MARC has affirmed its long-term and short-term financial institution (FI) ratings of A+ and MARC-1 on Kenanga Investment Bank Berhad (Kenanga) with a stable outlook.The affirmed ratings are primarily premised on Kenanga’s strong competitive position in the retail stockbroking business in Malaysia, its healthy capital position, its moderate profitability metrics and adequate funding pr...

MARC has affirmed its ratings of MARC-1IS /AA-IS on UEM Sunrise Berhad’s two Islamic Commercial Papers and Islamic Medium-Term Notes programmes (ICP/IMTN-1 and ICP/IMTN-2) with a stable outlook. Each of the ICP/IMTN programmes has a limit of RM2.0 billion with a sublimit of RM500.0 million on the ICP issuances. UEM Sunrise’s long-term rating benefits from a one-notch uplift for parental ...

MARC has affirmed its AAAIS rating on TNB Western Energy Berhad’s sukuk of up to RM4.0 billion with a stable outlook. TNB Western Energy is the funding vehicle of TNB Manjung Five Sdn Bhd, a wholly-owned subsidiary of Tenaga Nasional Berhad (TNB), which was awarded a 25-year power purchase agreement (PPA) in 2013. The rating and outlook of TNB Western Energy are equalised with TNB’s corp...

MARC has affirmed its AAIS rating on ANIH Berhad's RM2.5 billion Senior Sukuk Musharakah Programme with a stable outlook. ANIH is the concessionaire of Kuala Lumpur-Karak Highway (KL-Karak) and Phase 1 of East Coast Expressway (ECE1) until 2032. Its toll concession for Kuala Lumpur-Seremban Expressway (KL-Seremban) ended on May 31, 2018; the impact to ANIH, however, is minimal. The affirmed ...

MARC has affirmed its AAAIS rating on TTM Sukuk Berhad’s (TTM SPV) RM600.0 million Sukuk Murabahah, with a stable outlook. The rating reflects MARC’s assessment of a very high likelihood of support for this strategically important, government-to-government Trans Thailand-Malaysia (TTM) project from project sponsors, Petroliam Nasional Berhad (PETRONAS) and PTT Public Company Ltd (PTT). P...

MARC has affirmed its AA-IS rating on Tanjung Bin O&M Berhad’s RM470.0 million Islamic Securities (Sukuk Wakalah) with a stable outlook. The rating reflects the credit strength of the issuer’s parent, Malakoff Power Berhad (MPower), which has provided an unconditional and irrevocable undertaking in the form of cash deficiency support to top up any shortfall in the finance service re...

MARC has assigned a final rating of AA-IS to port operator Penang Port Sdn Bhd’s (PPSB) proposed Islamic Medium-Term Notes Issuance Programme of up to RM1.0 billion. The rating carries a stable outlook. PPSB operates Penang Port under a long-term concession agreement expiring on December 31, 2041. Proceeds from the proposed issuance will be entirely used to refinance PPSB’s maturing RM1.0 bil...

MARC has affirmed its ratings on Sunway Berhad’s issuances under the RM2.0 billion Commercial Papers/Medium-Term Notes (CP/MTN) programmes at MARC-1/AA-. Concurrently, the ratings on Sunway Treasury Sukuk Sdn Bhd’s issuances under the RM2.0 billion Sukuk Programme and RM10.0 billion Islamic Commercial Paper/ Islamic Medium-Term Notes (ICP/ IMTN) programmes have been affirmed at MARC-1IS(cg)/A...

MARC has affirmed Sime Darby Plantation Berhad’s (SD Plantation) corporate credit rating at AAA, and its Perpetual Subordinated Sukuk Programme (Perpetual Sukuk) of up to RM3.0 billion at AAIS. The ratings outlook is stable. The affirmed corporate credit rating is driven by SD Plantation’s strong cash flow generating ability from its sizeable, geographically-diversified and integrated oi...

MARC has affirmed its long-term and short-term counterparty credit ratings of AAA/MARC-1 on Credit Guarantee and Investment Facility (CGIF) with a stable outlook. The ratings are based on Malaysia’s national rating scale.   The affirmed ratings reflect CGIF’s strong capital and liquidity position which are underpinned by sound policy guidelines and governan...