Credit Analysis Reports
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MARC has assigned a preliminary 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...


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MARC has affirmed its rating of AA-IS on toll concessionaire Lebuhraya DUKE Fasa 3 Sdn Bhd’s (DUKE 3) RM3.64 billion Sukuk Wakalah. The rating outlook remains negative. DUKE 3, a wholly-owned subsidiary of Ekovest Berhad (Ekovest), is undertaking the design, construction, financing, operations and maintenance of the 32.1-km Setiawangsa-Pantai Expressway (SPE) in Kuala Lumpur. SPE will conne...


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MARC has affirmed its AAAIS rating with a stable outlook on Putrajaya Bina Sdn Bhd’s (PBSB) RM1.58 billion Islamic Medium-Term Notes (Sukuk Wakalah) Programme. Wholly owned by Putrajaya Holdings Sdn Bhd (PJH), PBSB undertook the development of nine blocks of government office buildings and one block of shared facilities in Parcel F, Precinct 1 in Putrajaya under a concession agreement with...


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MARC has affirmed its AA-IS rating on single-purpose company SAJ Capital Sdn Bhd’s Sukuk Murabahah of up to RM650.0 million with a stable outlook.SAJ Capital Sdn Bhd is 100%-owned by Ranhill Capital Sdn Bhd which holds an 80% interest in Ranhill SAJ Sdn Bhd (SAJ), the sole water treatment operator and treated water distributor in Johor. The affirmed rating reflects the credit strength of ...


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MARC has affirmed its financial institution (FI) ratings on CIMB Bank Berhad at AAA/MARC-1 with a stable outlook. Concurrently, its ratings on the bank’s existing subordinated debt programmes have been affirmed with a stable outlook. These ratings have been notched down from the bank’s long-term FI rating based on their relative loss severity risk profiles. The subordinated debt programmes ar...


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MARC has affirmed its long-term and short-term corporate credit ratings of AA+/MARC-1 on CIMB Group Holdings Berhad (CIMB Group) and its issue rating of AA on the group’s RM10.0 billion Basel III-compliant Tier 2 Subordinated Debt Programme. The outlook on the ratings is stable. The one-notch rating differential between CIMB Group’s long-term corporate credit rating and its subordinated debt ...


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MARC has affirmed CIMB Islamic Bank Berhad’s (CIMB Islamic) financial institution (FI) ratings of AAA/MARC-1 with a stable outlook. CIMB Islamic’s FI rating is equalised to parent CIMB Bank Berhad (AAA/Stable) based on its strategic importance in Islamic banking, its shared branding and close operational integration within the group. The rating agency has concurrently affirmed the rating...


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MARC has affirmed its ratings on Putrajaya Holdings Sdn Bhd’s (PJH) issuances under the following programmes: RM370.0 million Sukuk Musharakah Programme (due 2030) at AAAIS / stable; RM3.0 billion Sukuk Musharakah Programme (due 2032) at AAAIS / stable; and RM1.5 billion Sukuk Musharakah Medium-Term Notes (MTN) Programme (due 2033) at AAAIS / stable. The ratings are mainly pre...


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MARC has assigned its rating of A+IS to DRB-HICOM Berhad’s proposed Islamic Medium-Term Notes Programme (Sukuk Programme) with a nominal value of up to RM3.5 billion. The rating outlook is positive. Concurrently, MARC has affirmed its ratings of A+IS and A-IS on DRB-HICOM’s existing Islamic Medium-Term Notes (IMTN) Programme of up to RM1.8 billion and Perpetual Sukuk Musharakah Programme of u...


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MARC has affirmed its MARC-1IS /AA-IS ratings on Serba Dinamik Holdings Berhad’s (Serba Dinamik) RM500 million multi-currency Islamic Commercial Papers Programme and RM1.5 billion Islamic Medium-Term Notes Programme (Sukuk Wakalah) with a combined limit of RM1.5 billion. The outlook on the ratings is stable. The stable outlook assumes that over the next quarter, the group will reduce its l...


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