MARC has affirmed its rating of AA-IS on Cerah Sama Sdn Bhd’s (Cerah Sama) RM420.0 million sukuk with a stable outlook. Cerah Sama is the investment holding company of Grand Saga Sdn Bhd (Grand Saga), the concessionaire of the 11.5-kilometre Cheras-Kajang Highway. Cerah Sama also serves as an investment vehicle of its major shareholders, Taliworks Corporation Berhad and Employees Provident Fund...

MARC has affirmed its AAA(bg) rating on Boustead Holdings Berhad’s (Boustead) RM1.0 billion Bank-Guaranteed Medium-Term Notes (BG MTN) programme with a stable outlook. The rating reflects the credit strength of the syndicated bank guarantee facility provided by OCBC Bank (Malaysia) Berhad (OCBC Malaysia), Public Bank Berhad (Public Bank), Malayan Banking Berhad (Maybank) and The Bank of East As...

MARC has affirmed its ratings of AA-IS and AIS on DRB-HICOM Berhad’s (DRB-HICOM) Islamic Medium-Term Notes (IMTN) Programme of up to RM1.8 billion and Perpetual Sukuk Musharakah Programme (Perpetual Sukuk) of up to RM2.0 billion respectively. The ratings outlook has been revised to negative from stable. The outlook revision is mainly driven by the impact of the challenges in the domestic a...

MARC has affirmed its ratings of A+ and A on special purpose vehicle RCE Advance Sdn Bhd’s (RCEA) outstanding RM15 million Class A and RM20 million Class B notes respectively under the RM420 million Fixed Rate Medium-Term Notes (MTN) Programme. Concurrently, the rating on the outstanding RM40 million Class C notes under the same programme has been lowered to BBB from BBB+. The outlook on the ra...

MARC has affirmed its AAA financial institution rating on Credit Guarantee Corporation Malaysia Berhad (CGC) with a stable outlook. The affirmed rating incorporates a high systemic support uplift from CGC’s standalone credit profile based on its public policy role as a development financial institution (DFI) and its majority ownership by the central bank, Bank Negara Malaysia. CGC facilita...

MARC has affirmed the rating of AAAIS on TNB Western Energy Berhad’s (TNB Western Energy) Islamic Sukuk of up to RM4.0 billion with a stable outlook. TNB Western Energy is the funding vehicle of TNB Manjung Five Sdn Bhd (TNB Manjung Five) to undertake the construction of a 1,000MW ultra-supercritical coal-fired power plant under a 25-year power purchase agreement (PPA) with Tenaga Nasional...

MARC has affirmed national mortgage corporation Cagamas Berhad’s (Cagamas) debt issue ratings as follows: Conventional and Islamic Commercial Paper (CP/ICP) Programmes with an aggregate combined limit of RM20.0 billion at MARC-1/ MARC-1ID respectively; Conventional and Islamic Medium-Term Notes (MTN/IMTN) Programmes of up to RM40.0 billion at AAA / AAAID respectively; and ICP and I...

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 ratings affirmation reflects CGIF’s strong capital position and conservative liquidity management, underpinned by its sound policy guidelines and governa...

MARC has affirmed its rating of AAAIS(fg) on special purpose vehicle TSH Sukuk Musyarakah Sdn Bhd’s (TSH Musyarakah) RM100.0 million Guaranteed Islamic Medium-Term Notes programme (Sukuk Musyarakah) 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 ha...

MARC has affirmed its ratings of MARC-1IS /AA-IS on TSH Sukuk Ijarah Sdn Bhd’s (TSH Ijarah) RM100.0 million Sukuk Ijarah Commercial Papers (Sukuk ICP) and RM300.0 million Sukuk Ijarah Medium-Term Notes (Sukuk IMTN) programmes with a stable outlook. The ratings affect the outstanding amount of RM270.0 million as at December 28, 2015 under the rated programmes. TSH Ijarah is a special purpose veh...