MARC has affirmed its rating of AAAIS(fg) on Antara Steel Mills Sdn Bhd’s (Antara) RM300.0 million Sukuk Mudharabah Programme with a stable outlook. The affirmed rating and outlook are underpinned by the unconditional and irrevocable financial guarantee provided by Danajamin Nasional Berhad (Danajamin) which carries MARC’s financial strength rating of AAA with a stable outlook. Antara’...

MARC has affirmed its AAIS rating on toll road concessionaire ANIH Berhad's (ANIH) RM2.5 billion Senior Sukuk Musharakah Programme with a stable outlook. The rating is premised on ANIH’s overall stable traffic performance from a portfolio of matured toll road concessions from which cash flow generation remains sufficient to meet its financial obligations. The rating is also supported by the sub...

MARC has affirmed Indonesia’s foreign currency sovereign rating of AA- with a stable outlook based on MARC’s national rating scale. The rating reflects MARC’s opinion of the sovereign’s ability to meet its foreign currency obligations in full and on time. The government of Indonesia has no debt rated by MARC. The rating also serves as a country ceiling for ringgit-denominated debt issued ...

MARC has assigned ratings of MARC-1IS /AA-IS to special purpose entity TSH Sukuk Murabahah Sdn Bhd’s (TSH Murabahah) proposed RM50.0 million Islamic Commercial Paper (ICP) and RM150.0 million Islamic Medium-Term Note (IMTN) programmes. The ratings carry a stable outlook. The proceeds from the issuances under the proposed programmes will be utilised by its parent company, TSH Resources Bhd (TSH)...

MARC has lowered the rating of Celcom Networks Sdn Bhd’s (CNSB) RM5.0 billion Sukuk Murabahah Programme to AA+IS from AAAIS. The outlook is revised to stable from negative. CNSB provides network telco services to Celcom Axiata Berhad (Celcom) through network telco assets that it acquired from the parent in an earlier internal reorganisation. Given the financial and operational links between bot...

MARC has affirmed its rating on Talam Transform Berhad’s (Talam) outstanding RM53.1 million Settlement Bithaman Ajil Debt Securities (Settlement BaIDs) at B-ID with a stable outlook. The rating incorporates Talam’s weak financial position and limited business prospects, as well as its continued reliance on timely asset disposals to meet substantial financial obligations. Talam’s borrow...

MARC has affirmed its AAA financial institution rating on Bank Pembangunan Malaysia Berhad (Bank Pembangunan) and MARC-1ID / MARC-1 programme ratings on the bank’s Islamic and/or Conventional Commercial Papers (CP) Programme of up to RM2.0 billion with a stable outlook. The ratings are premised on the high support uplift from the Malaysian government to Bank Pembangunan’s standalone cred...

MARC has affirmed its AA-IS rating on Kimanis Power Sdn Bhd's (KPSB) RM1,160.0 million Sukuk Programme (sukuk) with a stable outlook. The affirmed rating incorporates the favourable terms of KPSB’s 21-year power purchase agreement (PPA) with the offtaker Sabah Electricity Sdn Bhd (SESB). The PPA transfers demand risk and fuel price risk to SESB, an 83%-owned subsidiary of Tenaga Nasional Berhad...

MARC has affirmed the long-term and short-term financial institution ratings of AA-/MARC-1 on KAF Investment Bank Berhad (KAF Investment). The outlook on the ratings is stable. The affirmed ratings consider the investment bank’s strong capital position and healthy liquidity levels, underpinned by a conservative investment policy. Constraining the ratings is KAF Investment’s business model whi...

MARC has affirmed the Republic of Singapore’s foreign currency sovereign rating of AAA with a stable outlook based on its national rating scale. The rating reflects MARC’s opinion of the sovereign’s ability to meet its foreign currency obligations in full and on time. The government of Singapore has no debt rated by MARC. The rating also serves as a country ceiling for ringgit-denominated d...