Rating

Posted Date: January 13, 2021 MARC 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 […]

Posted Date: January 11, 2021 MARC 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

Posted Date: January 8, 2021 MARC 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

Posted Date: January 8, 2021 MARC has withdrawn its ratings of MARC-1/AA- on Sunway Berhad’s RM2.0 billion Commercial Papers/Medium-Term Notes (CP/MTN) programme.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

Posted Date: January 8, 2021 MARC has withdrawn its rating of AAA on Special Coral Sdn Bhd’s RM250.0 million Senior Class A Medium-Term Notes (MTN) under the RM1.1 billion MTN Programme.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

Posted Date: January 5, 2021 MARC 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

Posted Date: January 5, 2021 MARC 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 Accordingly, MARC has withdrawn its A+IS/Developing rating and will no longer provide analytical coverage on the issuer.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

Posted Date: December 29, 2020 MARC 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

Posted Date: December 24, 2020 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 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

Posted Date: December 24, 2020 MARC 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