Rating action          MARC Ratings has affirmed its AA-IS rating on SAJ Capital Sdn Bhd’s Sukuk Murabahah of up to RM650.0 million with a stable outlook. Total outstanding under the sukuk as at end-July 2023 is RM470 million.RationaleSAJ Capital is a wholly-owned funding vehicle of Ranhill Capital Sdn Bhd, which owns an 80% stake in Ranhill SAJ Sdn Bhd, the exclusi...

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 Nega...

Rating action          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 25MW solar power plant in Pasir Gudang, Johor.RationaleThe affirmed rating reflects the strength of the 21-ye...

Rating action         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 drawdown will require a reassessment of the rating. Rationale      SHC Capital is a whol...

Rating action          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.       Ra...

Rating action          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-1 Sukuk Wakalah) at BBBIS Concurrently, the rating agency has affirmed its financial insti...

Rating action          MARC Ratings has affirmed its rating of A+IS on UiTM Solar Power Sdn Bhd’s (UiTM Solar) outstanding Green Sustainable and Responsible Investment (SRI) Sukuk of RM182.3 million and revised the outlook to positive from stable.Rationale  The outlook revision reflects the improved operational performance of UiTM Solar’s 50MWac solar photovo...

Rating action          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.Rationale   CIMB Bank’s high systemic imp...

Rating action             MARC Ratings has affirmed its long-term and short-term corporate credit ratings of AA+/MARC-1 on CIMB Group Holdings Berhad 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. The one-notch rating differential between CIMB Group’s lo...

Rating action          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/StableRM5.0 billion Tier 2 Junior Sukuk ...