Credit Analysis Reports
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Rating action     MARC has assigned a final rating of AAAIS to Bank Pertanian Malaysia Berhad’s (Agrobank) RM1.0 billion  Islamic Medium-Term Notes Programme (IMTN programme). Concurrently, the rating agency has assigned its financial institution (FI) rating of AAA to Agrobank. The ratings outlook is stable.Rationale     The FI rating reflects Agrobank’s stat...


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Rating action     MARC has affirmed its ratings on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (Kesturi) RM2.3 billion Sukuk Musharakah (Senior Sukuk) and RM180 million Redeemable Secured Junior Bonds (Junior Bonds) at AA-IS and A-. The ratings outlook has been revised to negative from stable. The three-notch rating differential between the Senior Sukuk and Junior Bonds reflec...


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Rating action     MARC has assigned a rating of AA+IS to UMW Holdings Berhad’s (UMW) RM2.0 billion Islamic Medium-Term Notes Programme (Sukuk Musharakah). Concurrently, UMW’s RM2.0 billion Perpetual Sukuk Programme (Perpetual Sukuk) has been assigned a rating of AA-IS with the two-notch rating differential between the two programmes being in line with MARC’s methodology on not...


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Rating action     MARC has affirmed its AA-IS rating on Leader Energy Sdn Bhd’s outstanding ASEAN Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah of RM255.0 million. The rating outlook is stable. Leader Energy is the investment holding company of two solar power project companies with solar power projects in Kuala Muda, Kedah. The solar power plants have a combine...


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Rating action     MARC has affirmed its MARC-1IS and A+IS ratings on George Kent (Malaysia) Berhad’s (George Kent) RM100.0 million Islamic Commercial Papers (ICP) Programme and RM500.0 million Islamic Medium-Term Notes (IMTN) Programme subject to a combined limit of RM500.0 million. The ratings outlook is stable. Rationale     The ratings reflect George Kent’...


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MARC has affirmed its investment manager rating of IMR-2 on Kenanga Investors Berhad (KIB). Rationale     The rating primarily reflects KIB’s well-established investment management process, sound risk management practices and strong operating track record. These factors are moderated by its relatively small asset size and an adequate financial profile.KIB is a wholly-owned fu...


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


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Rating action     MARC has affirmed its AAAIS rating on TTM Sukuk Berhad’s (TTM SPV) RM600.0 million Sukuk Murabahah, with a stable outlook.Rationale     The rating reflects MARC’s assessment of a very high likelihood of support for Trans Thailand-Malaysia (TTM), a strategically important project involving two governments through project sponsors, Petroliam Nasion...


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Rating action     MARC has affirmed its long-term and short-term financial institution (FI) ratings of A+ and MARC-1 on Kenanga Investment Bank Berhad (Kenanga). The ratings outlook is stable.Rationale     Kenanga’s strong competitive position in the domestic stockbroking industry from which it has been able to generate moderate-to-strong income remains the key fact...


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MARC has affirmed its AA- rating on Central Impression Sdn Bhd’s (CISB) outstanding RM75 million Fixed Rate Serial Bonds. The rating outlook remains negative. Rationale     The negative outlook is premised on our concern over the CISB’s liquidity position if an ongoing plan to clear its tax arrears of RM10 million is not realised. Under the plan, CISB will issue new shares ...


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