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 ...

Rating action          MARC Ratings has affirmed its AA-IS rating on Southern Power Generation Sdn Bhd’s (Southern Power) outstanding sukuk of RM3.4 billion with a stable outlook. Southern Power owns a 2x720MW combined-cycle gas-fired power plant in Pasir Gudang which achieved commercial operations dates (COD) on January 1, 2021 (Unit 1) and February 19, 2021 (...

Rating action          MARC Ratings has affirmed its rating of A+IS on Sunsuria Berhad’s RM500.0 million Sukuk Wakalah Programme. The rating outlook is stable. The total outstanding under the programme stood at RM181.0 million as at end-August 2023.RationaleThe rating affirmation incorporates Sunsuria’s property development approach, healthy overall take-up rates ...

Rating action      MARC Ratings has affirmed its ratings on Trusmadi Capital Sdn Bhd’s Issue 1 RM235 million Class A Medium-Term Notes (MTN), RM40 million Class B MTN and RM25 million Class C MTN at AAA, AA and A. The rating agency has also affirmed its MARC-1 rating on Trusmadi Capital’s Issue 1 RM300 million Commercial Papers (CP). The MTN and CP are subject to a combined...

Rating action          MARC has affirmed its long-term and short-term financial institution (FI) ratings of AAA/MARC-1 on Islamic Development Bank (IsDB). Concurrently, MARC Ratings has affirmed its rating of AAAIS on the Sukuk Wakalah programme of up to RM400 million issued by Tadamun Services Berhad, a trust established by IsDB. The ratings outlook is stable. The to...

Rating action          MARC Ratings has affirmed its A+IS rating on JB Cocoa Sdn Bhd’s Islamic Medium-Term Notes (Sukuk Wakalah) programme of up to RM500.0 million with a stable outlook. JB Cocoa is a wholly-owned key manufacturing subsidiary of Singapore-based JB Foods Limited, which has provided a corporate guarantee on the programme. Accordingly, the rating asses...

Summary          Malaysia’s economy registered decelerating growth of 2.9% in 2Q2023 (1Q2023: 5.6%), presaged by weaker external sector data. Nonetheless, the growth trajectory remains consistent with the official target of 4%-5%.The return of equity flows in July amid persistent inflows to the bond market led to a temporary appreciation of the Malaysian ringgi...