN-2) with a total combined nominal value of RM6.0 billion. The rating agency has also affirmed its AA-IS rating on UEM Sunrise's RM2.0 billion IMTN programme (IMTN-1). The long-term
- [MARC Ratings affirms Singapore’s sovereign rating at AAA](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-singapores-sovereign-rating-at-aaa/) - MARC Ratings has affirmed its foreign currency sovereign rating of AAA/stable on the Republic of Singapore (Singapore) based on its national sovereign rating scale. The AAA rating reflects a number of Singapore's strengths, including having a dynamic and competitive economy underpinned by strong economic policy frameworks and effective institutions. Singapore's success as a global business
- [MARC Ratings affirms OSK unit’s Sukuk/MCMTN ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-osk-units-sukuk-mcmtn-ratings-with-stable-outlook/) - MARC Ratings has affirmed its AAIS /AA ratings on funding vehicle OSK Rated Bond Sdn Bhd's Sukuk Murabahah/ Multi-Currency Medium-Term Notes Programmes (MCMTN) with a combined limit of up to RM2.0 billion. The ratings outlook is stable. The ratings apply only to ringgit-denominated sukuk/notes under the programmes. The programmes carry an unconditional and irrevocable guarantee
- [MARC Ratings affirms DRB-HICOM's ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-drb-hicoms-ratings-with-stable-outlook/) - MARC Ratings has affirmed its ratings of A+IS and A-IS on DRB-HICOM Berhad's Sukuk Programme of up to RM3.5 billion and Perpetual Sukuk Musharakah Programme of up to RM2.0 billion. The two-notch rating differential between both issuances reflects the latter's subordination to the senior sukuk. All ratings carry a stable outlook. The outstanding under the
- [MARC Ratings affirms Bank Pembangunan’s ratings with a stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-bank-pembangunans-ratings-with-a-stable-outlook/) - MARC Ratings has affirmed its financial institution (FI) rating of AAA on Bank Pembangunan Malaysia Berhad (BPMB). Concurrently, the rating agency has affirmed its rating of AAAIS on the bank's Islamic Medium Term-Notes Programme of up to RM5.0 billion. The ratings outlook is stable. BPMB's status as a wholly government-owned institution mandated to provide financing
- [MARC Ratings affirms AAA<sub></i>IS</i></sub> rating on TNB Western Energy’s sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aaais-rating-on-tnb-western-energys-sukuk/) - MARC Ratings has affirmed its rating of AAAIS on TNB Western Energy Berhad's (TNB Western) outstanding sukuk of RM3.7 billion with a stable outlook. The rating affirmation reflects the equalisation with the corporate credit rating of Tenaga Nasional Berhad (TNB) of AAA/Stable. The equalisation is premised on the strength of the unconditional and irrevocable rolling
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on Jimah East Power’s sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-jimah-east-powers-sukuk/) - MARC Ratings has affirmed its AA-IS rating on Jimah East Power Sdn Bhd's (JEP) outstanding RM8.72 billion Sukuk Murabahah with a stable outlook. The rating affirmation is underpinned by JEP's predictable cash flows from its 2x1,000-megawatt (MW) ultra-supercritical coal plant under a 25-year power purchase agreement (PPA) with Tenaga Nasional Berhad (TNB) (AAA/stable). The rating
- [MARC Ratings affirms AA-<sub><i>IS</i></sub>  rating on Southern Power’s sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-southern-powers-sukuk/) - MARC Ratings has affirmed its AA-IS rating on Southern Power Generation Sdn Bhd's outstanding Sukuk Wakalah of RM3.6 billion with a stable outlook. The affirmed rating is underpinned by the strength of Southern Power's 21-year power purchase agreement (PPA) under which demand risk is allocated to offtaker Tenaga Nasional Berhad (AAA/Stable). Capacity payments (CP) under
- [MARC Ratings affirms A+<sub><i>IS</i></sub> rating on Sunsuria’s RM500.0 million Sukuk Wakalah programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ais-rating-on-sunsurias-rm500-0-million-sukuk-wakalah-programme/) - MARC Ratings has affirmed its rating of A+IS on Sunsuria Berhad's RM500.0 million Sukuk Wakalah Programme. The rating outlook is stable. The rating affirmation incorporates Sunsuria's development approach through joint ventures, its low net leverage and strong liquidity position. The rating also factors in the prevailing challenging domestic property market outlook that has weighed on
- [MARC Ratings issues update on UiTM Solar's RM192.3 million green SRI sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-issues-update-on-uitm-solars-rm192-3-million-green-sri-sukuk/) - In the previous rating update issued on October 11, 2022, MARC Ratings indicated its ongoing concerns on UiTM Solar Power Sdn Bhd that despite the full resumption of operations of its 50MWac solar power plant in Gambang, Pahang in August 2022, the company is reliant on insurance proceeds and/or third-party guarantees to meet future financial
- [MARC Ratings assigns preliminary ratings of MARC-1/MARC-1<sub><i>IS</i></sub> to Cagamas' proposed CCP/ICP programmes with a combined aggregate limit of RM20 billion](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-ratings-of-marc-1-marc-1is-to-cagamas-proposed-ccp-icp-programmes-with-a-combined-aggregate-limit-of-rm20-billion/) - MARC Ratings has assigned preliminary ratings of MARC-1/MARC-1IS to Cagamas Berhad's proposed Conventional and Islamic Commercial Papers (CCP/ICP) programmes with a combined aggregate limit of RM20 billion. The ratings outlook is stable. Cagamas' status as the national mortgage corporation and its strategic role in the domestic financial system, underpinned by its strong capitalisation and healthy
- [MARC Ratings assigns preliminary rating of AAA<sub></i>IS(s)</i></sub> to PLUS' proposed RM25.2 billion IMTN Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-rating-of-aaaiss-to-plus-proposed-rm25-2-billion-imtn-programme/) - MARC Ratings has assigned a preliminary rating of AAAIS(s) to Projek Lebuhraya Usahasama Berhad's (PLUS) proposed Islamic Medium-Term Notes Programme (IMTN) of up to RM25.2 billion. The rating agency has concurrently affirmed its AAAIS rating on the outstanding RM17.2 billion under PLUS' existing Sukuk Musharakah programme. All ratings carry a stable outlook. Of the proposed
- [MARC Ratings assigns final ratings of MARC-1<sub><i>IS</i></sub>/A<sub><i>IS</i></sub> to GBG's proposed RM200 million ICP/IMTN Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-ratings-of-marc-1is-ais-to-gbgs-proposed-rm200-million-icp-imtn-programme/) - MARC Ratings has assigned final ratings of MARC-1IS/AIS to Gabungan AQRS Berhad's (GBG) RM200 million Islamic Commercial Papers (ICP)/Islamic Medium-Term Notes (IMTN) Programme. The ratings outlook is stable. The rating agency has reviewed the final documentation for the programmes and is satisfied that the terms and conditions have not changed in any material way from
- [MARC Ratings assigns final rating of AA-<sub><i>IS</i></sub> to MYEG's proposed RM1.0 billion IMTN programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-rating-of-aa-is-to-myegs-proposed-rm1-0-billion-imtn-programme/) - MARC Ratings has assigned a final rating of AA-IS to MY E.G. Services Berhad's (MYEG) proposed Islamic Medium-Term Notes (IMTN) programme of up to RM1.0 billion. The rating carries a stable outlook. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in
- [MARC Ratings affirms WCT Holdings' ratings](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-wct-holdings-ratings/) - MARC Ratings has affirmed its ratings on WCT Holdings Berhad's RM1.0 billion Medium-Term Notes Programme and RM1.5 billion Sukuk Murabahah (Sukuk) Programme at AA- and AA-IS. Concurrently, the rating agency has also affirmed WCT Holdings' RM1.0 billion Perpetual Sukuk Musharakah Programme rating at AIS. All ratings carry a stable outlook. The affirmed ratings mainly reflect
- [MARC Ratings affirms Tanjung Bin O&M's rating at AA-<sub><i>IS</i></sub>](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-tanjung-bin-oms-rating-at-aa-is/) - MARC Ratings has affirmed its AA-IS rating on Tanjung Bin O&M Berhad's outstanding RM180 million Sukuk Wakalah with a stable outlook. The rating affirmation reflects the credit strength of Tanjung Bin O&M's parent, Malakoff Power Berhad (MPower) (AA-/stable), which has provided an unconditional and irrevocable undertaking to top up any shortfall in the finance service
- [MARC Ratings affirms ratings on Trusmadi Capital's Issue 1 MTN and CP](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-on-trusmadi-capitals-issue-1-mtn-and-cp/) - MARC Ratings has affirmed its ratings of AAA, AA, A and MARC-1 on Trusmadi Capital Sdn Bhd's Issue 1 of RM235 million Class A, RM40 million Class B, and RM25 million Class C Medium-Term Notes (MTN) as well as RM300 million Commercial Papers (CP). The rated MTN and/or CP issuances are subject to a combined
- [MARC Ratings affirms PLNG2's rating with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-plng2s-rating-with-stable-outlook/) - MARC Ratings has affirmed its rating of AAAIS on Pengerang LNG (Two) Sdn Bhd's (PLNG2) Islamic Medium-Term Notes (IMTN) Programme of up to RM3.0 billion. The rating outlook is stable. The affirmed rating reflects the sizeable and predictable revenue from PLNG2's regasification services under the Incentive-Based Regulation (IBR) framework, and the mitigation of demand risk
- [MARC Ratings affirms investment manager rating of IMR-2 on Kenanga Investors and Kenanga Islamic Investors](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-investment-manager-rating-of-imr-2-on-kenanga-investors-and-kenanga-islamic-investors/) - MARC Ratings has affirmed its investment manager rating (IMR) of IMR-2 on Kenanga Investors Berhad (KIB) and KIB's wholly-owned subsidiary Kenanga Islamic Investors Berhad (KIIB). The IMR rating reflects KIB's well-established investment processes and sound risk management practices. The IMR rating on KIIB mirrors the parent's rating based on our assessment of KIIB's significant integration
- [MARC Ratings affirms ANIH's AA<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-anihs-aais-rating/) - MARC Ratings 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 steady traffic on ANIH's mature road network, providing strong cash flow generation
- [MARC Ratings affirms AAA<sub><i>IS</i></sub> rating on GDC Putrajaya's Islamic Debt Securities](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aaais-rating-on-gdc-putrajayas-islamic-debt-securities/) - MARC Ratings has affirmed its AAAIS rating on Gas District Cooling (Putrajaya) Sdn Bhd's (GDC Putrajaya) RM300.0 million Al-Bai' Bithaman Ajil Islamic Debt Securities (BaIDS) with a stable outlook. Wholly owned by Putrajaya Holdings Berhad (PJH, AAA/Stable), GDC Putrajaya is the sole supplier of chilled water in Putrajaya under long-term agreements with strong counterparties. The
- [MARC Ratings assigns final rating of AA-<sub><i>IS</i></sub>(cg) to Eco World Capital’s proposed RM1.2 billion Sukuk Wakalah programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-rating-of-aa-iscg-to-eco-world-capitals-proposed-rm1-2-billion-sukuk-wakalah-programme/) - MARC Ratings has assigned a final rating of AA-IS(cg) to Eco World Capital Berhad's proposed Islamic Medium-Term Notes (Sukuk Wakalah) programme of RM1.2 billion. The rating carries a stable outlook. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on MPower's Sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-mpowers-sukuk/) - MARC Ratings has affirmed its AA-IS rating on Malakoff Power Berhad's (MPower) outstanding RM2.43 billion Sukuk Murabahah with a stable outlook. Wholly owned by Malakoff Corporation Berhad (Malakoff), MPower is the operations and maintenance (O&M) operator of independent power producers (IPPs) which are held through companies that are majority-owned by its parent. Given operational linkages
- [MARC Ratings affirms Evyap Malaysia’s rating of AA-<sub><i>IS</i></sub>](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-evyap-malaysias-rating-of-aa-is/) - MARC Ratings 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. The affirmed rating reflects Evyap Malaysia's vertically integrated oleochemical production facilities that have afforded control over its manufacturing process, its globally established customer base, and strong operating performance. These strengths
- [MARC Ratings affirms AA-<sub><i>IS</i></sub> rating on MMC's RM2.5 billion Sukuk Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-mmcs-rm2-5-billion-sukuk-programme/) - MARC Ratings has affirmed its rating of AA-IS on MMC Corporation Berhad's (MMC) RM2.5 billion Sukuk Murabahah Programme with a stable outlook. Total outstanding under the programme stood at RM2.1 billion as of October 31, 2022. MMC's significant and longstanding competitive strengths through subsidiaries and associates in the ports and logistics, engineering, and energy and
- [MARC Ratings affirms A+<sub><i>IS</i></sub> rating on YNH's RM700 million IMTN Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ais-rating-on-ynhs-rm700-million-imtn-programme/) - MARC Ratings has affirmed its rating of A+IS on YNH Property Berhad's (YNH) Islamic Medium-Term Notes (IMTN) Programme of up to RM700 million (Sukuk Wakalah) with a stable outlook. YNH's established track record in the domestic property industry and low land cost that provides for healthy profitability margins remain key rating drivers. The high market
- [MARC Ratings affirms A+<sub><i>IS</i></sub> rating on Tan Chong Motor's Sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ais-rating-on-tan-chong-motors-sukuk/) - MARC Ratings has affirmed its rating of A+IS on Tan Chong Motor Holdings Berhad's (TCMH) outstanding RM300.0 million sukuk issuance under its 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 limit and any further drawdown will require a reassessment of the
- [MARC Ratings withdraws rating on PLUS’ RM23.35 billion Sukuk Programme on completed exchange](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-rating-on-plus-rm23-35-billion-sukuk-programme-on-completed-exchange/) - MARC Ratings has withdrawn its rating of AAAIS on Projek Lebuhraya Usahasama Berhad's (PLUS) RM23.35 billion Sukuk Musharakah Programme (Sukuk Programme). The rating action follows the completed exchange — on like-for-like terms — of the outstanding RM17.2 billion under the Sukuk Programme on December 23, 2022, with notes issued under PLUS' new Islamic Medium-Term Notes
- [MARC Ratings withdraws rating on GDC Putrajaya's Islamic Debt Securities on full redemption](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-rating-on-gdc-putrajayas-islamic-debt-securities-on-full-redemption/) - MARC Ratings has withdrawn its rating of AAAIS/Stable on Gas District Cooling (Putrajaya) Sdn Bhd's (GDC Putrajaya) RM300.0 million Al-Bai' Bithaman Ajil Islamic Debt Securities (BaIDS) following the full settlement of the final tranche of the BaIDS (Tranche 6 of RM50.0 million) on December 2, 2022. Accordingly, MARC Ratings will no longer provide analytical coverage
- [MARC Ratings revises IOI Properties' unit's rating outlook to stable from negative](https://www.marc.com.my/rating-announcements/marc-ratings-revises-ioi-properties-units-rating-outlook-to-stable-from-negative/) - MARC Ratings has affirmed its AAIS rating on Fortune Premiere Sdn Bhd's RM3.0 billion Multi-Currency Islamic Medium-Term Notes Programme (Sukuk Murabahah). Concurrently, the rating agency has revised the rating outlook to stable from negative. Fortune Premiere is a funding vehicle for IOI Properties Group Berhad which has provided an unconditional and irrevocable guarantee on the
- [MARC Ratings removes UiTM Solar's rating from MARCWatch Negative and lowers rating](https://www.marc.com.my/rating-announcements/marc-ratings-removes-uitm-solars-rating-from-marcwatch-negative-and-lowers-rating/) - MARC Ratings has removed UiTM Solar Power Sdn Bhd's rating from MARCWatch Negative placement and concurrently lowered the rating to A+IS from the AA-IS prior to the MARCWatch placement. The rating outlook is negative. The current outstanding is RM192.3 million Green SRI Sukuk. The rating removal from MARCWatch placement follows moderating concerns on UiTM Solar's
- [MARC Ratings assigns preliminary ratings of MARC-1<sub><em>IS</em></sub>/AA-<sub><em>IS</em></sub> to UDA’s proposed ICP/IMTN programmes of up to RM1.0 billion](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-ratings-of-marc-1is-aa-is-to-udas-proposed-icp-imtn-programmes-of-up-to-rm1-0-billion/) - MARC Ratings has assigned preliminary ratings of MARC-1IS /AA-IS to UDA Holdings Berhad's (UDA) proposed Islamic Commercial Papers (ICP) programme of up to RM100.0 million and Islamic Medium-Term Notes (IMTN) programme of up to RM1.0 billion with a combined aggregate limit of up to RM1.0 billion with a stable outlook. The assigned ratings incorporate UDA's
- [MARC Ratings assigns preliminary ratings of AA/MARC-1 to Pac Lease’s RM1.5 billion programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-ratings-of-aa-marc-1-to-pac-leases-rm1-5-billion-programme/) - MARC Ratings has assigned preliminary ratings of AA/MARC-1 to Pac Lease Berhad's Medium-Term Notes (MTN) and Commercial Papers (CP) programme with a combined aggregate limit of RM1.5 billion. The ratings outlook is stable. The assigned ratings factor in the lengthy track record and market position of Pac Lease in the domestic industrial hire purchase sector,
- [MARC Ratings assigns preliminary rating of A to Singer's RM300.0 million MTN Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-rating-of-a-to-singers-rm300-0-million-mtn-programme/) - MARC Ratings has assigned a preliminary rating of A with a stable outlook to Singer (Malaysia) Sdn Bhd's (Singer) proposed RM300.0 million Medium-Term Notes (MTN) Programme. The rating incorporates Singer's long and profitable track record in selling and financing consumer durables and motorcycles, underpinned by strong operating profit margins. Moderating factors are intense competition particularly
- [MARC Ratings assigns final rating of AAA<sub><i>IS(s)</i></sub> to PLUS' proposed RM25.2 billion IMTN Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-rating-of-aaaiss-to-plus-proposed-rm25-2-billion-imtn-programme/) - MARC Ratings has assigned a final rating of AAAIS(s) to Projek Lebuhraya Usahasama Berhad's (PLUS) proposed Islamic Medium-Term Notes (IMTN) Programme of up to RM25.2 billion. The rating carries a stable outlook. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in
- [MARC Ratings affirms UEM Edgenta's ratings](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-uem-edgentas-ratings/) - MARC Ratings 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 long-term rating carries a stable outlook. The outstanding sukuk stood at RM250.0 million as at end-November 2022. The rating affirmation reflects UEM
- [MARC Ratings affirms FI rating of AAA on Credit Guarantee Corporation Malaysia](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-fi-rating-of-aaa-on-credit-guarantee-corporation-malaysia-2/) - MARC Ratings has affirmed its financial institution (FI) ratings of A+/MARC-1 on Kenanga Investment Bank Berhad (Kenanga) with a stable outlook. Kenanga's strong market position and lengthy experience in the stockbroking industry remain key rating drivers. Apart from stockbroking, the rating also considers the bank's improving position in investment and wealth management, and its consistently
- [MARC Ratings affirms Cerah Sama's AA-<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-cerah-samas-aa-is-rating/) - MARC Ratings 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 RM330.0 million. The rating reflects the resilient traffic on the mature, 23-year-old Cheras-Kajang Highway and its stable cash flow generation. Cerah Sama's strong liquidity position and accommodative sukuk repayment structure further
- [MARC Ratings affirms Cellco's MARC-1<sub><em>IS</em></sub> /AA<sub><em>IS</em></sub> ratings](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-cellcos-marc-1is-aais-ratings/) - MARC Ratings has affirmed its ratings of MARC-1IS /AAIS on Cellco Capital Berhad's (Cellco) RM520 million Issue 1 issued 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 set up to raise funds via the
- [MARC Ratings affirms Berjaya Land's ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-berjaya-lands-ratings-with-stable-outlook/) - MARC Ratings has affirmed its ratings on Berjaya Land Berhad's (BLand) RM500.0 million Medium-Term Notes (MTN) Programme guaranteed by Danajamin Nasional Berhad at AAA(fg) and RM150.0 million MTN Programme guaranteed by OCBC Bank (Malaysia) Berhad at AAA(bg). The ratings outlook is stable. Currently, there is an outstanding of RM225 million under the Danajamin-guaranteed programme. There
- [MARC Ratings affirms AAA<sub><em>IS</em></sub> rating on TNB Power Generation's sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aaais-rating-on-tnb-power-generations-sukuk/) - MARC Ratings has affirmed its AAAIS rating on TNB Power Generation Sdn Bhd's (TPGSB) Sukuk Wakalah programme of up to RM10.0 billion with a stable outlook. Wholly owned by Tenaga Nasional Berhad (TNB), TPGSB owns and manages 14 power plants, and manages three power plants for TNB with total capacity of 15,755MW as at end-September
- [MARC Ratings affirms the state of Kuwait's sovereign rating at AAA](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-the-state-of-kuwaits-sovereign-rating-at-aaa/) - MARC Ratings has affirmed the State of Kuwait’s (Kuwait) foreign currency sovereign rating of AAA/Stable based on its national rating scale. The rating reflects Kuwait’s significant fiscal and external buffers. These credit strengths are, however, balanced by credit concerns that include its heavy reliance on the oil sector, political tensions that continue to affect policymaking,
- [MARC Ratings affirms ratings on Kinabalu Capital's Issue 3](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-ratings-on-kinabalu-capitals-issue-3/) - MARC Ratings has affirmed its long-term ratings of AAA, AA and A on Kinabalu Capital Sdn Bhd’s Issue 3 of RM113 million Class A, RM21 million Class B and RM11 million Class C Medium-Term Notes (MTN). The outlook on all ratings is stable. The affirmed ratings reflect the loan-to-value (LTV) ratios of the classes that
- [MARC Ratings assigns preliminary ratings of A<i><sub>IS(cg)</i></sub>/MARC-1<i><sub>IS(cg)</sub></i> to SkyWorld Capital's proposed RM300 million IMTN/CP programmes](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-preliminary-ratings-of-aiscg-marc-1iscg-to-skyworld-capitals-proposed-rm300-million-imtn-cp-programmes/) - MARC Ratings has assigned preliminary ratings of AIS(cg)/MARC-1IS(cg) to SkyWorld Capital Berhad’s proposed RM300.0 million Islamic Medium-Term Notes/Commercial Papers programmes with a stable outlook. SkyWorld Capital is the funding vehicle of parent SkyWorld Development Bhd (SkyWorld) to undertake the sukuk issuance. SkyWorld has extended an irrevocable and unconditional guarantee on the programme. The assigned ratings
- [MARC Ratings assigns final ratings of AA/MARC-1 to Pac Lease's RM1.5 billion Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-ratings-of-aa-marc-1-to-pac-leases-rm1-5-billion-programme/) - MARC Ratings has assigned final ratings of AA/MARC-1 to Pac Lease Berhad’s Medium-Term Notes and Commercial Papers programme with a combined aggregate limit of RM1.5 billion. The rating outlook is stable. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any
- [MARC Ratings affirms AA-<sub><em>IS</em></sub> rating on MMC Port Holdings' Sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-is-rating-on-mmc-port-holdings-sukuk/) - MARC Ratings has affirmed its AA-IS rating on MMC Port Holdings' RM1.0 billion Sukuk Murabahah programme with a stable outlook. MMC Port is an investment holding company of port operators whose strong competitive advantage in transhipment services in the region and trade gateways domestically as well as long operating track record remain key rating drivers.
- [MARC Ratings affirms AA- rating on STM Lottery's MTN Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aa-rating-on-stm-lotterys-mtn-programme/) - MARC Ratings has affirmed its rating of AA- on STM Lottery Sdn Bhd's (formerly known as Sports Toto Malaysia Sdn Bhd) RM800.0 million 15-year Medium-Term Notes (MTN) Programme with a stable outlook. STM Lottery's entrenched domestic market position as a number forecast operator (NFO), its lengthy operating track record and strong cash flow generating ability
- [MARC Ratings affirms <strong>AA+<sub><em>IS</em></sub></strong> rating on Sime Darby Property's Sukuk Musharakah programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aais-rating-on-sime-darby-propertys-sukuk-musharakah-programme/) - MARC Ratings has affirmed its rating on Sime Darby Property Berhad's (SD Property) RM4.5 billion Islamic Medium-Term Notes (IMTN) Programme (Sukuk Musharakah) at AA+IS with a stable outlook. The outstanding under the rated programme stood at RM800.0 million as of November 30, 2022. SD Property's continued strong sales track record in its well-established townships, and
- [MARC Ratings provides rating update on Alpha Circle’s Sukuk](https://www.marc.com.my/rating-announcements/marc-ratings-provides-rating-update-on-alpha-circles-sukuk/) - MARC Ratings wishes to highlight that Alpha Circle Sdn Bhd has now deferred its Senior Sukuk payment of RM11 million due on January 18, 2023 to March 1, 2023 after sukukholders approved the deferment. With this, the outstanding Senior Sukuk Musharakah stands at RM71 million and Junior Sukuk Musharakah at RM55 million as of January
- [MARC Ratings assigns final rating of AA-<em><sub>(cg)</sub></em> to Chailease Berjaya's RM1.0 billion MTN Programme](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-final-rating-of-aa-cg-to-chailease-berjayas-rm1-0-billion-mtn-programme/) - MARC Ratings has assigned a final rating of AA-(cg) to Chailease Berjaya Credit Sdn Bhd’s (CBC) Medium-Term Notes (MTN) Programme of up to RM1.0 billion. The rating outlook is stable. The programme carries an unconditional and irrevocable guarantee from CBC’s ultimate holding company, Chailease Holding Company Limited. The rating agency has reviewed the final documentation
- [MARC Ratings issues update on MYEG](https://www.marc.com.my/rating-announcements/marc-ratings-issues-update-on-myeg/) - MARC Ratings is providing this update on MY E.G. Services Berhad (MYEG) following a news report that immigration-related services and processes will be directly undertaken in-house by Jabatan Imigresen Malaysia from 2025 onwards. Furthermore, changes to road tax and driving license requirements under the digitalisation process of Jabatan Pengangkutan Jalan have now been announced. As
- [MARC Ratings withdraws Inverfin’s rating](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-inverfins-rating/) - MARC Ratings has withdrawn its AAA rating on Inverfin Sdn Bhd’s RM160 million Medium-Term Notes (MTN) programme. The rating withdrawal follows the full redemption of the RM160 million outstanding under the programme and subsequent termination of the programme as confirmed by the facility agent on March 6, 2023. With the withdrawal, MARC Ratings will no
- [MARC Ratings withdraws ratings on Danajamin](https://www.marc.com.my/rating-announcements/marc-ratings-withdraws-ratings-on-danajamin/) - MARC Ratings has withdrawn its insurer financial strength rating of AAA and counterparty credit ratings of AAA/MARC-1 on Danajamin Nasional Berhad. This follows the completion of the legal process to transfer Danajamin’s businesses and undertakings to Bank Pembangunan Malaysia Berhad effective March 1, 2023. Accordingly, bonds/sukuk rated by MARC Ratings that were guaranteed by Danajamin
- [MARC Ratings revises UiTM Solar's rating outlook to stable](https://www.marc.com.my/rating-announcements/marc-ratings-revises-uitm-solars-rating-outlook-to-stable/) - MARC Ratings has revised the outlook on UiTM Solar Power Sdn Bhd’s outstanding RM192.3 million Green SRI Sukuk to stable from negative. The rating on the sukuk is maintained at A+IS. The outlook revision considers the improvement in UiTM Solar’s liquidity and cash flow coverage metrics following the full receipt of insurance proceeds of RM20.0
- [MARC Ratings issues update on concessionaire ANIH](https://www.marc.com.my/rating-announcements/marc-ratings-issues-update-on-concessionaire-anih/) - MARC Ratings is providing this update on ANIH Berhad in connection with the concessionaire’s new supplemental concession agreement (SCA) with the government. The SCA follows ANIH’s existing concession agreement on Kuala Lumpur-Karak Highway (KL-Karak) and Phase 1 of East Coast Expressway (ECE1) expiring in 2032. ANIH currently has an outstanding RM1.48 billion sukuk under the
- [MARC Ratings assigns "Gold" Impact Assessment to Evergreen Corporate's Sustainable Finance Framework](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-gold-impact-assessment-to-evergreen-corporates-sustainable-finance-framework/) - MARC Ratings has assigned a "Gold" Impact Assessment to Evergreen Corporate Sdn Bhd's (Evergreen) Sustainable Finance Framework (the Framework). The Framework incorporates green, social and sustainability projects falling under five categories: pollution prevention and control, renewable energy, environmentally sustainable management of living natural resources and land use, green buildings and employment generation, and prevention and/or
- [MARC Ratings affirms AA+<sub><em>IS</em></sub> rating on Celcom Networks' Sukuk Murabahah Programme](https://www.marc.com.my/rating-announcements/marc-ratings-affirms-aais-rating-on-celcom-networks-sukuk-murabahah-programme/) - MARC Ratings has affirmed its AA+IS rating on Celcom Networks Sdn Bhd's (CNSB) RM5.0 billion Sukuk Murabahah Programme with a stable outlook. As at end-October 2022, the outstanding amount stood at RM1.15 billion. In assessing CNSB, MARC Ratings has considered the overall credit profile of the Celcom Axiata Berhad (Celcom) group, premised on the strong
- [MARC Ratings assigns “Gold” Impact Assessment to MY E.G. Services’ Sustainability Financing Framework](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-gold-impact-assessment-to-my-e-g-services-sustainability-financing-framework/) - MARC Ratings has assigned a "Gold" Impact Assessment to MY E.G. Services Berhad's (MYEG) Sustainability Financing Framework (the Framework). The Framework will finance green as well as social projects falling under four categories: accessibility to quality healthcare, accessibility to affordable and quality basic infrastructure, socioeconomic advancement and empowerment, and eco-efficient and/or circular economy adapted products,
- [MARC Ratings assigns “Gold” Impact Assessment to Alam Flora’s Green Financing Framework](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-gold-impact-assessment-to-alam-floras-green-financing-framework/) - MARC Ratings has assigned a "Gold" Impact Assessment to Alam Flora Sdn Bhd's Green Financing Framework (Framework). The Framework will finance green projects falling under five categories: renewable energy (waste-to-energy), sustainable waste management, sustainable water management and projects, climate change adaption and environmentally sustainable management of living natural resources and land use.MARC Ratings is of
- [MARC Ratings assigns “Gold” Impact Assessment to Sunway South Quay’s Sustainable Finance Framework](https://www.marc.com.my/rating-announcements/marc-ratings-assigns-gold-impact-assessment-to-sunway-south-quays-sustainable-finance-framework/) - MARC Ratings has assigned a "Gold" Impact Assessment to Sunway South Quay Sdn Bhd's (SSQ) Sustainable Finance Framework (the Framework). The Framework will finance green, social and sustainability projects falling under three categories: green building, renewable energy, and socioeconomic advancement and empowerment. MARC Ratings is of the opinion that the Framework is aligned with
- [MARC assigns “Gold” rating to TNB Power Generation Sdn Bhd’s Sustainability Sukuk Framework](https://www.marc.com.my/rating-announcements/marc-assigns-gold-rating-to-tnb-power-generation-sdn-bhds-sustainability-sukuk-framework/) - MARC has assigned a "Gold" Sustainability Sukuk Assessment to TNB Power Generation Sdn Bhd's (TPGSB or the Issuer) Sustainability Sukuk Framework. TPGSB, a wholly-owned subsidiary of Malaysia's largest electricity utility Tenaga Nasional Berhad (TNB), is proposing to issue a Sustainability Sukuk to exclusively finance and/or refinance loans obtained to finance the development costs of an
- [MARC affirms rating on Sime Darby Property's Sukuk Musharakah Programme](https://www.marc.com.my/rating-announcements/marc-affirms-rating-on-sime-darby-propertys-sukuk-musharakah-programme/) - Posted Date: December 29, 2021MARC 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 rating drivers.
- [MARC assigns preliminary rating of A+<sub><i>IS</i></sub> to Tan Chong Motor’s proposed issuance of RM1.5 billion](https://www.marc.com.my/rating-announcements/marc-assigns-preliminary-rating-of-ais-to-tan-chong-motors-proposed-issuance-of-rm1-5-billion/) - Posted Date: December 27, 2021MARC 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 rating incorporates
- [MARC affirms AA+<sub><i>IS</i></sub> rating on Celcom Networks' Sukuk Murabahah Programme](https://www.marc.com.my/rating-announcements/marc-affirms-aais-rating-on-celcom-networks-sukuk-murabahah-programme/) - Posted Date: December 24, 2021MARC 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, MARC has
- [MARC affirms ratings on UEM Edgenta's RM1.0 billion Sukuk Murabahah Programme](https://www.marc.com.my/rating-announcements/marc-affirms-ratings-on-uem-edgentas-rm1-0-billion-sukuk-murabahah-programme/) - Posted Date: December 24, 2021MARC 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 and infrastructure
- [MARC affirms AA-<sub><i>IS</i></sub> rating on MMC’S RM2.5 billion Sukuk](https://www.marc.com.my/rating-announcements/marc-affirms-aa-is-rating-on-mmcs-rm2-5-billion-sukuk/) - Posted Date: December 22, 2021MARC 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 steady earnings
- [MARC affirms Berjaya Land's ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-affirms-berjaya-lands-ratings-with-stable-outlook/) - Posted Date: December 22, 2021MARC 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 unconditional
- [MARC affirms Jimah East Power's Sukuk Murabahah rating at AA-<sub><i>IS</i></sub>](https://www.marc.com.my/rating-announcements/marc-affirms-jimah-east-powers-sukuk-murabahah-rating-at-aa-is/) - Posted Date: December 21, 2021MARC 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 2x1,000-megawatt (MW) ultra-supercritical coal plant under a 25-year power purchase agreement (PPA) with Tenaga Nasional Berhad (TNB). The rating
- [MARC affirms AA-<sub><i>IS</i></sub> rating on Cerah Sama's Sukuk](https://www.marc.com.my/rating-announcements/marc-affirms-aa-is-rating-on-cerah-samas-sukuk/) - Posted Date: December 21, 2021MARC 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 sukuk repayment
- [MARC affirms AAA<sub></i>IS</i></sub> rating on PLUS’ RM23.35 billion Sukuk Musharakah Programme](https://www.marc.com.my/rating-announcements/marc-affirms-aaais-rating-on-plus-rm23-35-billion-sukuk-musharakah-programme/) - Posted Date: December 21, 2021MARC 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 default
- [MARC revises Fortune Premiere's rating outlook to negative](https://www.marc.com.my/rating-announcements/marc-revises-fortune-premieres-rating-outlook-to-negative/) - Posted Date: December 16, 2021MARC 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 on
- [MARC affirms ANIH’S AAIS rating with stable outlook](https://www.marc.com.my/rating-announcements/marc-affirms-anihs-aais-rating-with-stable-outlook/) - Posted Date: December 15, 2021MARC 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 the two
- [MARC affirms AA-<sub><i>IS</i></sub> rating on AZRB Capital’s RM535.0 million Sukuk Murabahah](https://www.marc.com.my/rating-announcements/marc-affirms-aa-is-rating-on-azrb-capitals-rm535-0-million-sukuk-murabahah/) - Posted Date: December 15, 2021MARC 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 company Peninsular
- [MARC affirms AA-<sub><i>IS</i></sub> rating on Evyap Malaysia’s RM500.0 million sukuk programme](https://www.marc.com.my/rating-announcements/marc-affirms-aa-is-rating-on-evyap-malaysias-rm500-0-million-sukuk-programme/) - Posted Date : December 15, 2021MARC 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 integrated operations,
- [MARC affirms MARC-1<sub><i>IS</i></sub>/AAIS  ratings on Cellco’s RM520 million Sukuk Ijarah Programme](https://www.marc.com.my/rating-announcements/marc-affirms-marc-1is-aais-ratings-on-cellcos-rm520-million-sukuk-ijarah-programme/) - Posted Date: December 15, 2021MARC 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 up to
- [MARC withdraws rating on maturity of Tenaga’s Islamic bonds](https://www.marc.com.my/rating-announcements/marc-withdraws-rating-on-maturity-of-tenagas-islamic-bonds/) - Posted Date: December 14, 2021MARC 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 related news | List related
- [MARC affirms FI rating of AAA on Credit Guarantee Corporation Malaysia](https://www.marc.com.my/rating-announcements/marc-affirms-fi-rating-of-aaa-on-credit-guarantee-corporation-malaysia/) - Posted Date: December 14, 2021MARC 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 (BNM), its
- [MARC downgrades Serba Dinamik’s IMTN rating to CIS](https://www.marc.com.my/rating-announcements/marc-downgrades-serba-dinamiks-imtn-rating-to-cis/) - Posted Date: December 10, 2021MARC 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 action is
- [MARC affirms Bank Muamalat's financial institution ratings](https://www.marc.com.my/rating-announcements/marc-affirms-bank-muamalats-financial-institution-ratings/) - Posted Date: December 9, 2021MARC has affirmed its financial institution ratings of A/MARC-1 on Bank Muamalat Malaysia Berhad (Bank Muamalat) and AIS rating on the bank's Islamic Senior Notes Programme (Senior Sukuk) of up to RM2.0 billion. The ratings outlook is stable. The ratings incorporate Bank Muamalat's healthy capitalisation levels, stronger asset quality metrics and
- [Sunway REIT issues inaugural sustainability-linked bonds; MARC assigns “Silver” impact assessment to bond framework](https://www.marc.com.my/rating-announcements/sunway-reit-issues-inaugural-sustainability-linked-bonds-marc-assigns-silver-impact-assessment-to-bond-framework/) - Posted Date: December 7, 2021 MARC has accorded a Silver Impact Bond Assessment to SunREIT Unrated Bond Berhad's (SUB) Sustainability-Linked Bonds (SLB) Framework which governs the terms of the SLB. SUB's issuance of the first tranche of the SLB is part of Sunway Real Estate Investment Trust's (Sunway REIT) maiden sustainable financing exercise and marks
- [MARC affirms preliminary AA-<sub><i>IS</i></sub> rating on Sparks Energy 1’s proposed Asean Green SRI Sukuk](https://www.marc.com.my/rating-announcements/marc-affirms-preliminary-aa-is-rating-on-sparks-energy-1s-proposed-asean-green-sri-sukuk/) - Posted Date: November 30, 2021 MARC has affirmed its preliminary AA-IS rating on Sparks Energy 1 Sdn Bhd's proposed ASEAN Green Sustainable and Responsible Investment (SRI) Sukuk Murabahah of up to RM220.0 million. The rating outlook is stable.Sparks Energy 1 is a special purpose vehicle incorporated to raise funding to develop two 30MWac solar power
- [MARC assigns ratings to Trusmadi Capital’s Issue 1 MTN and CP](https://www.marc.com.my/rating-announcements/marc-assigns-ratings-to-trusmadi-capitals-issue-1-mtn-and-cp/) - Posted date: November 30, 2021 MARC has assigned long-term ratings of AAA, AA and A to Trusmadi Capital Sdn Bhd's issue of RM235 million Class A, RM40 million Class B, and RM25 million Class C Medium-Term Notes (MTN). Concurrently, the rating agency has assigned a MARC-1 rating to Trusmadi Capital's issue of up to RM300
- [MARC issues update on UiTM Solar's RM202.3 million Green SRI Sukuk](https://www.marc.com.my/rating-announcements/marc-issues-update-on-uitm-solars-rm202-3-million-green-sri-sukuk/) - Posted Date: November 26, 2021MARC has been informed that UiTM Solar Power Sdn Bhd's (UiTM Solar) 50MWac solar photovoltaic plant in Gambang, Pahang had experienced technical issues at its gas-insulated switchgear (GIS) and power transformer. The events have led to the plant currently being non-operational. UiTM Solar's rating was affirmed at AA-IS/stable during the latest
- [MARC affirms Tanjung Bin O&M's rating](https://www.marc.com.my/rating-announcements/marc-affirms-tanjung-bin-oms-rating/) - Posted Date: November 26, 2021MARC has affirmed its AA-IS rating on Tanjung Bin O&M Berhad's outstanding RM235 million Sukuk Wakalah with a stable outlook.The rating affirmation reflects the credit strength of Tanjung Bin O&M's parent, Malakoff Power Berhad (MPower), which has provided an unconditional and irrevocable undertaking to top up any shortfall in the finance
- [MARC assigns A+<sub><i>IS</i></sub> rating to YNH’S proposed RM700 million sukuk programme](https://www.marc.com.my/rating-announcements/marc-assigns-ais-rating-to-ynhs-proposed-rm700-million-sukuk-programme/) - Posted Date: November 26, 2021 MARC has assigned a preliminary rating of A+IS with a stable outlook to YNH Property Berhad's (YNH) proposed Islamic Medium-Term Notes Programme (Sukuk Wakalah) of up to RM700 million. Proceeds from the initial drawdown of about RM350 million will be utilised to repay a term loan of RM130 million and
- [MARC affirms Malakoff Power’s sukuk rating at AA-<sub><i>IS</i></sub>](https://www.marc.com.my/rating-announcements/marc-affirms-malakoff-powers-sukuk-rating-at-aa-is/) - Posted Date: November 25, 2021MARC has affirmed its AA-IS rating on Malakoff Power Berhad's (MPower) outstanding RM2.93 billion Sukuk Murabahah with a stable outlook.MPower is the operations and maintenance operator of Malakoff Corporation Berhad's (Malakoff) majority-owned domestic independent power producers (IPP). MPower is a wholly-owned subsidiary of Malakoff. MARC's rating approach to MPower considers the
- [MARC assigns final rating of A+<sub><i>IS</i></sub> to Yinson’s RM1.0 billion IMTN Programme](https://www.marc.com.my/rating-announcements/marc-assigns-final-rating-of-ais-to-yinsons-rm1-0-billion-imtn-programme/) - Posted Date: November 25, 2021MARC has assigned a final rating of A+IS to Yinson Holdings Berhad's RM1.0 billion Islamic Medium-Term Notes (IMTN) Programme. The rating outlook is stable.The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way from the
- [MARC revises Northport's ratings outlook to positive](https://www.marc.com.my/rating-announcements/marc-revises-northports-ratings-outlook-to-positive/) - Posted Date: November 24, 2021MARC has affirmed its MARC-1IS and AA-IS ratings on Northport (Malaysia) Bhd's (Northport) Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme. The ratings outlook has been revised to positive.The outlook revision incorporates the continued improvement in Northport's credit metrics on the back of substantial growth in its throughput
- [MARC affirms AA- rating on Sports Toto Malaysia's RM800.0 million MTN Programme](https://www.marc.com.my/rating-announcements/marc-affirms-aa-rating-on-sports-toto-malaysias-rm800-0-million-mtn-programme/) - Posted Date: November 23, 2021MARC has affirmed its rating of AA- on Sports Toto Malaysia Sdn Bhd's (Sports Toto) RM800.0 million 15-year Medium-Term Notes (MTN) Programme with a stable outlook.The affirmed rating is mainly driven by Sports Toto's entrenched domestic market position as a number forecast operator (NFO) with the largest number of outlets in
- [MARC assigns MARC-1<sub><i>IS</i></sub> /AA-<sub><i>IS</i></sub> ratings to UEM Sunrise’s proposed ICP/IMTN programmes](https://www.marc.com.my/rating-announcements/marc-assigns-marc-1is-aa-is-ratings-to-uem-sunrises-proposed-icp-imtn-programmes/) - Posted Date: November 23, 2021MARC has assigned preliminary ratings of MARC-1IS /AA-IS to UEM Sunrise Berhad's proposed Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme with a combined nominal value of RM4.0 billion (ICP/IMTN-3). We have concurrently affirmed the existing ratings of MARC-1IS /AA-IS on its two ICP and IMTN programmes (ICP/IMTN-1
- [MARC affirms ratings on Sime Darby Plantation](https://www.marc.com.my/rating-announcements/marc-affirms-ratings-on-sime-darby-plantation/) - Posted Date: November 18, 2021 MARC has affirmed Sime Darby Plantation Berhad’s (SD Plantation) corporate credit ratingat AAA with a stable outlook. The rating agency has concurrently affirmed its AAIS /Stable rating on SD Plantation’s Perpetual Subordinated Sukuk Programme (Perpetual Sukuk) of up to RM3.0 billion.The affirmed ratings are driven by SD Plantation’s strong cash
- [MARC removes Serba Dinamik’s ICP/IMTN ratings from MARCWatch Negative and downgrades ratings to MARC-4IS/BBIS](https://www.marc.com.my/rating-announcements/marc-removes-serba-dinamiks-icp-imtn-ratings-from-marcwatch-negative-and-downgrades-ratings-to-marc-4is-bbis/) - Posted Date: November 12, 2021MARC notes with heightened concern the recent developments in Serba Dinamik Holdings Berhad (Serba Dinamik) since placing the company's Islamic programmes ratings on MARCWatch Negative at end-May 2021. The MARCWatch action then was taken pending clarity on issues raised on the group's annual accounts for financial year 2020. The rating agency
- [MARC affirms Bank Pembangunan’s financial institution and issue ratings with a stable outlook](https://www.marc.com.my/rating-announcements/marc-affirms-bank-pembangunans-financial-institution-and-issue-ratings-with-a-stable-outlook/) - Posted Date: November 11, 2021 MARC has affirmed Bank Pembangunan Malaysia Berhad's (Bank Pembangunan) financial institution (FI) rating of AAA and accordingly the issue rating on the development financial institution's (DFI) RM5.0 billion Islamic Medium-Term Notes (IMTN) Programme at AAAIS. The outlook on all ratings is stable.The ratings affirmation factors in Bank Pembangunan's status as
- [MARC affirms DRB-HICOM’s ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-affirms-drb-hicoms-ratings-with-stable-outlook/) - Posted Date: October 29, 2021MARC has affirmed its ratings of A+IS and A-IS on DRB-HICOM Berhad's Sukuk Programme of up to RM3.5 billion and Perpetual Sukuk Musharakah Programme of up to RM2.0 billion. All ratings carry a stable outlook.The ratings affirmation incorporates DRB-HICOM's continued strength in its key automotive segment that is reflected by its
- [MARC affirms Penang Port’s AA-<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-affirms-penang-ports-aa-is-rating/) - Posted Date: October 29, 2021MARC has affirmed its rating of AA-IS on Penang Port Sdn Bhd's (PPSB) Islamic Medium-Term Notes Issuance Programme of up to RM1.0 billion with a stable outlook.The affirmed rating factors in PPSB's strength as the operator of Penang Port, a key trade gateway port in northern Malaysia, in generating steady cash
- [MARC affirms ratings on Kinabalu Capital’s Issue 1 MTN and CP](https://www.marc.com.my/rating-announcements/marc-affirms-ratings-on-kinabalu-capitals-issue-1-mtn-and-cp/) - Posted Date: October 28, 2021MARC has affirmed its AAA and MARC-1 ratings with a stable outlook on Kinabalu Capital Sdn Bhd's outstanding RM20 million Class A Medium-Term Notes (MTN) and RM200 million Commercial Papers (CP) under Issue 1. The outstanding issuances will mature on December 22, 2021 and are in the process of being refinanced.The
- [MARC affirms AA-<sub><i>IS</i></sub> rating on Guan Chong's RM800.0 million Sukuk Programme](https://www.marc.com.my/rating-announcements/marc-affirms-aa-is-rating-on-guan-chongs-rm800-0-million-sukuk-programme/) - Posted Date: October 28, 2021MARC has affirmed its rating of AA-IS on Guan Chong Berhad's (GCB) Sukuk Wakalah Programme of up to RM800.0 million with a stable outlook.The affirmed rating reflects GCB's strong position in the midstream cocoa supply chain as the largest cocoa grinder in Asia and fourth-largest in the world, as well as
- [MARC affirms OSK unit’s Sukuk/MCMTN ratings](https://www.marc.com.my/rating-announcements/marc-affirms-osk-units-sukuk-mcmtn-ratings/) - Posted Date: October 28, 2021MARC has affirmed its AAIS /AA ratings on OSK Rated Bond Sdn Bhd's (OSKRB) Sukuk Murabahah/Multi-Currency Medium-Term Notes Programme (Sukuk/MCMTN) with a combined limit of up to RM2.0 billion. The ratings outlook is stable. OSKRB is a special-purpose funding vehicle of parent OSK Holdings Berhad (OSK) which extended an unconditional and
- [MARC affirms PLNG2’s rating with stable outlook](https://www.marc.com.my/rating-announcements/marc-affirms-plng2s-rating-with-stable-outlook/) - Posted Date: October 28, 2021MARC has affirmed its rating of AAAIS on Pengerang LNG (Two) Sdn Bhd's (PLNG2) Islamic Medium-Term Notes (IMTN) Programme of up to RM3.0 billion. The rating outlook is stable.The affirmed rating is premised on PLNG2's stable and sizeable revenue generation ability under set tariffs for its regasification services, the low demand
- [MARC affirms rating on Aman Sukuk's IMTN programme](https://www.marc.com.my/rating-announcements/marc-affirms-rating-on-aman-sukuks-imtn-programme/) - Posted Date: October 28, 2021MARC has affirmed its AAAIS rating on Aman Sukuk Berhad's (Aman) Islamic Medium-Term Notes (IMTN) programme of up to RM10.0 billion with a stable outlook. The outstanding under the rated programme stood at RM3.22 billion as at October 26, 2021.Aman is a wholly-owned funding vehicle of PBLT Sdn Bhd, the developer
- [MARC affirms ratings on Sunway and Sunway Treasury's Programmes](https://www.marc.com.my/rating-announcements/marc-affirms-ratings-on-sunway-and-sunway-treasurys-programmes/) - Posted Date: October 28, 2021MARC has affirmed its MARC-1/AA- ratings on Sunway Berhad's issuances under the RM2.0 billion Commercial Papers/Medium-Term Notes (CP/MTN) Programmes, and MARC-1IS(cg)/AA-IS(cg) ratings on Sunway Treasury Sukuk Sdn Bhd's issuances under the RM2.0 billion Sukuk Programme and RM10.0 billion Islamic Commercial Papers/Islamic Medium-Term Notes (ICP/IMTN) Programmes. All ratings carry a stable outlook.
- [MARC affirms AA-<sub><i>IS</i></sub> rating on SHC Capital’s Sukuk Wakalah Programme](https://www.marc.com.my/rating-announcements/marc-affirms-aa-is-rating-on-shc-capitals-sukuk-wakalah-programme/) - Posted Date: October 27, 2021MARC has affirmed its rating of AA-IS on special-purpose vehicle SHC Capital Sdn Bhd's RM80.0 million issuance under its RM200 million Islamic Medium-Term Notes (Sukuk Wakalah) Programme. The rating outlook is stable. There are no expectations of further drawdown in the medium term; any further drawdown will require a re-assessment of
- [MARC affirms AA-<sub><i>IS</i></sub> rating on DUKE 3’s RM3.64 billion sukuk](https://www.marc.com.my/rating-announcements/marc-affirms-aa-is-rating-on-duke-3s-rm3-64-billion-sukuk/) - Posted Date: October 25, 2021MARC has affirmed its rating on toll concessionaire Lebuhraya DUKE Fasa 3 Sdn Bhd's (DUKE 3) RM3.64 billion Sukuk Wakalah at AA-IS with a stable outlook.The rating incorporates the accommodative sukuk repayment profile that allows for sufficient time for traffic volume on DUKE 3's 32-km Setiawangsa-Pantai Expressway (SPE) to build up
- [MARC affirms Tenaga Nasional’s ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-affirms-tenaga-nasionals-ratings-with-stable-outlook/) - Posted Date: October 25, 2021MARC has affirmed Tenaga Nasional Berhad's (TNB) issuer rating at AAA and the sukuk rating on TNB's outstanding RM2.0 billion Al-Bai' Bithaman Ajil Islamic Financing Bonds (sukuk) at AAAIS. The ratings carry a stable outlook.TNB's credit strength stems from its significant electricity generation capacity, lengthy and strong operational track record and
- [MARC assigns A+<sub><i>IS</i></sub> rating to Yinson’s proposed IMTN Programme](https://www.marc.com.my/rating-announcements/marc-assigns-ais-rating-to-yinsons-proposed-imtn-programme/) - Posted Date: October 25, 2021MARC has assigned a preliminary rating of A+IS to Yinson Holdings Berhad's proposed RM1.0 billion Islamic Medium-Term Notes (IMTN) programme with a stable outlook. This follows the corporate credit rating of A+ that MARC assigned to Yinson on June 23, 2021.The rating on the IMTN programme is driven by Yinson's strong
- [MARC assigns final rating of AAA<sub></i>IS</i></sub> to Agrobank’s RM1.0 billion IMTN Programme](https://www.marc.com.my/rating-announcements/marc-assigns-final-rating-of-aaais-to-agrobanks-rm1-0-billion-imtn-programme/) - Posted Date: October 22, 2021MARC has assigned a final rating of AAAIS to Bank Pertanian Malaysia Berhad's (Agrobank) RM1.0 billion Islamic Medium-Term Notes Programme (IMTN Programme). The rating outlook is stable.The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material
- [MARC affirms WCT Holdings' debt and sukuk ratings](https://www.marc.com.my/rating-announcements/marc-affirms-wct-holdings-debt-and-sukuk-ratings/) - Posted Date: October 15, 2021MARC has affirmed its AA- and AA-IS ratings on WCT Holdings Berhad's RM1.0 billion Medium-Term Notes (MTN) Programme and RM1.5 billion Sukuk Murabahah Programme. Concurrently, the rating agency also affirmed its AIS rating on WCT Holdings' RM1.0 billion Perpetual Sukuk Musharakah Programme. All ratings carry a stable outlook.The ratings affirmation considers
- [MARC downgrades rating on Segi Astana’s RM415.0 million ASEAN Green MTN facility and maintains outlook at negative](https://www.marc.com.my/rating-announcements/marc-downgrades-rating-on-segi-astanas-rm415-0-million-asean-green-mtn-facility-and-maintains-outlook-at-negative/) - Posted Date: October 15, 2021MARC has downgraded its rating on Segi Astana Sdn Bhd's RM415.0 million ASEAN Green Medium-Term Notes (MTN) facility to A+ from AA-. The rating outlook is maintained at negative. The rating benefits from a single notch uplift based on the undertaking from parent WCT Holdings Berhad (WCT) (AA-/Stable) to provide liquidity
- [MARC affirms Kesturi’s ratings but revises outlook to negative](https://www.marc.com.my/rating-announcements/marc-affirms-kesturis-ratings-but-revises-outlook-to-negative/) - Posted Date: October 13, 2021MARC has revised the ratings outlook on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd's (Kesturi) RM2.3 billion Sukuk Musharakah (Senior Sukuk) and RM180 million Redeemable Secured Junior Bonds to negative from stable. Concurrently, the rating agency has affirmed its AA-IS and A- ratings on the Senior Sukuk and Junior Bonds, with the
- [MARC affirms ratings on George Kent’s debt papers](https://www.marc.com.my/rating-announcements/marc-affirms-ratings-on-george-kents-debt-papers/) - Posted Date: October 11, 2021MARC has affirmed its ratings of MARC-1IS and A+IS on George Kent (Malaysia) Berhad's (George Kent) RM100.0 million Islamic Commercial Papers Programme and RM500.0 million Islamic Medium-Term Notes Programme (collectively Sukuk Programmes), subject to a combined limit of RM500.0 million. The ratings outlook is stable.The rating affirmation mainly reflects George Kent's
- [“GOLD” sustainability sukuk assessment assigned to UEM Sunrise’s Sustainability Sukuk Framework](https://www.marc.com.my/rating-announcements/gold-sustainability-sukuk-assessment-assigned-to-uem-sunrises-sustainability-sukuk-framework/) - Posted Date: October 11, 2021MARC has assigned a "Gold" Sustainability Sukuk Assessment to UEM Sunrise Berhad's (UEMS) Sustainability Sukuk Framework (the Framework). The Framework will finance green, social or sustainability projects falling under six categories: green buildings, energy efficiency and renewable energy, affordable housing, pollution prevention and control, sustainable water and wastewater management, and socioeconomic
- [MARC affirms Leader Energy’s ASEAN Green Sri sukuk Wakalah rating at AA-<sub><i>IS</i></sub>](https://www.marc.com.my/rating-announcements/marc-affirms-leader-energys-asean-green-sri-sukuk-wakalah-rating-at-aa-is/) - Posted Date: October 8, 2021MARC has affirmed its AA-IS rating on Leader Energy Sdn Bhd's outstanding ASEAN Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah of RM255.0 million. The rating outlook is stable. Leader Energy is the investment holding company of two solar power project companies with solar power projects in Kuala Muda, Kedah. The
- [MARC affirms AAA<sub></i>IS</i></sub> rating on Trans Thailand-Malaysia Phase II’s Sukuk Murabahah](https://www.marc.com.my/rating-announcements/marc-affirms-aaais-rating-on-trans-thailand-malaysia-phase-iis-sukuk-murabahah/) - Posted Date: October 7, 2021MARC has affirmed its AAAIS rating on TTM Sukuk Berhad's (TTM SPV) RM600.0 million Sukuk Murabahah, with a stable outlook.TTM SPV is the funding vehicle of Trans Thai-Malaysia (Thailand) Ltd (TTMT) for the construction of two additional gas pipelines to transport natural gas from the Malaysia-Thailand Joint Development Area in the
- [MARC affirms investment manager rating of IMR-2 on Kenanga Investors and Kenanga Islamic Investors](https://www.marc.com.my/rating-announcements/marc-affirms-investment-manager-rating-of-imr-2-on-kenanga-investors-and-kenanga-islamic-investors/) - Posted Date: October 6, 2021 MARC has affirmed its investment manager rating (IMR) of IMR-2 on Kenanga Investors Berhad (KIB) and KIB's wholly-owned subsidiary Kenanga Islamic Investors Berhad (KIIB).The IMR rating continues to factor KIB's well-established investment processes and sound risk management practices. The IMR rating on KIIB mirrors KIB's based on our assessment on
- [No rating impact on Bank Pembangunan and Danajamin from acquisition exercise](https://www.marc.com.my/rating-announcements/no-rating-impact-on-bank-pembangunan-and-danajamin-from-acquisition-exercise/) - Posted Date: October 06, 2021MARC views the acquisition of Danajamin Nasional Berhad (Danajamin) by Bank Pembangunan Malaysia Berhad (Bank Pembangunan) does not have immediate rating implications on both entities. The rating agency currently rates both entities at AAA with a stable outlook.Bank Pembangunan will acquire 50% of Danajamin's shares from Credit Guarantee Corporation Malaysia Berhad
- [MARC revises TSH's ratings outlook to positive](https://www.marc.com.my/rating-announcements/marc-revises-tshs-ratings-outlook-to-positive/) - Posted Date: October 05, 2021MARC has affirmed its rating of A+IS and MARC-1IS on TSH Sukuk Murabahah Sdn Bhd's RM150 million Medium-Term Notes (IMTN) Programme and RM50 million Commercial Papers (ICP) Programme. Concurrently, the rating agency has affirmed its rating of A+IS on TSH Sukuk Ijarah Sdn Bhd's RM300 million IMTN programme. The long-term ratings
- [MARC affirms Kenanga Investment Bank’s FI ratings at A+/MARC-1 with stable outlook](https://www.marc.com.my/rating-announcements/marc-affirms-kenanga-investment-banks-fi-ratings-at-a-marc-1-with-stable-outlook/) - Posted Date: October 5, 2021MARC has affirmed its long-term and short-term financial institution (FI) ratings of A+ and MARC-1 with a stable outlook on Kenanga Investment Bank Berhad (Kenanga).Kenanga's strong competitive position in the domestic stockbroking industry from which it has been able to generate moderate-to-strong income remains the key factor for the rating affirmation.
- [MARC affirms AAA<sub></i>IS</i></sub> rating on GDC Putrajaya’s RM300.0 million Islamic Debt Securities](https://www.marc.com.my/rating-announcements/marc-affirms-aaais-rating-on-gdc-putrajayas-rm300-0-million-islamic-debt-securities/) - Posted Date: October 5, 2021MARC has affirmed its AAAIS rating on Gas District Cooling (Putrajaya) Sdn Bhd's (GDC Putrajaya) RM300 million Al-Bai' Bithaman Ajil Islamic Debt Securities (BaIDS) with a stable outlook. The current outstanding of RM50 million BaIDS is payable on December 2, 2022.The affirmed rating incorporates a three-notch uplift for parental support from
- [MARC affirms Kuwait’s sovereign rating at AAA](https://www.marc.com.my/rating-announcements/marc-affirms-kuwaits-sovereign-rating-at-aaa/) - Posted Date: October 1, 2021MARC has affirmed its foreign currency sovereign rating of AAA/stable on the State of Kuwait (Kuwait), based on its national rating scale. The rating reflects Kuwait's significant fiscal and external buffers. Meanwhile, its heavy reliance on oil, as well as weak governance and institutions, are credit concerns. Kuwait faces rising fiscal
- [MARC affirms A+<sub><i>IS</i></sub> rating on Sunsuria’s RM500.0 million Sukuk Wakalah Programme](https://www.marc.com.my/rating-announcements/marc-affirms-ais-rating-on-sunsurias-rm500-0-million-sukuk-wakalah-programme/) - Posted Date: September 30, 2021MARC has affirmed its rating of A+IS on Sunsuria Berhad's RM500.0 million Sukuk Wakalah Programme. The rating outlook is stable.The affirmed rating is primarily driven by Sunsuria's healthy profit margin, net low leverage and strong liquidity position. These factors have placed the group in a better position relative to its peers
- [MARC affirms AAIS rating on BEWG’s RM400.0 million Sukuk Wakalah](https://www.marc.com.my/rating-announcements/marc-affirms-aais-rating-on-bewgs-rm400-0-million-sukuk-wakalah/) - Posted Date: September 27, 2021 MARC has affirmed its AAIS rating on BEWG (M) Sdn Bhd's RM400.0 million Sukuk Wakalah with a stable outlook. Outstanding sukuk currently stands at RM190.0 million.The Sukuk Wakalah was raised to part fund the Kemaman water project for the Terengganu state government. The project was aimed at refurbishing and upgrading
- [MARC affirms AAA<sub></i>IS</i></sub> rating on TNB Western Energy’s sukuk](https://www.marc.com.my/rating-announcements/marc-affirms-aaais-rating-on-tnb-western-energys-sukuk/) - Posted Date: September 27, 2021MARC has affirmed its AAAIS rating on TNB Western Energy Berhad's (TNB Western) outstanding sukuk of RM3.7 billion with a stable outlook. TNB Western's rating is equalised to parent Tenaga Nasional Berhad's (TNB) corporate credit rating of AAA/stable, based primarily on the strength of TNB's unconditional and irrevocable rolling guarantee to
- [MARC assigns “GOLD” impact assessment to Bank Pembangunan’s Sustainable Development Sukuk Framework](https://www.marc.com.my/rating-announcements/marc-assigns-gold-impact-assessment-to-bank-pembangunans-sustainable-development-sukuk-framework/) - Posted Date: September 27, 2021MARC has assigned a "Gold" Impact Assessment to Bank Pembangunan Malaysia Berhad's (Bank Pembangunan) Sustainable Development Sukuk Framework (Framework).The focus of the Framework is on supporting the financing needs of targeted and new growth sectors that are important to advancing sustainable economic growth and promoting inclusive growth and climate transition, consistent
- [MARC assigns AA+<sub><i>IS</i></sub> and AA-<sub><i>IS</i></sub> ratings to UMW’S IMTN and Perpetual Sukuk Programmes](https://www.marc.com.my/rating-announcements/marc-assigns-aais-and-aa-is-ratings-to-umws-imtn-and-perpetual-sukuk-programmes/) - Posted Date: September 23, 2021MARC has assigned its AA+IS rating to UMW Holdings Berhad's (UMW) RM2.0 billion Islamic Medium-Term Notes (IMTN) Programme (Sukuk Musharakah) and AA-IS rating to UMW's RM2.0 billion Perpetual Sukuk Programme (Perpetual Sukuk). The two-notch rating differential between the Sukuk Musharakah and Perpetual Sukuk is in line with MARC's methodology on notching
- [MARC affirms AAA<sub></i>IS</i></sub>(FG) rating on Masteel's RM130.0 million guaranteed Sukuk Ijarah Programme](https://www.marc.com.my/rating-announcements/marc-affirms-aaaisfg-rating-on-masteels-rm130-0-million-guaranteed-sukuk-ijarah-programme/) - Posted Date: September 23, 2021MARC has affirmed its AAAIS(fg) rating on Malaysia Steel Works (KL) Bhd's (Masteel) RM130.0 million Sukuk Ijarah Programme with a stable outlook. The affirmed rating and outlook are based on the credit strength of Danajamin Nasional Berhad (Danajamin) which has provided an unconditional and irrevocable financial guarantee insurance on the programme.
- [MARC affirms AAA<sub></i>IS</i></sub> rating on Putrajaya Bina's RM1.58 billion Sukuk Wakalah Programme](https://www.marc.com.my/rating-announcements/marc-affirms-aaais-rating-on-putrajaya-binas-rm1-58-billion-sukuk-wakalah-programme/) - Posted Date: September 21, 2021MARC has affirmed its AAAIS rating on Putrajaya Bina Sdn Bhd's (PBSB) RM1.58 billion Islamic Medium-Term Notes (Sukuk Wakalah) Programme. The rating outlook is stable.The affirmed rating is mainly driven by the credit strength of the payment stream from the Malaysian government in the form of availability charges (AC), the quantum
- [MARC affirms AAA<sub></i>IS</i></sub> ratings on Putrajaya Holdings' Islamic debt programmes](https://www.marc.com.my/rating-announcements/marc-affirms-aaais-ratings-on-putrajaya-holdings-islamic-debt-programmes/) - Posted Date: September 21, 2021MARC has affirmed its ratings on Putrajaya Holdings Sdn Bhd's (PJH) outstanding issuances at AAAIS with a stable outlook.PJH's timely receipt of sizeable rental income from the Malaysian government under long-term lease-and-sublease agreements and the strength of its government-linked shareholding structure remain key rating drivers. PJH is the master developer of
- [MARC affirms AA+<sub><i>IS</i></sub>  rating on Kapar Energy Ventures’ Sukuk Ijarah](https://www.marc.com.my/rating-announcements/marc-affirms-aais-rating-on-kapar-energy-ventures-sukuk-ijarah/) - Posted Date: September 20,2021MARC has affirmed its AA+IS rating on Kapar Energy Ventures Sdn Bhd's (KEV) outstanding RM790.0 million Sukuk Ijarah. The rating outlook is maintained at negative.KEV, which owns and operates the 2,200MW Kapar Power Station in Klang, has seen an improvement in the operating performance of two of its three generating facilities that
- [MARC affirms TNB Northern Energy’s rating with stable outlook](https://www.marc.com.my/rating-announcements/marc-affirms-tnb-northern-energys-rating-with-stable-outlook/) - Posted Date: September 14, 2021MARC has affirmed its AAAIS rating on TNB Northern Energy Berhad's (TNB Northern) outstanding sukuk of RM1.35 billion with a stable outlook. TNB Northern is the funding vehicle for its parent TNB Prai Sdn Bhd to develop and operate the 1,071.43-MW combined-cycle gas turbine (CCGT) power plant in Seberang Perai Tengah,
- [MARC affirms International General Insurance’s rating at AA+ with stable outlook](https://www.marc.com.my/rating-announcements/marc-affirms-international-general-insurances-rating-at-aa-with-stable-outlook/) - Posted Date: September 10, 2021MARC has affirmed its insurer financial strength rating of AA+ with a stable outlook on International General Insurance Co Ltd (IGI). The Bermuda-based insurer's strong premium growth, well-diversified underwriting portfolio and strong capitalisation remain key rating drivers. A key moderating factor is IGI's moderate asset size which stood at US$1.3 billion
- [MARC affirms UiTM Solar Power Dua’s sukuk rating at AA-<sub><i>IS</i></sub>](https://www.marc.com.my/rating-announcements/marc-affirms-uitm-solar-power-duas-sukuk-rating-at-aa-is/) - Posted Date: September 9, 2021MARC has affirmed its AA-IS rating on UiTM Solar Power Dua Sdn Bhd's (UiTM Solar 2) outstanding Green Sustainable and Responsible Investment (SRI) Sukuk of RM100.0 million. The rating outlook is stable.UiTM Solar 2 owns a 25MWac solar photovoltaic plant in Pasir Gudang, Johor, which was developed under a 21-year power
- [MARC maintains Talam Transform’s settlement BaIDS’ rating at CIS](https://www.marc.com.my/rating-announcements/marc-maintains-talam-transforms-settlement-baids-rating-at-cis/) - Posted Date: September 9, 2021MARC has maintained its CIS ratings on property developer Talam Transform Berhad's (Talam) outstanding RM40.0 million Settlement Bithaman Ajil Islamic Debt Securities (Settlement BaIDS) as of June 9, 2021. The rating continues to reflect the substantial risk of default on the Settlement BaIDS, notwithstanding the extension of the maturity date of
- [MARC affirms Islamic Development Bank’s ratings at AAA/MARC-1 with stable outlook](https://www.marc.com.my/rating-announcements/marc-affirms-islamic-development-banks-ratings-at-aaa-marc-1-with-stable-outlook/) - Posted Date: September 6, 2021MARC has affirmed its financial institution (FI) ratings of AAA/MARC-1 on Islamic Development Bank (IsDB). The rating agency has concurrently affirmed its AAAIS rating on the Sukuk Wakalah programme of up to RM400 million issued by Tadamun Services Berhad, a trust established by IsDB.The FI ratings are driven by the preferred
- [MARC affirms AA-<sub><i>IS</i></sub> rating on SAJ Capital’s RM650 million Sukuk Murabahah](https://www.marc.com.my/rating-announcements/marc-affirms-aa-is-rating-on-saj-capitals-rm650-million-sukuk-murabahah/) - Posted Date: August 27, 2021 MARC has affirmed its rating of AA-IS on SAJ Capital Sdn Bhd's Sukuk Murabahah of up to RM650.0 million with a stable outlook.SAJ Capital is 100%-owned by Ranhill Capital Sdn Bhd, which has an 80% interest in Ranhill SAJ Sdn Bhd, the exclusive provider of source to tap water in
- [MARC extends MARCWatch Negative placement on Serba Dinamik’s sukuk ratings](https://www.marc.com.my/rating-announcements/marc-extends-marcwatch-negative-placement-on-serba-dinamiks-sukuk-ratings/) - Posted Date: August 27, 2021MARC has extended its MARCWatch Negative placement on Serba Dinamik Holdings Berhad's (Serba Dinamik) RM1.5 billion Islamic Medium-Term Notes (IMTN) Programme and RM500.0 million multi-currency Islamic Commercial Papers (ICP) Programme with a combined limit of RM1.5 billion. The placement, since May 31, 2021, reflects our ongoing concerns on the issues raised
- [MARC affirms rating on Malaysia Marine and Heavy Engineering at AA-<sub><i>IS</i></sub> with stable outlook](https://www.marc.com.my/rating-announcements/marc-affirms-rating-on-malaysia-marine-and-heavy-engineering-at-aa-is-with-stable-outlook/) - Posted Date: August 27, 2021MARC has affirmed its AA-IS rating on Malaysia Marine and Heavy Engineering Holdings Berhad's (MHB) RM1.0 billion Sukuk Murabahah Programme with a stable outlook.The key rating factors are MHB's conservative balance sheet and strong liquidity position, as well as its strong competitive position as the largest domestic offshore fabricator. MHB's rating
- [MARC provides update on MEX II](https://www.marc.com.my/rating-announcements/marc-provides-update-on-mex-ii/) - Posted Date: August 26, 2021MARC notes MEX II Sdn Bhd received sukukholders' approval on August 24, 2021 for the deferment of payments of RM68.7 million and RM38.2 million due on August 27, 2021 and October 29, 2021, both to December 31, 2021. The rating agency understands that discussions are ongoing on the company's debt restructuring.MEX
- [MARC affirms rating of AA-<sub><i>IS</i></sub> on Konsortium KAJV'S RM1.0 billion Sukuk Wakalah programme](https://www.marc.com.my/rating-announcements/marc-affirms-rating-of-aa-is-on-konsortium-kajvs-rm1-0-billion-sukuk-wakalah-programme/) - Posted Date: August 26, 2021MARC has affirmed its AA-IS rating on Konsortium KAJV Sdn Bhd's (KAJV) RM1.0 billion Sukuk Wakalah Programme with a stable outlook.The rating reflects the credit strength of the Terengganu state government to be able to meet the payment obligations due on the Facility Payment Certificates (FPC) the state has issued for
- [MARC affirms UiTM Solar’s sukuk rating at AA-<sub><i>IS</i></sub>](https://www.marc.com.my/rating-announcements/marc-affirms-uitm-solars-sukuk-rating-at-aa-is/) - Posted Date: August 26, 2021MARC has affirmed its AA-IS rating on UiTM Solar Power Sdn Bhd's (UiTM Solar) outstanding Green Sustainable and Responsible Investment (SRI) Sukuk of RM202.3 million. The rating outlook is stable.UiTM Solar owns a 50MWac solar photovoltaic plant in Gambang, Pahang which was developed under a 21-year power purchase agreement (PPA) with
- [MARC downgrades Alpha Circle’s ratings](https://www.marc.com.my/rating-announcements/marc-downgrades-alpha-circles-ratings/) - Posted Date: August 24, 2021MARC has lowered its ratings on Alpha Circle Sdn Bhd's outstanding RM140 million Senior Sukuk Musharakah to BBIS from BBBIS and RM55 million Junior Sukuk Musharakah to BIS from BBIS.The rating action highlights the ongoing challenges surrounding the hire of foreign labour that has remained significantly affected by measures implemented to
- [MARC affirms Singapore’s sovereign rating at AAA](https://www.marc.com.my/rating-announcements/marc-affirms-singapores-sovereign-rating-at-aaa/) - Posted Date: August 18, 2021MARC has affirmed its public information foreign currency sovereign rating of AAA/stable on the Republic of Singapore (Singapore), based on its national rating scale. The AAA rating reflects a number of strengths, including a dynamic and competitive economy. Singapore's success as a global business and financial hub has been and continues
- [MARC affirms MARC-2<sub></i>IS</i></sub> rating on Bina Darulaman's RM100.0 million ICP Programme](https://www.marc.com.my/rating-announcements/marc-affirms-marc-2is-rating-on-bina-darulamans-rm100-0-million-icp-programme/) - Posted Date: August 13, 2021MARC has affirmed its short-term rating of MARC-2IS on Bina Darulaman Berhad's (BDB) RM100.0 million Islamic Commercial Papers (ICP) Programme with a stable outlook.The rating incorporates BDB's competitive strength to be able to undertake public infrastructure and construction contracts in Kedah, its moderate position as a property developer, its moderate leverage
- [MARC assigns preliminary rating of AAA<sub></i>IS</i></sub> to Agrobank’s proposed RM1.0 billion Islamic Medium-Term Notes Programme](https://www.marc.com.my/rating-announcements/marc-assigns-preliminary-rating-of-aaais-to-agrobanks-proposed-rm1-0-billion-islamic-medium-term-notes-programme/) - Posted Date: August 12, 2021MARC has assigned its financial institution (FI) rating of AAA to Bank Pertanian Malaysia Berhad (Agrobank). Concurrently, the rating agency has assigned a preliminary rating of AAAIS to the bank's proposed RM1.0 billion Islamic Medium-Term Notes Programme (IMTN Programme). The ratings outlook is stable.The FI rating reflect Agrobank's status as a
- [MARC affirms Gas Malaysia Distribution’s Islamic MTN/CP ratings at AAA<sub></i>IS</i></sub>/MARC](https://www.marc.com.my/rating-announcements/marc-affirms-gas-malaysia-distributions-islamic-mtn-cp-ratings-at-aaais-marc/) - Posted Date: August 11, 2021MARC has affirmed its AAAIS/MARC-1IS ratings on Gas Malaysia Distribution Sdn Bhd's (GMD) Islamic Medium-Term Notes (IMTN) programme and Islamic Commercial Papers (ICP) programme with a combined limit of up to RM1.0 billion. The ratings outlook is stable.GMD's stable revenue generation from distributing natural gas in Peninsular Malaysia through the natural
- [MARC provides update on MEX II](https://www.marc.com.my/rating-announcements/marc-provides-update-on-mex-ii-2/) - Posted Date: August 2, 2021MARC highlights that MEX II Sdn Bhd's (MEX II) RM1.3 billion Sukuk Murabahah Programme and RM150.0 million Junior Bonds which carry ratings of CIS/C remain at risk for imminent default.We note that the liquidity remains severely strained and understand that no material progress has been made on a planned restructuring of
- [MARC affirms Danajamin’s ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-affirms-danajamins-ratings-with-stable-outlook/) - Posted Date: July 30, 2021MARC has affirmed its insurer financial strength (IFS) rating of AAA and counterparty credit ratings of AAA/MARC-1 on Danajamin Nasional Berhad (Danajamin). Concurrently, the rating agency has affirmed its ratings of AAAIS and AA+IS on the Senior and Subordinated Sukuk Murabahah of up to RM2.0 billion under Danajamin's Sukuk Murabahah programme.
- [MARC affirms CIMB Islamic’s financial institution and related issue ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-affirms-cimb-islamics-financial-institution-and-related-issue-ratings-with-stable-outlook/) - Posted Date: July 29, 2021MARC has affirmed CIMB Islamic Bank Berhad's (CIMB Islamic) financial institution (FI) ratings of AAA/MARC-1/stable and concurrently the sukuk issuance ratings as follows:• RM10.0 billion senior Sukuk Wakalah programme (Sukuk Wakalah) at AAAIS/Stable• RM5.0 billion Tier 2 Junior Sukuk programme at AA+IS/Stable CIMB Islamic's FI ratings are equalised to its parent
- [MARC affirms CIMB Group Holdings ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-affirms-cimb-group-holdings-ratings-with-stable-outlook/) - Posted Date: July 29, 2021MARC has affirmed its long-term and short-term corporate credit ratings of AA+/MARC-1 on CIMB Group Holdings Berhad (CIMB Group) and its issue rating of AA on the group's RM10.0 billion Basel III–compliant Tier 2 Subordinated Debt Programme. The ratings outlook is stable.CIMB Group is a non-operating financial holding company whose key
- [MARC affirms CIMB Bank’s financial institution ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-affirms-cimb-banks-financial-institution-ratings-with-stable-outlook/) - Posted Date: July 29, 2021MARC has affirmed its financial institution (FI) ratings of AAA/MARC-1 with a stable outlook on CIMB Bank Berhad. Concurrently, the rating agency has affirmed its ratings on the bank's existing subordinated debt programmes as follows: • RM10.0 billion Basel III–compliant Tier 2 Subordinated Debt Programme affirmed at AA+/Stable • RM5.0 billion
- [MARC affirms Malaysia’s sovereign rating at AAA](https://www.marc.com.my/rating-announcements/marc-affirms-malaysias-sovereign-rating-at-aaa/) - Posted Date: July 29, 2021MARC has affirmed its public information local currency sovereign rating of AAA/stable on Malaysia, based on its national rating scale. Under this rating scale, the sovereign state of Malaysia carries the lowest relative risk for reasons that include its authority to tax in ringgit and set interest rates.The rating reflects several
- [MARC affirms Kuwait Finance House (Malaysia)’s FI ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-affirms-kuwait-finance-house-malaysias-fi-ratings-with-stable-outlook/) - Posted Date: July 27, 2021 MARC has affirmed its long- and short-term financial institution (FI) ratings of AA+/MARC-1 on Kuwait Finance House (Malaysia) Berhad (KFH Malaysia) with a stable outlook. The FI ratings are based on the national rating scale.The long-term FI rating of KFH Malaysia is notched down from its parent Kuwait Finance House
- [MARC affirms AA-<sub><i>IS</i></sub> rating on MRCB’s IMTN of up to RM5.0 billion](https://www.marc.com.my/rating-announcements/marc-affirms-aa-is-rating-on-mrcbs-imtn-of-up-to-rm5-0-billion/) - Posted date: July 26, 2021MARC has affirmed its AA-IS rating on Malaysian Resources Corporation Berhad's (MRCB) Islamic Medium-Term Notes Programme of up to RM5.0 billion (Sukuk Murabahah) with a stable outlook.MRCB's well-established market position in property development with a focus on transit-oriented developments (TOD), and in the construction sector in which it maintains a sizeable
- [MARC affirms MISC's rating with stable outlook](https://www.marc.com.my/rating-announcements/marc-affirms-miscs-rating-with-stable-outlook/) - Posted Date: July 19, 2021MARC has affirmed its AAAIS rating on MISC Berhad's RM2.5 billion Islamic Medium-Term Notes programme with a stable outlook.The affirmed rating incorporates MISC's position as a key global player in the energy-related shipping business, its stable revenue generation from long-term liquefied natural gas (LNG) and offshore contracts, as well as its
- [MARC assigns final ratings of AAA<sub></i>IS</i></sub>/MARC-1<sub><i>IS</i></sub> to SME Bank's RM3.0 billion IMTN/ICP Programmes](https://www.marc.com.my/rating-announcements/marc-assigns-final-ratings-of-aaais-marc-1is-to-sme-banks-rm3-0-billion-imtn-icp-programmes/) - Posted Date: July 16, 2021MARC has assigned final ratings of AAAIS/MARC-1IS to Small Medium Enterprise Development Bank Malaysia Berhad's (SME Bank) Islamic Medium-Term Notes (IMTNs) Programme of up to RM3.0 billion (which include Sustainability IMTNs) and Islamic Commercial Papers (ICPs) Programme of up to RM1.0 billion with a combined limit in nominal value of up
- [MARC assigns AIS rating to Tropicana’s RM2.0 billion existing Perpetual Sukuk programme](https://www.marc.com.my/rating-announcements/marc-assigns-ais-rating-to-tropicanas-rm2-0-billion-existing-perpetual-sukuk-programme/) - Posted Date: July 15, 2021MARC has assigned a rating of AIS to Tropicana Corporation Berhad's (Tropicana) RM2.0 billion existing Perpetual Sukuk programme with a stable outlook. The Perpetual Sukuk is rated one notch lower than Tropicana's corporate credit rating of A+/stable to reflect its features and is in line with MARC's methodology on subordinated instruments.
- [MARC affirms Cagamas’ ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-affirms-cagamas-ratings-with-stable-outlook/) - Posted Date: July 15, 2021MARC has affirmed its ratings on Cagamas Berhad's bonds and sukuk issuances as follows: Conventional and Islamic Commercial Papers (CP/ICP) programmes with a combined aggregate limit of RM20.0 billion at MARC-1/MARC-1IS Conventional and Islamic Medium-Term Notes (MTN/IMTN) programmes of up to RM60.0 billion at AAA/AAAIS
- [MARC affirms AA-<sub><i>IS</i></sub> rating on Grand Sepadu’s RM210.0 million sukuk](https://www.marc.com.my/rating-announcements/marc-affirms-aa-is-rating-on-grand-sepadus-rm210-0-million-sukuk/) - Posted date: July 15, 2021MARC has affirmed its rating of AA-IS on Grand Sepadu (NK) Sdn Bhd's (Grand Sepadu) RM210 million Sukuk Murabahah Issuance, with a stable outlook.The affirmation reflects Grand Sepadu's adequate cash flow coverage and moderately leveraged capital structure. Moderating the rating are uncertainties on the implementation of the scheduled toll rate hikes
- [MARC affirms KAF Investment Bank’s FI ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-affirms-kaf-investment-banks-fi-ratings-with-stable-outlook/) - Posted Date: July 12, 2021MARC has affirmed its long- and short-term financial institution (FI) ratings of AA-/MARC-1 on KAF Investment Bank Berhad (KAF IB) with a stable outlook.KAF IB's low-risk business model, strong liquidity and healthy capitalisation levels remain key rating drivers. The susceptibility of its earnings performance to the domestic capital market conditions and the
- [MARC assigns preliminary ratings of AAA<sub></i>IS</i></sub>/MARC-1<sub><i>IS</i></sub> to SME Bank's proposed RM3.0 billion IMTN/ICP programmes](https://www.marc.com.my/rating-announcements/marc-assigns-preliminary-ratings-of-aaais-marc-1is-to-sme-banks-proposed-rm3-0-billion-imtn-icp-programmes/) - Posted Date: June 23, 2021MARC has assigned preliminary ratings of AAAIS /MARC-1IS on Small Medium Enterprise Development Bank Malaysia Berhad's (SME Bank) proposed Islamic Medium-Term Notes (IMTNs) Programme of up to RM3.0 billion (which shall include Sustainability IMTNs) and Islamic Commercial Papers (ICPs) Programme of up to RM1.0 billion, with a combined limit in nominal
- [MARC assigns corporate credit rating of A+/Stable to Yinson Holdings Berhad](https://www.marc.com.my/rating-announcements/marc-assigns-corporate-credit-rating-of-a-stable-to-yinson-holdings-berhad/) - Posted Date: June 23, 2021MARC has assigned a corporate credit rating of A+ with a stable outlook to Yinson Holdings Berhad (Yinson).The assigned rating is primarily driven by the group's strong business profile in the floating, production, storage and offloading vessels (FPSO) segment from which it has been able to secure recurrent sizeable long-term FPSO
- [MARC assigns “Gold” impact assessment to SME Bank’s proposed Sustainability Sukuk Framework](https://www.marc.com.my/rating-announcements/marc-assigns-gold-impact-assessment-to-sme-banks-proposed-sustainability-sukuk-framework/) - Posted Date: June 23,2021MARC has assigned a "Gold" Sustainability Sukuk Assessment to the Sustainability Sukuk Framework (SSF) of Small Medium Enterprise Development Bank Malaysia Berhad (SME Bank). The SSF sets out the guidelines for SME Bank's Sustainability Sukuk issuances under its proposed Islamic Medium-Term Notes (IMTNs) programme of up to RM3.0 billion and Islamic Commercial
- [MARC affirms rating on Southern Power’s RM4.0 billion Sukuk Wakalah programme](https://www.marc.com.my/rating-announcements/marc-affirms-rating-on-southern-powers-rm4-0-billion-sukuk-wakalah-programme/) - Posted Date: June 22, 2021MARC has affirmed its AA-IS rating on Southern Power Generation Sdn Bhd's (Southern Power) Sukuk Wakalah of up to RM4.0 billion with a stable outlook.Southern Power has developed a 2x720MW combined-cycle gas-fired power plant in Pasir Gudang, which achieved commercial operation date (COD) on January 1, 2021 for Block 1 and
- [MARC assigns final rating of AA-/stable to 7-Eleven Malaysia’s RM600.0 million MTN programme](https://www.marc.com.my/rating-announcements/marc-assigns-final-rating-of-aa-stable-to-7-eleven-malaysias-rm600-0-million-mtn-programme/) - Posted Date: June 15, 2021MARC has assigned a final rating of AA- to 7-Eleven Malaysia Holdings Bhd's (7-Eleven Holdings) RM600.0 million Medium-Term Notes (MTN) Programme. The rating outlook is stable.The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way
- [MARC assigns final rating of AAIS/stable to S P Setia’s RM3.0 billion Islamic Medium-Term Notes programme](https://www.marc.com.my/rating-announcements/marc-assigns-final-rating-of-aais-stable-to-s-p-setias-rm3-0-billion-islamic-medium-term-notes-programme/) - Posted Date: June 15, 2021MARC has assigned a final rating of AAIS with a stable outlook to S P Setia's RM3.0 billion Islamic Medium-Term Notes Programme.The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way from the draft documentation
- [MARC affirms PLSUKE’s ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-affirms-plsukes-ratings-with-stable-outlook/) - Posted Date: June 8, 2021 MARC has affirmed its A+IS(s) rating on Projek Lintasan Sungai Besi – Ulu Klang Sdn Bhd's (PLSUKE) Sukuk Wakalah Programme of up to RM2.0 billion, with a stable outlook.The rating on the Sukuk Wakalah reflects the credit strength of Projek Lintasan Kota Holdings (PROLINTAS) as the provider of an unconditional
- [MARC affirms AAA rating on Inverfin’s outstanding notes; revises outlook to Negative](https://www.marc.com.my/rating-announcements/marc-affirms-aaa-rating-on-inverfins-outstanding-notes-revises-outlook-to-negative/) - Posted Date: June 3, 2021 MARC has affirmed its rating of AAA on Inverfin Sdn Bhd's Tranche A notes under the maximum limit of RM160 million of its Medium-Term Notes (MTN) programme. The outlook on the rating has been revised to negative from stable.The affirmed rating reflects the acceptable loan-to-value (LTV) ratio of 41.9% for
- [MARC places Serba Dinamik’s ratings on MARCWatch Negative](https://www.marc.com.my/rating-announcements/marc-places-serba-dinamiks-ratings-on-marcwatch-negative/) - Posted Date: May 31, 2021MARC has placed its ratings of MARC-1IS /A+IS on Serba Dinamik Holdings Berhad's (Serba Dinamik) RM500.0 million multi-currency Islamic Commercial Papers Programme and RM1.5 billion Islamic Medium-Term Notes Programme with a combined limit of RM1.5 billion on MARCWatch Negative. The ratings were assigned on May 11, 2021.The MARCWatch placement arose from
- [MARC affirms ratings on Kinabalu Capital’s Issue 2 MTN/CP](https://www.marc.com.my/rating-announcements/marc-affirms-ratings-on-kinabalu-capitals-issue-2-mtn-cp/) - Posted Date: May 27, 2021MARC has affirmed its long-term ratings of AAA, AA and A on Kinabalu Capital Sdn Bhd's Issue 2 Medium-Term Notes (MTN) of RM130 million Class A, RM25 million Class B and RM15 million Class C. Concurrently, the rating agency has also affirmed its MARC-1 rating on Kinabalu Capital's Issue 2 of
- [MARC assigns AAA<sub></i>IS</i></sub>(CG)/MARC-1<sub><i>IS</i></sub>(CG) to F&N Capital’s Islamic Medium-Term Notes and Islamic Commercial Papers programmes](https://www.marc.com.my/rating-announcements/marc-assigns-aaaiscg-marc-1iscg-to-fn-capitals-islamic-medium-term-notes-and-islamic-commercial-papers-programmes/) - Posted Date: May 25, 2021MARC has assigned ratings of AAAIS (CG) /MARC-1IS (CG) to funding vehicle F&N Capital Sdn Bhd's (F&N Capital) Islamic Medium-Term Notes (IMTN) and Islamic Commercial Papers (ICP) programmes with a combined limit of up to RM3.0 billion. The ratings outlook is stable. F&N Capital is a wholly-owned subsidiary of Fraser &
- [MARC downgrades Alpha Circle's ratings; maintains ratings on MARCWatch Negative](https://www.marc.com.my/rating-announcements/marc-downgrades-alpha-circles-ratings-maintains-ratings-on-marcwatch-negative/) - Posted Date: May 24, 2021MARC has lowered its ratings on Alpha Circle Sdn Bhd's outstanding RM140 million Senior Sukuk Musharakah to BBBIS from AIS and RM55 million Junior Sukuk Musharakah to BBIS from BBBIS.The downgrades reflect increased concerns on Alpha Circle's ability to meet its remaining sukuk repayments as its cash flow has been substantially
- [MARC affirms Ranhill Powertron II’s ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-affirms-ranhill-powertron-iis-ratings-with-stable-outlook/) - Posted Date: May 24, 2021MARC has affirmed its ratings on Ranhill Powertron II Sdn Bhd's (RPII) RM90.0 million outstanding Islamic Medium-Term Notes (IMTN) at AAIS and RM350.0 million outstanding guaranteed IMTN at AAAIS(fg). The ratings outlook is stable.The AAIS rating reflects favourable terms under the Power Purchase Agreement (PPA) which allocate demand risk and fuel
- [MARC assigns final rating of AA-<sub><i>IS</i></sub>  to The Holstein Milk Company’s RM1.0 billion Sukuk Wakalah Programme](https://www.marc.com.my/rating-announcements/marc-assigns-final-rating-of-aa-is-to-the-holstein-milk-companys-rm1-0-billion-sukuk-wakalah-programme/) - Posted Date: May 21, 2021 MARC has assigned a final rating of AA-IS to The Holstein Milk Company Sdn Bhd's (THMC) RM1.0 billion Sukuk Wakalah Programme. The rating outlook is stable.The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material
- [MARC upgrades rating on Kimanis Power’s sukuk programmes to AAIS](https://www.marc.com.my/rating-announcements/marc-upgrades-rating-on-kimanis-powers-sukuk-programmes-to-aais/) - Posted Date: May 20, 2021MARC has upgraded the rating on Kimanis Power Sdn Bhd's (KPSB) outstanding RM650.0 million Sukuk Programmes (sukuk) to AAIS from AA-IS. The rating outlook is stable.The rating upgrade is premised on the consistently strong operational performance of KPSB's 285-megawatt combined-cycle gas-fired power plant at Kimanis Bay in Sabah, that has enabled
- [MARC affirms Sinar Kamiri’s rating with stable outlook](https://www.marc.com.my/rating-announcements/marc-affirms-sinar-kamiris-rating-with-stable-outlook/) - Posted Date: May 18, 2021MARC has affirmed its AA-IS rating on Sinar Kamiri Sdn Bhd's (Sinar Kamiri) RM245.0 million Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah. The rating outlook is stable. Sinar Kamiri is a special purpose project company that owns and operates a 49.0MWac solar power plant in Sungai Siput, Perak.The rating affirmation
- [MARC assigns ratings of MARC-1<sub><i>IS</i></sub>/A+<sub><i>IS</i></sub> to Serba Dinamik’s RM1.5 billion multi-currency ICP/IMTN Programmes](https://www.marc.com.my/rating-announcements/marc-assigns-ratings-of-marc-1is-ais-to-serba-dinamiks-rm1-5-billion-multi-currency-icp-imtn-programmes/) - Posted Date: May 11, 2021MARC has assigned ratings of MARC-1IS/A+IS to Serba Dinamik Holdings Berhad's (Serba Dinamik) RM500.0 million multi-currency Islamic Commerical Papers Programme and RM1.5 billion Islamic Medium-Term Notes Programme with a combined limit of RM1.5 billion. The ratings outlook is stable. MARC had previously rated the same programmes; following an early redemption of
- [OCBC Bank and MFP Solar conclude agreement for Green Term Loan rated Gold by MARC, setting a new milestone for domestic sustainable financing market](https://www.marc.com.my/rating-announcements/ocbc-bank-and-mfp-solar-conclude-agreement-for-green-term-loan-rated-gold-by-marc-setting-a-new-milestone-for-domestic-sustainable-financing-market/) - Posted Date: May 10, 2021Malaysian Rating Corporation Berhad (MARC) and OCBC Bank (Malaysia) Berhad (OCBC Bank) today announced the closing of an externally reviewed multi-tranche Green Term Loan Facility (Facility) for MFP Solar Sdn Bhd (MFP Solar). The agreement facilitates the establishment of a RM100 million Facility between OCBC Bank and MFP Solar which will
- [MARC issues update on Sparks Energy 1’s RM220.0 million proposed ASEAN Green SRI Sukuk](https://www.marc.com.my/rating-announcements/marc-issues-update-on-sparks-energy-1s-rm220-0-million-proposed-asean-green-sri-sukuk/) - Posted Date: May 07, 2021MARC wishes to inform that Sparks Energy 1 Sdn Bhd has faced delays in achieving commercial operation date (COD) of its 30MWac solar power plants in Kuala Muda, Kedah and Machang, Kelantan. The delays have been attributed to logistics issues as a result of movement restrictions in the country due to
- [MARC affirms China Construction Bank (Malaysia)’s ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-affirms-china-construction-bank-malaysias-ratings-with-stable-outlook/) - Posted Date: May 6, 2021MARC has affirmed its long- and short-term financial institution (FI) ratings of AA+/MARC-1 with a stable outlook on China Construction Bank (Malaysia) Berhad. CCBM continues to be very well supported by parent China Construction Bank Corporation (CCB), which carries a public information rating of AAA/stable from MARC. This rating mainly reflects
- [MARC assigns AAIS/stable rating to S P Setia’s proposed RM3.0 billion Islamic Medium-Term Notes Programme](https://www.marc.com.my/rating-announcements/marc-assigns-aais-stable-rating-to-s-p-setias-proposed-rm3-0-billion-islamic-medium-term-notes-programme/) - Posted Date: May 04, 2021MARC has assigned a preliminary rating of AAIS with a stable outlook to S P Setia Berhad's proposed RM3.0 billion Islamic Medium-Term Notes Programme. Proceeds from the proposed issuance will largely be used to fund capital injection into the group's joint-venture Battersea Power Station project (Battersea Project) and refinance earlier borrowings
- [MARC provides update on MEX II](https://www.marc.com.my/rating-announcements/marc-provides-update-on-mex-ii-3/) - Posted Date: May 3, 2021MARC wishes to highlight that its ratings on MEX II Sdn Bhd's (MEX II) RM1.3 billion Sukuk Murabahah Programme and RM150.0 million Junior Bonds have been maintained at CIS/C after the last downgrade on March 26, 2021 on heightened concerns of missing imminent profit payments.MEX II had sought an extension on
- [MARC assigns AA-/stable rating to 7-Eleven Malaysia Holdings’ proposed RM600.0 million MTN Programme](https://www.marc.com.my/rating-announcements/marc-assigns-aa-stable-rating-to-7-eleven-malaysia-holdings-proposed-rm600-0-million-mtn-programme/) - Posted Date: April 20, 2021 MARC has assigned a preliminary rating of AA- to 7-Eleven Malaysia Holdings Berhad's (7-Eleven Holdings) proposed RM600.0 million Medium-Term Notes (MTN) Programme with a stable outlook.The assigned rating mainly reflects 7-Eleven Holdings' strong and established market position in the convenience store segment, gained from a long operating track record with
- [MARC affirms KEXIM’s ratings with a stable outlook](https://www.marc.com.my/rating-announcements/marc-affirms-kexims-ratings-with-a-stable-outlook/) - Posted Date: April 19, 2021MARC has affirmed its financial institution (FI) rating of AAA on The Export-Import Bank of Korea (KEXIM) and its issue rating of AAA on KEXIM's Medium-Term Notes programme of RM1.0 billion. The FI and issue ratings are based on the domestic rating scale. The outlook on the ratings is stable.The FI
- [No rating impact on Celcom’s sukuk from proposed merger with Digi](https://www.marc.com.my/rating-announcements/no-rating-impact-on-celcoms-sukuk-from-proposed-merger-with-digi/) - Posted Date: April 9, 2021MARC highlights that there is no impact on its rating of AA+IS /Stable on Celcom Networks Sdn Bhd's (CNSB) RM5.0 billion Sukuk Murabahah Programme following the proposed merger between CNSB's parent Celcom Axiata Berhad (Celcom) and Digi.com Berhad (Digi). CNSB provides network telecommunication services to the Celcom group; its rating reflects
- [MARC affirms ratings on Special Coral’s Senior and Subordinated Class MTN](https://www.marc.com.my/rating-announcements/marc-affirms-ratings-on-special-corals-senior-and-subordinated-class-mtn/) - Posted Date: April 1, 2021MARC has affirmed its ratings of AAA, AA and B- on special purpose vehicle Special Coral Sdn Bhd's RM250.0 million Senior Class A Medium-Term Notes (MTN), RM50.0 million Senior Class B MTN and RM800.0 million Subordinated Class MTN under the existing RM1.1 billion MTN programme. The ratings outlook is stable. Special
- [MARC affirms China's sovereign rating at AAA](https://www.marc.com.my/rating-announcements/marc-affirms-chinas-sovereign-rating-at-aaa/) - Posted Date: March 31, 2021MARC has affirmed its public information foreign currency sovereign rating of AAA/stable on the People's Republic of China, based on its national rating scale. The AAA rating reflects several credit strengths, including a large and well-diversified, resilient economy. Thanks to an effective stimulus package, China's quarterly recovery was quick and it
- [MARC downgrades MEX II’s ratings to C](https://www.marc.com.my/rating-announcements/marc-downgrades-mex-iis-ratings-to-c/) - Posted Date: March 26, 2021MARC has downgraded MEX II Sdn Bhd's (MEX II) RM1.3 billion Sukuk Murabahah Programme and RM150.0 million Junior Bonds ratings to CIS/C, from BBIS and B.The rating action is driven by the liquidity pressure MEX II is facing and the likelihood of missing an upcoming payment on its sukuk. MEX II
- [MARC assigns final ratings of MARC-1<sub><i>IS</i></sub>/AAIS to Cellco’s sukuk issuance](https://www.marc.com.my/rating-announcements/marc-assigns-final-ratings-of-marc-1is-aais-to-cellcos-sukuk-issuance/) - Posted Date: March 24, 2021MARC has assigned final 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.The rating agency has reviewed the final documentation for the programme
- [MARC assigns “Gold” Impact Assessment to Agroto's proposed ASEAN Sustainability SRI Sukuk Programme Framework](https://www.marc.com.my/rating-announcements/marc-assigns-gold-impact-assessment-to-agrotos-proposed-asean-sustainability-sri-sukuk-programme-framework/) - Posted Date: March 24, 2021MARC has assigned a "Gold" Sustainability Sukuk Assessment to Agroto Business (M) Sdn Bhd's (Agroto) ASEAN Sustainability Sustainable and Responsible Investment (SRI) Sukuk Programme Framework (Framework). The assessment is driven by our expectation that the net proceeds of the sukuk to be issued will be directed towards qualifying capital expenditures on
- [MARC withdraws ratings on expiry of Petronas Dagangan’s programme](https://www.marc.com.my/rating-announcements/marc-withdraws-ratings-on-expiry-of-petronas-dagangans-programme/) - Posted Date: March 23, 2021MARC has withdrawn its ratings of MARC-1IS / AAAIS on Petronas Dagangan Berhad's Islamic Commercial Papers and Islamic Medium-Term Notes programme of up to RM2.0 billion. The ratings withdrawal follows the programme's expiry on March 19, 2021.Contacts: Lee Chi Han, +603-2717 2939/ chihan@marc.com.my;Sharidan Salleh, +603-2717 2954/ sharidan@marc.com.my. List related news | List related
- [MARC affirms UEM Edgenta's RM1.0 billion Sukuk Murabahah programme ratings](https://www.marc.com.my/rating-announcements/marc-affirms-uem-edgentas-rm1-0-billion-sukuk-murabahah-programme-ratings/) - Posted Date: March 22, 2021MARC 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 its Sukuk Murabahah programme of up to RM1.0 billion. The ratings outlook remains stable.The affirmed ratings are driven by UEM Edgenta's strong business and financial profile from long-term contracts in
- [MARC assigns AAA<sub></i>IS</i></sub> rating on PJH's new RM1.0 billion Sukuk](https://www.marc.com.my/rating-announcements/marc-assigns-aaais-rating-on-pjhs-new-rm1-0-billion-sukuk/) - Posted Date: March 22, 2021MARC has assigned a rating of AAAIS with a stable outlook on Putrajaya Holdings Sdn Bhd (PJH)'s proposed RM1.0 billion 20-year Sukuk Wakalah Programme. Concurrently, the rating agency has affirmed its existing ratings on PJH's other issuances, the list of which is provided at end of this announcement. The ratings outlook
- [MARC affirms ratings on Cagamas MBS' asset-backed Sukuk Musyarakah and fixed rate serial bonds](https://www.marc.com.my/rating-announcements/marc-affirms-ratings-on-cagamas-mbs-asset-backed-sukuk-musyarakah-and-fixed-rate-serial-bonds/) - Posted Date: March 19, 2021MARC has affirmed its AAAIS and AAA ratings on Cagamas MBS Berhad's (Cagamas MBS) asset-backed Sukuk Musyarakah issuances (CMBS 2007-1-i) and fixed rate serial bonds issuances (CMBS 2005-2; CMBS 2007-2). The outlook on all ratings is stable.Cagamas MBS is a wholly-owned special purpose vehicle of Cagamas Holdings Berhad and was established
- [MARC withdraws rating on Westports](https://www.marc.com.my/rating-announcements/marc-withdraws-rating-on-westports/) - Posted Date: March 17, 2021MARC has withdrawn its AA+IS rating on Westports Malaysia Sdn Bhd's RM2.0 billion Sukuk Musharakah Programme at the issuer's request.In its previous rating action on April 21, 2020, MARC affirmed the AA+IS rating with a stable outlook that primarily reflected Westports' favourable cargo-handling facilities, strong liquidity position and robust financial service
- [MARC affirms A+<sub><i>IS</i></sub> rating on Tropicana's RM1.5 billion sukuk](https://www.marc.com.my/rating-announcements/marc-affirms-ais-rating-on-tropicanas-rm1-5-billion-sukuk/) - Posted Date: March 11, 2021 MARC has affirmed its A+IS rating on Tropicana Corporation Berhad's (Tropicana) RM1.5 billion Islamic Medium-Term Notes Programme (Sukuk Wakalah) with a stable outlook. Tropicana's established position in the domestic property industry and its moderate financial risks remain key rating drivers. The tough property market conditions have continued to weigh on
- [MARC upgrades QSP Semenanjung's Green Sri Sukuk rating to AA-<sub><i>IS</i></sub>](https://www.marc.com.my/rating-announcements/marc-upgrades-qsp-semenanjungs-green-sri-sukuk-rating-to-aa-is/) - Posted Date: March 5, 2021 MARC has upgraded Quantum Solar Park (Semenanjung) Sdn Bhd's (QSP Semenanjung) RM1.0 billion Green Sustainable and Responsible Investment (SRI) Sukuk rating to AA-IS from A+IS. The rating agency has concurrently revised the rating outlook to stable from positive.The upgrade incorporates the steady operational performance exhibited by QSP Semenanjung's three 50MW
- [MARC affirms AA-<sub><i>IS</i></sub> rating on PTP's RM1.9 billion sukuk](https://www.marc.com.my/rating-announcements/marc-affirms-aa-is-rating-on-ptps-rm1-9-billion-sukuk/) - Posted Date: March 01, 2021MARC has affirmed its AA-IS rating on port operator Pelabuhan Tanjung Pelepas Sdn Bhd's (PTP) Islamic Medium-Term Notes (Sukuk Murabahah Programme). The rating outlook is stable. The rating has considered the increase in PTP's programme limit to RM2.15 billion from RM1.9 billion.The affirmed rating is mainly driven by PTP's strong position
- [MARC places Alpha Circle's ratings on MARCWatch Negative](https://www.marc.com.my/rating-announcements/marc-places-alpha-circles-ratings-on-marcwatch-negative/) - Posted Date: February 24, 2021MARC has placed its ratings on Alpha Circle Sdn Bhd's Senior Sukuk Musharakah of AIS and Junior Sukuk Musharakah of BBBIS on MARCWatch Negative.The rating action follows Alpha Circle's inability to meet payments totalling RM20.3 million due on February 23, 2021 which has now been extended to March 3, 2021 under
- [MARC assigns final ratings of MARC-1<sub><i>IS</i></sub> and A+<sub><i>IS</i></sub> to George Kent’s proposed Sukuk Wakalah programmes](https://www.marc.com.my/rating-announcements/marc-assigns-final-ratings-of-marc-1is-and-ais-to-george-kents-proposed-sukuk-wakalah-programmes/) - Posted Date: February 24, 2021MARC has assigned final ratings of MARC-1IS and A+IS to George Kent (Malaysia) Berhad's (George Kent) proposed RM100.0 million Islamic Commercial Papers (ICP) Programme and RM500.0 million Islamic Medium-Term Notes (IMTN) Programme (Sukuk Wakalah Programmes) subject to a combined limit of RM500.0 million. The ratings outlook is stable.We have reviewed the
- [MARC assigns final rating of AA-<sub><i>IS</i></sub> to UiTM Solar Power Dua's Green SRI Sukuk of up to RM100.0 million](https://www.marc.com.my/rating-announcements/marc-assigns-final-rating-of-aa-is-to-uitm-solar-power-duas-green-sri-sukuk-of-up-to-rm100-0-million/) - Posted Date: February 23, 2021MARC has assigned a final rating of AA-IS to UiTM Solar Power Dua Sdn Bhd's (UiTM Solar 2) proposed Green SRI Sukuk of up to RM100.0 million. The rating outlook is stable.The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have
- [MARC affirms AA-<sub><i>IS</i></sub> rating on Jimah East Power’s RM8.98 billion Sukuk Murabahah](https://www.marc.com.my/rating-announcements/marc-affirms-aa-is-rating-on-jimah-east-powers-rm8-98-billion-sukuk-murabahah/) - Posted Date: February 17, 2021MARC has affirmed its AA-IS rating on Jimah East Power Sdn Bhd's (JEP) outstanding RM8.98 billion Sukuk Murabahah with a stable outlook.The affirmed rating reflects (1) JEP's predictable cash flows from its 2x1000MW ultra-supercritical coal power plant under a 25-year power purchase agreement (PPA) with Tenaga Nasional Berhad (TNB), (2) its
- [MARC downgrades Alpha Circle's ratings; outlook negative](https://www.marc.com.my/rating-announcements/marc-downgrades-alpha-circles-ratings-outlook-negative/) - Posted Date: February 11, 2021MARC has lowered its ratings on Alpha Circle Sdn Bhd's outstanding RM160 million Senior Sukuk Musharakah to AIS from AA-IS, and RM55 million Junior Sukuk Musharakah to BBBIS from AIS. The ratings outlook remains negative.Our rating action is premised on lingering issues related to the foreign labour force in the wake
- [MARC upgrades Top Glove's corporate credit rating to AA+; affirms subsidiary's Perpetual Sukuk at AA-<sub><i>IS</i></sub>(CG)](https://www.marc.com.my/rating-announcements/marc-upgrades-top-gloves-corporate-credit-rating-to-aa-affirms-subsidiarys-perpetual-sukuk-at-aa-iscg/) - Posted Date: February 09, 2021MARC has upgraded Top Glove Corporation Bhd's (Top Glove) corporate credit rating to AA+ from AA and concurrently affirmed its rating of AA-IS(CG) on special purpose vehicle TG Excellence Berhad's RM3.0 billion Perpetual Sukuk Wakalah Programme. Top Glove, which owns 100% of TG Excellence, has provided a subordinated unconditional and irrevocable
- [MARC downgrades MEX II's ratings to BBIS and B; maintains ratings on MARCWatch Negative](https://www.marc.com.my/rating-announcements/marc-downgrades-mex-iis-ratings-to-bbis-and-b-maintains-ratings-on-marcwatch-negative/) - Posted Date: February 9, 2021MARC has downgraded its ratings on MEX II Sdn Bhd's (MEX II) RM1.3 billion Sukuk Murabahah Programme to BBIS from BBBIS, and RM150.0 million Junior Bonds to B from BB. The ratings remain on MARCWatch Negative.Our rating actions are premised on the increasing likelihood that MEX II may not be able
- [MARC assigns preliminary MARC-1<sub><i>IS</i></sub>/AAIS ratings to Cellco's proposed issuance](https://www.marc.com.my/rating-announcements/marc-assigns-preliminary-marc-1is-aais-ratings-to-cellcos-proposed-issuance/) - Posted Date: January 15, 2021MARC has assigned preliminary ratings of MARC-1IS/AAIS to Cellco Capital Bhd's (Cellco) proposed 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 set up to undertake the
- [MARC assigns preliminary A+<sub><i>IS</i></sub>/MARC-1<sub><i>IS</i></sub> ratings to George Kent's proposed sukuk programmes](https://www.marc.com.my/rating-announcements/marc-assigns-preliminary-ais-marc-1is-ratings-to-george-kents-proposed-sukuk-programmes/) - Posted Date: January 13, 2021MARC has assigned preliminary ratings of MARC-1IS and A+IS to George Kent (Malaysia) Berhad's (George Kent) proposed RM100.0 million Islamic Commercial Papers (ICP) Programme and RM500.0 million Islamic Medium-Term Notes (IMTN) Programme subject to a combined limit of RM500.0 million. The ratings outlook is stable.The assigned ratings reflect George Kent's conservative
- [MARC affirms Berjaya Land’s ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-affirms-berjaya-lands-ratings-with-stable-outlook-2/) - Posted Date: January 11, 2021MARC has affirmed its ratings on Berjaya Land Berhad's (BLand) RM500.0 million Medium-Term Notes (MTN) Programme guaranteed by Danajamin Nasional Berhad (Danajamin) at AAA(fg) and RM150.0 million MTN Programme guaranteed by OCBC Bank (Malaysia) Berhad (OCBC Malaysia) at AAA(bg). The ratings outlook is stable. The affirmed ratings reflect the unconditional and
- [MARC affirms MARC-1<sub><i>IS</i></sub>/AA-<sub><i>IS</i></sub> ratings on UEM Sunrise’s ICP/IMTN programmes](https://www.marc.com.my/rating-announcements/marc-affirms-marc-1is-aa-is-ratings-on-uem-sunrises-icp-imtn-programmes/) - Posted Date: January 8, 2021MARC has affirmed its MARC-1IS / AA-IS ratings on UEM Sunrise Berhad's two Islamic Commercial Papers and Islamic Medium-Term Notes programmes (ICP/IMTN-1 and ICP/IMTN-2) with a stable outlook. Each of the ICP/IMTN programmes has a limit of RM2.0 billion with a sublimit of RM500.0 million on the ICP issuances.The affirmed rating action
- [MARC withdraws ratings on Sunway’s RM2.0 billion CP/MTN programme upon expiry](https://www.marc.com.my/rating-announcements/marc-withdraws-ratings-on-sunways-rm2-0-billion-cp-mtn-programme-upon-expiry/) - Posted Date: January 8, 2021MARC has withdrawn its ratings of MARC-1/AA- on Sunway Berhad's RM2.0 billion Commercial Papers/Medium-Term Notes (CP/MTN) programme. The rating withdrawal follows completion of the refinancing exercise and full redemption of the programme upon its expiry on November 27, 2020.The programme was refinanced with a new equivalent CP/MTN programme issued by Sunway
- [MARC withdraws rating on Special Coral’s RM250 million Senior Class A MTN](https://www.marc.com.my/rating-announcements/marc-withdraws-rating-on-special-corals-rm250-million-senior-class-a-mtn/) - Posted Date: January 8, 2021MARC has withdrawn its rating of AAA on Special Coral Sdn Bhd's RM250.0 million Senior Class A Medium-Term Notes (MTN) under the RM1.1 billion MTN Programme. The rating withdrawal follows completion of the refinancing exercise and full redemption of the outstanding RM200.0 million Senior Class A MTN.MARC's analytical coverage on the
- [MARC affirms AA-<sub><i>IS</i></sub> rating on Cerah Sama's RM420 million sukuk](https://www.marc.com.my/rating-announcements/marc-affirms-aa-is-rating-on-cerah-samas-rm420-million-sukuk/) - Posted Date: January 5, 2021MARC has affirmed its AA-IS rating on Cerah Sama Sdn Bhd's (Cerah Sama) RM420.0 million sukuk with a stable outlook. Cerah Sama is the investment holding company of Grand Saga Sdn Bhd, the concessionaire of the 11.5-km Cheras-Kajang Highway.The rating affirmation reflects the company's (1) resilient cash flows and stable revenue
- [MARC withdraws SPRINT's issue rating following full redemption](https://www.marc.com.my/rating-announcements/marc-withdraws-sprints-issue-rating-following-full-redemption/) - Posted Date: January 5, 2021MARC has received confirmation that Sistem Penyuraian Trafik KL Barat's (SPRINT) RM510.0 million Al-Bithaman Ajil Islamic Debt Securities (BaIDS) have been fully redeemed and cancelled on December 29, 2020.Accordingly, MARC has withdrawn its A+IS/Developing rating and will no longer provide analytical coverage on the issuer.Contacts:Ati Affira Kholid, 03-2717 2941/ affira@marc.com.my;Hafiza Abdul
- [MARC assigns “Gold” Nonprofit Impact Assessment to Majlis Kanser Nasional](https://www.marc.com.my/rating-announcements/marc-assigns-gold-nonprofit-impact-assessment-to-majlis-kanser-nasional/) - Posted Date: 31 December 2020MARC has assigned a "Gold" Nonprofit Impact Assessment to Majlis Kanser Nasional (MAKNA). This assessment considers MAKNA's mission coherence, social and economic impact, its governance and ethics practices, as well as its commitment to accountability and transparency. MARC's assessment also includes an evaluation of the nonprofit's fiscal responsibility and its ability
- [MARC affirms AAIS rating on ANIH’S RM2.5 billion Senior Sukuk Musharakah Programme](https://www.marc.com.my/rating-announcements/marc-affirms-aais-rating-on-anihs-rm2-5-billion-senior-sukuk-musharakah-programme/) - Posted Date: December 29, 2020MARC 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 affirmed rating reflects ANIH's healthy cash flow generation and adequate debt coverage, underpinned
- [MARC affirms investment manager rating of IMR-2 on Kenanga Investors and Kenanga Islamic Investors](https://www.marc.com.my/rating-announcements/marc-affirms-investment-manager-rating-of-imr-2-on-kenanga-investors-and-kenanga-islamic-investors-2/) - Posted Date: December 24, 2020MARC has affirmed its investment manager rating (IMR) of IMR-2 on Kenanga Investors Berhad (KIB) and KIB's wholly-owned subsidiary Kenanga Islamic Investors Berhad (KIIB).The IMR rating on KIB reflects the fund management company's well-established investment processes and sound risk management practices. These factors are moderated by KIB's modest assets under management
- [MARC affirms Tenaga Nasional's ratings at AAA with stable outlook](https://www.marc.com.my/rating-announcements/marc-affirms-tenaga-nasionals-ratings-at-aaa-with-stable-outlook/) - Posted Date: December 24, 2020MARC has affirmed Tenaga Nasional Berhad's (TNB) issuer rating of AAA and sukuk rating of AAAIS on TNB's RM2.0 billion Al-Bai' Bithaman Ajil Islamic Financing Bonds (sukuk). The ratings outlook is stable.The ratings incorporate a two-notch rating uplift based on MARC's assessment of a high likelihood of government support given TNB's
- [MARC affirms FI ratings on Kuwait Finance House (Malaysia)](https://www.marc.com.my/rating-announcements/marc-affirms-fi-ratings-on-kuwait-finance-house-malaysia/) - Posted Date: December 23, 2020MARC has affirmed Kuwait Finance House (Malaysia) Berhad's (KFH Malaysia) long-term and short-term financial institution (FI) ratings of AA+/MARC-1 with a stable outlook. The FI ratings are based on the national rating scale.KFH Malaysia's long-term FI rating is anchored on the rating of its parent Kuwait Finance House KSC (KFH) of
- [MARC affirms Kenanga Investment Bank's FI ratings at A+/MARC-1](https://www.marc.com.my/rating-announcements/marc-affirms-kenanga-investment-banks-fi-ratings-at-a-marc-1/) - Posted Date: December 23, 2020MARC has affirmed its long-term and short-term financial institution (FI) ratings of A+/ MARC-1 on Kenanga Investment Bank Berhad (Kenanga). The ratings outlook is stable.Kenanga's strong competitive position in the domestic stockbroking industry and its sound capital position are key rating drivers. The ratings also consider its moderate profitability metrics and
- [MARC affirms AA-<sub><i>IS</i></sub> rating on Leader Energy’s Asean Green SRI Sukuk Wakalah](https://www.marc.com.my/rating-announcements/marc-affirms-aa-is-rating-on-leader-energys-asean-green-sri-sukuk-wakalah/) - Posted Date: December 23, 2020MARC has affirmed its rating of AA-IS to Leader Energy Sdn Bhd's (Leader Energy) ASEAN Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah of up to RM260.0 million. The rating outlook is stable.The affirmed rating reflects MARC's assessment that Leader Energy's two solar power projects with a combined capacity of 49MWac
- [MARC affirms FI rating of AAA on Credit Guarantee Corporation Malaysia](https://www.marc.com.my/rating-announcements/marc-affirms-fi-rating-of-aaa-on-credit-guarantee-corporation-malaysia-2/) - Posted Date: December 21, 2020MARC has affirmed its financial institution (FI) rating of AAA on Credit Guarantee Corporation Malaysia Berhad (CGC) with a stable outlook.CGC's status as a development financial institution (DFI) with an explicit public policy role, underpinned by the support extended by the government through Bank Negara Malaysia (BNM), remains a key rating
- [MARC affirms AA-<sub><i>IS</i></sub> rating on MMC's RM2.5 billion Sukuk](https://www.marc.com.my/rating-announcements/marc-affirms-aa-is-rating-on-mmcs-rm2-5-billion-sukuk-2/) - Posted Date: December 18, 2020MARC 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 engineering, ports and logistics segments that have translated to strong earnings generation remain key rating drivers. This is supported by steady earnings from its energy and
- [MARC removes PLUS from MARCWatch and affirms AAA<sub></i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-removes-plus-from-marcwatch-and-affirms-aaais-rating/) - Posted Date: December 18, 2020MARC has affirmed its AAAIS rating on Projek Lebuhraya Usahasama Berhad's (PLUS) RM23.35 billion Sukuk Musharakah Programme, concurrently removing the rating from MARCWatch Developing where it had been placed since January 24, 2020. The rating outlook is stable.The rating action is premised on MARC's view that as long as the protracted
- [MARC assigns AA-<sub><i>IS</i></sub> rating to UiTM Solar Power Dua's proposed Green SRI Sukuk of up to RM100.0 million](https://www.marc.com.my/rating-announcements/marc-assigns-aa-is-rating-to-uitm-solar-power-duas-proposed-green-sri-sukuk-of-up-to-rm100-0-million/) - Posted Date: December 18, 2020MARC has assigned a preliminary rating of AA-IS to UiTM Solar Power Dua Sdn Bhd's (UiTM Solar 2) proposed Green SRI Sukuk of up to RM100.0 million. The rating outlook is stable.UiTM Solar 2 was set up to develop and operate a 25MW solar power plant in Pasir Gudang, Johor. Its
- [“Gold” Impact Assessment assigned to UiTM Solar Power Dua Sdn Bhd’s proposed Green SRI Sukuk](https://www.marc.com.my/rating-announcements/gold-impact-assessment-assigned-to-uitm-solar-power-dua-sdn-bhds-proposed-green-sri-sukuk/) - Posted Date: December 18, 2020MARC has assigned a "Gold" Green SRI Sukuk Assessment to UiTM Solar Power Dua Sdn Bhd's (UiTM Solar 2) Green SRI Sukuk Framework (the Framework). UiTM Solar 2 is a fully owned Special Purpose Vehicle (SPV) of UiTM Energy & Facilities Sdn Bhd (UEFSB) which, in turn, is a wholly owned
- [MARC assigns final rating of AA-<sub><i>IS</i></sub> to SHC Capital’s proposed Sukuk Wakalah](https://www.marc.com.my/rating-announcements/marc-assigns-final-rating-of-aa-is-to-shc-capitals-proposed-sukuk-wakalah/) - Posted Date: December 17, 2020MARC has assigned a final rating of AA-IS to special-purpose vehicle SHC Capital Sdn Bhd's (SHC Capital) proposed RM80.0 million issuance under its RM200.0 million Islamic Medium-Term Notes Programme (Sukuk Wakalah). The rating outlook is stable.The rating agency has reviewed the final documentation for the programme and is satisfied that the
- [MARC withdraws counterparty credit ratings on Credit Guarantee & Investment Facility](https://www.marc.com.my/rating-announcements/marc-withdraws-counterparty-credit-ratings-on-credit-guarantee-investment-facility/) - Posted Date: December 17, 2020MARC has withdrawn its long-term and short-term counterparty credit ratings of AAA/MARC-1 on Credit Guarantee & Investment Facility. The ratings withdrawal is at the request of the entity.Contacts:Farhan Darham, +603-2717 2945/ farhan@marc.com.my; Mohd Izazee Ismail, +603-2717 2947/ izazee@marc.com.my. List related news | List related issues | List related reports
- [MARC affirms AAIS rating on Fortune Premiere's RM3.0 billion Sukuk Murabahah](https://www.marc.com.my/rating-announcements/marc-affirms-aais-rating-on-fortune-premieres-rm3-0-billion-sukuk-murabahah/) - Posted Date: December 16, 2020 MARC has affirmed its AAIS rating on funding vehicle Fortune Premiere Sdn Bhd's RM3.0 billion Multi-Currency Islamic Medium-Term Notes Programme (Sukuk Murabahah). The rating outlook is stable.Fortune Premiere's rating reflects the credit strength of its parent company IOI Properties Group Berhad (IOI Properties) which has provided an unconditional and irrevocable
- [MARC affirms Bank Muamalat's financial institution ratings](https://www.marc.com.my/rating-announcements/marc-affirms-bank-muamalats-financial-institution-ratings-2/) - Posted Date: December 16, 2020MARC has affirmed its financial institution (FI) ratings of A/MARC-1 on Bank Muamalat Malaysia Berhad (Bank Muamalat) and AIS rating on the bank's Islamic Senior Notes Programme (Senior Sukuk) of up to RM2.0 billion. The ratings outlook is stable. The FI ratings reflect Bank Muamalat's relatively modest size, strong capitalisation, moderate
- [MARC affirms Celcom Networks' AA+<sub><i>IS</i></sub> rating](https://www.marc.com.my/rating-announcements/marc-affirms-celcom-networks-aais-rating/) - Posted Date: December 16, 2020MARC has affirmed its AA+IS rating on Celcom Networks Sdn Bhd's (CNSB) RM5.0 billion Sukuk Murabahah Programme with a stable outlook.CNSB provides network telecommunication (telco) services to Celcom Axiata Berhad (Celcom) group. In assessing CNSB, MARC's approach is to consider the overall credit profile of Celcom, premised on strong financial and
- [MARC affirms MARC-1<sub><i>IS</i></sub>/AAA<sub></i>IS</i></sub> ratings on PETRONAS Dagangan’s Islamic CP/MTN Programmes](https://www.marc.com.my/rating-announcements/marc-affirms-marc-1is-aaais-ratings-on-petronas-dagangans-islamic-cp-mtn-programmes/) - Posted Date: December 11, 2020MARC has affirmed its MARC-1IS/AAAIS ratings on PETRONAS Dagangan Berhad's (PDB) Islamic Commercial Papers (ICP) and Islamic Medium-Term Notes (IMTN) Programmes of up to RM2.0 billion. The ratings outlook is stable. There is currently no amount outstanding under the rated programmes, which will expire in March 2021.The ratings incorporate PDB's strong
- [MARC affirms AA-<sub><i>IS</i></sub> rating on Malakoff Power’s RM5.4 billion Sukuk Murabahah](https://www.marc.com.my/rating-announcements/marc-affirms-aa-is-rating-on-malakoff-powers-rm5-4-billion-sukuk-murabahah/) - Posted Date: December 11, 2020MARC has affirmed its AA-IS rating on Malakoff Power Berhad's (MPower) RM5.4 billion Sukuk Murabahah with a stable outlook.MPower is the operations and maintenance operator of its parent company Malakoff Corporation Berhad's (Malakoff) majority-owned domestic power plants. The rating approach considers the consolidated credit profile of MPower and its parent company
- [MARC withdraws rating on Cagamas MBS's RM385.0 million Tranche 6 under CMBS 2005-2 on full redemption](https://www.marc.com.my/rating-announcements/marc-withdraws-rating-on-cagamas-mbss-rm385-0-million-tranche-6-under-cmbs-2005-2-on-full-redemption/) - Posted Date: December 11, 2020MARC has withdrawn its AAA rating on Cagamas MBS Berhad's RM385.0 million Tranche 6 issued under the RM2,060.0 million asset-backed fixed rate serial bonds (CMBS 2005-2). The rating withdrawal follows the full redemption of the tranche as confirmed by the facility agent.MARC's analytical coverage on CMBS 2005-2 is now limited to
- [MARC affirms MARC-1<sub><i>IS</i></sub> and AA-<sub><i>IS</i></sub> ratings on Northport's ICP and IMTN Programmes](https://www.marc.com.my/rating-announcements/marc-affirms-marc-1is-and-aa-is-ratings-on-northports-icp-and-imtn-programmes/) - Posted Date: December 11, 2020MARC has affirmed its MARC-1IS and AA-IS ratings on Northport (Malaysia) Bhd's (Northport) Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme. The ratings outlook is stable.The ratings affirmation is mainly driven by Northport's established position in providing container and conventional cargo handling services through North Port and Southpoint
- [MARC affirms AA-<sub><i>IS</i></sub> rating on Tanjung Bin O&M’s RM470.0 million Islamic securities](https://www.marc.com.my/rating-announcements/marc-affirms-aa-is-rating-on-tanjung-bin-oms-rm470-0-million-islamic-securities/) - Posted Date: December 10, 2020MARC has affirmed its AA-IS rating on Tanjung Bin O&M Berhad's (Tanjung Bin O&M) RM470.0 million Islamic Securities (Sukuk Wakalah) with a stable outlook.The rating reflects the credit strength of the issuer's parent, Malakoff Power Berhad (MPower), which has provided an unconditional and irrevocable undertaking to top up any cash shortfall
- [MARC affirms AA-<sub><i>IS</i></sub> rating on AZRB Capital's RM535.0 million Sukuk Murabahah facility](https://www.marc.com.my/rating-announcements/marc-affirms-aa-is-rating-on-azrb-capitals-rm535-0-million-sukuk-murabahah-facility/) - Posted Date: December 2, 2020MARC has affirmed its AA-IS rating on AZRB Capital Sdn Bhd's (ACSB) issuance of RM535.0 million Islamic Medium-Term Notes (Sukuk Murabahah) with a stable outlook.The affirmed rating incorporates the strength of the concession receivables from the government which are channelled to ACSB's designated accounts for its sukuk payment obligations. The concession
- [MARC affirms Alpha Circle's ratings but revises outlook to negative](https://www.marc.com.my/rating-announcements/marc-affirms-alpha-circles-ratings-but-revises-outlook-to-negative/) - Posted Date: November 30, 2020MARC has affirmed its ratings on Alpha Circle Sdn Bhd's RM540 million Senior Sukuk Musharakah and RM55 million Junior Sukuk Musharakah at AA-IS and AIS. The ratings outlook has been revised to negative from stable. The current outstanding of senior sukuk is RM160 million and junior sukuk is RM55 million.Alpha Circle
- [MARC withdraws ratings on Gas Malaysia’s RM700 million ICP/IMTN programmes](https://www.marc.com.my/rating-announcements/marc-withdraws-ratings-on-gas-malaysias-rm700-million-icp-imtn-programmes/) - Posted Date: November 30, 2020MARC has withdrawn its ratings of MARC-1IS/AAA-IS on Gas Malaysia Berhad's (Gas Malaysia) RM700 million Islamic Commercial Papers/Islamic Medium-Term Notes (ICP/IMTN) programmes. The ratings withdrawal follows early termination of the programmes, as confirmed by the facility agent. The ratings carried a stable outlook.The programmes were terminated following an exchange of outstanding
- [MARC assigns final rating of AA+<sub><i>IS</i></sub> to Sime Darby Property’s RM4.5 billion Sukuk Musharakah  programme](https://www.marc.com.my/rating-announcements/marc-assigns-final-rating-of-aais-to-sime-darby-propertys-rm4-5-billion-sukuk-musharakah-programme/) - Posted Date: November 25, 2020MARC has assigned a final rating of AA+IS with a stable outlook to Sime Darby Property Berhad's (SD Property) RM4.5 billion Sukuk Musharakah Programme.The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way from the
- [MARC affirms ratings on Sunway’s CP/MTN and Sunway Treasury’s Sukuk and ICP/IMTN programmes](https://www.marc.com.my/rating-announcements/marc-affirms-ratings-on-sunways-cp-mtn-and-sunway-treasurys-sukuk-and-icp-imtn-programmes/) - Posted Date: November 24, 2020MARC has affirmed its ratings on Sunway Berhad's issuances under the RM2.0 billion Commercial Papers/Medium-Term Notes (CP/MTN) programmes at MARC-1/AA-. Concurrently, the rating agency also affirmed its ratings on Sunway Treasury Sukuk Sdn Bhd's issuances under the RM2.0 billion Sukuk Programme and RM10.0 billion Islamic Commercial Paper/Islamic Medium-Term Notes (ICP/IMTN) programmes
- [MARC affirms AA- rating on Sports Toto Malaysia's RM800.0 million MTN programme](https://www.marc.com.my/rating-announcements/marc-affirms-aa-rating-on-sports-toto-malaysias-rm800-0-million-mtn-programme-2/) - Posted Date: November 24, 2020MARC has affirmed its rating of AA- on Sports Toto Malaysia Sdn Bhd's (Sports Toto) RM800.0 million 15-year Medium-Term Notes (MTN) Programme ending in 2032. The rating carries a stable outlook.Sports Toto's ability to generate healthy cash flow as a number forecast operator (NFO) in the domestic gaming sector, its lengthy
- [MARC assigns final rating of A+<sub><i>IS</i></sub> to Sunsuria's RM500.0 million Sukuk Wakalah programme](https://www.marc.com.my/rating-announcements/marc-assigns-final-rating-of-ais-to-sunsurias-rm500-0-million-sukuk-wakalah-programme/) - Posted Date: November 23, 2020MARC has assigned a final rating of A+IS with a stable outlook to Sunsuria Berhad's RM500.0 million Sukuk Wakalah Programme.The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way from the draft documentation on which
- [MARC assigns final rating of AA-<sub><i>IS</i></sub> to Evyap's RM500.0 million Sukuk](https://www.marc.com.my/rating-announcements/marc-assigns-final-rating-of-aa-is-to-evyaps-rm500-0-million-sukuk/) - Posted Date: November 20, 2020MARC has assigned a final rating of AA-IS with a stable outlook to Evyap Sabun Malaysia Sdn Bhd's (Evyap Malaysia) proposed RM500.0 million Sukuk Wakalah Programme.The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way
- [MARC assigns final rating of AA-<sub><i>IS</i></sub> to Guan Chong's RM800.0 million sukuk](https://www.marc.com.my/rating-announcements/marc-assigns-final-rating-of-aa-is-to-guan-chongs-rm800-0-million-sukuk/) - Posted Date: November 19, 2020MARC has assigned a final rating of AA-IS with a stable outlook to Guan Chong Berhad's proposed RM800.0 million Sukuk Wakalah Programme.The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way from the draft documentation
- [MARC affirms AAA<sub></i>IS</i></sub> rating on Trans Thailand-Malaysia phase II’s Sukuk Murabahah](https://www.marc.com.my/rating-announcements/marc-affirms-aaais-rating-on-trans-thailand-malaysia-phase-iis-sukuk-murabahah-2/) - Posted Date: November 19, 2020MARC has affirmed its AAAIS rating on TTM Sukuk Berhad's (TTM SPV) RM600.0 million Sukuk Murabahah with a stable outlook.TTM SPV is the funding vehicle for the second phase of the Trans Thailand-Malaysia project (TTM Phase II), consisting of two gas pipelines between the Malaysia-Thailand Joint Development Area and the city
- [MARC downgrades MEX II’s Sukuk Murabahah rating to BBBIS](https://www.marc.com.my/rating-announcements/marc-downgrades-mex-iis-sukuk-murabahah-rating-to-bbbis/) - Posted Date: November 18, 2020MARC has downgraded MEX II Sdn Bhd's (MEX II) RM1.3 billion Sukuk Murabahah Programme rating to BBBIS from AIS, and its RM150.0 million Junior Bonds to BB from BBB. The ratings remain on MARCWatch Negative.The ratings have been on MARCWatch Negative since May 2020 following insufficient progress with respect to MEX
- [MARC assigns final ratings of AAIS/AA to OSK unit’s proposed sukuk/mcmtn](https://www.marc.com.my/rating-announcements/marc-assigns-final-ratings-of-aais-aa-to-osk-units-proposed-sukuk-mcmtn/) - Posted Date: November 16, 2020 MARC has assigned final ratings of AAIS/AA to special purpose vehicle OSK Rated Bond Sdn Bhd's (OSKRB) proposed Sukuk Murabahah/Multi-Currency Medium-Term Notes Programme (Sukuk/MCMTN) with a combined limit of up to RM2.0 billion. The ratings outlook is stable. The assigned ratings apply to ringgit-denominated sukuk/notes issued under the programme.The rating
- [MARC revises DUKE 3’s rating outlook to stable](https://www.marc.com.my/rating-announcements/marc-revises-duke-3s-rating-outlook-to-stable/) - Posted Date: November 13, 2020 MARC has affirmed its rating of AA-IS on Lebuhraya DUKE Fasa 3 Sdn Bhd's (DUKE 3) RM3.64 billion Sukuk Wakalah and concurrently revised the rating outlook to stable from negative. DUKE 3 is undertaking the Setiawangsa-Pantai Expressway (SPE) project under a concession agreement with the government ending August 5, 2069.The
- [MARC affirms Kinabalu Capital's Class A MTN and CP ratings under Issue 1](https://www.marc.com.my/rating-announcements/marc-affirms-kinabalu-capitals-class-a-mtn-and-cp-ratings-under-issue-1/) - Posted Date: November 10, 2020MARC has affirmed its AAA and MARC-1 ratings on Kinabalu Capital Sdn Bhd's RM20 million Class A Medium-Term-Notes (MTN) and RM200 million Commercial Papers (CP) under Issue 1. The aggregate outstanding nominal value of MTN and CP programmes under Issue 1 is capped at RM220 million. The ratings outlook is stable.The
- [MARC assigns AA-<sub><i>IS</i></sub> rating to SHC Capital's proposed Sukuk Wakalah](https://www.marc.com.my/rating-announcements/marc-assigns-aa-is-rating-to-shc-capitals-proposed-sukuk-wakalah/) - Posted Date: November 5, 2020 MARC has assigned its preliminary rating of AA-IS to special-purpose vehicle SHC Capital Sdn Bhd's proposed RM80.0 million issuance under its RM200 million IMTN (Sukuk Wakalah) programme. The rating outlook is stable. There are no expectations of further drawdown in the medium term; any further drawdown will require a re-assessment
- [MARC assigns preliminary rating of AA-<sub><i>IS</i></sub> to Evyap Malaysia](https://www.marc.com.my/rating-announcements/marc-assigns-preliminary-rating-of-aa-is-to-evyap-malaysia/) - Posted Date: October 30, 2020MARC has assigned a preliminary rating of AA-IS to Evyap Sabun Malaysia Sdn Bhd's (Evyap Malaysia) proposed RM500.0 million Sukuk Wakalah Programme with a stable outlook.Evyap Malaysia is a subsidiary of Turkey-based Evyap Group, a longstanding and a well-established personal care product manufacturer with a strong market presence in Turkey and
- [MARC affirms the Republic of Korea’s sovereign rating at AAA](https://www.marc.com.my/rating-announcements/marc-affirms-the-republic-of-koreas-sovereign-rating-at-aaa/) - Posted Date: October 30, 2020MARC has affirmed the Republic of Korea's (South Korea) foreign currency sovereign rating of AAA with a stable outlook, based on its national rating scale. The AAA rating reflects several credit strengths, chief among which are economic resilience, prudent fiscal management and a strong external position. Thanks to fiscal discipline, the
- [MARC extends MARCWATCH Developing placement on PLUS](https://www.marc.com.my/rating-announcements/marc-extends-marcwatch-developing-placement-on-plus/) - Posted Date: October 23, 2020MARC has extended its MARCWatch Developing placement on Projek Lebuhraya Usahasama Berhad's (PLUS) RM23.35 billion Sukuk Musharakah Programme. The MARCWatch extension continues to reflect the pending outcome of the ongoing negotiations on toll restructuring between the toll concessionaire and the government. Negotiations between the parties have dragged on for longer than
- [MARC affirms AAA<sub></i>IS</i></sub> rating on GDC Putrajaya's RM300.0 million Islamic Debt Securities](https://www.marc.com.my/rating-announcements/marc-affirms-aaais-rating-on-gdc-putrajayas-rm300-0-million-islamic-debt-securities-2/) - Posted Date: October 21, 2020MARC has affirmed its AAAIS rating on Gas District Cooling (Putrajaya) Sdn Bhd's (GDC Putrajaya) RM300.0 million Al-Bai' Bithaman Ajil Islamic Debt Securities (BaIDS) with a stable outlook. The current outstanding of RM50.0 million BaIDS is payable in December 2022.The rating incorporates a three-notch uplift for parental support from Putrajaya Holdings
- [MARC assigns AA+<sub><i>IS</i></sub> rating to Sime Darby Property's RM4.5 billion Sukuk Musharakah programme](https://www.marc.com.my/rating-announcements/marc-assigns-aais-rating-to-sime-darby-propertys-rm4-5-billion-sukuk-musharakah-programme/) - Posted Date: October 21, 2020MARC has assigned a preliminary rating of AA+IS with a stable outlook to Sime Darby Property Berhad's (SD Property) Islamic Medium-Term Notes programme of up to RM4.5 billion under the Shariah principle of Musharakah (Sukuk Musharakah). The 30-year Sukuk Musharakah programme expiring in 2039 had been novated to SD Property from
- [MARC revises outlook on Segi Astana's RM415.0 million ASEAN Green MTN facility to negative](https://www.marc.com.my/rating-announcements/marc-revises-outlook-on-segi-astanas-rm415-0-million-asean-green-mtn-facility-to-negative/) - Posted Date: October 21, 2020MARC has affirmed its AA- rating on Segi Astana Sdn Bhd's RM415.0 million ASEAN Green Medium-Term Notes facility (MTN facility). The rating outlook, however, has been revised to negative from stable. The current outstanding under the rated facility is RM365 million.The outlook revision reflects MARC's concern that the sharp decline in
- [“Gold” Impact Assessment assigned to Sime Darby Property Berhad's proposed ASEAN Sustainability SRI Sukuk Musharakah](https://www.marc.com.my/rating-announcements/gold-impact-assessment-assigned-to-sime-darby-property-berhads-proposed-asean-sustainability-sri-sukuk-musharakah/) - Posted Date: October 21, 2020MARC has assigned a "Gold" Sustainability Sukuk Assessment to Sime Darby Property Berhad's (SDProp) Sustainability Sukuk Framework (the Framework). The Framework sets out the guidelines for SDProp's ASEAN Sustainability SRI Sukuk Musharakah issuances under its RM4,500 million Sukuk Musharakah Programme.MARC has determined that the Framework aligns to the core components of
- [MARC affirms ratings on Sime Darby Plantation](https://www.marc.com.my/rating-announcements/marc-affirms-ratings-on-sime-darby-plantation-2/) - Posted Date: October 20, 2020MARC has affirmed Sime Darby Plantation Berhad's (SD Plantation) corporate credit rating at AAA with a stable outlook. Concurrently, the rating agency has affirmed its AAIS/Stable rating on SD Plantation's Perpetual Subordinated Sukuk Programme (Perpetual Sukuk) of up to RM3.0 billion.SD Plantation's sizeable, geographically-diversified and integrated palm oil operations remain key
- [MARC affirms SME Bank’s AAA rating](https://www.marc.com.my/rating-announcements/marc-affirms-sme-banks-aaa-rating/) - Posted Date: October 20, 2020 MARC has affirmed its financial institution (FI) rating of AAA on Small Medium Enterprise Development Bank Malaysia Berhad (SME Bank). The rating outlook is stable.The affirmed FI rating is premised on SME Bank’s status as a wholly government-owned development financial institution (DFI) with a mandate to develop small and medium
- [MARC affirms Titijaya's rating](https://www.marc.com.my/rating-announcements/marc-affirms-titijayas-rating/) - Posted Date: October 15, 2020 MARC has affirmed its rating of MARC-2IS on Titijaya Land Berhad's (Titijaya) RM150 million Islamic Commercial Papers (ICP) Programme. The outstanding notes under the programme stood at RM70.0 million as at end-July 2020.The rating incorporates Titijaya's track record in developing projects in and around mature housing areas to mitigate demand
- [MARC assigns preliminary rating of AA-<sub><i>IS</i></sub> to Sparks Energy 1’s proposed ASEAN Green SRI Sukuk of up to RM220 million](https://www.marc.com.my/rating-announcements/marc-assigns-preliminary-rating-of-aa-is-to-sparks-energy-1s-proposed-asean-green-sri-sukuk-of-up-to-rm220-million/) - Posted Date: October 12, 2020MARC has assigned a preliminary rating of AA-IS to Sparks Energy 1 Sdn Bhd's (Sparks Energy 1) proposed ASEAN Green Sustainable and Responsible Investment (SRI) Sukuk of up to RM220.0 million. The rating outlook is stable.Sparks Energy 1 is a special purpose vehicle incorporated to raise funding to develop a 30MWac
- [MARC affirms Penang Port's rating](https://www.marc.com.my/rating-announcements/marc-affirms-penang-ports-rating/) - Posted Date: October 8, 2020MARC has affirmed its rating of AA-IS on Penang Port Sdn Bhd's (PPSB) Islamic Medium-Term Notes Issuance Programme of up to RM1.0 billion with a stable outlook. PPSB operates Penang Port under a long-term concession agreement expiring on December 31, 2041.The affirmed rating factors in our view that Penang Port would
- [MARC provides update on UEM Sunrise's ratings](https://www.marc.com.my/rating-announcements/marc-provides-update-on-uem-sunrises-ratings/) - Posted Date: October 8, 2020MARC is issuing this update on the potential rating impact on UEM Sunrise Berhad in light of the proposed merger with Eco World Development Group Berhad (Eco World). UEM Sunrise currently carries MARC-1IS / AA-IS ratings with a stable outlook from MARC for the property developer's two Islamic Commercial Papers /
- [MARC assigns preliminary rating of A+<sub><i>IS</i></sub> to Sunsuria's proposed RM500.0 million Sukuk Wakalah Programme](https://www.marc.com.my/rating-announcements/marc-assigns-preliminary-rating-of-ais-to-sunsurias-proposed-rm500-0-million-sukuk-wakalah-programme/) - Posted Date:October 7, 2020 MARC has assigned a preliminary rating of A+IS to Sunsuria Berhad’s proposed RM500.0 million Sukuk Wakalah Programme. The rating outlook is stable.Sunsuria is a mid-size property developer whose main development is the 375-acre Sunsuria City township in Salak Tinggi, Selangor. Sunsuria remains focused on property development projects within the Klang Valley
- [MARC affirms AA-<sub><i>IS</i></sub> rating on Malaysia Marine and Heavy Engineering](https://www.marc.com.my/rating-announcements/marc-affirms-aa-is-rating-on-malaysia-marine-and-heavy-engineering/) - Posted Date: October 6, 2020MARC has affirmed its AA-IS rating on Malaysia Marine and Heavy Engineering Holdings Berhad's (MHB) RM1.0 billion Sukuk Murabahah Programme with a stable outlook.MHB's strong competitive advantage as the largest domestic offshore fabricator, its conservative balance sheet and strong liquidity position are key rating drivers. The rating also incorporates a one-notch
- [MARC maintains Talam Transform's settlement Baids' rating at CIS](https://www.marc.com.my/rating-announcements/marc-maintains-talam-transforms-settlement-baids-rating-at-cis-2/) - Posted Date: October 6, 2020MARC has maintained its rating of CIS on Talam Transform Berhad's (Talam) outstanding RM40.0 million Settlement Bithaman Ajil Islamic Debt Securities (Settlement BaIDs) as at June 5, 2020. Under the restructuring exercise undertaken by Talam in March 2019, the maturity date of the Settlement BaIDs was extended by 18 months to
- [MARC affirms AA- rating on Central Impression's RM120.0 million Fixed Rate Serial Bonds](https://www.marc.com.my/rating-announcements/marc-affirms-aa-rating-on-central-impressions-rm120-0-million-fixed-rate-serial-bonds/) - Posted Date: October 6, 2020MARC has affirmed its AA- rating on Central Impression Sdn Bhd's (CISB) RM120.0 million Fixed Rate Serial Bonds. The rating outlook remains negative.The rating outlook was revised to negative last year over its reduced cash buffer due to a higher tax liability arising from underpayments in prior years totalling RM3.2 million.
- [MARC affirms AA+ rating on International General Insurance](https://www.marc.com.my/rating-announcements/marc-affirms-aa-rating-on-international-general-insurance/) - Posted Date: October 6, 2020MARC has affirmed its insurer financial strength rating of AA+ with a stable outlook on International General Insurance Co Ltd (IGI).The affirmed rating is mainly driven by IGI's well-diversified underwriting portfolio across business lines and geographies as well as its strong capitalisation level to support growth. These strengths are underscored by
- [MARC assigns AA-<sub><i>IS</i></sub> rating to Guan Chong Berhad’s proposed Sukuk programme](https://www.marc.com.my/rating-announcements/marc-assigns-aa-is-rating-to-guan-chong-berhads-proposed-sukuk-programme/) - Posted Date: October 6, 2020MARC has assigned a preliminary rating of AA-IS with a stable outlook to Guan Chong Berhad's (GCB) proposed Sukuk Wakalah Programme of up to RM800.0 million. The proposed rating incorporates GCB's strong market position in the midstream cocoa industry, established operational track record and healthy debt coverage metrics. The rating is
- [MARC assigns final rating of AAA<sub></i>IS</i></sub> to PLNG2’s  proposed Islamic MTN programme](https://www.marc.com.my/rating-announcements/marc-assigns-final-rating-of-aaais-to-plng2s-proposed-islamic-mtn-programme/) - Posted Date : October 5, 2020MARC has assigned a final rating of AAAIS to Pengerang LNG (Two) Sdn Bhd’s (PLNG2) proposed Islamic Medium-Term Notes (IMTN) programme of up to RM3.0 billion. The rating outlook is stable. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions
- [MARC affirms AA-<sub><i>IS</i></sub> and A- ratings on Kesturi's RM2.3 billion Senior Sukuk and RM180 million Junior Bonds](https://www.marc.com.my/rating-announcements/marc-affirms-aa-is-and-a-ratings-on-kesturis-rm2-3-billion-senior-sukuk-and-rm180-million-junior-bonds/) - Posted Date: October 1, 2020MARC has affirmed its AA-IS and A- ratings on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd's (Kesturi) RM2.3 billion Sukuk Musharakah (Senior Sukuk) and RM180 million Redeemable Secured Junior Bonds (Junior Bonds). The three-notch rating differential between the Senior Sukuk and Junior Bonds reflects the latter's subordination to the Senior Sukuk with
- [MARC assigns AAA<sub></i>IS</i></sub> rating to Bank Pembangunan's RM5.0 billion Islamic Medium-term Notes programme](https://www.marc.com.my/rating-announcements/marc-assigns-aaais-rating-to-bank-pembangunans-rm5-0-billion-islamic-medium-term-notes-programme/) - Posted Date: October 1, 2020MARC has assigned its rating of AAAIS to Bank Pembangunan Malaysia Berhad's (Bank Pembangunan) RM5.0 billion Islamic Medium-Term Notes Programme. Concurrently, the rating agency has affirmed Bank Pembangunan's financial institution (FI) rating at AAA. The ratings carry a stable outlook.Bank Pembangunan's status as a wholly government-owned development financial institution (DFI) and
- [MARC affirms rating of AA-<sub><i>IS</i></sub> on Konsortium KAJV's RM1.0 billion Sukuk Wakalah programme](https://www.marc.com.my/rating-announcements/marc-affirms-rating-of-aa-is-on-konsortium-kajvs-rm1-0-billion-sukuk-wakalah-programme-2/) - Posted Date: September 30, 2020 MARC has affirmed its AA-IS rating on Konsortium KAJV Sdn Bhd’s (KAJV) RM1.0 billion Sukuk Wakalah Programme with a stable outlook. KAJV is a single-purpose company undertaking the Kuala Terengganu Utara (KTU) water supply project for the Terengganu State Government.The rating reflects the credit strength of the Terengganu State
- [MARC assigns AAIS/AA ratings to OSK Unit's proposed Sukuk/MCMTN](https://www.marc.com.my/rating-announcements/marc-assigns-aais-aa-ratings-to-osk-units-proposed-sukuk-mcmtn/) - Posted Date: September 29, 2020MARC has assigned preliminary ratings of AAIS/AA to special purpose vehicle OSK Rated Bond Sdn Bhd's (OSKRB) proposed Sukuk Murabahah/Multi-Currency Medium-Term Notes Programme (Sukuk/MCMTN) with a combined limit of up to RM2.0 billion. The ratings outlook is stable. The assigned ratings apply to ringgit-denominated sukuk/notes issued under the programme.Wholly owned by
- [MARC assigns preliminary rating of AAA<sub></i>IS</i></sub> to PLNG2's proposed Islamic MTN programme](https://www.marc.com.my/rating-announcements/marc-assigns-preliminary-rating-of-aaais-to-plng2s-proposed-islamic-mtn-programme/) - Posted Date: September 18, 2020MARC has assigned a preliminary rating of AAAIS to Pengerang LNG (Two) Sdn Bhd's (PLNG2) proposed Islamic Medium-Term Notes (IMTN) programme of up to RM3.0 billion. The rating outlook is stable.PLNG2 owns a regasification terminal, Regasification Terminal Pengerang (RGTP), through which natural gas is supplied to the Pengerang Integrated Complex (PIC).
- [MARC affirms AAA<sub></i>IS</i></sub> rating on TNB Northern Energy’s sukuk](https://www.marc.com.my/rating-announcements/marc-affirms-aaais-rating-on-tnb-northern-energys-sukuk/) - Posted Date: September 18, 2020MARC has affirmed its AAAIS rating on TNB Northern Energy Berhad's (TNB Northern) outstanding Islamic securities (sukuk) of RM1.415 billion. The rating carries a stable outlook.TNB Northern is a funding vehicle of TNB Prai Sdn Bhd which owns and operates a 1,071.43-MW combined-cycle gas turbine power plant in Seberang Perai Tengah,
- [MARC affirms UITM Solar Power’s sukuk rating at AA-<sub><i>IS</i></sub>](https://www.marc.com.my/rating-announcements/marc-affirms-uitm-solar-powers-sukuk-rating-at-aa-is/) - Posted Date: September 18, 2020 MARC has affirmed its AA-IS rating on UiTM Solar Power Sdn Bhd's (UiTM Solar) Green Sustainable and Responsible Investment (SRI) Sukuk of up to RM240.0 million. The rating outlook is stable.The rating is mainly driven by UiTM Solar's 21-year power purchase agreement (PPA) with Tenaga Nasional Berhad (TNB) under which
- [MARC affirms AAIS rating on BEWG’s RM400.0 million Sukuk Wakalah](https://www.marc.com.my/rating-announcements/marc-affirms-aais-rating-on-bewgs-rm400-0-million-sukuk-wakalah-2/) - Posted Date: September 14, 2020MARC has affirmed its AAIS rating on BEWG (M) Sdn Bhd's (BEWG) RM400 million Sukuk Wakalah with a stable outlook.BEWG is a 100%-subsidiary of Hong Kong-based Beijing Enterprises Water Group Limited (BEWGL) and was awarded a design-and-build contract to refurbish and upgrade the Kemaman Water Project by the Terengganu state government.
- [MARC affirms AAA<sub></i>IS</i></sub> rating on TNB Western Energy's sukuk](https://www.marc.com.my/rating-announcements/marc-affirms-aaais-rating-on-tnb-western-energys-sukuk-2/) - Posted Date: September 9, 2020 MARC has affirmed its AAAIS rating on TNB Western Energy Berhad's (TNB Western) sukuk of up to RM4.0 billion. The rating carries a stable outlook.The rating is equalised to its ultimate parent Tenaga Nasional Berhad's (TNB) corporate credit rating of AAA/stable based on the unconditional and irrevocable rolling guarantee from
- [MARC affirms ratings on PLSUKE’S Sukuk Wakalah and Danajamin-guaranteed sukuk](https://www.marc.com.my/rating-announcements/marc-affirms-ratings-on-plsukes-sukuk-wakalah-and-danajamin-guaranteed-sukuk/) - Posted Date: September 2, 2020MARC has affirmed its A+IS(s) rating on Projek Lintasan Sungai Besi-Ulu Klang Sdn Bhd's (PLSUKE) Sukuk Wakalah Programme (Sukuk Wakalah) of up to RM2.0 billion. The rating outlook has been revised to stable from negative.The previous negative outlook reflected a potential construction delay then in relation to the company's Sungai Besi-Ulu
- [MARC assigns rating of AAA with stable outlook to Sabah](https://www.marc.com.my/rating-announcements/marc-assigns-rating-of-aaa-with-stable-outlook-to-sabah/) - Posted Date: September 2, 2020 MARC has assigned a sub-sovereign credit rating of AAA with a stable outlook to the state of Sabah. The rating reflects Sabah's resource riches, relatively strong fiscal position and liquidity buffer. Contributing about 18% towards Malaysia's overall primary sector output, Sabah has consistently generated fiscal surpluses even during major global
- [MARC affirms CIMB Bank's financial institution and corporate debt ratings](https://www.marc.com.my/rating-announcements/marc-affirms-cimb-banks-financial-institution-and-corporate-debt-ratings/) - Posted Date: August 25, 2020MARC has affirmed its financial institution (FI) ratings on CIMB Bank Berhad at AAA/MARC-1/Stable. Concurrently, the ratings on the bank's existing subordinated debt programmes have been affirmed. These ratings have been notched down from the bank's long-term FI rating based on their relative loss severity risk profiles. The subordinated debt programmes
- [MARC affirms CIMB Group Holdings ratings](https://www.marc.com.my/rating-announcements/marc-affirms-cimb-group-holdings-ratings/) - Posted Date: August 25, 2020MARC has affirmed its long-term and short-term corporate credit ratings of AA+/MARC-1 on CIMB Group Holdings Berhad (CIMB Group) and its issue rating of AA on the group's RM10.0 billion Basel III-compliant Tier 2 Subordinated Debt Programme. The ratings outlook is stable.CIMB Group is a non-operating financial holding company whose key
- [MARC affirms CIMB Islamic's financial institution and related issue ratings](https://www.marc.com.my/rating-announcements/marc-affirms-cimb-islamics-financial-institution-and-related-issue-ratings/) - Posted Date: August 25, 2020MARC has affirmed CIMB Islamic Bank Berhad's (CIMB Islamic) financial institution (FI) ratings of AAA/MARC-1/Stable. CIMB Islamic's FI ratings are equalised to parent CIMB Bank Berhad (AAA/Stable), based on its strategic importance in Islamic banking, its shared branding and close operational integration within the group. The rating agency has concurrently affirmed
- [MARC affirms AAA<sub></i>IS</i></sub> rating on Aman Sukuk’s RM10.0 billion IMTN programme](https://www.marc.com.my/rating-announcements/marc-affirms-aaais-rating-on-aman-sukuks-rm10-0-billion-imtn-programme/) - Posted Date: August 25, 2020 MARC has affirmed its AAAIS rating on Aman Sukuk Berhad's (Aman) Islamic Medium-Term Notes (IMTN) programme of up to RM10.0 billion with a stable outlook. The outstanding IMTN under the rated programme stood at RM4.07 billion as at May 31, 2020. Aman is a wholly-owned funding vehicle of PBLT Sdn
- [MARC extends MARCWatch Negative placement on MEX II's ratings](https://www.marc.com.my/rating-announcements/marc-extends-marcwatch-negative-placement-on-mex-iis-ratings/) - Posted Date: August 21, 2020MARC has extended its MARCWatch Negative placement on MEX II Sdn Bhd's RM1.3 billion Sukuk Murabahah Programme and RM150.0 million Junior Bonds. MARC had first placed the ratings on watch in May 2020 because of the company's lack of sufficient progress with respect to its 16.8-km Lebuhraya Putrajaya-KLIA highway project (MEX
- [MARC affirms rating of AAA<sub></i>IS</i></sub>(fg) on Masteel's RM130.0 million guaranteed Sukuk Ijarah Programme](https://www.marc.com.my/rating-announcements/marc-affirms-rating-of-aaaisfg-on-masteels-rm130-0-million-guaranteed-sukuk-ijarah-programme/) - Posted Date: August 13, 2020MARC has affirmed its AAAIS(fg) rating on Malaysia Steel Works (KL) Bhd's (Masteel) RM130.0 million Sukuk Ijarah Programme with a stable outlook.The affirmed rating and outlook reflect the credit strength of Danajamin Nasional Berhad (Danajamin) which has provided unconditional and irrevocable financial guarantee insurance on the programme. MARC maintains an insurer
- [MARC affirms WCT Holdings' debt and sukuk ratings](https://www.marc.com.my/rating-announcements/marc-affirms-wct-holdings-debt-and-sukuk-ratings-2/) - Posted Date: August 13, 2020MARC has affirmed its ratings on WCT Holdings Berhad's RM1.0 billion Medium Term Notes (MTN) Programme at AA- and its RM1.5 billion Sukuk Murabahah (Sukuk) Programme at AA-IS. The rating agency has also affirmed its rating on the RM1.0 billion Perpetual Sukuk Musharakah Programme at AIS. The outlook for all ratings
- [MARC affirms AAA<sub></i>IS</i></sub> rating on MISC’s Islamic MTN Programme](https://www.marc.com.my/rating-announcements/marc-affirms-aaais-rating-on-miscs-islamic-mtn-programme/) - Posted Date: August 13, 2020 MARC has affirmed its AAAIS rating on MISC Berhad's RM2.5 billion Islamic Medium-Term Notes (IMTN) programme with a stable outlook. Currently, there is no outstanding under the programme.The affirmed rating continues to benefit from rating uplift on MARC's expectation of strong parental support from Petroliam Nasional Berhad (PETRONAS) based on
- [MARC withdraws rating on Cagamas MBS' RM2,050.0 million asset-backed Sukuk Musyarakah (CMBS 2005-1)](https://www.marc.com.my/rating-announcements/marc-withdraws-rating-on-cagamas-mbs-rm2050-0-million-asset-backed-sukuk-musyarakah-cmbs-2005-1/) - Posted Date: August 13, 2020MARC has withdrawn its AAAIS rating on Cagamas MBS Berhad's asset-backed Sukuk Musyarakah of RM2,050.0 million (CMBS 2005-1). The rating withdrawal follows the full redemption of the final tranche (Series 6) of the RM400.0 million sukuk issued under CMBS 2005-1 and cancellation of the facility which was confirmed by the facility
- [MARC affirms AA-<sub><i>IS</i></sub> rating on Grand Sepadu's RM210.0 million sukuk](https://www.marc.com.my/rating-announcements/marc-affirms-aa-is-rating-on-grand-sepadus-rm210-0-million-sukuk-2/) - Posted Date: August 13, 2020MARC has affirmed its rating of AA-IS on toll road concessionaire Grand Sepadu (NK) Sdn Bhd's RM210.0 million Sukuk Murabahah. The rating outlook has been revised to stable from negative. The outstanding sukuk stood at RM150.0 million as at August 5, 2020.The revised outlook incorporates a substantial reduction in the uncertainties
- [MARC affirms DRB-HICOM’S ratings and revises outlook to stable](https://www.marc.com.my/rating-announcements/marc-affirms-drb-hicoms-ratings-and-revises-outlook-to-stable/) - Posted Date: August 7, 2020MARC has affirmed its ratings of A+IS and A-IS on DRB-HICOM's Sukuk Programme of up to RM3.5 billion and Perpetual Sukuk Musharakah Programme (Perpetual Sukuk) of up to RM2.0 billion. The ratings outlook has been revised to stable from positive.The affirmed senior sukuk rating is underpinned by our view that DRB-HICOM
- [MARC assigns final rating of AA-<sub>IS</sub> to MRCB's proposed Islamic MTN Programme of up to RM5.0 billion](https://www.marc.com.my/rating-announcements/marc-assigns-final-rating-of-aa-is-to-mrcbs-proposed-islamic-mtn-programme-of-up-to-rm5-0-billion/) - Posted Date: July 30, 2020 MARC has assigned a final rating of AA-IS to Malaysian Resources Corporation Berhad’s (MRCB) proposed Islamic Medium-Term Notes Programme of up to RM5.0 billion (Sukuk Murabahah) with a stable outlook. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have
- [MARC affirms rating on Kapar Energy Ventures' RM2.0 billion Sukuk Ijarah at AA+<sub><i>IS</i></sub>](https://www.marc.com.my/rating-announcements/marc-affirms-rating-on-kapar-energy-ventures-rm2-0-billion-sukuk-ijarah-at-aais/) - Posted Date: July 27, 2020MARC has affirmed its AA+IS rating on Kapar Energy Ventures Sdn Bhd's (KEV) RM2.0 billion Sukuk Ijarah. The rating outlook has been revised to negative from stable. KEV owns and operates the 2,200 MW Kapar Power Station. The affirmed rating benefits from a two-notch support uplift from KEV's standalone rating of
- [MARC affirms Kuwait's sovereign rating at AAA](https://www.marc.com.my/rating-announcements/marc-affirms-kuwaits-sovereign-rating-at-aaa-2/) - Posted Date: July 27, 2020MARC has affirmed the State of Kuwait's (Kuwait) foreign currency sovereign rating of AAA with a stable outlook based on MARC's national rating scale. The rating reflects Kuwait's robust fiscal and external buffers. Its credit strengths are, however, tempered by its heavy reliance on oil, as well as weak governance and
- [MARC assigns final rating of AAA<sub></i>IS</i></sub>/MARC-1<sub><i>IS</i></sub> to Gas Malaysia Distribution's proposed Islamic MTN/CP](https://www.marc.com.my/rating-announcements/marc-assigns-final-rating-of-aaais-marc-1is-to-gas-malaysia-distributions-proposed-islamic-mtn-cp/) - Posted Dated: July 24, 2020MARC has assigned a final rating of AAAIS/MARC-1IS to Gas Malaysia Distribution Sdn Bhd's proposed Islamic Medium-Term Notes (IMTN) programme and Islamic Commercial Papers (ICP) programme with a combined limit of up to RM1.0 billion. The ratings outlook is stable.The rating agency has reviewed the final documentation for the programme and
- [MARC extends MARCWatch Developing placement on PLUS](https://www.marc.com.my/rating-announcements/marc-extends-marcwatch-developing-placement-on-plus-2/) - Posted Date: July 24, 2020MARC has extended its MARCWatch Developing placement on Projek Lebuhraya Usahasama Berhad's (PLUS) RM23.35 billion Sukuk Musharakah Programme. This rating action follows from the previous rating actions in January and April 2020. The MARCWatch extension continues to reflect the pending outcome of the ongoing negotiations on toll restructuring between the toll
- [MARC affirms TSH’s long-term ratings and upgrades short-term rating](https://www.marc.com.my/rating-announcements/marc-affirms-tshs-long-term-ratings-and-upgrades-short-term-rating/) - Posted Date: July 22, 2020MARC has affirmed TSH Sukuk Murabahah Sdn Bhd's RM150 million Medium Term Notes (IMTN) programme rating at A+IS and concurrently upgraded its RM50 million Sukuk Murabahah Commercial Papers (ICP) programme rating to MARC-1IS from MARC-2IS. The rating agency has also affirmed TSH Sukuk Ijarah Sdn Bhd's RM300 million IMTN programme rating
- [MARC affirms KAF Investment Bank's FI ratings at AA-/MARC-1](https://www.marc.com.my/rating-announcements/marc-affirms-kaf-investment-banks-fi-ratings-at-aa-marc-1/) - Posted Date: July 22, 2020MARC has affirmed its long-and short-term financial institution (FI) ratings of AA- and MARC-1 on KAF Investment Bank Berhad (KAF IB) with a stable outlook.The ratings are mainly driven by KAF IB's low-risk business model and its strong liquidity and capitalisation levels that are underpinned by a conservative investment strategy. Moderating
- [MARC affirms Cagamas' ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-affirms-cagamas-ratings-with-stable-outlook-2/) - Posted Date: July 17, 2020MARC has affirmed its ratings on national mortgage corporation Cagamas Berhad's bonds and sukuk issues as follows:• Conventional and Islamic Commercial Papers (CP/ICP) programmes with a combined aggregate limit of RM20.0 billion at MARC-1/ MARC-1IS ; and • Conventional and Islamic Medium-Term Notes (MTN/IMTN) programmes of up to RM60.0 billion at
- [MARC affirms Danajamin's ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-affirms-danajamins-ratings-with-stable-outlook-2/) - Posted Date: July 17, 2020 MARC has affirmed its insurer financial strength (IFS) rating of AAA and counterparty credit ratings of AAA/MARC-1 on Danajamin Nasional Berhad (Danajamin). Concurrently, the rating agency affirmed the ratings of AAAIS and AA+IS on the Senior and Subordinated Sukuk Murabahah of up to RM2.0 billion under Danajamin's Sukuk Murabahah programme.
- [MARC affirms Singapore's sovereign rating at AAA](https://www.marc.com.my/rating-announcements/marc-affirms-singapores-sovereign-rating-at-aaa-2/) - Posted Date: July 14, 2020MARC has affirmed the Republic of Singapore's (Singapore) foreign currency sovereign rating of AAA with a stable outlook based on its national rating scale. The AAA rating reflects a number of strengths, including its dynamic and competitive economy which has the highest GDP per capita in the region. Singapore's success as
- [MARC affirms Malaysia's sovereign rating at AAA](https://www.marc.com.my/rating-announcements/marc-affirms-malaysias-sovereign-rating-at-aaa-2/) - MARC has affirmed its public information foreign currency sovereign rating of AAA/stable on Malaysia under its national rating scale. The AAA rating reflects several credit strengths, including a competitive and well diversified economy. It was, for example, positioned relatively high at number 27 in the 2019 edition of the World Economic Forum's Global Competitiveness Index
- [MARC affirms AA-<sub><i>IS</i></sub> rating on Sinar Kamiri's Green Sri Sukuk Wakalah](https://www.marc.com.my/rating-announcements/marc-affirms-aa-is-rating-on-sinar-kamiris-green-sri-sukuk-wakalah/) - Posted Date: July 1, 2020 MARC has affirmed its AA-IS rating on Sinar Kamiri Sdn Bhd's Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah of up to RM245.0 million. The rating outlook is stable.Sinar Kamiri owns and operates a 49.0MWac solar photovoltaic plant (SPP), which has been operational since November 27, 2018. The affirmed rating
- [MARC affirms AAA<sub></i>IS</i></sub> ratings on Putrajaya Holdings' Islamic Debt Programmes](https://www.marc.com.my/rating-announcements/marc-affirms-aaais-ratings-on-putrajaya-holdings-islamic-debt-programmes-2/) - Posted Date: July 01, 2020MARC has affirmed its ratings on Putrajaya Holdings Sdn Bhd's (PJH) issuances under the following programmes: RM370.0 million Sukuk Musharakah Programme (due 2030) at AAAIS / stable; RM3.0 billion Sukuk Musharakah Programme (due 2032) at AAAIS / stable; and RM1.5 billion Sukuk Musharakah Medium-Term Notes (MTN) Programme (due 2033) at AAAIS
- [MARC affirms AAA<sub></i>IS</i></sub> rating on Putrajaya Bina's RM1.58 billion Sukuk Wakalah Programme](https://www.marc.com.my/rating-announcements/marc-affirms-aaais-rating-on-putrajaya-binas-rm1-58-billion-sukuk-wakalah-programme-2/) - Posted Date: July 01, 2020MARC has affirmed its AAAIS rating on Putrajaya Bina Sdn Bhd's (PBSB) RM1.58 billion Islamic Medium-Term Notes (Sukuk Wakalah) Programme. The rating outlook is stable.PBSB was established as a funding vehicle for its parent Putrajaya Holdings Sdn Bhd (PJH) (AAA/Stable) to undertake the development of nine blocks of government office buildings
- [MARC assigns final rating of AA-<sub><i>IS</i></sub> to Leader Energy's proposed Asean Green Sri Sukuk Wakalah of up to RM260 million](https://www.marc.com.my/rating-announcements/marc-assigns-final-rating-of-aa-is-to-leader-energys-proposed-asean-green-sri-sukuk-wakalah-of-up-to-rm260-million/) - Posted Date: June 29, 2020 MARC has assigned a final rating of AA-IS to Leader Energy Sdn Bhd's (Leader Energy) proposed ASEAN Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah of up to RM260.0 million. The rating outlook is stable.The rating agency has reviewed the final documentation for the programme and is satisfied that the
- [MARC affirms Islamic Development Bank's AAA/MARC-1 ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-affirms-islamic-development-banks-aaa-marc-1-ratings-with-stable-outlook/) - Posted Date: June 19, 2020MARC has affirmed its financial institution (FI) ratings of AAA/MARC-1 on Islamic Development Bank (IsDB), as well as its rating of AAAIS on the Sukuk Wakalah programme of up to RM400 million issued by Tadamun Services Berhad, a trust established by IsDB. The outlook on the ratings is stable.The affirmed FI
- [MARC affirms AA-<sub><i>IS</i></sub> rating on SAJ Capital’s RM650.0 million Sukuk Murabahah](https://www.marc.com.my/rating-announcements/marc-affirms-aa-is-rating-on-saj-capitals-rm650-0-million-sukuk-murabahah/) - Posted Date: June 19, 2020MARC has affirmed its AA-IS rating on SAJ Capital Sdn Bhd's Sukuk Murabahah of up to RM650.0 million. The rating outlook is stable.SAJ Capital is 100%-owned by Ranhill Capital Sdn Bhd, which holds an 80% interest in Ranhill SAJ Sdn Bhd (RSAJ), the sole water treatment operator and treated water distributor
- [MARC assigns preliminary ratings of AAA<sub></i>IS</i></sub>/MARC-1<sub><i>IS</i></sub> to Gas Malaysia Distribution’s proposed Islamic MTN/CP](https://www.marc.com.my/rating-announcements/marc-assigns-preliminary-ratings-of-aaais-marc-1is-to-gas-malaysia-distributions-proposed-islamic-mtn-cp/) - MARC has assigned preliminary ratings of AAAIS/MARC-1IS to Gas Malaysia Distribution Sdn Bhd's (GMD) proposed Islamic Medium-Term Notes (IMTN) programme and Islamic Commercial Papers (ICP) programme with a combined limit of up to RM1.0 billion. The ratings outlook is stable.GMD is a wholly-owned subsidiary of Gas Malaysia Berhad and was established under a group-wide reorganisation
- [MARC withdraws ratings on Murud Capital's Senior CP/MTN upon full redemption](https://www.marc.com.my/rating-announcements/marc-withdraws-ratings-on-murud-capitals-senior-cp-mtn-upon-full-redemption/) - Posted Date: June 17, 2020MARC has withdrawn its ratings of MARC-1/AA- on Murud Capital Sdn Bhd's Senior Commercial Papers/Medium-Term Notes (Senior CP/MTN) programme of up to RM290 million. The rating withdrawal follows the full redemption of the outstanding RM244 million Senior CP and subsequent cancellation of the programme.Upon the withdrawal, MARC will no longer provide
- [MARC assigns preliminary rating of AA-<sub><i>IS</i></sub> to MRCB’s proposed Islamic MTN programme of up to RM5.0 billion](https://www.marc.com.my/rating-announcements/marc-assigns-preliminary-rating-of-aa-is-to-mrcbs-proposed-islamic-mtn-programme-of-up-to-rm5-0-billion/) - MARC has assigned a preliminary rating of AA-IS to Malaysian Resources Corporation Berhad's (MRCB) proposed Islamic Medium-Term Notes Programme of up to RM5.0 billion (Sukuk Murabahah) with a stable outlook.The assigned rating incorporates MRCB's established market position in property development, particularly in transit-oriented developments (TOD), that has benefitted from the support extended by its key
- [MARC affirms AA-<sub><i>IS</i></sub> rating on Southern Power's Sukuk Wakalah of up to RM4.0 billion](https://www.marc.com.my/rating-announcements/marc-affirms-aa-is-rating-on-southern-powers-sukuk-wakalah-of-up-to-rm4-0-billion/) - Posted Date: June 15, 2020MARC has affirmed its AA-IS rating on Southern Power Generation Sdn Bhd's (SPG) Sukuk Wakalah of up to RM4.0 billion with a stable outlook.SPG is a 51:49 joint venture between Tenaga Nasional Bhd (TNB) and SIPP Energy Sdn Bhd (SIPP) and was established to develop a 2x720-megawatt (MW) combined-cycle gas-fired power
- [MARC affirms Bina Darulaman's RM100.0 million ICP programme rating](https://www.marc.com.my/rating-announcements/marc-affirms-bina-darulamans-rm100-0-million-icp-programme-rating/) - Posted Date: June 12, 2020MARC has affirmed its short-term rating of MARC-2IS on Bina Darulaman Berhad's (BDB) RM100.0 million Islamic Commercial Papers (ICP) Programme.The affirmed rating incorporates BDB's status as a Kedah state-owned entity that has benefitted from state support in securing contracts for its road building division and facilitating land acquisition for its property
- [MARC assigns final rating of AA-<sub><i>IS</i></sub> to PTP's RM1.9 billion Sukuk](https://www.marc.com.my/rating-announcements/marc-assigns-final-rating-of-aa-is-to-ptps-rm1-9-billion-sukuk/) - Posted Date: June 03, 2020MARC has assigned a final rating of AA-IS with a stable outlook to Pelabuhan Tanjung Pelepas Sdn Bhd's (PTP) proposed RM1.9 billion Sukuk Murabahah Programme.The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way from
- [MARC affirms Ranhill Powertron II's ratings](https://www.marc.com.my/rating-announcements/marc-affirms-ranhill-powertron-iis-ratings/) - Posted Date: May 22, 2020MARC has affirmed its ratings on Ranhill Powertron II Sdn Bhd's (RPII) RM140.0 million outstanding Islamic Medium-Term Notes (IMTN) at AAIS and RM350.0 million outstanding guaranteed IMTN at AAAIS(fg). The ratings outlook is stable.RPII owns and operates the 190-MW combined-cycle gas turbine (CCGT) Rugading Power Station in Sabah under a 21-year
- [MEX II ratings placed on MARCWatch Negative](https://www.marc.com.my/rating-announcements/mex-ii-ratings-placed-on-marcwatch-negative/) - Posted Date: May 22, 2020MARC has placed MEX II Sdn Bhd's ratings on MARCWatch Negative due to developments arising from the insufficient progress on the construction of the 16.8-km Lebuhraya Putrajaya-KLIA expressway (MEX Extension) to meet the project milestones since the ratings were downgraded last year. The delay has led to the concessionaire seeking another
- [MARC affirms China Construction Bank (Malaysia)'s ratings with stable outlook](https://www.marc.com.my/rating-announcements/marc-affirms-china-construction-bank-malaysias-ratings-with-stable-outlook-2/) - Published Date: May 21, 2020MARC has affirmed its long- and short-term financial institution (FI) ratings of AA+/MARC-1 on China Construction Bank (Malaysia) Berhad (CCBM). The long-term rating of CCBM is notched down from its parent China Construction Bank Corporation's (CCB) public information rating of AAA from MARC. The outlook on all ratings is stable. CCB's
- [MARC affirms rating on Kimanis Power's Sukuk Programme at AA-<sub><i>IS</i></sub>](https://www.marc.com.my/rating-announcements/marc-affirms-rating-on-kimanis-powers-sukuk-programme-at-aa-is/) - Posted Date: May 19, 2020 MARC has affirmed its AA-IS rating on Kimanis Power Sdn Bhd's (KPSB) RM1,160.0 million Sukuk Programme (sukuk) with a stable outlook. KPSB owns and operates a 285-megawatt (MW) combined-cycle gas-fired power plant in Kimanis Bay, Sabah. The rating affirmation reflects the favourable power purchase agreement (PPA) that allocates demand
- [MARC assigns preliminary rating of AA-<sub><i>IS</i></sub> to Leader Energy's proposed ASEAN Green SRI Sukuk Wakalah of up to RM260 million](https://www.marc.com.my/rating-announcements/marc-assigns-preliminary-rating-of-aa-is-to-leader-energys-proposed-asean-green-sri-sukuk-wakalah-of-up-to-rm260-million/) - Posted Date: May 14, 2020MARC has assigned a preliminary rating of AA-IS to Leader Energy Sdn Bhd's (Leader Energy) proposed ASEAN Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah of up to RM260.0 million. The rating outlook is stable.Leader Energy owns two solar power projects in Kuala Muda, Kedah, namely Leader Solar Energy Sdn Bhd
- [MARC assigns preliminary rating of AA-<sub><i>IS</i></sub> to PTP's RM1.9 billion sukuk with stable outlook](https://www.marc.com.my/rating-announcements/marc-assigns-preliminary-rating-of-aa-is-to-ptps-rm1-9-billion-sukuk-with-stable-outlook/) - Posted Date: May 12, 2020MARC has assigned a preliminary rating of AA-IS to port operator Pelabuhan Tanjung Pelepas Sdn Bhd's (PTP) proposed RM1.9 billion Islamic Medium Term Notes (Sukuk Murabahah Programme). The rating outlook is stable.The rating reflects PTP's strong market position as a key transhipment port in the region, its ability to generate strong
- [MARC affirms rating on QSP Semenanjung's Green SRI Sukuk and revises outlook to positive](https://www.marc.com.my/rating-announcements/marc-affirms-rating-on-qsp-semenanjungs-green-sri-sukuk-and-revises-outlook-to-positive/) - Posted Date: May 8, 2020MARC has affirmed its A+IS rating on Quantum Solar Park (Semenanjung) Sdn Bhd's (QSP Semenanjung) Green Sustainable and Responsible Investment (SRI) Sukuk rating of up to RM1.0 billion. The rating outlook has been revised to positive from stable.The affirmed rating incorporates the mitigation of demand risk through the 21-year power purchase

## MARC in the Media

- [Interest rate and global policy risks to emerge in 2025](https://www.marc.com.my/marc-in-the-media/interest-rate-and-global-policy-risks-to-emerge-in-2025/)
- [Foreign holdings of local bonds at RM175.9 bil as of May](https://www.marc.com.my/marc-in-the-media/foreign-holdings-of-local-bonds-at-rm175-9-bil-as-of-may/)
- [More red flags on global trade](https://www.marc.com.my/marc-in-the-media/more-red-flags-on-global-trade/)
- [Malaysia benefiting from trade, investment diversions, says MARC](https://www.marc.com.my/marc-in-the-media/malaysia-benefiting-from-trade-investment-diversions-says-marc/)
- [Making Sense of Consumers' Unencumbered Spending](https://www.marc.com.my/marc-in-the-media/making-sense-of-consumers-unencumbered-spending/)
- [Foreign holdings of M'sian bonds fell by RM4.2b in May, lowest since Dec 2011](https://www.marc.com.my/marc-in-the-media/foreign-holdings-of-msian-bonds-fell-by-rm4-2b-in-may-lowest-since-dec-2011/)
- [Bank Negara set to retain key interest rate](https://www.marc.com.my/marc-in-the-media/bank-negara-set-to-retain-key-interest-rate/)
- [Addressing the country’s budget and current account concerns](https://www.marc.com.my/marc-in-the-media/addressing-the-countrys-budget-and-current-account-concerns/)

## Lead Managers

- [Lead Managers League Table #0423](https://www.marc.com.my/lead-managers/lead-managers-league-table-0423/)
- [Lead Managers League Table #0323](https://www.marc.com.my/lead-managers/lead-managers-league-table-0323/)
- [Lead Managers League Table #0726](https://www.marc.com.my/lead-managers/lead-managers-league-table-0726/)
- [Lead Managers League Table #0626](https://www.marc.com.my/lead-managers/lead-managers-league-table-0626/)
- [Lead Managers League Table #0526](https://www.marc.com.my/lead-managers/lead-managers-league-table-0526/)
- [Lead Managers League Table #0426](https://www.marc.com.my/lead-managers/lead-managers-league-table-0426/)
- [Lead Managers League Table #0326](https://www.marc.com.my/lead-managers/lead-managers-league-table-0326/)
- [Lead Managers League Table #1225](https://www.marc.com.my/lead-managers/lead-managers-league-table-1225/)
- [Lead Managers League Table #0226](https://www.marc.com.my/lead-managers/lead-managers-league-table-0226/)
- [Lead Managers League Table #0126](https://www.marc.com.my/lead-managers/lead-managers-league-table-0126/)
- [Lead Managers League Table #1125](https://www.marc.com.my/lead-managers/lead-managers-league-table-1125/)
- [Lead Managers League Table #1025](https://www.marc.com.my/lead-managers/lead-managers-league-table-1025/)
- [Lead Managers League Table #0925](https://www.marc.com.my/lead-managers/lead-managers-league-table-0925/)
- [Lead Managers League Table #0825](https://www.marc.com.my/lead-managers/lead-managers-league-table-0825/)
- [Lead Managers League Table #0525](https://www.marc.com.my/lead-managers/lead-managers-league-table-0525/)
- [Lead Managers League Table #0425](https://www.marc.com.my/lead-managers/lead-managers-league-table-0425/)
- [Lead Managers League Table #0325](https://www.marc.com.my/lead-managers/lead-managers-league-table-0325/)
- [Lead Managers League Table #0125](https://www.marc.com.my/lead-managers/lead-managers-league-table-0125/)
- [Lead Managers League Table #0225](https://www.marc.com.my/lead-managers/lead-managers-league-table-0225/)
- [Lead Managers League Table #1224](https://www.marc.com.my/lead-managers/lead-managers-league-table-1224/)
- [Lead Managers League Table #1124](https://www.marc.com.my/lead-managers/lead-managers-league-table-1124/)
- [Lead Managers League Table #1024](https://www.marc.com.my/lead-managers/lead-managers-league-table-1024/)
- [Lead Managers League Table #0924](https://www.marc.com.my/lead-managers/lead-managers-league-table-0924/)
- [Lead Managers League Table #0824](https://www.marc.com.my/lead-managers/lead-managers-league-table-0824/)
- [Lead Managers League Table #0724](https://www.marc.com.my/lead-managers/lead-managers-league-table-0724/)
- [Lead Managers League Table #0624](https://www.marc.com.my/lead-managers/lead-managers-league-table-0624/)
- [Lead Managers League Table #0524](https://www.marc.com.my/lead-managers/lead-managers-league-table-0524/)
- [Lead Managers League Table #0424](https://www.marc.com.my/lead-managers/lead-managers-league-table-0424/)
- [Lead Managers League Table #0324](https://www.marc.com.my/lead-managers/lead-managers-league-table-0324/)
- [Lead Managers League Table #0224](https://www.marc.com.my/lead-managers/lead-managers-league-table-0224/)
- [Lead Managers League Table #0124](https://www.marc.com.my/lead-managers/lead-managers-league-table-0124/)
- [Lead Managers League Table #1223](https://www.marc.com.my/lead-managers/lead-managers-league-table-1223/)
- [Lead Managers League Table #0723](https://www.marc.com.my/lead-managers/lead-managers-league-table-0723/)
- [Lead Managers League Table #1123](https://www.marc.com.my/lead-managers/lead-managers-league-table-1123/)
- [Lead Managers League Table #1023](https://www.marc.com.my/lead-managers/lead-managers-league-table-1023/)
- [Lead Managers League Table #0923](https://www.marc.com.my/lead-managers/lead-managers-league-table-0923/)
- [Lead Managers League Table #0823](https://www.marc.com.my/lead-managers/lead-managers-league-table-0823/)
- [Lead Managers League Table #0623](https://www.marc.com.my/lead-managers/lead-managers-league-table-0623/)
- [Lead Managers League Table #0523](https://www.marc.com.my/lead-managers/lead-managers-league-table-0523/)
- [Lead Managers League Table #0223](https://www.marc.com.my/lead-managers/lead-managers-league-table-0223/)
- [Lead Managers League Table #1222](https://www.marc.com.my/lead-managers/lead-managers-league-table-1222/)
- [Lead Managers League Table #1122](https://www.marc.com.my/lead-managers/lead-managers-league-table-1122/)
- [Lead Managers League Table #1022](https://www.marc.com.my/lead-managers/lead-managers-league-table-1022/)
- [Lead Managers League Table #0922](https://www.marc.com.my/lead-managers/lead-managers-league-table-0922/)
- [Lead Managers League Table #0822](https://www.marc.com.my/lead-managers/lead-managers-league-table-0822/)
- [Lead Managers League Table #0123](https://www.marc.com.my/lead-managers/lead-managers-league-table-0123/)
- [Lead Managers League Table #1220](https://www.marc.com.my/lead-managers/lead-managers-league-table-1220/)
- [Lead Managers League Table #1120](https://www.marc.com.my/lead-managers/lead-managers-league-table-1120/)
- [Lead Managers League Table #1020](https://www.marc.com.my/lead-managers/lead-managers-league-table-1020/)
- [Lead Managers League Table #0920](https://www.marc.com.my/lead-managers/lead-managers-league-table-0920/)
- [Lead Managers League Table #0820](https://www.marc.com.my/lead-managers/lead-managers-league-table-0820/)
- [Lead Managers League Table #0720](https://www.marc.com.my/lead-managers/lead-managers-league-table-0720/)
- [Lead Managers League Table #0620](https://www.marc.com.my/lead-managers/lead-managers-league-table-0620/)
- [Lead Managers League Table #0520](https://www.marc.com.my/lead-managers/lead-managers-league-table-0520/)
- [Lead Managers League Table #0420](https://www.marc.com.my/lead-managers/lead-managers-league-table-0420/)
- [Lead Managers League Table #0320](https://www.marc.com.my/lead-managers/lead-managers-league-table-0320/)
- [Lead Managers League Table #0220](https://www.marc.com.my/lead-managers/lead-managers-league-table-0220-2/)
- [Lead Managers League Table #0120](https://www.marc.com.my/lead-managers/lead-managers-league-table-0120/)
- [Lead Managers League Table #1221](https://www.marc.com.my/lead-managers/lead-managers-league-table-1221/)
- [Lead Managers League Table #1121](https://www.marc.com.my/lead-managers/lead-managers-league-table-1121/)
- [Lead Managers League Table #1021](https://www.marc.com.my/lead-managers/lead-managers-league-table-1021/)
- [Lead Managers League Table #0921](https://www.marc.com.my/lead-managers/lead-managers-league-table-0921/)
- [Lead Managers League Table #0821](https://www.marc.com.my/lead-managers/lead-managers-league-table-0821/)
- [Lead Managers League Table #0721](https://www.marc.com.my/lead-managers/lead-managers-league-table-0721/)
- [Lead Managers League Table #0621](https://www.marc.com.my/lead-managers/lead-managers-league-table-0621/)
- [Lead Managers League Table #0521](https://www.marc.com.my/lead-managers/lead-managers-league-table-0521/)
- [Lead Managers League Table #0421](https://www.marc.com.my/lead-managers/lead-managers-league-table-0421/)
- [Lead Managers League Table #0321](https://www.marc.com.my/lead-managers/lead-managers-league-table-0321/)
- [Lead Managers League Table #0121](https://www.marc.com.my/lead-managers/lead-managers-league-table-0121/)
- [Lead Managers League Table #0221](https://www.marc.com.my/lead-managers/lead-managers-league-table-0221/)
- [Lead Managers League Table #0722](https://www.marc.com.my/lead-managers/lead-managers-league-table-0722/)
- [Lead Managers League Table #0622](https://www.marc.com.my/lead-managers/lead-managers-league-table-0622/)
- [Lead Managers League Table #0522](https://www.marc.com.my/lead-managers/lead-managers-league-table-0522/)
- [Lead Managers League Table #0422](https://www.marc.com.my/lead-managers/lead-managers-league-table-0422/)
- [Lead Managers League Table #0322](https://www.marc.com.my/lead-managers/lead-managers-league-table-0322/)
- [Lead Managers League Table #0222](https://www.marc.com.my/lead-managers/lead-managers-league-table-0222/)
- [Lead Managers League Table #0122](https://www.marc.com.my/lead-managers/lead-managers-league-table-0122/)

## Events

- [MARC360 Special Edition Webinar: War, Power & Markets - Global Conflicts and the ASEAN Economic Outlook](https://www.marc.com.my/events/marc360-special-edition-webinar-war-power-markets-global-conflicts-and-the-asean-economic-outlook/)
- [Live Webinar: MARC Malaysian Bond and Sukuk Conference 2025 (MMBS 2025) - From Tariffs to Tech: Powering Growth in a Transforming World](https://www.marc.com.my/events/live-webinar-marc-malaysian-bond-and-sukuk-conference-2025-mmbs-2025-from-tariffs-to-tech-powering-growth-in-a-transforming-world/)
- [Live Webinar: MARC360 Reflections: Analyses of Malaysia’s Budget 2026 and Post-Budget Debates](https://www.marc.com.my/events/live-webinar-marc360-reflections-analyses-of-malaysias-budget-2026-and-post-budget-debates/)
- [Sabah Renewable Energy Conference 2025 (SAREC 2025)](https://www.marc.com.my/events/sabah-renewable-energy-conference-2025-sarec-2025-2/)
- [Live Webinar: Key Developments and Innovations in Malaysia's Islamic Finance](https://www.marc.com.my/events/live-webinar-key-developments-and-innovations-in-malaysias-islamic-finance/)
- [In-person event: Malaysia Credit Conference](https://www.marc.com.my/events/in-person-event-malaysia-credit-conference/)
- [Live Webinar: MARC360 Overview: MARC Economic and Corporate Credit Outlook 2025](https://www.marc.com.my/events/live-webinar-marc360-overview-marc-economic-and-corporate-credit-outlook-2025/)
- [Live Webinar: MARC360 Reflections: Analyses of Malaysia's Budget 2025 and Post-Budget Debates](https://www.marc.com.my/events/live-webinar-marc360-reflections-analyses-of-malaysias-budget-2025-and-post-budget-debates/)
- [Live Webinar: MARC Malaysian Bond and Sukuk Conference (MMBS 2024) - DAY TWO](https://www.marc.com.my/events/live-webinar-marc-malaysian-bond-and-sukuk-conference-mmbs-2024-day-two/)
- [Live Webinar: MARC Malaysian Bond and Sukuk Conference (MMBS 2024) - DAY ONE](https://www.marc.com.my/events/marc-malaysian-bond-and-sukuk-conference-mmbs-2024-day-one/)
- [In-person event: Malaysia Loan Market Conference](https://www.marc.com.my/events/in-person-event-malaysia-loan-market-conference/)
- [In-person event: Corporate Board Leadership Symposium 2024 - Strategic Leadership: Navigating Transitions with Resilience](https://www.marc.com.my/events/in-person-event-corporate-board-leadership-symposium-2024/)
- [Virtual Classroom: The Research Process (in conjunction with HRD Corp's National Training Week 2024)](https://www.marc.com.my/events/virtual-classroom-the-research-process-in-conjunction-with-hrd-corps-national-training-week-2024/)
- [Asia Pacific Green Hydrogen 2024](https://www.marc.com.my/events/asia-pacific-green-hydrogen-2024/)
- [Borneo Energy Transition Conference 2024 (BETC 2024) - DAY TWO](https://www.marc.com.my/events/borneo-energy-transition-conference-2024-betc-2024-day-two/)
- [Borneo Energy Transition Conference 2024 (BETC 2024) - DAY ONE](https://www.marc.com.my/events/borneo-energy-transition-conference-betc-2024-day-one/)
- [Live Webinar : MARC Malaysian Bond & Sukuk Conference 2023 (MMBS) : Sustainable Transition to A Greener Economy](https://www.marc.com.my/events/live-webinar-marc-malaysian-bond-sukuk-conference-2023-mmbs-sustainable-transition-to-a-greener-economy-3/)
- [Live Webinar : MARC Malaysian Bond & Sukuk Conference 2023 (MMBS) : Sustainable Transition to A Greener Economy](https://www.marc.com.my/events/live-webinar-marc-malaysian-bond-sukuk-conference-2023-mmbs-sustainable-transition-to-a-greener-economy-2/)
- [Live Webinar : MARC Malaysian Bond & Sukuk Conference 2023 (MMBS) : Sustainable Transition to A Greener Economy](https://www.marc.com.my/events/live-webinar-marc-malaysian-bond-sukuk-conference-2023-mmbs-sustainable-transition-to-a-greener-economy/)
- [Live Webinar By Moody’s On Malaysia's Growth Potential in Islamic Finance](https://www.marc.com.my/events/live-webinar-by-moodys-on-malaysias-growth-potential-in-islamic-finance/)
- [In-person event: Inside ASEAN H1 Summit: Malaysia 2024](https://www.marc.com.my/events/in-person-event-inside-asean-h1-summit-malaysia-2024/)
- [Live Webinar By Moody’s On Global Islamic Finance 2024 Outlook](https://www.marc.com.my/events/live-webinar-by-moodys-on-global-islamic-finance-2024-outlook/)
- [Live Webinar : MARC 360 : Pre-Budget 2024 Views Series 1 Transforming Malaysia's Economy](https://www.marc.com.my/events/live-webinar-marc-360-pre-budget-2024-views-series-1-transforming-malaysias-economy/)
- [Live Webinar : MARC 360 : Pre-Budget 2024 Views Series 2 Transforming Malaysia's Economy](https://www.marc.com.my/events/live-webinar-marc-360-pre-budget-2024-views-series-2-transforming-malaysias-economy/)
- [Live Webinar : MARC 360 : Post-Budget 2024 Thoughts](https://www.marc.com.my/events/live-webinar-marc-360-post-budget-2024-thoughts/)
- [Live Webinar : Growth In Malaysia’s Islamic Finance Resilient Despite Challenges](https://www.marc.com.my/events/live-webinar-growth-in-malaysias-islamic-finance-resilient-despite-challenges/)
- [Live Webinar By Moody’s On Global Islamic Finance 2023 Outlook](https://www.marc.com.my/events/live-webinar-by-moodys-on-global-islamic-finance-2023-outlook/)

## Research &amp; Analysis

- [Monthly Bond Market and Rating Snapshot - March 2023 - Summary](https://www.marc.com.my/research-analysis/monthly-bond-market-and-rating-snapshot-march-2023-summary/) - Global Bond Markets Global government bonds saw risk-off rallies in March amid the banking sector turmoil in the US and Europe. As a result, bond yields mostly declined across the curve. Going forward, major central banks are likely to continue focusing on striking a balance between containing elevated inflation on the one hand and rising
- [Monthly Bond Market and Rating Snapshot - May 2023 - Summary](https://www.marc.com.my/research-analysis/monthly-bond-market-and-rating-snapshot-may-2023-summary/) - Global Bond Markets Global government bonds traded mixed in May. The UST market came under selling pressure in May as investors monitored the progress of the US debt negotiations and assessed the Fed’s interest rate policy going forward. In Europe, the bund ended mostly firmer in May, with yields mostly declining on softer European inflation
- [BNM Annual Report 2021: Stronger recovery amid economic scarring and downside risks](https://www.marc.com.my/research-analysis/bnm-annual-report-2021-stronger-recovery-amid-economic-scarring-and-downside-risks/)
- [Leader Energy Group Berhad - 2026](https://www.marc.com.my/research-analysis/leader-energy-group-berhad-2026/)
- [Monthly Review: Malaysia's 2Q2026 growth surprises to the upside, lifts outlook - July 2026 - Summary](https://www.marc.com.my/research-analysis/monthly-review-malaysias-2q2026-growth-surprises-to-the-upside-lifts-outlook-july-2026-summary/) - Summary Malaysia's economy exceeded expectations in 2Q2026, with the advance estimate pointing to gross domestic product (GDP) growth of 5.8% (1Q2026: 5.4%), driven by resilient domestic demand, stronger manufacturing activity and a sharp rebound in mining output. Reflecting the stronger-than-expected first-half performance, MARC Ratings has revised its 2026 GDP growth forecast upward to 5.1% (previously:
- [2H2026 Outlook: Navigating higher global rates - 2026 - Summary](https://www.marc.com.my/research-analysis/2h2026-outlook-navigating-higher-global-rates-2026-summary/) - Summary The US continues to outperform most advanced economies, supported by artificial intelligence (AI)-led investment, resilient domestic demand and structural advantages that reinforce US exceptionalism. Meanwhile, China remains on track to achieve its revised growth target despite persistent weakness in domestic demand, supported by industrial upgrading, advanced manufacturing and resilient exports. Malaysia's economy has continued
- [Monthly Review: Hawkish global rates pressure financial markets - June 2026 - Summary](https://www.marc.com.my/research-analysis/monthly-review-hawkish-global-rates-pressure-financial-markets-june-2026-summary/) - Summary Exports recorded double-digit growth for the second consecutive month, with growth accelerating to 45.3% in May (Apr: 37.3%). This strong performance was underpinned by the continued semiconductor upcycle, alongside stronger supply chain diversification amid ongoing geopolitical uncertainties. Regional trade activity is expected to remain supported by improving manufacturing conditions, as the latest Purchasing Managers’
- [Sime Darby Property NEV (Holdings) Sdn Bhd - 2026](https://www.marc.com.my/research-analysis/sime-darby-property-nev-holdings-sdn-bhd-2026/)
- [TH Properties Sdn Bhd - 2026](https://www.marc.com.my/research-analysis/th-properties-sdn-bhd-2026/)
- [Monthly Review: Growing inflation pressures drive higher global and domestic yields - May 2026 - Summary](https://www.marc.com.my/research-analysis/monthly-review-growing-inflation-pressures-drive-higher-global-and-domestic-yields-may-2026-summary/) - Summary Malaysia’s gross domestic product growth remains well supported by both domestic and external demand, providing a strong buffer against near-term uncertainties. Although a marginal slowdown in private sector activity and exports of goods and services moderated 1Q2026 growth to 5.4% (4Q2025: 6.2%), underlying domestic demand remains resilient. Private consumption was supported by festive spending
- [2025 MARC Ratings Annual Corporate Default and Ratings Transition Study](https://www.marc.com.my/research-analysis/2025-marc-ratings-annual-corporate-default-and-ratings-transition-study/) - Summary In 2025, MARC Ratings’ corporate portfolio recorded minimal rating migration compared to the preceding year, with only three upgrades and no downgrades or defaults. This stability was supported by the resilient economy and accommodative policy rate amid heightened uncertainties. Subsequently, the downgrade-to-upgrade ratio improved to 0.0x, compared to the prior year at 1.5x, which
- [Monthly Review: Advance estimates signal strong start, but war-driven risks mount - April 2026 - Summary](https://www.marc.com.my/research-analysis/monthly-review-advance-estimates-signal-strong-start-but-war-driven-risks-mount-april-2026-summary/) - Summary Malaysia's economy opened 2026 on solid footing, with 1Q2026 gross domestic product (GDP) advance estimates expanding by 5.3%, anchored by services (5.4%) and an accelerating manufacturing sector (5.8%). External trade reinforced this momentum, with March exports reaching RM148.8 billion (+8.3%), driven by electrical and electronics (E&E) products (+15.0%). However, the full macroeconomic impact of
- [Monthly Review: Central banks review policies amid war-driven inflation - March 2026 - Summary](https://www.marc.com.my/research-analysis/monthly-review-central-banks-review-policies-amid-war-driven-inflation-march-2026-summary/) - Summary The ongoing conflict in the Middle East has led to spillover effects beyond oil price fluctuations. In March, Brent crude oil prices surged to approximately USD99 per barrel, a significant rise compared to February’s average of USD69 per barrel. Disruptions at the Strait of Hormuz, a critical transit route for fertiliser, have also contributed
- [Monthly Review: GDP outperformance fuels equity market - February 2026 - Summary](https://www.marc.com.my/research-analysis/monthly-review-gdp-outperformance-fuels-equity-market-february-2026-summary/) - Summary Malaysia’s economy closed 2025 on a strong note, with 4Q2025 gross domestic product (GDP) growing by 6.3%, surpassing the advance estimate of 5.7% (3Q2025 actual: 5.4%). This lifted the full-year growth in 2025 to 5.2%, matching 2024’s pace (2024: 5.1%). Moving into 2026, economic momentum is underpinned by firmer external demand and steady private
- [Monthly Review: Malaysia’s growth exceeds expectations - January 2026 - Summary](https://www.marc.com.my/research-analysis/monthly-review-malaysias-growth-exceeds-expectations-january-2026-summary/) - Summary Malaysia ended 2025 on a strong footing, with its 4Q2025 gross domestic product (GDP) advance estimate rising by 5.7%, bringing full-year growth to an estimated 4.9%, above consensus expectations. Growth in 4Q2025 was broad-based, led by services (5.4%; 3Q2025: 5.0%) and manufacturing (6.0%; 3Q2025: 4.1%) due to strong external demand for electrical and electronic
- [1H2026 Outlook: Global growth moderates, Malaysia maintains resilience - 2026 - Summary](https://www.marc.com.my/research-analysis/1h2026-outlook-global-growth-moderates-malaysia-maintains-resilience-2026-summary/) - Summary Ending 2025, global growth remained resilient. Major economies have avoided recession, supported by services activity and accommodative interest rates, but growth momentum remains capped by labour supply limitations and demographic trends. The global economy is expected to see moderate growth in 2026, though shifts in monetary policy, trade dynamics, and geopolitical developments will remain
- [Monthly Review: Foreign bond bid firms on ringgit strength and resilient domestic fundamentals - December 2025 - Summary](https://www.marc.com.my/research-analysis/monthly-review-foreign-bond-bid-firms-on-ringgit-strength-and-resilient-domestic-fundamentals/) - Summary Malaysia’s external sector remains on a strong growth trajectory with exports growing at 7.0% in November (Oct: 15.7%). Growth was underpinned by resilient demand for electrical and electronic products (E&E) at 15.0% (Oct: 26.5%) as well as recovering petroleum exports. Performance with trading partners also remained robust, with shipments to China accelerating to 9.3%
- [Johor Corporation - 2025](https://www.marc.com.my/research-analysis/johor-corporation-2025/)
- [Monthly Review: Resilient domestic fundamentals anchor ringgit’s regional outperformance - November 2025 - Summary](https://www.marc.com.my/research-analysis/monthly-review-resilient-domestic-fundamentals-anchor-ringgits-regional-outperformance-november-2025-summary/) - Summary Malaysia’s full-year gross domestic product (GDP) growth is likely to reach the upper range of Bank Negara Malaysia's (BNM) forecast (4.0%–4.8%), with the 3Q2025 GDP expanding by 5.2% (1H2025: 4.4%). The growth was supported by resilient private consumption and strong external demand. Exports sustained a double-digit growth in October at 15.7% (Sep: 12.2%), driven
- [Sunway Cochrane Sdn Bhd - 2025](https://www.marc.com.my/research-analysis/sunway-cochrane-sdn-bhd-2025/)
- [Monthly Review: Malaysia’s growth prospects strengthen amid global crosscurrents - October 2025 - Summary](https://www.marc.com.my/research-analysis/monthly-review-malaysias-growth-prospects-strengthen-amid-global-crosscurrents-october-2025-summary/) - Summary Malaysia’s advance estimates indicate stronger-than-expected gross domestic product (GDP) growth of 5.2% in 3Q2025 (2Q2025: 4.4%), exceeding the market consensus of 4.2%. Services grew 5.1% (2Q2025: 5.1%) on resilient consumption, manufacturing accelerated to 4.0% (2Q2025: 3.7%), and mining rebounded sharply to 10.9% (2Q2025: –5.2%) on stronger oil and gas output. Construction remained robust, expanding
- [Sunway Iskandar Development Sdn Bhd - 2025](https://www.marc.com.my/research-analysis/sunway-iskandar-development-sdn-bhd-2025/)
- [Malaysia’s trade declines on external uncertainties - September 2025 - Summary](https://www.marc.com.my/research-analysis/malaysias-trade-declines-on-external-uncertainties-september-2025-summary/) - Summary August 2025 imports contracted due to a 5.9% decline, while exports grew modestly by 1.9% to RM131.6 billion (July: +6.5%, RM140.1 billion), led by electrical and electronics (E&E), machinery and equipment, optical and scientific instruments, and palm-based agricultural products. Manufacturing activity showed tentative improvement, with Malaysia’s seasonally adjusted Purchasing Managers’ Index (PMI) rising to
- [Malaysia’s exports rebound as tariff cuts restore demand - August 2025 - Summary](https://www.marc.com.my/research-analysis/malaysias-exports-rebound-as-tariff-cuts-restore-demand-august-2025-summary/) - Summary Malaysia’s gross domestic product (GDP) expanded by 4.4% in 2Q2025 (1Q2025: 4.4%), slightly below the advance estimate of 4.5%. Growth was supported by robust domestic demand, with private consumption accelerating to 5.3% (1Q2025: 5.0%) on the back of civil servant wage hikes and minimum wage increases. On the investment side, investment activity gained traction,
- [Tadau Energy Sdn Bhd - 2025](https://www.marc.com.my/research-analysis/tadau-energy-sdn-bhd-2025/)
- [SD Guthrie Berhad - 2025](https://www.marc.com.my/research-analysis/sd-guthrie-berhad-2025/)
- [PNB Merdeka Ventures Sdn. Berhad - 2025](https://www.marc.com.my/research-analysis/pnb-merdeka-ventures-sdn-berhad-2025/)
- [Trade uncertainties weigh on growth prospects - July 2025 - Summary](https://www.marc.com.my/research-analysis/trade-uncertainties-weigh-on-growth-prospects-july-2025-summary/) - Summary Malaysia’s 2Q2025 gross domestic product (GDP) growth advance estimate was 4.5%, close to the 4.4% reported in 1Q2025. June’s exports continued to decline after a contraction in May, registering at -3.5% (May: -1.1%). Current data points to a potential broad-based slowdown in external demand, which may persist until a more favourable trade agreement is
- [2H2025 Outlook: Growth to moderate amid trade risks and policy uncertainty - 2025 - Summary](https://www.marc.com.my/research-analysis/2h2025-outlook-growth-to-moderate-amid-trade-risks-and-policy-uncertainty-2025-summary/) - Summary Global growth is expected to moderate in 2H2025, as trade tensions and geopolitical uncertainties weigh on sentiment. The reintroduction of broad-based US tariffs has reignited protectionist risks, creating headwinds globally. MARC Ratings forecasts Malaysia’s economy to grow by 4.4% in 2025, down from 5.1% in 2024, supported by strong private consumption, robust tourism activity,
- [First foreign equity inflow in months signals a turnaround in risk appetite - June 2025 - Summary](https://www.marc.com.my/research-analysis/first-foreign-equity-inflow-in-months-signals-a-turnaround-in-risk-appetite-june-2025-summary/) - Summary Headline inflation eased to 1.2% in May (Apr: 1.4%). The decline was driven by softer prices in food and beverages as well as housing, water, electricity and gas, while prices in the transportation sector remained unchanged from April amid lower global oil prices. Looking ahead, inflation may edge higher due to the 8% Sales
- [Malaysia’s bond inflows surge, equity outflows ease - May 2025 - Summary](https://www.marc.com.my/research-analysis/malaysias-bond-inflows-surge-equity-outflows-ease-may-2025-summary/) - Summary Malaysia’s export performance strengthened in April, rising by 16.4% (Mar: 6.8%). This was supported by a 19.0% surge in manufacturing exports, led by strong gains in electrical and electronic (E&E) products, and machinery & equipment. The front-loading of exports after the 90-day tariff pause announcement boosted trade flows, with early gains helping to cushion
- [Pelabuhan Tanjung Pelepas Sdn Bhd - 2025](https://www.marc.com.my/research-analysis/pelabuhan-tanjung-pelepas-sdn-bhd-2025/)
- [Tariff tensions drive flight to safety, fuelling bond inflows - April 2025 - Summary](https://www.marc.com.my/research-analysis/tariff-tensions-drive-flight-to-safety-fuelling-bond-inflows-april-2025-summary/) - Summary Malaysia’s economy is expected to grow by 4.4% in 1Q2025, although moderating from 5.0% in the previous quarter. The growth in the first quarter was attributable to resilient domestic demand and construction activity that offset weaker performance in mining and manufacturing. The ringgit rebounded in April after initially weakening on tariff-related fears, supported by
- [2024 Annual Corporate Default and Ratings Transition Study](https://www.marc.com.my/research-analysis/2024-annual-corporate-default-and-ratings-transition-study/) - Summary In 2024, MARC Ratings’ corporate portfolio recorded increased rating migration with six downgrades, four upgrades and no default. This exceeds last year’s migration of four downgrades and three upgrades, raising the downgrade-to-upgrade ratio to 1.5x (2023: 1.3x). Consequently, the rating drift declined to -2.0% (2023: -1.1%), though it remains better than the pre-pandemic average
- [Signs of more dovish monetary policy - March 2025 - Summary](https://www.marc.com.my/research-analysis/signs-of-more-dovish-monetary-policy-march-2025-summary/) - Summary The ringgit remained stable in March, supported by the Federal Reserve’s (Fed) dovish stance and expectations of narrowing interest rate differentials. The ringgit has traded within the 4.42–4.48 range since January, bolstered by Malaysia’s resilient economic fundamentals and investor confidence. Exports surged to 6.2% in February (Jan: 0.3%), driven by manufacturing growth of 8.8%
- [Malaysia prints strong 2024 GDP growth amid global trade war - February 2025 - Summary](https://www.marc.com.my/research-analysis/malaysia-prints-strong-2024-gdp-growth-amid-global-trade-war-february-2025-summary/) - Summary Malaysia’s 4Q2024 gross domestic product (GDP) exceeded the advance estimate, bringing the full year growth to 5.1%. The growth is within the official projection and MARC Ratings’ forecast. The sustained expansion of the services sector underscores the resilience of private consumption, which remained a key growth driver, alongside strong external demand. Demand for electrical
- [Northport (Malaysia) Bhd - 2025](https://www.marc.com.my/research-analysis/northport-malaysia-bhd-2025/)
- [2025 Macroeconomic Outlook: Growth to sustain amid monetary easing and protectionism](https://www.marc.com.my/research-analysis/2025-macroeconomic-outlook-growth-to-sustain-amid-monetary-easing-and-protectionism/) - Summary Global economic growth is expected to sustain its pace in 2025. The US economy is projected to expand by 2.1% in 2025, supported by the services sector. The US-China trade war poses risks to global growth although implementation of tariff hikes could lag, while complex and diversified trade networks may mitigate these risks. On
- [Mid-Year Macroeconomic Outlook 2024: Stable global growth in a moderate easing cycle - Summary](https://www.marc.com.my/research-analysis/mid-year-macroeconomic-outlook-2024-stable-global-growth-in-a-moderate-easing-cycle-summary/) - Summary Global economic growth is expected to sustain a moderate level in 2024. Growth forecasts for advanced European economies remain relatively stable despite lingering weaknesses. The strength of the US economy may moderate the pace of policy rate cuts, potentially leading to a less synchronised global monetary policy easing, as some central banks in Europe
- [2024 Macroeconomic Outlook: Post-tightening global recovery - Summary](https://www.marc.com.my/research-analysis/2024-macroeconomic-outlook-post-tightening-global-recovery-summary/) - Summary After successfully navigating through an environment of high interest rates to tame inflation in 2023, the global economy is expected to stay resilient amid the anticipated end of monetary tightening. However, challenges remain in the form of the lagged impact of previous rate hikes and the risk of inflation reaccelerating. The tightening cycle in
- [2H2023 Macroeconomic Outlook: Asia a source of stability amid rising uncertainties - Summary](https://www.marc.com.my/research-analysis/2h2023-macroeconomic-outlook-asia-a-source-of-stability-amid-rising-uncertainties-summary/) - Summary Global economic growth is expected to slow in 2H2023, as tightening monetary policy raises the risk of an adverse policy mistake. While normalising supply chains could support the recovery, maintaining economic momentum after the post-pandemic surge will be challenging. Asian economies are likely to experience a slowdown alongside the global economy, albeit milder than
- [Sentral REIT (SENTRAL) - 2025](https://www.marc.com.my/research-analysis/sentral-reit-sentral-2025/)
- [Malaysia sustains growth amid hawkish US policy - January 2025 - Summary](https://www.marc.com.my/research-analysis/malaysia-sustains-growth-amid-hawkish-us-policy-january-2025-summary/) - Summary Malaysia's 2024 gross domestic product (GDP) advance estimate read 5.1%, within the official projection and MARC Ratings’ forecast. Overall business activity was healthy, particularly with a sharp rise in exports in December of 16.9%, while consumer spending and the services sector remained robust,. Strong overall exports, despite the decline in exports to China, reflected
- [Bearish bonds amid hawkish Fed stance - December 2024 - Summary](https://www.marc.com.my/research-analysis/bearish-bonds-amid-hawkish-fed-stance-december-2024-summary/) - Summary Malaysia's 4Q2024 economy started on a strong note, with October’s Industrial Production Index (IPI) expanding by 2.1% (Sep: 2.3%), driven by a 3.3% growth in the manufacturing sector. Private consumption remained robust, as indicated by a year-to-date (YTD) increase in passenger vehicle sales, supporting an overall growth forecast of 5.1% for 2024. Following Trump’s
- [US bond market diverges from broader bond market rally - November 2024 - Summary](https://www.marc.com.my/research-analysis/us-bond-market-diverges-from-broader-bond-market-rally-november-2024-summary/) - Summary Malaysia's economy grew by 5.3% in 3Q2024, with manufacturing growth accelerating to 5.6% (1H2024: 3.3%). The positive investment cycle remains supported by a surge in capital imports. Exports rebounded in October after a minor decline in September. While external uncertainties have increased, particularly following the Republican sweep in the recent US election, Malaysia is
- [Caution in bond markets; confidence in domestic prospects - October 2024 - Summary](https://www.marc.com.my/research-analysis/caution-in-bond-markets-confidence-in-domestic-prospects-october-2024-summary/) - Summary Following the 50-basis point US rate cut on September 18, subsequent releases of strong economic data and limited signs of easing inflation in the US have driven yields higher across all bond markets. This has prompted a reassessment of the US rate cut trajectory, where current market expectations indicate only one to two more
- [US rate cut sustains foreign inflows - September 2024 - Summary](https://www.marc.com.my/research-analysis/us-rate-cut-sustains-foreign-inflows-september-2024-summary/) - Summary Malaysia’s 3Q2024 gross domestic product (GDP) is set for stronger growth, driven by robust external demand and a continued recovery in tourism. In August, export growth remained solid at 12.1% (July: 12.3%), supported by increasing demand across the manufacturing subsectors. Meanwhile, the tourism sector, which has been steadily recovering, is expected to gain further
- [Berapit Mobility Sdn Bhd - 2024](https://www.marc.com.my/research-analysis/berapit-mobility-sdn-bhd-2024/)
- [Optimism resurfaces, markets poised for anticipated US rate cuts - August 2024 - Summary](https://www.marc.com.my/research-analysis/optimism-resurfaces-markets-poised-for-anticipated-us-rate-cuts-august-2024-summary/) - Summary Malaysia’s gross domestic product (GDP) expanded by 5.9% in 2Q2024, surpassing the advance estimate of 5.8% (1Q2024: 4.2%). The acceleration in household spending and sustained strong double-digit growth in gross fixed capital formation were key drivers. Exports surged by 12.3% in July (June: 1.7%), driven by a broad-based increase in manufacturing exports. In July,
- [Johor Plantations Group Berhad - 2024](https://www.marc.com.my/research-analysis/johor-plantation-group-berhad-2024/)
- [Strong momentum in Malaysia’s growth trajectory - July 2024 - Summary](https://www.marc.com.my/research-analysis/strong-momentum-in-malaysias-growth-trajectory-july-2024-summary/) - Summary The advance gross domestic product (GDP) estimate for Malaysia was positive, pointing to the economy’s better-than-expected performance in 2Q2024. The services sector continued to be robust on the back of sustained growth in private consumption, while previously laggard sectors such as agriculture improved. We have revised our 2024 GDP forecast upwards to 4.8% from
- [TNB Power Generation Sdn Bhd - 2024](https://www.marc.com.my/research-analysis/tnb-power-generation-sdn-bhd-2024/)
- [Bank Kerjasama Rakyat Malaysia Berhad - 2024](https://www.marc.com.my/research-analysis/bank-kerjasama-rakyat-malaysia-berhad-2024/)
- [Broad bond rally gains momentum - June 2024 - Summary](https://www.marc.com.my/research-analysis/broad-bond-rally-gains-momentum-june-2024-summary/) - Summary Recent economic data for Malaysia has been positive, pointing to a firm start for the economy in 2Q2024. Wholesale & retail trade was resilient, with growth accelerating to 7.5% in April (1Q2024: 2.3%), consistent with the higher domestic-oriented production growth for the month. On the external sector, Malaysia’s exports posted strong growth of 7.3%
- [Paramount Corporation Berhad - 2024](https://www.marc.com.my/research-analysis/paramount-corporation-berhad-2024/)
- [2023 Annual Corporate Default and Ratings Transition Study](https://www.marc.com.my/research-analysis/2023-annual-corporate-default-and-ratings-transition-study/) - Summary In 2023, MARC Ratings’ corporate portfolio recorded four rating downgrades and three upgrades, an increase compared to the preceding year, where two downgrades and two upgrades were recorded. Meanwhile, there was no rating default in 2023, in contrast to the two rating defaults in 2022. This led to an improved rating drift at -1.1%
- [Bond market on firmer footing - May 2024 - Summary](https://www.marc.com.my/research-analysis/bond-market-on-firmer-footing-may-2024-summary/) - Summary Malaysia’s 1Q2024 gross domestic product (GDP) expanded to 4.2%, higher than the advanced estimate of 3.9% (4Q2023: 3.0%) on the faster expansion in the services sectors at 4.7% (advanced estimate: 4.4%, 4Q2023: 4.1%). The manufacturing sector registered a 1.9% rebound after two quarters of contraction, while growth in the construction sector accelerated to 11.9%
- [Early signs of interest rate outlook divergence - April 2024 - Summary](https://www.marc.com.my/research-analysis/early-signs-of-interest-rate-outlook-divergence-april-2024-summary/) - Summary Malaysia’s economy picked up by 3.9% in 1Q2024 (4Q2023: 3.0%) based on the advanced estimate, close to the official 2024 full-year gross domestic product (GDP) forecast of 4%-5%. The manufacturing sector registered a 1.9% rebound after two quarters of contraction, while growth in the construction sector accelerated to 9.8% (4Q2023: 3.5%). The Malaysian Government
- [Market adjusts to delay in rate cuts - March 2024 - Summary](https://www.marc.com.my/research-analysis/market-adjusts-to-delay-in-rate-cuts-march-2024-summary/) - Summary Bank Negara Malaysia (BNM) projects the domestic economy to grow between 4% and 5% in 2024, aligning with the government’s estimate while highlighting a potential rebound in the manufacturing sector and a newly forecast contraction in the agricultural sector. Year-to-date exports grew by 3.9% in February, with an 11.0% increase in exports to the
- [Malaysia Rail Link Sdn Bhd -2024](https://www.marc.com.my/research-analysis/malaysia-rail-link-sdn-bhd-2024/)
- [Bond sell-off on resilient US economy - February 2024 - Summary](https://www.marc.com.my/research-analysis/bond-sell-off-on-resilient-us-economy-february-2024-summary/) - Summary Malaysia registered a weaker-than-expected gross domestic product (GDP) growth of 3.0% in 4Q2023 (advanced estimate: 3.4%; 3Q2023: 3.3%) as growth in the services sector moderated while that in the manufacturing sector remained tepid, bringing the full-year GDP growth to 3.7%. We forecast a firmer growth of 4.2% in 2024 on an anticipated recovery in
- [Rate cut pushback leading to bond sell-off - January 2024 - Summary](https://www.marc.com.my/research-analysis/rate-cut-pushback-leading-to-bond-sell-off-january-2024-summary/) - Summary Malaysia posted a weaker-than-expected advanced gross domestic product (GDP) estimate of 3.4% as at 4Q2023 (Consensus: 4.1%; 3Q2023: 3.3%) as the services sector moderated and the manufacturing sector remained flat, which will bring the advanced estimate full year GDP growth to 3.8%, based on the advanced estimate. A stronger rebound in tourism and recovery
- [Sunway Velocity Three Sdn Bhd - 2024](https://www.marc.com.my/research-analysis/sunway-velocity-three-sdn-bhd-2024/)
- [Malakoff Corporation Berhad - 2024](https://www.marc.com.my/research-analysis/malakoff-corporation-berhad-2024/)
- [Ongoing disinflation sustains market rally - December 2023 - Summary](https://www.marc.com.my/research-analysis/ongoing-disinflation-sustains-market-rally-december-2023-summary/) - Summary The latest economic data for Malaysia was rather mixed but largely within expectations. Domestic activities remained stable, as seen in the resilient wholesale & retail trade and stronger domestic-oriented production for October. While exports data remained subdued, petroleum and rubber products rebounded after consecutive months of double-digit decline. The Brent oil price experienced volatility
- [Risk-on market against cautious central banks - November 2023 - Summary](https://www.marc.com.my/research-analysis/risk-on-market-against-cautious-central-banks-november-2023-summary/) - Summary Malaysia posted a firmer gross domestic product (GDP) print of 3.3% in 3Q2023 (2Q2023: 2.9%) in line with the advanced estimate, bolstered by private consumption which grew at a faster pace. The latest October trade data showed some nascent signs of recovery in the external sector, supported by an anticipated recovery in the Chinese
- [LBS Bina Group Berhad - 2023](https://www.marc.com.my/research-analysis/lbs-bina-group-berhad-2023/)
- [Monthly Bond Market and Rating Snapshot – November 2022 – Summary](https://www.marc.com.my/research-analysis/monthly-bond-market-and-rating-snapshot-november-2022-summary-2/) - Global Bond Markets Government bonds mostly strengthened on both sides of the Atlantic as soft inflation data spurred hopes of slower pace of rate tightening by central banks. In China, on the other hand, government bonds were sold off as risk sentiment picked up after policymakers announced measures to ease COVID restrictions.
- [Monetary Policies in Transition Could Lead to Bond Market Volatilities - July 2023 - Summary](https://www.marc.com.my/research-analysis/monetary-policies-in-transition-could-lead-to-bond-market-volatilities-july-2023-summary/) - Summary Malaysia’s external sector ended 2Q2023 on a weaker note, reinforcing our views of slower gross domestic product (GDP) growth data for the quarter. On the bond market, the yield spread between MGS and UST narrowed significantly and subsequently turned negative in July amid aggressive US rate tightening. While positive foreign flows into the bond
- [Monthly Bond Market and Rating Snapshot - April 2023 - Summary](https://www.marc.com.my/research-analysis/monthly-bond-market-and-rating-snapshot-april-2023-summary/) - Global Bond Markets Global government bonds traded mixed in April. The UST yields largely declined on rising anticipation that the Fed’s rate hike cycle may end soon as inflation continued to moderate. Meanwhile in Europe, the longer-tenure 30-year bund yield rose as the market expected higher interest rate for longer to contain the elevated inflationary
- [Escalating geopolitical risks fuel market volatility - October 2023 - Summary](https://www.marc.com.my/research-analysis/escalating-geopolitical-risks-fuel-market-volatility-october-2023-summary/) - Summary Domestic consumption remained resilient, while the softer decline in exports together with better-than-expected economic performance and stable industrial production growth in China may indicate a potential rebound in Malaysia’s manufacturing sector. Despite a temporary pause in the dollar index’s rally against major currencies, the Ringgit ringgit continued its weakening trend in October. The local
- [Global Risk-Off Sentiment Drives Local Yield Upsurge - September 2023 - Summary](https://www.marc.com.my/research-analysis/global-risk-off-sentiment-drives-local-yield-upsurge-september-2023-summary/) - Summary The latest economic data for Malaysia were mixed. Wholesale trade and domestic-oriented manufacturing production for July were rather resilient, whereas trade data showed continued weakness. The removal of the phrase “slightly accommodative” from the monetary policy statement may imply that the current interest rate level is appropriate. Bank Negara Malaysia (BNM) is expected to
- [Improvement in Foreign Inflows Into Malaysia’s Markets - August 2023 - Summary](https://www.marc.com.my/research-analysis/improvement-in-foreign-inflows-into-malaysias-markets-august-2023-summary/) - Summary Malaysia’s economy registered decelerating growth of 2.9% in 2Q2023 (1Q2023: 5.6%), presaged by weaker external sector data. Nonetheless, the growth trajectory remains consistent with the official target of 4%-5%. The return of equity flows in July amid persistent inflows to the bond market led to a temporary appreciation of the Malaysian ringgit (MYR); the
- [Monetary Policy Divergence Exerts Pressure on Bond Market - June 2023 - Summary](https://www.marc.com.my/research-analysis/monetary-policy-divergence-exerts-pressure-on-bond-market-june-2023-summary/) - Summary The latest retail and exports data suggest that a slower domestic economy in 2Q2023 is imminent given the anticipated slowdown in the global economy. On the bond market, while MGS commands positive yield differentials with the UST, the spread has narrowed significantly since 2022. The continuing divergence of interest rate policy between Malaysia and
- [Global Vision Logistics Sdn Bhd - 2023](https://www.marc.com.my/research-analysis/global-vision-logistics-sdn-bhd-2023/)
- [Sunway Healthcare Treasury Sdn Bhd - 2023](https://www.marc.com.my/research-analysis/sunway-healthcare-treasury-sdn-bhd-2023/)
- [UDA Holdings Berhad - 2023](https://www.marc.com.my/research-analysis/uda-holdings-berhad-2023/)
- [Solarvest Holdings Berhad - 2023](https://www.marc.com.my/research-analysis/solarvest-holdings-berhad-2023/)
- [Monthly Bond Market and Rating Snapshot - November 2022 - Summary](https://www.marc.com.my/research-analysis/monthly-bond-market-and-rating-snapshot-november-2022-summary/) - Global Bond Markets Government bonds mostly strengthened on both sides of the Atlantic as soft inflation data spurred hopes of slower pace of rate tightening by central banks. In China, on the other hand, government bonds were sold off as risk sentiment picked up after policymakers announced measures to ease COVID restrictions.
- [Malaysian Resources Corporation Berhad - 2023](https://www.marc.com.my/research-analysis/malaysian-resources-corporation-berhad-2023/)
- [Monthly Bond Market and Rating Snapshot - February 2023 - Summary](https://www.marc.com.my/research-analysis/monthly-bond-market-and-rating-snapshot-february-2023-summary/) - Global Bond Markets Global government bonds mostly came under selling pressure in February on the growing possibility of “higher for longer” interest rate policy. This is not surprising given that inflation on both sides of the Atlantic continue to hover more than two times above major central banks’ 2% target. Meanwhile in China, bonds traded
- [2022 Annual Corporate Default and Ratings Transition Study](https://www.marc.com.my/research-analysis/2022-annual-corporate-default-and-ratings-transition-study/)
- [Monthly Bond Market and Rating Snapshot - January 2023 - Summary](https://www.marc.com.my/research-analysis/monthly-bond-market-and-rating-snapshot-january-2023-summary/) - Global Bond Markets Government bonds rallied on both sides of the Atlantic in January as easing inflation momentum renewed hopes of less aggressive monetary policy tightening by central banks. In China, relatively lower CGB yields became less enticing to investors as yields on developed economy bonds are expected to peak soon.
- [Monthly Bond Market and Rating Snapshot - December 2022 - Summary](https://www.marc.com.my/research-analysis/monthly-bond-market-and-rating-snapshot-december-2022-summary/) - Global Bond Markets Government bonds saw heavy selloff on both sides of the Atlantic as investors digested the latest statements of major central banks. In China, on the other hand, government bonds saw some buying interest due to an earlier-than-expected reopening of the Chinese economy and kicking in of government support for the debt-ridden property
- [2019 Annual Corporate Default and Rating Transitions Study](https://www.marc.com.my/research-analysis/2019-annual-corporate-default-and-rating-transitions-study/)
- [2020 Annual Corporate Default and Rating Transitions Study](https://www.marc.com.my/research-analysis/2020-annual-corporate-default-and-rating-transitions-study/)
- [2021 Annual Corporate Default and Ratings Transition Study.](https://www.marc.com.my/research-analysis/2021-annual-corporate-default-and-ratings-transition-study/)
- [Sector Outlook - Automotive](https://www.marc.com.my/research-analysis/sector-outlook-automotive/)
- [Banking Sector Insights - Weathering the Headwinds.](https://www.marc.com.my/research-analysis/banking-sector-insights-weathering-the-headwinds/)
- [Sector Outlook - Banking Industry](https://www.marc.com.my/research-analysis/sector-outlook-banking-industry/)
- [Sector Outlook - Solar Power](https://www.marc.com.my/research-analysis/sector-outlook-solar-power/)
- [Sector Outlook - Toll Roads](https://www.marc.com.my/research-analysis/sector-outlook-toll-roads/)
- [2023 Bond Market Outlook: Peak in Rates in Sight](https://www.marc.com.my/research-analysis/2023-bond-market-outlook-peak-in-rates-in-sight/)
- [Malaysia Economic Outlook 2023: Recovery amid uncertainties, worrisome vulnerabilities](https://www.marc.com.my/research-analysis/malaysia-economic-outlook-2023-recovery-amid-uncertainties-worrisome-vulnerabilities/)
- [Evergreen Corporate Sdn Bhd - 2022](https://www.marc.com.my/research-analysis/evergreen-corporate-sdn-bhd-2022/)
- [2H2022 Macro Update: Global Economy in 2022: One Step Forward, Two Steps Back.](https://www.marc.com.my/research-analysis/2h2022-macro-update-global-economy-in-2022-one-step-forward-two-steps-back/)
- [Banking Sector Insights - Weathering the Headwinds.](https://www.marc.com.my/research-analysis/banking-sector-insights-weathering-the-headwinds/)
- [Malaysia: GDP growth surges in 3Q2022 even as global recession looms](https://www.marc.com.my/research-analysis/malaysia-gdp-growth-surges-in-3q2022-even-as-global-recession-looms/)
- [Monthly Bond Market and Rating Snapshot - October 2022 - Summary](https://www.marc.com.my/research-analysis/monthly-bond-market-and-rating-snapshot-october-2022-summary/) - Global bonds ended mixed in October. USTs, for example, remained under pressure amid rising expectation of a rate hike. In the UK, on the other hand, gilts recouped most of their previous month’s losses following the mini budget’s U-turn and the appointment of a new prime minister.
- [MY E.G. Services Berhad - 2022](https://www.marc.com.my/research-analysis/my-e-g-services-berhad-2022/)
- [Point Zone (M) Sdn Bhd - 2022](https://www.marc.com.my/research-analysis/point-zone-m-sdn-bhd-2022/)
- [Alam Flora Sdn Bhd - 2022](https://www.marc.com.my/research-analysis/alam-flora-sdn-bhd-2022/)
- [Sunway South Quay Sdn Bhd - 2022](https://www.marc.com.my/research-analysis/sunway-south-quay-sdn-bhd-2022/)
- [Monthly Bond Market and Rating Snapshot - September 2022 - Summary](https://www.marc.com.my/research-analysis/monthly-bond-market-and-rating-snapshot-september-2022-summary/) - Malaysian Government Bond Market Local government bond market growth slowed in September. While the first Sustainability GII did draw decent demand at auction, heavy selling in the secondary market amid the global bond rout pushed yields higher. BNM is expected to remain on a rate tightening path.
- [Monthly Bond Market and Rating Snapshot - August 2022 - Summary](https://www.marc.com.my/research-analysis/monthly-bond-market-and-rating-snapshot-august-2022-summary/) - In August, total MGS/GII outstanding expanded to RM965.7 billion (July: RM958.8 billion) amid lower redemptions (August: RM8.6 billion; July: RM19.0 billion). The increase in the outstanding amount was driven by stronger MGS issuances valued at RM10.0 billion (July: RM5.0 billion). As GII issuances had come in at RM5.5 billion (July: RM10.5 billion), the total gross
- [Monthly Bond Market and Rating Snapshot - July 2022 - Summary](https://www.marc.com.my/research-analysis/monthly-bond-market-and-rating-snapshot-july-2022-summary/) - Malaysian Government Bond Market The total amount of MGS/GII outstanding shrank in July to RM958.8 billion (June: RM962.3 billion) due to a higher volume of redemption valued at RM19.0 billion (June: none). However, the gross issuance of MGS/GII came marginally higher at RM15.5 billion (June: RM15.0 billion). The increase was driven by the stronger GII
- [2H2022 Bond Market Outlook Update: Limited upside for yields.](https://www.marc.com.my/research-analysis/2h2022-bond-market-outlook-update-limited-upside-for-yields/)
- [Monthly Bond Market and Rating Snapshot - June 2022 - Summary](https://www.marc.com.my/research-analysis/monthly-bond-market-and-rating-snapshot-june-2022-summary/) - Malaysian Government Bond Market Total MGS/GII outstanding grew further to RM962.3 billion at end-June from RM947.3 billion at end-May. Meanwhile, new issuance of GII papers dropped to RM4.5 billion from RM8.0 billion recorded in May. There was no redemption of government bonds for the second consecutive month. In 1H2022, total gross MGS/GII issuance came
- [Monthly Bond Market and Rating Snapshot - May 2022 - Summary](https://www.marc.com.my/research-analysis/monthly-bond-market-and-rating-snapshot-may-2022-summary/) - Global Markets The Fed raised the FFR by 50bps in May, the biggest increase in 22 years, to tame the 40-year high inflation rate. The short-end till belly of the UST yields closed lower in May in the range of 4bps to 17bps. The Fed’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) rate, edged
- [Amanat Lebuhraya Rakyat Berhad - 2022](https://www.marc.com.my/research-analysis/amanat-lebuhraya-rakyat-berhad-2022/)
- [Despite external headwinds, MARC Ratings projects 3.9% 1Q2022 GDP growth amid accelerating economic recovery](https://www.marc.com.my/research-analysis/despite-external-headwinds-marc-ratings-projects-3-9-1q2022-gdp-growth-amid-accelerating-economic-recovery/)
- [Monthly Bond Market and Rating Snapshot - April 2022 - Summary](https://www.marc.com.my/research-analysis/monthly-bond-market-and-rating-snapshot-april-2022-summary/) - Global Markets 10y UST yield pushed closer to 3% in April – a level not seen since late 2018. Hot inflation, uncertainties from external factors such as the Ukraine-Russia military conflict and market expectations of the hawkish move by the Fed on FFR dragged the yields upwards. ECB confirmed that it
- [Normalisation amid rising downside risks](https://www.marc.com.my/research-analysis/normalisation-amid-rising-downside-risks/)
- [TNB Power Generation Sdn Bhd - 2022](https://www.marc.com.my/research-analysis/tnb-power-generation-sdn-bhd-2022/)
- [Monthly Bond Market and Rating Snapshot - March 2022 - Summary](https://www.marc.com.my/research-analysis/monthly-bond-market-and-rating-snapshot-march-2022-summary/) - Global Markets The Fed increased the FFR by 25bps in March 2022, the first rate hike since December 2018 to address spiraling inflation. Meanwhile, the market is pencilling in another six rate hikes in 2022 and three more hikes in 2023. The ECB maintained the deposit facility rate at -0.5%, although other major central banks
- [Monthly Bond Market and Rating Snapshot - February 2022 - Summary](https://www.marc.com.my/research-analysis/monthly-bond-market-and-rating-snapshot-february-2022-summary/) - Global Markets UST yield curves flattened in February as the yields priced in sentiment over the rate hikes by the Fed and the Russia-Ukraine geopolitical tension that escalated into a full-blown military conflict. The longer end of Germany’s bund yields mainly were in positive territory in February as the market braced for the unwinding of
- [MBSB Bank Berhad - 2022](https://www.marc.com.my/research-analysis/mbsb-bank-berhad-2022/)
- [Monthly Bond Market and Rating Snapshot - January 2022 - Summary](https://www.marc.com.my/research-analysis/monthly-bond-market-and-rating-snapshot-january-2022-summary/) - Global Markets The Fed hinted that its asset purchasing activities are likely to halt in March 2022 and future rate hikes are expected to combat surging inflation. 2y10y German Bund yields surged between 9bps and 21bps in January amid spillover effects from the Fed's hawkish hints as expectations for a March policy tightening
- [2022 Bond Market Outlook - Flattening bias to persist as inflation takes hold](https://www.marc.com.my/research-analysis/2022-bond-market-outlook-flattening-bias-to-persist-as-inflation-takes-hold/)
- [Budget 2022: Recovery in motion, future growth rates in question](https://www.marc.com.my/research-analysis/budget-2022-recovery-in-motion-future-growth-rates-in-question/)
- [UEM Sunrise Berhad - 2021](https://www.marc.com.my/research-analysis/uem-sunrise-berhad-2021/)
- [Bank Pembangunan Malaysia Berhad (BPMB) - 2021](https://www.marc.com.my/research-analysis/bank-pembangunan-malaysia-berhad-bpmb-2021/)
- [#whatwethink: BNM signals no imminent changes in the OPR](https://www.marc.com.my/research-analysis/whatwethink-bnm-signals-no-imminent-changes-in-the-opr/)
- [Macroeconomic Outlook Update: “V” for Variation](https://www.marc.com.my/research-analysis/macroeconomic-outlook-update-v-for-variation/)
- [1H2021 Bond Market Update](https://www.marc.com.my/research-analysis/1h2021-bond-market-update/)
- [#whatwethink: BNM extends rate pause](https://www.marc.com.my/research-analysis/whatwethink-bnm-extends-rate-pause/)
- [Malaysia: Macroeconomic & Property Sector Brief](https://www.marc.com.my/research-analysis/malaysia-macroeconomic-property-sector-brief/)
- [Small Medium Enterprise Development Bank Malaysia Berhad (SME Bank) - 2021](https://www.marc.com.my/research-analysis/small-medium-enterprise-development-bank-malaysia-berhad-sme-bank-2021/)
- [BNM Annual Report 2020](https://www.marc.com.my/research-analysis/bnm-annual-report-2020/)
- [Agroto Business (M) Sdn Bhd - 2021](https://www.marc.com.my/research-analysis/agroto-business-m-sdn-bhd-2021/)
- [No policy surprise, BNM maintains OPR](https://www.marc.com.my/research-analysis/no-policy-surprise-bnm-maintains-opr/)
- [Malaysia's 2020 GDP Performance](https://www.marc.com.my/research-analysis/malaysias-2020-gdp-performance/)
- [Economic Outlook 2021](https://www.marc.com.my/research-analysis/economic-outlook-2021/)
- [Bond Market Outlook 2021](https://www.marc.com.my/research-analysis/bond-market-outlook-2021/)
- [Majlis Kanser Nasional - 2020](https://www.marc.com.my/research-analysis/majlis-kanser-nasional-2020/)
- [UiTM Solar Power Dua Sdn Bhd - 2020](https://www.marc.com.my/research-analysis/uitm-solar-power-dua-sdn-bhd-2020/)
- [#WhatWeThink: Budget 2021](https://www.marc.com.my/research-analysis/whatwethink-budget-2021/)
- [Macro Update: The State of Terengganu - Summary](https://www.marc.com.my/research-analysis/macro-update-the-state-of-terengganu-summary/) - Terengganu contributes around 2.5% towards national gross domestic product (GDP). In 2019, the state’s real GDP grew at a faster pace of 3.3% (2018: 2.5%) due to broad-based growth buoyed by the services and construction sectors. Household income growth has been strong; over the 2016-2019 period, it came in at 5.8% p.a. on a compounded
- [Macro Update: The State of Johor - Summary](https://www.marc.com.my/research-analysis/macro-update-the-state-of-johor-summary/) - Johor, Malaysia’s second-largest state and among the most developed, is known as the Southern Gateway of Malaysia due to its proximity to Singapore. Its economy was one of the fastest growing in Malaysia with a median real GDP growth of 5.8% y-o-y between 2015 - 2019. Its intrinsic strength is underpinned by its large, resilient
- [Sime Darby Property Berhad - 2020](https://www.marc.com.my/research-analysis/sime-darby-property-berhad-2020/)
- [MALAYSIA: Lockdowns hit 2Q2020 GDP growth; rebound is expected in 2021](https://www.marc.com.my/research-analysis/malaysia-lockdowns-hit-2q2020-gdp-growth-rebound-is-expected-in-2021/)
- [Macro Update: The State of Sabah - Summary](https://www.marc.com.my/research-analysis/macro-update-the-state-of-sabah-summary/) - Sabah, the second-largest state by land area and the third most populous, accounts for 6.2% of national GDP. Blessed with an abundance of resources, the economy has been mainly driven by the agriculture, oil and gas (O&G) and tourism sectors. Nevertheless, Sabah has in recent years pledged to focus on economic diversification strategies to ensure
- [Fixed Income Update: Banking on Global Liquidity Support](https://www.marc.com.my/research-analysis/fixed-income-update-banking-on-global-liquidity-support/)
- [Malaysia: Macro Update](https://www.marc.com.my/research-analysis/malaysia-macro-update/)
- [Macro Update: The State of Selangor - Summary](https://www.marc.com.my/research-analysis/macro-update-the-state-of-selangor-summary/) - Selangor is the biggest contributor to national gross domestic product (GDP). In comparison with other states in Malaysia, Selangor’s real GDP grew at the fastest pace – at 6.8% – in 2018. The state’s superior economic growth was underpinned by a sustained expansion in key sectors, namely services (7.6%), construction (6.6%) and manufacturing (6.3%). During
- [MALAYSIA: 1Q2020 GDP Performance](https://www.marc.com.my/research-analysis/malaysia-1q2020-gdp-performance/)
- [Macro Update: The State of Penang - Summary](https://www.marc.com.my/research-analysis/macro-update-the-state-of-penang-summary/) - Known as the “Silicon Valley of the East” for its strong electronics and electrical (E&E) manufacturing base, Penang is the main economic driver for Northern Malaysia. It recorded the highest gross domestic product (GDP) per capita among the 13 states in Malaysia since 2014. One of the nation’s major trading hubs, Penang is among Malaysia’s
- [Leader Energy Sdn Bhd - 2020](https://www.marc.com.my/research-analysis/leader-energy-sdn-bhd-2020/)
- [BNM Annual Report 2019](https://www.marc.com.my/research-analysis/bnm-annual-report-2019/)
- [The Movement Control Order & PRIHATIN Rakyat Economic Stimulus Package 2020](https://www.marc.com.my/research-analysis/he-movement-control-order-prihatin-rakyat-economic-stimulus-package-2020/)
- [Stimulus Package 2020: Bolstering confidence, stimulating growth, protecting jobs](https://www.marc.com.my/research-analysis/stimulus-package-2020-bolstering-confidence-stimulating-growth-protecting-jobs/)
- [Bond Market Outlook 2020](https://www.marc.com.my/research-analysis/bond-market-outlook-2020/)
- [Economic Outlook 2020](https://www.marc.com.my/research-analysis/economic-outlook-2020/)
- [Kuwait: Macroeconomic Update](https://www.marc.com.my/research-analysis/kuwait-macroeconomic-update/)
- [South Korea: Macroeconomic Update](https://www.marc.com.my/research-analysis/south-korea-macroeconomic-update/)
- [Budget 2020: Driving Growth and Equitable Outcomes Towards Shared Prosperity](https://www.marc.com.my/research-analysis/budget-2020-driving-growth-and-equitable-outcomes-towards-shared-prosperity/)
- [Budget 2020: Driving Growth and Equitable Outcomes Towards Shared Prosperity (Summary)](https://www.marc.com.my/research-analysis/budget-2020-driving-growth-and-equitable-outcomes-towards-shared-prosperity-summary/)
- [Pre-Budget 2020: Sharing the Prosperity of the Nation](https://www.marc.com.my/research-analysis/pre-budget-2020-sharing-the-prosperity-of-the-nation/)
- [Malaysia: Macroeconomic Update](https://www.marc.com.my/research-analysis/malaysia-macroeconomic-update/)
- [Macro Update: Republic of Indonesia](https://www.marc.com.my/research-analysis/macro-update-republic-of-indonesia/)
- [Macro Update: Republic of Singapore](https://www.marc.com.my/research-analysis/macro-update-republic-of-singapore/)
- [Macro Update: People’s Republic of China](https://www.marc.com.my/research-analysis/macro-update-peoples-republic-of-china/)
- [Malaysia: Macroeconomic Update - April 2019](https://www.marc.com.my/research-analysis/malaysia-macroeconomic-update-april-2019/)
- [The BNM MPC Statement: Easing Adjustment on the Cards?](https://www.marc.com.my/research-analysis/the-bnm-mpc-statement-easing-adjustment-on-the-cards/)
- [Economic Outlook 2019: Bracing for Global Speedbumps](https://www.marc.com.my/research-analysis/economic-outlook-2019-bracing-for-global-speedbumps/)
- [Budget 2019: Getting Finances Back on Track](https://www.marc.com.my/research-analysis/budget-2019-getting-finances-back-on-track/)
- [Pre-Budget 2019: Getting Finances Back on Track](https://www.marc.com.my/research-analysis/pre-budget-2019-getting-finances-back-on-track/)
- [Capital Flows, Renminbi & the Ringgit Trend](https://www.marc.com.my/research-analysis/capital-flows-renminbi-the-ringgit-trend/)
- [Country Risk Monitor: Indonesia - July 2018](https://www.marc.com.my/research-analysis/country-risk-monitor-indonesia-july-2018/)
- [Economic Update: Clouds on External Horizon](https://www.marc.com.my/research-analysis/economic-update-clouds-on-external-horizon/)
- [Post-GST Removal: Risk Prospects Ahead](https://www.marc.com.my/research-analysis/post-gst-removal-risk-prospects-ahead/)
- [The 2017 Bank Negara Malaysia Annual Report](https://www.marc.com.my/research-analysis/the-2017-bank-negara-malaysia-annual-report/)
- [Country Risk Monitor: Hong Kong - February 2018](https://www.marc.com.my/research-analysis/country-risk-monitor-hong-kong-february-2018/)
- [Malaysia's 4Q2017 GDP: Another Quarter of Strong Performance](https://www.marc.com.my/research-analysis/malaysias-4q2017-gdp-another-quarter-of-strong-performance/)
- [State Risk Monitor: Sarawak](https://www.marc.com.my/research-analysis/state-risk-monitor-sarawak/)
- [Economic Outlook 2018: How Sunny Will It Be?](https://www.marc.com.my/research-analysis/economic-outlook-2018-how-sunny-will-it-be/)
- [Country Risk Monitor: South Korea - December 2017](https://www.marc.com.my/research-analysis/country-risk-monitor-south-korea-december-2017/)
- [Country Risk Monitor: Kuwait - November 2017](https://www.marc.com.my/research-analysis/country-risk-monitor-kuwait-november-2017/)
- [BNM Monetary Policy Committee meeting: Higher OPR in the Near Term?](https://www.marc.com.my/research-analysis/bnm-monetary-policy-committee-meeting-higher-opr-in-the-near-term/)
- [Country Risk Monitor: Thailand - September 2017](https://www.marc.com.my/research-analysis/country-risk-monitor-thailand-september-2017/)
- [Country Risk Monitor: Australia - August 2017](https://www.marc.com.my/research-analysis/country-risk-monitor-australia-august-2017/)
- [Country Risk Monitor: Indonesia - June 2017](https://www.marc.com.my/research-analysis/country-risk-monitor-indonesia-june-2017/)
- [Country Risk Monitor: Singapore - May 2017](https://www.marc.com.my/research-analysis/country-risk-monitor-singapore-may-2017/)
- [Country Risk Monitor: Hong Kong - January 2017](https://www.marc.com.my/research-analysis/country-risk-monitor-hong-kong-january-2017/)
- [Country Risk Monitor: South Korea - December 2016](https://www.marc.com.my/research-analysis/country-risk-monitor-south-korea-december-2016/)
- [Country Risk Monitor: Thailand - November 2016](https://www.marc.com.my/research-analysis/country-risk-monitor-thailand-november-2016/)
- [State Risk Monitor: Sarawak - October 2016](https://www.marc.com.my/research-analysis/state-risk-monitor-sarawak-october-2016/)
- [Country Risk Monitor: State of Kuwait - September 2016](https://www.marc.com.my/research-analysis/country-risk-monitor-state-of-kuwait-september-2016/)
- [Country Risk Monitor: Indonesia - August 2016](https://www.marc.com.my/research-analysis/country-risk-monitor-indonesia-august-2016/)
- [Country Risk Monitor: Australia - August 2016](https://www.marc.com.my/research-analysis/country-risk-monitor-australia-august-2016/)
- [Country Risk Monitor: Malaysia - June 2016](https://www.marc.com.my/research-analysis/country-risk-monitor-malaysia-june-2016/)
- [Country Risk Insights: Singapore - May 2016](https://www.marc.com.my/research-analysis/country-risk-insights-singapore-may-2016/)
- [Country Risk Insights: Hong Kong - January 2016](https://www.marc.com.my/research-analysis/country-risk-insights-hong-kong-january-2016/)
- [Country Risk Insights: Kuwait - December 2015](https://www.marc.com.my/research-analysis/country-risk-insights-kuwait-december-2015/)
- [Country Risk Insights: Indonesia - November 2015](https://www.marc.com.my/research-analysis/country-risk-insights-indonesia-november-2015/)
- [Country Risk Insights: Australia - November 2015](https://www.marc.com.my/research-analysis/country-risk-insights-australia-november-2015/)
- [Country Risk Insights: Singapore - September 2015](https://www.marc.com.my/research-analysis/country-risk-insights-singapore-september-2015/)
- [The State of Sarawak - August 2015](https://www.marc.com.my/research-analysis/the-state-of-sarawak-august-2015/)
- [Country Risk Insights: India - July 2015](https://www.marc.com.my/research-analysis/country-risk-insights-india-july-2015/)
- [Country Risk Insights: Korea - June 2015](https://www.marc.com.my/research-analysis/country-risk-insights-korea-june-2015/)
- [Country Risk Insights: Malaysia - May 2015](https://www.marc.com.my/research-analysis/country-risk-insights-malaysia-may-2015/)
- [Malaysia's 2014 Report Card and Risk Assessment - February 2015](https://www.marc.com.my/research-analysis/malaysias-2014-report-card-and-risk-assessment-february-2015/)
- [The State of Sarawak - July 2014](https://www.marc.com.my/research-analysis/the-state-of-sarawak-july-2014/)
- [Country Risk Assessment: Indonesia - January 2014](https://www.marc.com.my/research-analysis/country-risk-assessment-indonesia-january-2014/)
- [Country Risk Assessment : South Korea - December 2013](https://www.marc.com.my/research-analysis/country-risk-assessment-south-korea-december-2013/)
- [Country Risk Assessment : Malaysia - November 2013](https://www.marc.com.my/research-analysis/country-risk-assessment-malaysia-november-2013/)
- [Country Outlook : South Korea - September 2013](https://www.marc.com.my/research-analysis/country-outlook-south-korea-september-2013/)
- [Country Outlook : Kuwait - August 2013](https://www.marc.com.my/research-analysis/country-outlook-kuwait-august-2013/)
- [Country Outlook : Singapore - July 2013](https://www.marc.com.my/research-analysis/country-outlook-singapore-july-2013/)
- [Country Outlook : Indonesia - May 2013](https://www.marc.com.my/research-analysis/country-outlook-indonesia-may-2013/)
- [Country Outlook : Sultanate of Oman - January 2013](https://www.marc.com.my/research-analysis/country-outlook-sultanate-of-oman-january-2013/)
- [Country Outlook : People's Republic of China - December 2012](https://www.marc.com.my/research-analysis/country-outlook-peoples-republic-of-china-december-2012/)
- [Country Outlook : Kuwait - August 2012](https://www.marc.com.my/research-analysis/country-outlook-kuwait-august-2012/)
- [Country Outlook : Singapore - July 2012](https://www.marc.com.my/research-analysis/country-outlook-singapore-july-2012/)
- [Country Outlook : South Korea - May 2012](https://www.marc.com.my/research-analysis/country-outlook-south-korea-may-2012/)
- [Country Report : India - February 2012](https://www.marc.com.my/research-analysis/country-report-india-february-2012/)
- [Country Outlook : Indonesia - August 2011](https://www.marc.com.my/research-analysis/country-outlook-indonesia-august-2011/)
- [Country Outlook : South Korea - April 2011](https://www.marc.com.my/research-analysis/country-outlook-south-korea-april-2011/)
- [Country Outlook : Bahrain - March 2011](https://www.marc.com.my/research-analysis/country-outlook-bahrain-march-2011/)
- [Country Outlook : India - March 2011](https://www.marc.com.my/research-analysis/country-outlook-india-march-2011/)
- [Country Report : South Korea - August 2010](https://www.marc.com.my/research-analysis/country-report-south-korea-august-2010/)
- [Country Report : Saudi Arabia - March 2010](https://www.marc.com.my/research-analysis/country-report-saudi-arabia-march-2010/)
- [Country Report : South Korea - September 2009](https://www.marc.com.my/research-analysis/country-report-south-korea-september-2009/)
- [Country Update : India - September 2009](https://www.marc.com.my/research-analysis/country-update-india-september-2009/)
- [Country Report : Australia - July 2009](https://www.marc.com.my/research-analysis/country-report-australia-july-2009/)

## Careers

- [Business Development Manager](https://www.marc.com.my/career/business-development-manager/) - We are seeking a highly motivated and results-driven individual to be a part of the Business Origination and Development Division at Malaysian Rating Corporation Berhad. You will be responsible for developing and executing effective marketing and client acquisition strategies for the Division. You will also support the Chief Commercial Officer in planning and implementing new

## Categories

- [Uncategorized](https://www.marc.com.my/category/uncategorized/)
- [Ratings](https://www.marc.com.my/category/rating-announcement/ratings/)
- [Sustainability](https://www.marc.com.my/category/rating-announcement/sustainability/)
- [MARC News](https://www.marc.com.my/category/marc-news/)
- [Economic Views](https://www.marc.com.my/category/views/economic-views/)
- [Country Reports](https://www.marc.com.my/category/research-analysis/country-reports/)
- [Periodic Reports](https://www.marc.com.my/category/research-analysis/periodic-reports/)
- [Annual Corporate Default Studies](https://www.marc.com.my/category/research-analysis/annual-corporate-default-studies/)
- [Sustainability Reports](https://www.marc.com.my/category/research-analysis/sustainability-reports/)
- [Bond Market Updates](https://www.marc.com.my/category/research-analysis/bond-market-updates/)
- [Bond Market Outlook](https://www.marc.com.my/category/research-analysis/bond-market-outlook/)
- [Sectoral Outlook](https://www.marc.com.my/category/research-analysis/sectoral-outlook/)
- [Management](https://www.marc.com.my/category/leadership/management/)
- [Rating Committee](https://www.marc.com.my/category/leadership/rating-committee/)
- [Board Of Directors](https://www.marc.com.my/category/leadership/board-of-directors/)
- [Corporate](https://www.marc.com.my/category/latestmarc/corporate-news/)
- [Awards](https://www.marc.com.my/category/latestmarc/awards-news/)
- [Events](https://www.marc.com.my/category/events-csr/events/)
- [Latest MARC News](https://www.marc.com.my/category/latest-marc-news/)
- [Rating Announcements](https://www.marc.com.my/category/rating-announcement/)
- [Events & CSR](https://www.marc.com.my/category/events-csr/)
- [MARCares](https://www.marc.com.my/category/events-csr/marcares/)
- [Leadership](https://www.marc.com.my/category/leadership/)
- [Fixed-Income Views](https://www.marc.com.my/category/views/fixed-income-views/)
- [Education](https://www.marc.com.my/category/events-csr/marcares/education/)
- [Community](https://www.marc.com.my/category/events-csr/marcares/community/)
- [MARCketplace](https://www.marc.com.my/category/events-csr/marcares/marcketplace/)
- [Sovereign](https://www.marc.com.my/category/rating-announcement/sovereign/)
- [Views](https://www.marc.com.my/category/views/)
- [Research & Analysis](https://www.marc.com.my/category/research-analysis/)
- [Latest@MARC](https://www.marc.com.my/category/latestmarc/)
- [Ratings](https://www.marc.com.my/category/latestmarc/ratings-news/)
- [Rating](https://www.marc.com.my/category/rating/)
- [Sovereign](https://www.marc.com.my/category/sovereign-2/)
- [Sustainability](https://www.marc.com.my/category/sustainability-2/)
- [board](https://www.marc.com.my/category/board/)

## Tags

- [MARC Data Sdn Bhd](https://www.marc.com.my/tag/marc-data-sdn-bhd/)
- [MARC Ratings Berhad](https://www.marc.com.my/tag/marc-ratings-berhad/)
- [MARC Solutions Sdn Bhd](https://www.marc.com.my/tag/marc-solutions-sdn-bhd/)
- [MARC Learning Sdn Bhd](https://www.marc.com.my/tag/marc-learning-sdn-bhd/)
- [Malaysian Rating Corporation Berhad](https://www.marc.com.my/tag/malaysian-rating-corporation-berhad/)
- [2022](https://www.marc.com.my/tag/2022/)
- [2021](https://www.marc.com.my/tag/2021/)
- [2020](https://www.marc.com.my/tag/2020/)
- [2023](https://www.marc.com.my/tag/2023/)
- [2024](https://www.marc.com.my/tag/2024/)
- [2025](https://www.marc.com.my/tag/2025/)
- [2026](https://www.marc.com.my/tag/2026/)

## Careers

- [Business](https://www.marc.com.my/career/business/)

## Board Of Directors

- [Malaysian Rating Corporation Berhad](https://www.marc.com.my/board-of-directors/malaysian-rating-corporation-berhad/)
- [MARC Ratings Berhad](https://www.marc.com.my/board-of-directors/marc-ratings-berhad/)
- [MARC Data Sdn Bhd](https://www.marc.com.my/board-of-directors/marc-data-sdn-bhd/)
- [MARC Solutions Sdn Bhd](https://www.marc.com.my/board-of-directors/marc-solutions-sdn-bhd/)
- [MARC Learning Sdn Bhd](https://www.marc.com.my/board-of-directors/marc-learning-sdn-bhd/)

## Subsidiary Leadership

- [MARC Ratings Berhad](https://www.marc.com.my/subsidiary-leadership/marc-ratings-berhad/)
- [MARC Data Sdn Bhd](https://www.marc.com.my/subsidiary-leadership/marc-data-sdn-bhd/)
- [MARC Solutions Sdn Bhd](https://www.marc.com.my/subsidiary-leadership/marc-solutions-sdn-bhd/)
- [MARC Learning Sdn Bhd](https://www.marc.com.my/subsidiary-leadership/marc-learning-sdn-bhd/)
- [Malaysian Rating Corporation Berhad](https://www.marc.com.my/subsidiary-leadership/malaysian-rating-corporation-berhad/)

## Board Leadership

- [Board of Directors](https://www.marc.com.my/board/board-of-directors/)
- [Other Management](https://www.marc.com.my/board/other-management/)
- [Rating Committee](https://www.marc.com.my/board/rating-committee/)
- [Key Management](https://www.marc.com.my/board/key-management/)
- [Malaysian Rating Corporation Berhad](https://www.marc.com.my/board/malaysian-rating-corporation-berhad-1/)
- [MARC Data Sdn Bhd](https://www.marc.com.my/board/marc-data-sdn-bhd/)
- [MARC Learning Sdn Bhd](https://www.marc.com.my/board/marc-learning-sdn-bhd/)
- [MARC Ratings Berhad](https://www.marc.com.my/board/marc-ratings-berhad/)
- [MARC Solutions Sdn Bhd](https://www.marc.com.my/board/marc-solutions-sdn-bhd/)
- [Malaysian Rating Corporation Berhad](https://www.marc.com.my/board/malaysian-rating-corporation-berhad-key-management/)
- [MARC Data Sdn Bhd](https://www.marc.com.my/board/marc-data-sdn-bhd-key-management/)
- [MARC Learning Sdn Bhd](https://www.marc.com.my/board/marc-learning-sdn-bhd-key-management/)
- [MARC Ratings Berhad](https://www.marc.com.my/board/marc-rating-berhad/)
- [MARC Solutions Sdn Bhd](https://www.marc.com.my/board/marc-solutions-sdn-bhd-key-management/)
- [Malaysian Rating Corporation Berhad](https://www.marc.com.my/board/malaysian-rating-corporation-berhad-other-management/)
- [MARC Data Sdn Bhd](https://www.marc.com.my/board/marc-data-sdn-bhd-other-management/)
- [MARC Ratings Berhad](https://www.marc.com.my/board/marc-ratings-berhad-other-management/)
- [MARC Solutions Sdn Bhd](https://www.marc.com.my/board/marc-solutions-sdn-bhd-other-management/)
- [Malaysian Rating Corporation Berhad](https://www.marc.com.my/board/malaysian-rating-corporation-berhad-rating-committee/)