Credit Analysis Reports
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MARC has affirmed its long-term and short-term financial institution ratings of AA- and MARC-1 on KAF Investment Bank Berhad (KAF IB). The outlook on the ratings is stable. The ratings reflect KAF IB’s key credit strengths that include strong capital ratios and liquidity levels, underpinned by a conservative investment strategy. The susceptibility of the bank’s performance to domestic ca...


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MARC has affirmed its rating of B-IS with a stable outlook on Talam Transform Berhad’s (Talam) outstanding RM52.1 million Settlement Bithaman Ajil Islamic Debt Securities (Settlement BaIDs). The affirmed rating continues to reflect Talam’s weak business and financial profile and its reliance on asset disposals to meet financial obligations. During the period under review, Talam’s asset...


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MARC has affirmed its AAAIS rating on special purpose vehicle Aman Sukuk Berhad’s (Aman) Islamic Medium-Term Notes (IMTN) programme of up to RM10.0 billion with a stable outlook. The affirmed rating is premised on the credit strength of the Malaysian government as the sole paymaster of the sublease rentals which are sufficient to meet the principal and profit payments under the IMTN progra...


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MARC has assigned long-term and short-term financial institution (FI) ratings of A+ and MARC-1 to Kenanga Investment Bank Berhad (Kenanga) with a stable outlook. The ratings are mainly premised on Kenanga’s established track record in investment banking activities as well as its position as a medium-sized investment bank and moderate profitability metrics. Kenanga is primarily involved in ...


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MARC has affirmed the State of Kuwait’s (Kuwait) foreign currency sovereign rating of AAA with a stable outlook based on MARC’s national rating scale. The rating reflects MARC’s opinion of the sovereign’s ability to meet its foreign currency obligations in full and on time, without respect to specific securities or payment obligations. The rating also serves as a country ceiling for ringg...


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MARC has assigned a rating of AA-IS to Quantum Solar Park (Semenanjung) Sdn Bhd’s (QSP Semenanjung) Green SRI Sukuk of up to RM1.0 billion. The outlook on the rating is stable. QSP Semenanjung is a wholly-owned subsidiary of Quantum Solar Park Malaysia Sdn Bhd, with the latter’s ownership interest equally divided among ItraMAS Technology Sdn Bhd (ItraMAS), MalTechPro Sdn Bhd (MalTechPro) and ...


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


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MARC has affirmed its rating of AAAIS(fg) on Antara Steel Mills Sdn Bhd’s (Antara) RM300.0 million Sukuk Mudharabah Programme with a stable outlook. The affirmed rating and outlook are based on the unconditional and irrevocable financial guarantee insurance provided by Danajamin Nasional Berhad (Danajamin) on which MARC has an insurer financial strength rating of AAA/stable and long-term counte...


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MARC has assigned a preliminary rating of AA-IS to Southern Power Generation Sdn Bhd’s (Southern Power) proposed Sukuk Wakalah of up to RM4.0 billion. The outlook on the rating is stable. Southern Power, a 51:49 joint venture (JV) between Tenaga Nasional Berhad (TNB) and SIPP Energy Sdn Bhd (SIPP), will utilise proceeds from the sukuk to develop a 2x720-megawatt (MW) combined cycle gas-fired pl...


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MARC has affirmed the AA-IS rating on Kimanis Power Sdn Bhd's (KPSB) RM1,160.0 million Sukuk Programme (sukuk) with a stable outlook. KPSB is the owner of the 285-megawatt (MW) combined-cycle gas-fired power plant at Kimanis Bay, Sabah. The affirmed rating continues to be underpinned by the favourable terms of KPSB’s 21-year power purchase agreement (PPA) that allocates demand risk and fue...


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