Rating action          MARC Ratings has affirmed its rating of AA-IS(cg) on Eco World Capital Berhad’s Islamic Medium-Term Notes (Sukuk Wakalah) Programme of RM1.2 billion. The rating outlook is stable. Eco World Capital is the financing vehicle of parent Eco World Development Group Berhad (EcoWorld) which provided an unconditional and irrevocable guarantee on the p...

Summary           Domestic consumption remained resilient, while the softer decline in exports together with better-than-expected economic performance and stable industrial production growth in China may indicate a potential rebound in Malaysia’s manufacturing sector. Despite a temporary pause in the dollar index’s rally against major currencies, the Ringgit ...

Rating action         MARC Ratings has affirmed its rating of AAIS on Northport (Malaysia) Bhd’s RM1.5 billion Sukuk Musharakah Programme with a stable outlook. The outstanding under the programme is RM350 million as at end-August 2023.Rationale      Northport’s well-established operational track record as a key port operator in Port Klang, healthy ...

Rating action          MARC Ratings has affirmed its short-term rating of MARC-2IS on Bina Darulaman Berhad’s (BDB) RM100.0 million Islamic Commercial Papers (ICP) Programme. RationaleThe rating incorporates BDB’s strength in undertaking construction and property projects, improving leverage position, and adequate liquidity to meet short-term operational and ...

Rating action          MARC Ratings has affirmed its AA+IS rating on Kapar Energy Ventures Sdn Bhd’s (KEV) outstanding RM470.0 million Sukuk Ijarah with a stable outlook. KEV owns and operates the Kapar Power Station (KPS), comprising three generating facilities (GF) with a combined nominal capacity of 2,200MW.RationaleThe affirmed rating benefits from a two-notch u...

Rating action                MARC Ratings has maintained its MARCWatch Negative placement on ANIH Berhad’s Senior Sukuk Musharakah Programme rating which has a current outstanding of RM1.48 billion. The rating has been placed on MARCWatch since May 25, 2023, to reflect the uncertainties that arose from the new supplemental concession agreement (S...

Rating action            MARC Ratings has upgraded its rating on Segi Astana Sdn Bhd’s RM415.0 million ASEAN Green Medium-Term Notes (MTN) to AA- from A+. The upgrade on the MTN rating follows the upgrade on Segi Astana’s standalone rating to A+ from A. Segi Astana’s MTN rating of AA- incorporates a single notch uplift on account of the liquidity support un...

Rating action          MARC Ratings has affirmed its financial institution (FI) rating of AAA on Bank Pertanian Malaysia Berhad (Agrobank). Concurrently, the rating agency has also affirmed its rating of AAAIS on Agrobank’s Islamic Medium-Term Notes (IMTN) Programme. The ratings outlook is stable. RationaleThe ratings affirmation is premised on Agrobank’s status ...

Rating action                  MARC Ratings has affirmed its AA-IS rating on Malaysian Resources Corporation Berhad’s (MRCB) Islamic Medium-Term Notes Programme of up to RM5.0 billion (Sukuk Murabahah) with a stable outlook.Rationale  MRCB’s established track record in property development with a focus on transit-oriented developments...

Rating action           MARC Ratings has affirmed its AA- rating on Central Impression Sdn Bhd’s (CISB) outstanding RM45.0 million Fixed Rate Serial Bonds. The rating outlook is stable.      Rationale      The rating affirmation reflects the credit strength of AEON Co (M) Berhad (AEON), which, as the principal lessee of CISB’s AE...