Credit Analysis Reports
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MARC has affirmed its long-term ratings of AAA, AA and A on Kinabalu Capital Sdn Bhd’s Issue 2 Medium-Term Notes (MTN) of RM130 million Class A, RM25 million Class B and RM15 million Class C. Concurrently, MARC also affirmed its MARC-1 rating on Kinabalu Capital’s issue of up to RM170 million Commercial Papers (CP). The outlook on all ratings is stable. The issuance of the rated MTN an...


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MARC has affirmed its investment manager rating of IMR-2 on Kenanga Islamic Investors Berhad (KIIB). The rating reflects KIIB’s established investment management process, underpinned by a prudent risk management framework that is sufficient for its relatively small-sized asset management business. KIIB is wholly-owned by Kenanga Investors Berhad (KIB), a domestically well-established fund ...


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MARC has affirmed the investment manager rating of IMR-2 on Kenanga Investors Berhad (KIB). The IMR rating considers KIB’s well-established investment management processes, strong risk management practices and operating track record. These factors are moderated by its relatively small asset size and moderate financial profile. Wholly owned by Kenanga Investment Bank Berhad (Kenanga), KIB s...


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MARC has affirmed its MARC-1IS and AA-IS ratings on Northport (Malaysia) Berhad’s (Northport) Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme. The outlook on the ratings is stable. The rated programmes have a combined limit of RM1.5 billion and the outstanding under the programmes was RM450 million as at end-January 2019. Northport is a port operato...


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MARC has affirmed its financial institution (FI) rating of AAA on The Export-Import Bank of Korea (KEXIM) and the issue rating of AAA on its Medium-Term Notes programme of RM1.0 billion. The FI and issue ratings are based on the domestic rating scale. The outlook on the ratings is stable. The FI rating on KEXIM is equalised to the Republic of Korea’s (South Korea) AAA/stable rating from MA...


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MARC has affirmed its MARC-1 rating but lowered its AA rating to AA- on Murud Capital Sdn Bhd’s Senior Commercial Papers/Medium-Term Notes (Senior CP/MTN) programme of up to RM290 million. The ratings outlook remains negative. The rating action assumes a reduction of RM35 million in the outstanding amount of RM279 million of Senior CP/MTN to...


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MARC has affirmed its rating of AAA on Inverfin Sdn Bhd’s outstanding RM160 million Tranche A notes under its RM200 million Medium-Term Notes (MTN) programme. The programme limit of the Tranche A notes has been streamlined to match the outstanding amount of RM160 million from RM185 million. Concurrently, the programme limit of the unrated Tranche B notes has been increased to RM40 million. The ...


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MARC has affirmed its A+IS rating on toll concessionaire Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (SPRINT) Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS). Concurrently, the rating outlook has been revised to developing. SPRINT is the toll concessionaire of the 26.5-km interlinked SPRINT highways comprising Damansara Link, Kerinchi Link and Penchala Link in Kuala Lumpur. The dev...


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MARC has affirmed its rating of AA-IS on Malaysia Marine and Heavy Engineering Holdings Berhad’s (MHB) RM1.0 billion Sukuk Murabahah Programme with a stable outlook. The affirmed rating incorporates a one-notch rating uplift based on MHB’s status as a member of the Petroliam Nasional Berhad (PETRONAS) group of companies. PETRONAS carries a AAA/stable rating from MARC. MHB’s standalone ...


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MARC has affirmed its ratings on Alpha Circle Sdn Bhd’s RM540 million Senior Sukuk Musharakah and RM55 million Junior Sukuk Musharakah at AA-IS and AIS. The ratings outlook remains negative. The affirmed ratings primarily consider the improvement in the volume of work permits issued for foreign workers with the uptrend reflecting moderate success of the government programme to rehire/l...


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