Rating action          MARC Ratings has lowered its rating on TG Excellence Berhad’s RM3.0 billion Perpetual Sukuk Wakalah Programme to AIS(cg) from A+IS(cg). TG Excellence is a wholly-owned funding vehicle of Top Glove Corporation Bhd which has provided an irrevocable and unconditional guarantee on the perpetual sukuk programme. The rating action follows the downgr...

Rating action           MARC Ratings has affirmed its ratings of AAIS /AA on funding vehicle OSK Rated Bond Sdn Bhd’s (OSKRB) Sukuk Murabahah/Multi-Currency Medium-Term Notes (Sukuk/MCMTN) Programmes with a combined limit of up to RM2.0 billion. The ratings outlook is stable. The ratings apply only to ringgit-denominated sukuk/notes under the programmes. The program...

Rating action                  MARC Ratings has affirmed its rating on Evyap Sabun Malaysia Sdn Bhd’s (Evyap Malaysia) RM500.0 million Sukuk Wakalah Programme at AA-IS. Concurrently, the rating outlook has been revised to positive from stable. RationaleThe outlook revision reflects Evyap Malaysia’s ability to maintain healthy operating per...

Rating action          MARC Ratings has affirmed its rating of AAAIS(bg)  rating on Malaysia Steel Works (KL) Bhd’s (Masteel) RM130.0 million Sukuk Ijarah Programme guaranteed by Bank Pembangunan Malaysia Berhad (BPMB) with a stable outlook. The affirmed rating and outlook are based on MARC Ratings’ assessment of the credit strength of BPMB (AAA/Stable).Ratio...

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 rating of AAAIS on Pengerang LNG (Two) Sdn Bhd’s (PLNG2) Islamic Medium-Term Notes (IMTN) Programme of up to RM3.0 billion. The rating outlook is stable. The programme has an outstanding amount of RM1.5 billion as at end-July 2023.RationaleThe rating affirmation incorporates the sizeable and predictable revenue fr...

Rating action      MARC Ratings has affirmed its AAAIS /MARC-1IS ratings on Gas Malaysia Distribution Sdn Bhd’s (GMD) Islamic Medium-Term Notes (IMTN) programme and Islamic Commercial Papers (ICP) programme with a combined limit of up to RM1.0 billion. The ratings outlook is stable. As at end-April 2023, the outstanding amount under the programmes stood at RM241.0 million.&nb...

Rating action          MARC Ratings has revised the outlook on Top Glove Corporation Bhd’s (Top Glove) corporate credit rating to negative from stable on concerns that the impact from the continued tough global market conditions for glove manufacturers will weigh on the group’s performance. Concurrently, the rating outlook on the RM3.0 billion Perpetual Sukuk Waka...

Rating ActionMARC Ratings has affirmed its rating of AAAIS on Pengerang LNG (Two) Sdn Bhd’s (PLNG2) Islamic Medium-Term Notes (IMTN) programme of up to RM3.0 billion. The rating outlook is stable. The programme has an outstanding amount of RM1.6 billion as at end-August 2022.RationaleThe affirmed rating reflects the sizeable and predictable revenue from PLNG2’s regasification services under th...

Rating action        MARC Ratings has affirmed its rating of AA-IS on Evyap Sabun Malaysia Sdn Bhd’s (Evyap Malaysia) RM500.0 million Sukuk Wakalah Programme with a stable outlook. The outstanding under the programme stood at RM300.0 million as at September 30, 2022.RationaleThe affirmed rating reflects Evyap Malaysia's vertically integrated oleochemical production facil...