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Credit Ratings &
Related Assessments
Credit rating assessments and economic-related research and publications
MARC Ratings' Services
MARC Ratings' key capabilities are in infrastructure, project and structured finance, given our long-standing track record in rating domestic toll roads, power plants, water assets and ports. Our clients also include big players/corporates from the oil and gas, construction, building materials, real estate, commodities and retail segments. MARC Ratings has also established its credentials in green financing, having rated the majority of solar power projects in Malaysia. Providing opinions of the relative creditworthiness of issuers, institutions and obligations; as well as economic and fixed-income publications
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Corporate Credit Ratings
Corporate Credit Ratings are a measure of a corporate's intrinsic ability and overall capacity for timely repayment of its financial obligations. These are voluntary ratings that may be sought by a companies to enhance corporate governance and transparency.
These ratings are useful for:
Corporate Debt Ratings
Corporate Debt Ratings assess the likelihood of timely repayment of principal and interest payments over the term to maturity of such debts.
Financial Institution Ratings
Financial Institution Ratings assess the creditworthiness of financial institutions, i.e. commercial and investment banks and finance companies.
Sukuk Ratings
Sukuk Ratings assess the likelihood of timely repayment of the instruments issued under the various Islamic financing contracts. MARC Ratings’ assigned ratings on fixed-income sukuk essentially reflect its opinion on the likelihood of full and timely payment of obligations under the sukuk. The assigned rating(s) are differentiated from ratings on conventional debt offerings and other fixed-income Islamic capital market instruments. MARC adds “IS” as a subscript to eight long-term rating categories from “AAA” to “D” and “MARC-1” to “D” is the short-term rating scale used to differentiate its sukuk ratings.
Project Finance Ratings
Project Finance Ratings are opinions on the credit quality of a project’s debt where such obligations are repaid through project cash flows. MARC Ratings’ project finance analytical framework focuses on identifying specific project risks, assessing the risk mitigation and risk allocation measures in place. MARC Ratings’ analytical focus is on the feasibility of the project and its sensitivity to the impact of potentially adverse factors over the stages in its life cycle.
Insurer Financial Strength Ratings
Insurer Financial Strength Ratings essentially assess the financial security characteristics of an insurance company on its ability to meet its policyholder obligations in accordance with the terms of their insurance contracts.
Ratings
MARC Ratings provides issue ratings for corporate and structured finance projects as well as financial institutions. MARC Ratings also provides ratings on credit enhancement providers, insurance and reinsurance companies, and investment managers. To ensure full transparency, MARC’s corporate website provides access to our key rating methodologies.
Islamic Financial Institution Ratings
Islamic Financial Institution (IFI) Ratings assess the corporate governance of an Islamic financial institution. IFI governance ratings are an assessment of how the IFI promotes sound governance, transparency and accountability as well as institutional capacity building for improved governance.
Sovereign Ratings
Sovereign Ratings are intended to be assessments of the ability and willingness of a sovereign government to repay its debt obligations in full and in a timely manner. These ratings will be assigned to sovereign governments based on a domestic rating scale, providing an indication of their creditworthiness relative to other domestic and foreign issuers in our rating universe.
Structured Finance Ratings
Structured Finance Ratings assess the likelihood of timely repayment of principal and interest payments on debt securities issued by a corporate, usually a single purpose vehicle, against stable income-generating assets, e.g. hire purchase receivables, toll collections, rental income, etc.
Solar Power Project Finance Ratings
Solar Power Project Finance Ratings outline the approach to assessing utility-scale grid-connected solar power plants which are financed on a non-recourse, project finance basis. The rating considerations mainly focus on solar project risks such as regulatory, offtaker, site resources risk and technological risks.
Expected Loss Ratings for Corporate Issuances Supported by Partial Third-Party Guarantees
The Expected Loss (EL) Ratings on partial credit guarantee-supported corporate financings represent MARC Ratings’ opinion of relative loss severity given default. The credit risk mitigating effect of a partial credit guarantee is recognised by allowing the guaranteed exposure to be treated as if it were an exposure to a higher rated guarantor. These ratings provide investors with insight into the loss severity dimension of credit risk.
