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...

Rating action           MARC Ratings has affirmed its rating of AA-IS on Guan Chong Berhad’s (GCB) Sukuk Wakalah Programme of up to RM800.0 million with a stable outlook. The outstanding under the programme currently stands at RM600.0 million. Rationale      GCB's established market position in the midstream cocoa supply chain — as the lar...

Rating action           MARC Ratings has affirmed its ratings on Cagamas Berhad’s bonds and sukuk issuances as follows:MARC-1/MARC-1IS on Conventional and Islamic Commercial Papers (CP/ICP) programmes with a combined aggregate limit of RM20.0 billionAAA/AAAIS on Conventional and Islamic Medium-Term Notes (MTN/IMTN) programmes of up to RM60.0 billion The ratings...

Rating action          MARC Ratings has affirmed its ratings of MARC-1IS/AA-IS on port operator Johor Port Berhad’s (JPB) Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme with a combined limit of RM1.0 billion. The long-term rating carries a stable outlook. The outstanding under the programme is RM600 million IMTNs. The compan...

Rating action          MARC Ratings has affirmed its MARC-1IS and A+IS ratings on George Kent (Malaysia) Berhad’s (George Kent) RM100.0 million Islamic Commercial Papers (ICP) Programme and RM500.0 million Islamic Medium-Term Notes (IMTN) Programme, subject to a combined limit of RM500.0 million. The ratings outlook is stable. As of end-June 2023, total outstanding ...

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...