MARC has affirmed its AAAIS(bg) rating on Ranhill Group Sdn Bhd’s (Ranhill Group) RM300 million bank-guaranteed (Tranche 1) and AAAIS(fg) rating on the company’s RM500 million Danajamin-guaranteed (Tranche 2) Sukuk Musharakah facilities. The ratings outlook is maintained at stable. The affirmed ratings are underpinned by the credit strength of the unconditional and irrevocable guarantees from...

MARC has affirmed Malayan Banking Berhad’s (Maybank) long-term and short-term financial institution ratings of AAA and MARC-1 with a stable outlook. The affirmed ratings reflect Maybank’s very strong domestic banking franchise and resilient earnings generation, underpinned by a stable funding structure and strong capital position. These strengths notwithstanding, the rating agency notes weake...

MARC has affirmed its AAA / MARC-1 financial institution (FI) ratings on Maybank Islamic Berhad (Maybank Islamic) and AA+IS rating on Maybank Islamic’s RM1.0 billion Islamic Subordinated Sukuk (Subordinated Sukuk) which qualifies as Tier-2 capital. The outlook on all the ratings is stable. The Subordinated Sukuk is rated one notch lower than the bank’s FI rating, in line with MARC’s n...

MARC has affirmed its AAA rating on Special Port Vehicle Berhad’s (SPVB) RM1,310.0 million nominal amount asset-backed serial bonds facility with a negative outlook. The rating action affects the outstanding bonds of RM480.0 million. The affirmed rating is premised on the satisfactory and timely repayment track record of Port Klang Authority (PKA) in relation to its deferred repayment obli...

MARC has affirmed its MARC-1/AA ratings on Hong Leong Financial Group Berhad's (HLFG) RM1.8 billion Commercial Paper and Medium-Term Notes (CP/MTN) programme with a stable outlook. HLFG is a non-operating financial holding company whose subsidiaries are mainly involved in banking (Hong Leong Bank Bhd), insurance (under HLA Holdings Sdn Bhd) and investment banking (under Hong Leong Capital Berhad)...

MARC has affirmed the long-term and short-term financial institution (FI) ratings of AA-/MARC-1 on Hong Leong Investment Bank Berhad (HLIB). The outlook on the ratings is stable. The FI ratings reflect HLIB's established profit track record in investment banking and stockbroking operations, underpinned by franchise interlinkages between HLIB and other entities within Hong Leong Finan...

MARC has affirmed its ratings of AAAIS(fg) on Ranhill Powertron II Sdn Bhd’s (RPII) RM350 million guaranteed notes and AAIS on RM360 million non-guaranteed notes. The outlook for both ratings is stable. Both guaranteed and non-guaranteed notes were issued under the RM710 million Islamic Medium-Term Notes (IMTN) Programme.             &nb...

MARC has affirmed its AA+IS rating on Kapar Energy Ventures Sdn Bhd’s (KEV) RM2.0 billion Sukuk Ijarah (sukuk) with a stable outlook. The affirmed rating incorporates a two-notch uplift from KEV’s standalone rating of AA- premised on MARC’s continued assessment of a very high probability of support from majority shareholder Tenaga Nasional Berhad (TNB). The rating agency’s assessment ...

MARC has affirmed its AA-IS rating on Tanjung Bin O&M Berhad’s (Tanjung Bin O&M) RM470.0 million Islamic Securities (Sukuk Wakalah) with a stable outlook. Tanjung Bin O&M is the main operator of the 2,100-megawatt (MW) coal-fired power plant owned by related entity Tanjung Bin Power Sdn Bhd (TBP). The issuer’s key operational obligations under the O&M agreement (OMA) with TBP have been transf...

Rationale MARC has affirmed its AAA rating on Cagamas MBS Berhad’s (Cagamas MBS) assetbacked fixed rate serial bonds (CMBS 2005-2) of RM2,060.0 million with a stable outlook. The rating action affects the outstanding bonds of RM1,315.0 million issued under CMBS 2005-2. The affirmed rating reflects the robust credit enhancement level of 170.3% on CMBS 2005-2 based on an outstanding principal bala...