Rating

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 […]

Posted Date: April 1, 2021 MARC 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.

Posted Date: March 26, 2021 MARC 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.

Posted Date: March 24, 2021 MARC 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

Posted Date: March 23, 2021 MARC has withdrawn its ratings of MARC-1IS / AAAIS on Petronas Dagangan Berhad’s Islamic Commercial Papers and Islamic Medium-Term Notes programme of up to RM2.0 billion.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

Posted Date: March 22, 2021 MARC 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

Posted Date: March 22, 2021 MARC 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

Posted Date: March 19, 2021 MARC 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

Posted Date: March 17, 2021 MARC 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

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