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MARC Ratings has affirmed its long- and short-term financial institution (FI) ratings of AA+/MARC-1 on China Construction Bank (Malaysia) Berhad (CCBM) with a stable outlook. The long-term FI rating is notched down from the FI rating of its parent, China Construction Bank Corporation (CCB) of AAA based on publicly available information. The notching reflects our view that CCBM continues to be...
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MARC Ratings has affirmed its AA-, AA-IS and AIS ratings on WCT Holdings Berhad’s RM1.0 billion Medium-Term Notes (MTN) Programme, RM1.5 billion Sukuk Murabahah Programme and RM1.0 billion Perpetual Sukuk Musharakah Programme. Concurrently, the rating agency has revised the outlook on all the ratings to negative from stable.The outlook revision is premised on the persistently high leverage posit...
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MARC Ratings has affirmed its long- and short-term financial institution (FI) ratings of AA+/MARC-1 on Kuwait Finance House (Malaysia) Berhad (KFH Malaysia) with a stable outlook. The long-term FI rating of KFH Malaysia is notched down from the rating of its parent Kuwait Finance House KSC (KFH) of AAA/Stable based on public information. The one notch differential reflects MARC ...
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MARC Ratings has downgraded its rating on TG Excellence Berhad’s RM3.0 billion Perpetual Sukuk Wakalah Programme to A+IS(cg) from AA-IS(cg). TG Excellence is a wholly-owned funding vehicle of Top Glove Corporation Bhd whose corporate credit rating was concurrently lowered to AA from AA+. Top Glove has provided an irrevocable and unconditional guarantee on the perpetual sukuk. The ratings outlook...
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MARC Ratings has affirmed its MARC-1/AA- ratings on Sunway Berhad’s RM2.0 billion Commercial Papers/Medium-Term Notes (CP/MTN) Programmes. Concurrently, it has also affirmed its ratings of MARC-1IS(cg)/AA-IS(cg) on Sunway’s wholly-owned subsidiary Sunway Treasury Sukuk Sdn Bhd’s issuances under the RM10.0 billion Islamic Commercial Papers/Islamic Medium-Term Notes (ICP/IMTN) Programmes. Sunw...
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MARC Ratings has assigned a "Gold" Impact Assessment to Solarvest Holdings Berhad’s (Solarvest) Sustainability Sukuk Framework (the Framework). The Framework has been established to set the guiding principles for Solarvest’s issuances of Islamic financing instruments for specific eligible projects.MARC Ratings has assessed the Framework and is satisfied that it is aligned with the core compone...
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MARC Ratings has affirmed its AA-IS rating on Malaysia Marine and Heavy Engineering Holdings Berhad’s (MHB) RM1.0 billion Sukuk Murabahah Programme with a stable outlook. There is no outstanding amount under the programme to date. The rating affirmation continues to incorporate MHB’s conservative balance sheet, solid liquidity and strong competitive position as the largest domestic offsho...
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MARC Ratings has affirmed its A+IS(s) rating on Projek Lintasan Sungai Besi – Ulu Klang Sdn Bhd’s (PLSUKE) Sukuk Wakalah Programme of up to RM2.0 billion with a stable outlook. Concurrently, the rating agency has affirmed its rating of AAAIS(bg)/Stable on PLSUKE’s guaranteed facilities of up to RM500.0 million which were previously guaranteed by Danajamin Nasional Berhad. The guaranteed faci...
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MARC Ratings has affirmed its AAAIS rating on TNB Northern Energy Berhad’s outstanding sukuk of RM1.22 billion with a stable outlook. TNB Northern is the funding vehicle for TNB Prai Sdn Bhd (TNB Prai), which operates a 1,071.43MW combined-cycle gas turbine power plant (comprising two power generation units — Unit 10 and Unit 20 — with an installed capacity of 535.715MW each) in S...
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MARC Ratings has affirmed its AAAIS rating on TNB Western Energy Berhad’s (TNB Western) outstanding sukuk of RM3.7 billion with a stable outlook. The sukuk had been issued to fund the construction of the 1,000MW coal power plant in Manjung, Perak, for its parent TNB Manjung Five Sdn Bhd (TNB Manjung Five). The plant attained commercial operations date on September 28, 2017. The affirmed rat...
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