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MARC Ratings has affirmed its public information sovereign rating of AAA/Stable on Malaysia based on its national rating scale. The AAA rating reflects the country’s credit strengths, including a competitive and diversified economy that has maintained a relatively steady growth trajectory. Malaysia has consistently posted a current account (CA) surplus, which contributes to a stable externa...
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MARC Ratings has affirmed its MARC-1IS/AAAIS ratings on PETRONAS Dagangan Berhad’s (PDB) RM10.0 billion nominal value Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme. The ratings outlook is stable. The affirmed ratings reflect PDB’s well-established track record and its very strong market position in the domestic retailing and marketing of petroleu...
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MARC Ratings has affirmed its ratings of MARC-1IS /AA-IS on UDA Holdings Berhad’s (UDA) Islamic Commercial Papers (ICP) Programme of up to RM100.0 million and Islamic Medium-Term Notes (IMTN) Programme of up to RM1.0 billion, with a combined aggregate limit of up to RM1.0 billion. The ratings outlook is stable. The ratings incorporate a one-notch uplift from UDA’s standalone credit profil...
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MARC Ratings has affirmed its ratings of MARC-1IS /AAIS on Cellco Capital Berhad’s (Cellco) RM520 million Issue 1 issued under its Islamic Commercial Papers/Islamic Medium-Term Notes Programme (Sukuk Ijarah) with a combined limit of up to RM1.0 billion. The ratings outlook is stable. Cellco is a funding vehicle for its parent, Stealth Solutions Sdn Bhd, an independent tower company. I...
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MARC Ratings has affirmed its AAAIS rating on TTM Sukuk Berhad’s (TTM SPV) RM600.0 million Sukuk Murabahah with a stable outlook. TTM SPV is the funding vehicle of Trans Thai-Malaysia (Thailand) Limited (TTMT) for the construction of two gas pipelines to transport natural gas from the Malaysia-Thailand Joint Development Area (JDA) in the Gulf of Thailand to the industrial city of Rayong in Thail...
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MARC Ratings highlights that Alpha Circle Sdn Bhd’s Senior Sukuk Musharakah programme of RM595.0 million and Junior Sukuk Musharakah programme of RM55.0 million have expired on November 19, 2023. Both programmes are rated at CIS. Following the expiry of the programmes, MARC Ratings will no longer provide surveillance on the ratings.Contacts:Cyndy Goh, +603-2717 2941/ cyndy@marc.com.my &nbs...
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MARC Ratings has assigned a corporate credit rating of AA- to Orkim Sdn Bhd with a stable outlook. The rating reflects Orkim’s leadership position as the largest domestic vessel owner with 16 clean petroleum product (CPP) tankers and two liquified petroleum gas tankers, with an estimated 17% market share by fleet size as of June 2023. The rating considers its long track record of steady ope...
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MARC Ratings has affirmed its rating of AA- on STM Lottery Sdn Bhd’s RM800.0 million 15-year Medium-Term Notes (MTN) Programme with a stable outlook. The rating affirmation considers STM Lottery’s entrenched domestic market presence as a number forecast operator (NFO), well-established operating track record and strong cash flow generation relative to its debt obligations. Operating in th...
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MARC Ratings has affirmed its AAAIS rating on Amanat Lebuhraya Rakyat Berhad’s (ALR) RM5.5 billion sukuk programme, with a stable outlook. The rating reflects the strong cash flow generation capacity of ALR’s portfolio of matured highways in the Klang Valley, its strong debt service ability, and the low capital requirement for operations and maintenance (O&M) of the highways. A no-div...
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MARC RATINGS AFFIRMS AAAIS(BG) RATING ON MASTEEL'S RM130.0 MILLION GUARANTEED SUKUK IJARAH PROGRAMME
MARC Ratings has affirmed its AAAIS(bg) rating on Malaysia Steel Works (KL) Bhd’s (Masteel) RM130.0 million Bank Pembangunan Malaysia Berhad–guaranteed Sukuk Ijarah Programme with a stable outlook. On a standalone basis, Masteel’s credit profile incorporates its longstanding track record in the domestic production of steel billets and steel bars, its moderate domestic market posit...
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