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MARC Ratings has revised its rating outlook on the sukuk programmes of its rated cocoa grinders, Guan Chong Berhad (AA-IS) and JB Cocoa Sdn Bhd (A+IS), to negative from stable.The rating action is driven by the prevailing abnormal price environment for cocoa beans, having risen steeply from USD3,835/MT to USD9,193/MT between end-October 2023 and end-March 2024, that has weighed sharply on the work...
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MARC Ratings has extended its MARCWatch Negative placement on YNH Property Berhad’s (YNH) Islamic Medium-Term Notes Programme (Sukuk Wakalah) following a rating downgrade to BBB-IS. The rating was at BBB+IS when it was first placed on negative watch on January 18, 2024. The rating action reflects MARC Ratings’ heightened concerns on YNH’s continued weak financial position, the lack of m...
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MARC Ratings has affirmed its AA-IS and A- ratings on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (Kesturi) RM2.3 billion Sukuk Musharakah (Senior Sukuk) and RM180 million Redeemable Secured Junior Bonds with a stable outlook. The rating differential between the Senior Sukuk and Junior Bonds reflects the latter’s subordinated status in line with the rating agency’s methodology.The affirm...
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MARC Ratings has assigned a final rating of AAIS(cg) to Sunway Healthcare Treasury Sdn Bhd’s Islamic Medium-Term Notes (IMTN) Programme of up to RM5.0 billion with a stable outlook. The rating agency has reviewed the final documentation for the programme and is satisfied that the terms and conditions have not changed in any material way from the draft documentation on which the preliminary ...
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MARC Ratings has affirmed its AA-IS rating on Quantum Solar Park (Semenanjung) Sdn Bhd’s (QSP Semenanjung) outstanding RM750.0 million Green Sustainable and Responsible Investment (SRI) Sukuk with a stable outlook. QSP Semenanjung owns three 50MW power plants located in Gurun, Kedah; Jasin, Melaka; and Merchang, Terengganu.The rating affirmation reflects the good track record of energy generatio...
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MARC Ratings has affirmed its AA-IS rating on Sinar Kamiri Sdn Bhd’s outstanding RM185.0 million Green Sustainable and Responsible Investment Sukuk Wakalah. The rating outlook is stable.The rating affirmation reflects Sinar Kamiri’s stable operational performance, steady cash flow generation and adequate finance service coverage ratio (FSCR) profile. The rating is underpinned by a 21-year fixe...
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MARC Ratings has affirmed its long-term ratings of AAA, AA and A on Kinabalu Capital Sdn Bhd’s Issue 3 of RM113 million Class A, RM21 million Class B and RM11 million Class C Medium-Term Notes (MTN). The outlook on all ratings is stable.The affirmed ratings reflect the loan-to-value (LTV) ratios of the classes under the issuance that are within the LTV benchmarks MARC Ratings applies for the rat...
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MARC Ratings has affirmed its AAAIS and AAA ratings on Cagamas MBS Berhad’s asset-backed Sukuk Musyarakah issuance (CMBS 2007-1-i) and fixed rate serial bonds (CMBS 2005-2; CMBS 2007-2). The outlook on all ratings is stable. Cagamas MBS was established to undertake the securitisation of government staff housing loans/financings. The affirmed ratings and outlook reflect the fully cash-collat...
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MARC Ratings has assigned a preliminary rating of AAIS(cg) to Sunway Healthcare Treasury Sdn Bhd’s (SH Treasury) existing unrated Islamic Medium-Term Notes (IMTN) Programme of up to RM5.0 billion with a stable outlook. The rating reflects the credit strength of parent Sunway Healthcare Holdings Sdn Bhd (SHH), on account of the unconditional and irrevocable guarantee it provided to investors. SH ...
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MARC Ratings has assigned a "Gold" Impact Assessment to Malaysia Rail Link Sdn Bhd’s (MRL) SDG Sukuk Framework. The framework has been established to set the guiding principles for MRL’s issuance of SDG Sukuk for specific eligible projects that contribute towards environmental and social benefits.MRL, a special purpose vehicle company wholly owned by Malaysia’s Ministry of Finance (Incorpora...
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