MARC has affirmed its rating of AA- on Sports Toto Malaysia Sdn Bhd’s (Sports Toto) RM800.0 million Medium-Term Notes Programme (MTN) with a stable outlook. The rating is primarily driven by Sports Toto’s strong cash flow generation from its Numbers Forecasting Operations (NFO) and its entrenched market position in the domestic gaming industry. The rating is constrained by the periodic licens...

MARC has affirmed its rating of AA- with a stable outlook on Central Impression Sdn Bhd’s (CISB) 11-year Fixed Rate Serial Bonds of RM120.0 million. The issuer is a single-purpose company that was established to own and develop the three-storey shopping mall AEON Klebang in Ipoh, Perak. The rating incorporates the strong creditworthiness of the principal tenant, AEON Co. (M) Berhad (AEON), whic...

MARC has affirmed the AAAID rating on Gas Malaysia Berhad’s (Gas Malaysia) RM500 million Al-Murabahah Medium-Term Notes (MTN) programme with a stable outlook. The rating reflects Gas Malaysia’s strong domestic competitive position in natural gas distribution, derived from its status as the only company licensed to supply and sell reticulated natural gas in Peninsular Malaysia of below 5 mmscf...

MARC has assigned a rating of AA-IS to Jimah East Power Sdn Bhd’s (JEP) proposed Sukuk Murabahah of up to RM10.0 billion. The outlook on the rating is stable. The proceeds from the proposed Sukuk Murabahah will be used to develop, design and construct a 2x1,000-megawatt ultra-supercritical coal-fired power plant in Negeri Sembilan. National utility company Tenaga Nasional Berhad (TNB), th...

MARC has affirmed the State of Kuwait’s (“Kuwait”) foreign currency sovereign rating of AAA with a stable outlook based on its national scale. The rating reflects MARC’s opinion on the sovereign’s ability to meet its foreign currency obligations in full and on time. It represents the sovereign’s ordinal ranking of creditworthiness within the country and excludes foreign currency trans...

MARC has downgraded the rating of Alam Maritim Resources Berhad's (Alam Maritim) RM500 million Sukuk Ijarah Medium-Term Notes to AIS from A+IS. Concurrently, the outlook is revised to stable from negative. The rating action affects RM115 million of outstanding sukuk issued under the rated programme. The rating downgrade was driven mainly by Alam Maritim’s weakened business risk profile ari...

MARC has affirmed its AAA insurer financial strength (IFS) rating on Danajamin Nasional Berhad (Danajamin) with a stable outlook. The affirmed IFS rating is based on MARC’s assessment on the high probability of support from the Malaysian government to Danajamin. The assessment considers Danajamin’s status as a government-sponsored and -owned financial guarantee insurer (FGI) and its key role ...

MARC has affirmed CIMB Islamic Bank Berhad’s (CIMB Islamic) financial institution (FI) and RM2.0 billion Tier 2 Junior Sukuk (Junior Sukuk) programme ratings at AAA/MARC-1 and AA+IS respectively. Concurrently, MARC has assigned a final rating of AA+IS to CIMB Islamic’s proposed RM5.0 billion Basel III-compliant Tier 2 Junior Sukuk (proposed Junior Sukuk) programme. The outlook on all ratings ...

MARC has affirmed the long-term and short-term financial institution (FI) ratings on CIMB Bank Berhad (CIMB Bank) at AAA / MARC-1 and accordingly affirmed the ratings on all its corporate debt issuances. In accordance with MARC’s general notching policy, the ratings on CIMB Bank’s existingsubordinated debt and hybrid securities are notched down from the bank’s FI rating by one or t...

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 rating action affects the outstanding RM6.6 billion IMTNs issued under the rated programme. The rating reflects the credit strength of the Malaysian government as the sole paymaster of the sublease rental paym...