Rating action          MARC Ratings has affirmed its AAIS rating on Kimanis Power Sdn Bhd’s (KPSB) outstanding RM400.0 million Sukuk Programme with a stable outlook. KPSB owns a 285MW combined-cycle gas-fired power plant with three generating blocks (GB) in Kimanis Bay, Sabah.  RationaleThe plant has performed well since 2015 (its second year of operations...

Rating action          MARC Ratings has affirmed its AA-IS and A- ratings on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (Kesturi) RM2.3 billion Sukuk Musharakah (Senior Sukuk) and RM180 million Redeemable Secured Junior Bonds (Junior Bonds). The outlook on both ratings is stable. The rating differential between the Senior Sukuk and Junior Bonds reflects the lat...

Summary          Bank Negara Malaysia (BNM) projects the domestic economy to grow between 4% and 5% in 2024, aligning with the government’s estimate while highlighting a potential rebound in the manufacturing sector and a newly forecast contraction in the agricultural sector. Year-to-date exports grew by 3.9% in February, with an 11.0% increase in exports to th...

Summary          In 2023, MARC Ratings’ corporate portfolio recorded four rating downgrades and three upgrades, an increase compared to the preceding year, where two downgrades and two upgrades were recorded. Meanwhile, there was no rating default in 2023, in contrast to the two rating defaults in 2022. This led to an improved rating drift at -1.1% (2022: -2.2%), su...

Rating action          MARC Ratings has downgraded its ratings on WCT Holdings Berhad’s following debt/sukuk programmes:RM1.0 billion Medium-Term Notes (MTN) Programme to A+ from AA-RM1.5 billion Sukuk Murabahah Programme to A+IS from AA-IS; andRM1.0 billion Perpetual Sukuk Musharakah Programme to A-IS  from AIS.Concurrently, the outlook on all ratings has...

Rating action          MARC Ratings has affirmed its AA-IS rating on Sinar Kamiri Sdn Bhd’s outstanding RM185.0 million Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah. The rating outlook is stable. RationaleThe rating affirmation reflects Sinar Kamiri’s stable operational performance, steady cash flow generation and adequate finance service ...

Rating action          MARC Ratings has affirmed its AA-IS rating on Quantum Solar Park (Semenanjung) Sdn Bhd’s (QSP Semenanjung) outstanding RM750.0 million Green Sustainable and Responsible Investment (SRI) Sukuk with a stable outlook. QSP Semenanjung owns three 50MW power plants located in Gurun, Kedah; Jasin, Melaka; and Merchang, Terengganu.RationaleThe ra...

Rating action          MARC Ratings has affirmed its rating of AAA on Cagamas MBS Berhad’s (Cagamas MBS) RM2,060.0 million asset-backed fixed rate serial bonds (CMBS 2005-2) with a stable outlook. RationaleThe rating reflects CMBS 2005-2’s fully cash-backed position. CMBS 2005-2 has a solid liquidity position, with cash and cash equivalents of RM1.07 billion ...

Rating action          MARC Ratings has affirmed its rating of AAAIS on Cagamas MBS Berhad’s RM2,110.0 million asset-backed Sukuk Musyarakah issuance (CMBS 2007-1-i) with a stable outlook. RationaleThe rating reflects CMBS 2007-1-i’s fully cash-backed position. CMBS 2007-1-i has a strong liquidity position, with cash and cash equivalents of RM444.8 million as...

Rating action          MARC Ratings has affirmed its rating of AAA on Cagamas MBS Berhad’s RM2,410.0 million asset-backed fixed rate serial bonds (CMBS 2007-2) with a stable outlook.RationaleThe rating reflects CMBS 2007-2’s fully cash-backed position. CMBS 2007-2 has a solid liquidity position, with cash and cash equivalents of RM698.7 million as of the November ...