Rating action              MARC Ratings has affirmed its AA-IS rating on AZRB Capital Sdn Bhd’s (ACSB) issuance of RM535.0 million Islamic Medium-Term Notes (Sukuk Murabahah) with a stable outlook. The outstanding under the programme is RM435 million as at end-October 2023.Rationale   ACSB is a funding vehicle for Ahmad Zaki Resources Berhad (AZR...

Rating action           MARC Ratings has affirmed its investment manager rating (IMR) of IMR-2 on Kenanga Islamic Investors Berhad (KIIB). Rationale        The rating reflects KIIB’s well-established investment management process, supported by a prudent risk management framework that is sufficient for its relatively small size. KII...

Rating action           MARC Ratings has affirmed its investment manager rating of IMR-2 on Kenanga Investors Berhad (KIB).      Rationale     The rating primarily reflects KIB’s well-established investment management process, sound risk management practices and strong operating track record. These attributes are tempered by its re...

Rating action           MARC Ratings has affirmed its financial institution (FI) ratings of A+/MARC-1 on Kenanga Investment Bank Berhad (Kenanga) with a stable outlook.      Rationale      The ratings reflect Kenanga’s strong market position and lengthy experience in the domestic stockbroking industry. The ratings further consider ...

Rating action          MARC Ratings has assigned a corporate credit rating of AA- to Orkim Sdn Bhd with a stable outlook.RationaleThe rating reflects Orkim’s leadership position in the domestic clean petroleum product (CPP) tanker market, with an estimated 17% market share by fleet size as of June 2023 , its long track record of steady operating performance and earn...

Rating action            MARC Ratings has revised its ratings outlook on DRB-HICOM Berhad’s Sukuk Programme of up to RM3.5 billion and Perpetual Sukuk Musharakah Programme of up to RM2.0 billion to positive from stable. Meanwhile, the ratings have been affirmed at A+IS and A-IS with the two-notch rating differential between the programmes reflecting the subordi...

Rating action          MARC Ratings has upgraded Titijaya Land Berhad’s (Titijaya) RM150 million Islamic Commercial Papers (ICP) Programme short-term rating to MARC-1IS from MARC-2IS. RationaleThe rating upgrade reflects Titijaya’s stronger long-term credit profile, with improved business profile and healthier balance sheet, characterised by lower leverage an...

Summary           Malaysia posted a firmer gross domestic product (GDP) print of 3.3% in 3Q2023 (2Q2023: 2.9%) in line with the advanced estimate, bolstered by private consumption which grew at a faster pace. The latest October trade data showed some nascent signs of recovery in the external sector, supported by an anticipated recovery in the Chinese economy and globa...

Rating action          MARC Ratings has affirmed its ratings of AIS(cg)/MARC-1IS(cg) on SkyWorld Capital Berhad’s RM300.0 million Islamic Medium-Term Notes/Commercial Papers (IMTN/ICP) Programmes. The rating outlook is stable. SkyWorld Capital is the funding vehicle of parent SkyWorld Development Bhd (SkyWorld) to undertake the sukuk issuance. SkyWorld has extended ...

Rating action              MARC Ratings has affirmed its rating of A+IS on Tan Chong Motor Holdings Berhad’s (TCMH) RM1.5 billion Islamic Medium-Term Notes (Sukuk Murabahah) Programme. The rating outlook has been revised to negative from stable.RationaleThe outlook revision is premised on the continued weakening of the group’s business profile that ...