Rating action              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.Rationale The rating affirmation reflects the credit strength of ...

Rating action            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. There is currently RM1.0 million outstanding under the programmes.Alam Flora provides waste collection and public cleansing services (concessi...

Rating action          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.RationaleThe 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 port ...

Rating action         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, with a stable outlook. Rationale      DUKE 3 is the concessionaire for the 32-km Setiawangsa-Pantai Expressway (SPE) that connects Middle Ring Road 2 (MRR2) at Wangsa Maju to Ke...

Rating action       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 wholly-owned funding vehicle of Fraser & Neave Holdings Bhd (F&NHB) which has p...

Rating action     MARC Ratings has affirmed its ratings on Putrajaya Holdings Sdn Bhd’s (PJH) programmes as follows:RM1.0 billion 20-year Sukuk Wakalah Programme (due 2041) at AAAISRM370.0 million Sukuk Musharakah Programme (due 2030) at AAAISRM3.0 billion Sukuk Musharakah Programme (due 2032) at AAAIS; andRM1.5 billion Sukuk Musharakah Medium-Term Notes (MTN) Programme (due 2033)...

Rating action      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. Rationale      The rating affirmation is premised on the quantum of the periodic payment streams from the Malaysian government (AAA/Stable) in the form of availability ...

Rating action                   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. As of end-April 2023, GBG had an outstanding of only RM35.0 million ICP.RationaleThe long-term rating main...

Rating action          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. As of June 15, 2023, the outstanding balance of the sukuk stood at RM60.0 million. RationaleThe rating affirmation reflects Grand Sepadu’s stable performance, supported by resilient commercial traff...

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 th...