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MARC Ratings has withdrawn its rating of AAIS/Stable on BEWG (M) Sdn Bhd’s RM400.0 million Islamic Medium-Term Notes Programme (Sukuk Wakalah). The outstanding under the facility was settled in full on September 14, 2023. The facility was subsequently cancelled on September 15, 2023, as confirmed by the facility agent, ahead of its maturity on July 18, 2025. Accordingly, MARC Ratings will no lon...
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MARC Ratings has upgraded its rating on Celcom Networks Sdn Bhd’s (CNSB) Sukuk Murabahah programme of RM5.0 billion to AAAIS from AA+IS. The rating outlook is stable. The outstanding under the programme stood at RM1.15 billion as at end-1H2023.The rating action follows from MARC Ratings’ assessment that the merger between CNSB’s parent Celcom Berhad (Celcom) and Digi.Com Berhad to form Celco...
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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.MRCB’s established track record in property development with a focus on transit-oriented developments (TOD) and its strong position in the domestic construction sector with sizeable infrastructure contra...
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MARC Ratings has affirmed its AA- rating on Central Impression Sdn Bhd’s (CISB) outstanding RM45.0 million Fixed Rate Serial Bonds. The rating outlook is stable. The rating affirmation reflects the credit strength of AEON Co (M) Berhad (AEON) which, as the principal lessee of CISB’s AEON Mall Ipoh Klebang, makes fixed lease payments that are deemed sufficient to meet financi...
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MARC Ratings has affirmed its rating of AAIS(cg)/Stable on VS Capital Management Sdn Bhd’s Islamic Medium-Term Notes (IMTN) Programme of up to RM1.0 billion. VS Capital Management is a wholly-owned funding vehicle of VS Industry Berhad (VSI) which has provided an unconditional and irrevocable guarantee on the IMTN. The rating reflects VSI’s strong cash flow generation, underpinned by its ...
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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 rating affirmation incorporates the sizeable and predictable revenue from PLNG2’s regasification services. Under the Incentive-Based Regulation framework, PLNG2’s annual revenue requirement (ARR) is set by t...
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MARC Ratings has affirmed its AA-IS rating on SHC Capital Sdn Bhd’s RM80 million issuance under its RM200 million Islamic Medium-Term Notes (Sukuk Wakalah) Programme with a stable outlook. There is no further drawdown expected, but any drawdown will require a reassessment of the rating. SHC Capital is a wholly-owned funding vehicle of Tunas Cool Energy Sdn Bhd (TUNAS), a subsidiary of Sin H...
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MARC Ratings has affirmed its rating of AA-IS on SAJ Capital Sdn Bhd’s Sukuk Murabahah of up to RM650 million with a stable outlook.SAJ Capital is a wholly-owned funding vehicle of Ranhill Capital Sdn Bhd, which owns an 80% stake in Ranhill SAJ Sdn Bhd. As the dividends from Ranhill SAJ form the source of the profit payments and principal repayments of the sukuk, the rating reflects its credit s...
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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 amount under the programme stood at RM181.0 million as at end-August 2023.The rating affirmation incorporates Sunsuria’s property development approach, healthy overall take-up rates and low inventory level. The rating also factors in the...
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MARC Ratings has assigned a preliminary rating of AA-IS/Stable to OCK Group Berhad’s (OCK) proposed RM400 million Tranche 1 to be issued under a proposed RM700 million Sukuk Murabahah Programme. OCK is principally involved in telecommunication network services that comprise tower leasing, provision of full turnkey solutions, and managed services. The rating considers OCK’s stable operatin...
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