MARC has affirmed its AA-IS rating on Malaysia Marine and Heavy Engineering Holdings Berhad’s (MHB) RM1.0 billion Sukuk Murabahah Programme. The outlook is revised to negative from stable. The outlook revision to negative mainly reflects MHB’s small outstanding order book and the increasing challenges the company faces over the intermediate term to improve its order book replenishment gi...

MARC has affirmed its long-term and short-term financial institution ratings of AAA/MARC-1 on Hong Kong-based The Bank of East Asia, Limited (BEA). The outlook on the ratings is stable. The affirmed ratings reflect the bank’s capacity to meet its financial obligations on the Malaysian national rating scale. MARC views BEA’s healthy capital position, strong earnings track record and fundi...

MARC has affirmed its AA-IS rating on Malakoff Power Berhad’s (MPower) RM5.40 billion Sukuk Murabahah with a stable outlook. The rating affects the outstanding sukuk of RM4.44 billion. Wholly-owned by Malakoff Corporation Berhad (Malakoff), MPower is the operations and maintenance (O&M) service provider of its parent’s domestic power generation facilities. The rating reflects the co...

MARC has affirmed its AAAID rating on Gas District Cooling (Putrajaya) Sdn Bhd’s (GDC Putrajaya) RM300 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) with a stable outlook. The affirmed rating reflects GDC Putrajaya’s position as the sole supplier of chilled water in Putrajaya under long-term offtake agreements that provide demand charges regardless of offtake volumes. The ma...

MARC has affirmed its ratings of MARC-1IS and AA-IS on concessionaire Northport (Malaysia) Bhd’s (NMB) Islamic Commercial Papers (ICP) Programme and Islamic Medium-Term Notes (IMTN) Programme respectively (collectively known as Sukuk Musharakah Programmes). The outlook on the ratings is stable. The affirmed ratings incorporate NMB’s operating track record stemming from its location on a ...

MARC has affirmed its rating of AAA(fg) on Segi Astana Sdn Bhd's (Segi Astana) RM470.0 million Medium-Term Notes (MTN) programme with a stable outlook. The rating reflects the credit strength of the unconditional and irrevocable financial guarantee provided by Danajamin Nasional Berhad which carries MARC’s financial strength rating of AAA/Stable. Segi Astana is a special purpose vehicle majorit...

MARC has affirmed its rating of AAAID(bg) on Horizon Hills Development Sdn Bhd’s (Horizon Hills) Islamic Bank-Guaranteed Medium-Term Notes (IMTN) Programme of up to RM200 million with a stable outlook. The affirmed rating on the IMTN Programme reflects the credit quality of the unconditional and irrevocable guarantee provided by Public Bank Berhad (PBB) on which MARC has a public information ra...

MARC has affirmed its AAAIS/MARC-1IS ratings on PETRONAS Dagangan Berhad’s (PDB) Islamic Commercial Papers and Islamic Medium-Term Notes Programme (Sukuk Programme) of up to RM2.0 billion. The outlook on the rating is stable. The affirmed ratings of PDB are equalised to the ratings of its parent Petroliam Nasional Berhad (PETRONAS) on which MARC maintains public information ratings of AAA/MARC-...

MARC has affirmed its AAAIS rating on TTM Sukuk Berhad’s (TTM SPV) RM600.0 million Sukuk Murabahah with a stable outlook. TTM SPV is the funding vehicle of its parent Trans Thai-Malaysia (Thailand) Ltd (TTMT) for Phase II of the Trans Thailand-Malaysia (TTM) project (TTM Phase II). TTMT is an equal joint-venture company of Petroliam Nasional Berhad (PETRONAS) and PTT Public Company Ltd (P...

MARC has affirmed its insurer financial strength rating of AA- on Luxembourg-based Atlanticlux Lebensversicherung S.A. (ATL). The rating is based on the Malaysian national rating scale. The affirmed rating reflects ATL’s low business risk of primarily underwriting unit-linked life insurances, its low retention of mortality risk and steady profitability track record. These positive factors are m...